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Previous: KEMPER TAX EXEMPT INSURED INCOME TRUST MULTI STATE SER 51, 24F-2NT, 1998-10-01 |
Next: CONSUMER PORTFOLIO SERVICES INC, 10-K, 1998-10-01 |
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 15, 1996
CONSUMER PORTFOLIO SERVICES, INC.
(Exact Name of Registrant as Specified in its Charter)
United States
(State or Other Jurisdiction of Incorporation)
333-09343
333-26355
333-25301
333-1548
333-49945 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)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
Item 5. Other Events.
None
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit
No. Document Description
20.1 Monthly Servicing Report for the June 1996 collection period for
FASCO Auto Trust 1996-1
20.2 Monthly Servicing Report for the July 1996 collection period for
FASCO Auto Trust 1996-1
20.3 Monthly Servicing Report for the August 1996 collection period
for FASCO Auto Trust 1996-1
20.4 Monthly Servicing Report for the September 1996 collection period
for FASCO Auto Trust 1996-1 and CPS Auto Grantor Trust 1996-2
20.5 Monthly Servicing Report for the October 1996 collection period
for FASCO Auto Trust 1996- 1 and CPS Auto Grantor Trust 1996-2
20.6 Monthly Servicing Report for the November 1996 collection period
for FASCO Auto Trust 1996-1 and CPS Auto Grantor Trust 1996-2
20.7 Monthly Servicing Report for the December 1996 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2 and
CPS Auto Grantor Trust 1996-3
20.8 Monthly Servicing Report for the January 1997 collection period
for FASCO Auto Trust 1996- 1, CPS Auto Grantor Trust 1996-2 and
CPS Auto Grantor Trust 1996-3
20.9 Monthly Servicing Report for the February 1997 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2 and
CPS Auto Grantor Trust 1996-3
20.10 Monthly Servicing Report for the March 1997 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3 and CPS Auto Grantor Trust 1997-1
20.11 Monthly Servicing Report for the April 1997 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3 and CPS Auto Grantor Trust 1997-1
20.12 Monthly Servicing Report for the May 1997 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1 and CPS Auto
Grantor Trust 1997-2
20.13 Monthly Servicing Report for the June 1997 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1 and CPS Auto
Grantor Trust 1997-2
20.14 Monthly Servicing Report for the July 1997 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1 and CPS Auto
Grantor Trust 1997-2
20.15 Monthly Servicing Report for the August 1997 collection period
for FASCO Auto Trust 1996- 1, CPS Auto Grantor Trust 1996-2, CPS
Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS
Auto Grantor Trust 1997-2 and CPS Auto Receivables Trust 1997-3
20.16 Monthly Servicing Report for the September 1997 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS
Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS
Auto Grantor Trust 1997-2 and CPS Auto Receivables Trust 1997-3
20.17 Monthly Servicing Report for the October 1997 collection period
for FASCO Auto Trust 1996- 1, CPS Auto Grantor Trust 1996-2, CPS
Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS
Auto Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3 and
CPS Auto Receivables Trust 1997-4
<PAGE>
20.18 Monthly Servicing Report for the November 1997 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS
Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS
Auto Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS
Auto Receivables Trust 1997-4 and CPS Auto Receivables Trust
1997-5
20.19 Monthly Servicing Report for the December 1997 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS
Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS
Auto Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS
Auto Receivables Trust 1997-4 and CPS Auto Receivables Trust
1997-5
20.20 Monthly Servicing Report for the January 1998 collection period
for FASCO Auto Trust 1996- 1, CPS Auto Grantor Trust 1996-2, CPS
Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS
Auto Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS
Auto Receivables Trust 1997-4 and CPS Auto Receivables Trust
1997-5
20.21 Monthly Servicing Report for the February 1998 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS
Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS
Auto Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS
Auto Receivables Trust 1997-4 and CPS Auto Receivables Trust
1997-5
20.22 Monthly Servicing Report for the March 1998 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS Auto
Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS Auto
Receivables Trust 1997-4, CPS Auto Receivables Trust 1997-5 and
CPS Auto Grantor Trust 1998-1.
20.23 Monthly Servicing Report for the April 1998 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS Auto
Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS Auto
Receivables Trust 1997-4, CPS Auto Receivables Trust 1997-5 and
CPS Auto Grantor Trust 1998-1
20.24 Monthly Servicing Report for the May 1998 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS Auto
Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS Auto
Receivables Trust 1997-4, CPS Auto Receivables Trust 1997-5, CPS
Auto Grantor Trust 1998- 1 and CPS Auto Grantor Trust 1998-2
20.25 Monthly Servicing Report for the June 1998 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS Auto
Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS Auto
Receivables Trust 1997-4, CPS Auto Receivables Trust 1997-5, CPS
Auto Grantor Trust 1998- 1 and CPS Auto Grantor Trust 1998-2
20.26 Monthly Servicing Report for the July 1998 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS Auto
Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS Auto
Receivables Trust 1997-4, CPS Auto Receivables Trust 1997-5, CPS
Auto Grantor Trust 1998- 1, CPS Auto Grantor Trust 1998-2 and CPS
Auto Receivables Trust 1998-3
20.27 Monthly Servicing Report for the August 1998 collection period
for FASCO Auto Trust 1996- 1, CPS Auto Grantor Trust 1996-2, CPS
Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS
Auto Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS
Auto Receivables Trust 1997-4, CPS Auto Receivables Trust 1997-5,
CPS Auto Grantor Trust 1998- 1, CPS Auto Grantor Trust 1998-2 and
CPS Auto Receivables Trust 1998-3
<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.
CONSUMER PORTFOLIO SERVICES, INC.
(Registrant)
Dated: September 29, 1998 By: /s/ Jeffrey P. Fritz
Name: Jeffrey P. Fritz
Title: Chief Financial Officer
<PAGE>
INDEX TO EXHIBITS
Exhibit Sequential
No. Document Description Page No.
20.1 Monthly Servicing Report for the June 1996 collection period for
FASCO Auto Trust 1996-1
20.2 Monthly Servicing Report for the July 1996 collection period for
FASCO Auto Trust 1996-1
20.3 Monthly Servicing Report for the August 1996 collection period
for FASCO Auto Trust 1996-1
20.4 Monthly Servicing Report for the September 1996 collection period
for FASCO Auto Trust 1996-1 and CPS Auto Grantor Trust 1996-2
20.5 Monthly Servicing Report for the October 1996 collection period
for FASCO Auto Trust 1996-1 and CPS Auto Grantor Trust 1996-2
20.6 Monthly Servicing Report for the November 1996 collection period
for FASCO Auto Trust 1996-1 and CPS Auto Grantor Trust 1996-2
20.7 Monthly Servicing Report for the December 1996 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2 and
CPS Auto Grantor Trust 1996-3
20.8 Monthly Servicing Report for the January 1997 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2 and
CPS Auto Grantor Trust 1996-3
20.9 Monthly Servicing Report for the February 1997 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2 and
CPS Auto Grantor Trust 1996-3
20.10 Monthly Servicing Report for the March 1997 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3 and CPS Auto Grantor Trust 1997-1
20.11 Monthly Servicing Report for the April 1997 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3 and CPS Auto Grantor Trust 1997-1
20.12 Monthly Servicing Report for the May 1997 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1 and CPS Auto
Grantor Trust 1997-2
20.13 Monthly Servicing Report for the June 1997 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1 and CPS Auto
Grantor Trust 1997-2
20.14 Monthly Servicing Report for the July 1997 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1 and CPS Auto
Grantor Trust 1997-2
20.15 Monthly Servicing Report for the August 1997 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS
Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS
Auto Grantor Trust 1997-2 and CPS Auto Receivables Trust 1997-3
20.16 Monthly Servicing Report for the September 1997 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS
Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS
Auto Grantor Trust 1997-2 and CPS Auto Receivables Trust 1997-3
<PAGE>
20.17 Monthly Servicing Report for the October 1997 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS
Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS
Auto Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3 and
CPS Auto Receivables Trust 1997-4
20.18 Monthly Servicing Report for the November 1997 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS
Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS
Auto Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS
Auto Receivables Trust 1997-4 and CPS Auto Receivables Trust
1997-5
20.19 Monthly Servicing Report for the December 1997 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS
Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS
Auto Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS
Auto Receivables Trust 1997-4 and CPS Auto Receivables Trust
1997-5
20.20 Monthly Servicing Report for the January 1998 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS
Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS
Auto Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS
Auto Receivables Trust 1997-4 and CPS Auto Receivables Trust
1997-5
20.21 Monthly Servicing Report for the February 1998 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS
Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS
Auto Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS
Auto Receivables Trust 1997-4 and CPS Auto Receivables Trust
1997-5
20.22 Monthly Servicing Report for the March 1998 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS Auto
Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS Auto
Receivables Trust 1997-4, CPS Auto Receivables Trust 1997-5 and
CPS Auto Grantor Trust 1998-1.
20.23 Monthly Servicing Report for the April 1998 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS Auto
Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS Auto
Receivables Trust 1997-4, CPS Auto Receivables Trust 1997-5 and
CPS Auto Grantor Trust 1998-1
20.24 Monthly Servicing Report for the May 1998 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS Auto
Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS Auto
Receivables Trust 1997-4, CPS Auto Receivables Trust 1997-5, CPS
Auto Grantor Trust 1998-1 and CPS Auto Grantor Trust 1998-2
20.25 Monthly Servicing Report for the June 1998 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS Auto
Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS Auto
Receivables Trust 1997-4, CPS Auto Receivables Trust 1997-5, CPS
Auto Grantor Trust 1998-1 and CPS Auto Grantor Trust 1998-2
20.26 Monthly Servicing Report for the July 1998 collection period for
FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto
Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS Auto
Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS Auto
Receivables Trust 1997-4, CPS Auto Receivables Trust 1997-5, CPS
Auto Grantor Trust 1998-1, CPS Auto Grantor Trust 1998-2 and CPS
Auto Receivables Trust 1998-3
<PAGE>
20.27 Monthly Servicing Report for the August 1998 collection period
for FASCO Auto Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS
Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS
Auto Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS
Auto Receivables Trust 1997-4, CPS Auto Receivables Trust 1997-5,
CPS Auto Grantor Trust 1998-1, CPS Auto Grantor Trust 1998-2 and
CPS Auto Receivables Trust 1998-3
Monthly Certificateholder Statement
FASCO Auto Trust 1996-1
6.65% Class A Asset-Backed Certificates
10.00% Class B Asset-Backed Certificates
Distribution Date 7/15/96
Collection Period 6/96
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among Financial Asset Securities Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $847,465.59
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $468,025.41
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $379,440.18
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $10.03
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.54
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $4.49
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above
(given to the Collateral Agent for deposit into the Spread
Account) $57,012.52
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $37,041.98
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $19,970.54
(j) Scheduled Payments due in such Collection Period $2,613,489.98
(k) Scheduled Payments collected in such
Collection Period $959,807.37
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $88,900,750.37
(b) The Class A Certificates Balance as of the close
of business on the last day set forth above,
after giving effect to payments allocated to
principal in paragraph A.1.(c) above $84,076,272.67
(c) The Class A Certificates Balance as of the close
of business on the last day set forth above,
after giving effect to payments allocated to
principal in paragraph A.1.(c) above $4,425,066.98
(d) The Pool factor as of the close of business
on the last day set forth above 0.9955072
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $87,524.27
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,358.47
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.04
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $36,536.53
3 Payment Shortfalls.
(a) The amount of the Class A Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $38,454.00
(b) Distributions (to) from Collection Account ($12,022.23)
for Payaheads
(c) Interest earned on Payahead Balances $0.00
(d) Ending Payahead Account Balance $26,431.77
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $11,283,920.81
Spread Account Balance $3,144,639.95
(b) The change in the spread account on the Distribution
Date set forth above $33,113.69
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $13,895.94
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 77
Aggregate Gross Amount $1,045,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 0
Aggregate Gross Amount $0.00
8 Performance Triggers
(a) Delinquency Ratio 0.99%
(b) Average Delinquency Ratio 0.99%
(c) Average Default Rate 0.00%
(d) Average Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1995-4
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Is there a Class B Deficiency? NO
Class B Deficiency 0.00
Cash Available this month to cover Class B Deficiency 0.00
Inputs
Gross Collection Proceeds: 1,033,876.71
Lock Box NSF Items: (2,269.04)
Transfers from (to) Payahead Account: 12,022.23
Collection Account Interest 0.00
Payahead Account Interest 0.00
Total Collection Proceeds: 1,043,629.90
For Distribution Date: 7/15/96
For Determination Date: 7/8/96
For Collection Period: 6/96
Collateral Activity Information
Principal
Beginning Principal Balance 88,900,750.37
Principal portion of payments
collected (non-prepayments) 315,588.19
Prepayments in full allocable
to principal 47,286.00
Collections allocable to principal 362,874.19
Partial prepayments relating to
various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 36,536.53
---------
Total Principal 399,410.72
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 88,501,339.65
Interest
Collections allocable to interest 644,219.18
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated
Receivables from prior periods 0.00
---------
Total Interest 644,219.18
Certificate Information
Beginning of Period Class A Principal Balance 84,455,712.85
Beginning of Period Class B Principal Balance 4,445,037.52
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,111,526.26
Additional Servicing Fee Amounts
(late fees,prepayment charges, etc.) 3,562.45
Aggregate Payahead Balance 26,431.77
Aggregate Payahead Balance for
preceding Distribution Date 38,454.00
Interest Earned on Payahead Balances 0.00
Scheduled Payments due in Collection Period 2,613,489.98
Scheduled Payments collected in
Collection Period 959,807.37
Aggregate Amount of Realized Losses
for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to
Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses
from prior Collection Periods 0.00
Unpaid Collateral Agent Fee
from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses
from prior Collection Periods 0.00
Delinquency Information
Aggregate Gross
Amount
# of Receivables of Receivables
-------------- --------------
31 - 59 days delinquent 77 1,045,000.00
60+ days delinquent 0 0.00
Purchased Receivables
Aggregate
Purchase Amt
# of Receivables of Receivables
-------------- --------------
3 36,536.53
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent
more than 30 days as of the close
of business on the last day of the
related Collection Period. 1,045,000.00
Principal Balance of all Receivables that
became Purchased Receivables as of
the close of business on the
last day of the related Collection
Period and that were delinquent 30 days or more. 36,536.53
Principal Balance of all Receivables
that became Defaulted Receivables
during the related Collection Period. 0.00
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
Default Rate for second preceding Determination Date 0.00%
Default Rate for third preceding Determination Date 0.00%
Net Loss Ratio for second preceding Determination Date 0.00%
Net Loss Ratio for third preceding Determination Date 0.00%
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl.
amts from payahead, excl.
amounts deposited into payahead) 1,007,093.37
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 36,536.53
Certificate Insurer Optional Deposit
pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------
Total Distribution Amount 1,043,629.90
Distributable Amount
Principal Distributable Amount
Principal portion of payments
collected (non-prepayments) 315,588.19
Prepayments in full allocable to principal 47,286.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 36,536.53
Cram Down Losses 0.00
---------
Principal Distributable Amount 399,410.72
Class A Principal Distributable Amount
Principal Distributable Amount 399,410.72
Times Class A Percentage (95%) 95%
---------
379,440.18
Certificate Insurer Optional Deposit:
Class A Prin Distributable Amt. 0.00
----------
Class A Principal Distributable Amount 379,440.18
Class A Interest Distributable Amount
Beginning of Period Principal
Balance of the Certificates 84,455,712.85
Multiplied by Certificate
Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first
Distribution Date, by 17/360 0.0833333
---------
Class A Interest Distributable Amount 468,025.41
Class B Principal Distributable Amount
Principal Distributable Amount 399,410.72
Times Class B Percentage (5%) 5%
---------
Class B Principal Distributable Amount 19,970.54
Class B Interest Distributable Amount
Beginning of Period Principal
Balance of the Certificates 4,445,037.52
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the
first Distribution Date, by 17/360 0.0833333
---------
Class B Coupon Interest Amount 37,041.98
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall
from previous period 0.00
Interest on Class B Principal
Carryover Shortfall 0.00
---------
0.00
Class B Interest Carryover Shortfall
from previous period 0.00
Interest on Class B Interest
Carryover Shortfall 0.00
---------
0.00
Class A Principal Carryover
Shortfall from previous period 0.00
Interest on Class A
Principal Carryover Shortfall 0.00
---------
0.00
Class A Interest Carryover Shortfall
from previous period 0.00
Interest on Class A Interest
Carryover Shortfall 0.00
---------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,358.47 1,043,629.90 3,358.47 1,043,629.90
Servicing Fee (2.0%) 83,961.82 1,040,271.43 83,961.82 0.00
Additional Servicing Fee Amounts (late fees, 3,562.45 956,309.61 3,562.45 0.00
prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 952,747.16 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 952,747.16 0.00
(ii) Transition Expenses to Standby Servicer 0.00 952,747.16 0.00
(iii) Trustee Fee 629.71 952,747.16 629.71
Trustee's out-of-pocket expenses 0.00 952,117.45 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 952,117.45 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 952,117.45 0.00
Collection Periods
(iv) Collateral Agent Fee 629.71 952,117.45 629.71
Collateral Agent Expenses 0.00 951,487.74 0.00
Unpaid Collateral Agent Fee from prior 0.00 951,487.74 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 951,487.74 0.00
Collection Periods
(v) Class A Interest Distributable Amount 468,025.41 951,487.74 468,025.41
Class A Interest Carryover Shortfall 0.00 483,462.33 0.00
(vi) Class B Coupon Interest 37,041.98 483,462.33 37,041.98
Class B Carryover Interest 0.00 446,420.35 0.00
(vii) Class A Principal Distributable Amount 379,440.18 446,420.35 379,440.18 664,189.72
Class A Principal Carryover Shortfall 0.00 66,980.17 0.00 664,189.72
(viii) Certificate Insurer Premium 13,895.94 66,980.17 13,895.94
Certificate Insurer Premium Supplement 0.00 53,084.23 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 53,084.23 0.00
(ix) Transition Expenses to successor Servicer 0.00 53,084.23 0.00
(x) Class B Principal Distributable Amount - Unadjusted 19,970.54 53,084.23 19,970.54
Current Month Class B Principal Carryover Shortfall 0.00 33,113.69 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 33,113.69 0.00
Adjusted Class B Principal Distributable Amount 19,970.54 33,113.69 19,970.54
(xi) Remaining amounts to Collateral Agent for deposit 33,113.69 13,143.15 13,143.15
in Spread Account 0.00
</TABLE>
Certificate Balance
Class A Beginning of Period Principal Balance 84,455,712.85
Class A Principal Distributions 379,440.18
Class A End of Period Principal Balance 84,076,272.67
Class B Beginning of Period Principal Balance 4,445,037.52
Class B Principal Distributable Amount 19,970.54
Class B End of Period Principal Balance 4,425,066.98
Carryover Shortfalls After Current Distributions
Class B principal Carrryover Shortfall
the excess if any, of
the sum of
Class B Principal Distributable Amount 19,970.54
Class B Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 19,970.54
---------
0.00
Class B Interest Carrryover Shortfall
the excess if any, of
the sum of
Class B Coupon Interest Amount 37,041.98
Class B Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 37,041.98
---------
0.00
Class A principal Carrryover Shortfall
the excess if any, of
the sum of
Class A Principal Distributable Amount 379,440.18
Class A Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 379,440.18
---------
0.00
Class A Interest Carrryover Shortfall
the excess if any, of
the sum of
Class A Interest Distributable Amount 468,025.41
Class A Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 468,025.41
---------
0.00
Deficiency Claim Amount
(i) Total Distribution Amount 1,043,629.90
(ii) Amounts payable pursuant to
Section 4.6(c) (i) - (ix) 990,545.67
If (i) is less than (ii),
there is a Deficiency Claim Amount NO
Deficiency Claim Amount 0.00
Class B Deficiency
(i) Amounts available to make payments
pursuant to Section 4.6(c) (vi) and (x) 57,012.52
(ii) Amounts payable pursuant to Section 4.6(c)
(vi) and (x) 57,012.52
If (i) is less than (ii), there is a
Class B Deficiency NO
Class B Deficiency 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 1,045,000.00
Purchased receivables more than
30 days delinquent 36,536.53
---------
Total 1,081,536.53
Aggregate Gross Principal Balance
as of the close of
business on the last day of the
Collection Period. 109,292,965.52
Delinquency Ratio 0.99%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 0.99%
Delinquency Ratio for second
preceding Determination Date 0.00%
Delinquency Ratio for third preceding
Determination Date 0.00%
---------
Average Delinquency Ratio 0.99% 0.33%
Calculation of Default Rate (Current Period)
Default Amount
Principal Balance of Defaulted Receivables 0.00
---------
Total 0.00
Calculation of Average Principal Balance
Aggregate Principal Balance at end of
related Collection Pd. 88,501,339.65
Aggregate Prin. Bal. at end of 2nd
preceding Collection Pd. 88,900,750.37
-------------
88,701,045.01
Default Rate 0.00%
Calculation of Average Default Rate
Default Rate for most recent Determination Date 0.00%
Default Rate for second preceding Determination Date 0.00%
Default Rate for third preceding Determination Date 0.00%
---------
Average Default Rate 0.00%
Calculation of Net Loss Ratio (Current Determination Date)
Calculation of Net Liquidation Losses
Principal Balance plus
accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
---------
Net Liquidation Losses 0.00
Calculation of Average Principal Balance
Aggregate Principal Balance
at end of related Collection Pd. 88,501,339.65
Aggregate Prin. Bal. at end of
2nd preceding Collection Pd. 88,900,750.37
-------------
Average Principal Balance 88,701,045.01
Net Loss Ratio 0.00%
Calculations
Calculation of Average Loss Ratio
Net Loss Ratio for most recent Determination Date 0.00%
Net Loss Ratio for second preceding Determination Date 0.00%
Net Loss Ratio for third preceding Determination Date 0.00%
---------
Average Loss Ratio 0.00%
Spread Account
Spread Account Cap
12.75% of Outstanding Certificate Balance 11,283,920.81
15% of Outstanding Certificate Balance 13,275,200.95
Is a Portfolio Performance Test
violation continuing? (Y/N) N
Has an Insurance Agreement Event of
Default occurred? (Y/N) N
-------------
Cap Amount 11,283,920.81
Spread Account Floor
3.5% of the Initial Certificate Balance 3,111,526.26
Outstanding Certificate Balance 88,501,339.65
Minimum Floor 100,000.00
-------------
Floor Amount 3,111,526.26
Required Spread Account Amount 11,283,920.81
Beginning of Period Spread Account Balance 3,111,526.26
Spread Account Deposit (Withdrawal)
from Current Distributions 33,113.69
Transfer (to) from Cross-Collateralized
Spread Accounts 0.00
Required addition to/(eligible
withdrawal from) Spread Account 8,139,280.86
Earnings on Spread Account Balance 0.00
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 3,144,639.95
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
----------------------------------------------------
Name: Jeffrey P. Fritz
----------------------------------------------------
Title: Senior Vice President - Chief Financial Officer
----------------------------------------------------
Current month excess servicing fee 0.448%
Monthly Certificateholder Statement
FASCO Auto Trust 1996-1
6.65% Class A Asset-Backed Certificates
10.00% Class B Asset-Backed Certificates
Distribution Date 8/15/96
Collection Period 7/96
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among Financial Asset Securities Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $1,698,822.40
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $465,922.68
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,232,899.72
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $20.11
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.52
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $14.60
(g) The aggregate amount of the
distribution to Class B
Certificateholders on the Distribution
Date set forth above (given to the Collateral
Agent for deposit into the Spread Account) $101,765.02
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $36,875.56
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $64,889.46
(j) Scheduled Payments due in such Collection Period $2,613,489.98
(k) Scheduled Payments collected in such
Collection Period $2,615,686.00
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $88,501,339.65
(b) The Class A Certificates Balance as of the
close of business on the last day set forth
above, after giving effect to
payments allocated to principal in
paragraph A.1.(c) above $82,843,372.95
(c) The Class A Certificates Balance as of
the close of business on the last day set
forth above, after giving effect to
payments allocated to principal
in paragraph A.1.(c) above $4,360,177.52
(d) The Pool factor as of the close of business
on the last day set forth above 0.9809090
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $158,610.35
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,900.09
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.88
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 5
Aggregate Purchase Amount $72,982.11
3 Payment Shortfalls.
(a) The amount of the Class A Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $26,431.77
(b) Distributions (to) from Collection Account $20,310.13
for Payaheads
(c) Interest earned on Payahead Balances $133.79
(d) Ending Payahead Account Balance $46,875.69
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $11,118,452.68
Spread Account Balance $4,110,097.98
(b) The change in the spread account on the Distribution
Date set forth above $965,458.03
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $24,162.65
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 216
Aggregate Gross Amount $3,090,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 23
Aggregate Gross Amount $283,000.00
8 Performance Triggers
(a) Delinquency Ratio 3.21%
(b) Average Delinquency Ratio 2.10%
(c) Average Default Rate 0.67%
(d) Average Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1995-4
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Is there a Class B Deficiency? NO
Class B Deficiency 0.00
Cash Available this month to cover Class B Deficiency 0.00
Inputs
Gross Collection Proceeds: 3,042,591.67
Lock Box NSF Items: (82,735.43)
Transfers from (to) Payahead Account: (20,310.13)
Collection Account Interest 6,764.80
Payahead Account Interest 133.79
Total Collection Proceeds: 2,946,444.70
For Distribution Date: 8/15/96
For Determination Date: 8/8/96
For Collection Period: 7/96
<TABLE>
<CAPTION>
<S> <C> <C>
Collateral Activity Information
Principal
Beginning Principal Balance 88,501,339.65
Principal portion of payments collected (non-prepayments) 973,929.07
Prepayments in full allocable to principal 250,878.00
Collections allocable to principal 1,224,807.07
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 72,982.11
-------------------
Total Principal 1,297,789.18
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 87,203,550.47
Interest
Collections allocable to interest 1,641,756.93
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 1,641,756.93
Certificate Information
Beginning of Period Class A Principal Balance 84,076,272.67
Beginning of Period Class B Principal Balance 4,425,066.98
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,144,639.95
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 11,108.12
Aggregate Payahead Balance 46,741.90
Aggregate Payahead Balance for preceding Distribution Date 26,431.77
Interest Earned on Payahead Balances 133.79
Scheduled Payments due in Collection Period 2,613,489.98
Scheduled Payments collected in Collection Period 2,615,686.00
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 2,500.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 216 3,090,000.00
60+ days delinquent 23 283,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
5 72,982.11
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 3,373,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 72,982.11
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 97,888.13
Delinquency Ratio for second preceding Determination Date 0.99%
Delinquency Ratio for third preceding Determination Date 0.00%
Default Rate for second preceding Determination Date 0.00%
Default Rate for third preceding Determination Date 0.00%
Net Loss Ratio for second preceding Determination Date 0.00%
Net Loss Ratio for third preceding Determination Date 0.00%
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,866,564.00
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 72,982.11
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 6,764.80
Investment earnings from Payahead Account 133.79
-------------------
Total Distribution Amount 2,946,444.70
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 973,929.07
Prepayments in full allocable to principal 250,878.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 72,982.11
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,297,789.18
Class A Principal Distributable Amount
Principal Distributable Amount 1,297,789.18
Times Class A Percentage (95%) 95%
-------------------
1,232,899.72
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,232,899.72
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 84,076,272.67
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class A Interest Distributable Amount 465,922.68
Class B Principal Distributable Amount
Principal Distributable Amount 1,297,789.18
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 64,889.46
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 4,425,066.98
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class B Coupon Interest Amount 36,875.56
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
Interest on Class B Principal Carryover Shortfall 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
Interest on Class A Principal Carryover Shortfall 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
<S> <C> <C> <C> <C>
(i) Standby Fee 5,900.09 2,946,444.70 5,900.09 2,946,444.70
Servicing Fee (2.0%) 147,502.23 2,940,544.61 147,502.23 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 11,108.12 2,793,042.38 11,108.12 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,781,934.26 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,781,934.26 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,781,934.26 0.00
(iii) Trustee Fee 1,106.27 2,781,934.26 1,106.27
Trustee's out-of-pocket expenses 2,500.00 2,780,827.99 2,500.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,778,327.99 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,778,327.99 0.00
(iv) Collateral Agent Fee 1,106.27 2,778,327.99 1,106.27
Collateral Agent Expenses 0.00 2,777,221.72 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,777,221.72 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,777,221.72 0.00
(v) Class A Interest Distributable Amount 465,922.68 2,777,221.72 465,922.68
Class A Interest Carryover Shortfall 0.00 2,311,299.04 0.00
(vi) Class B Coupon Interest 36,875.56 2,311,299.04 36,875.56
Class B Carryover Interest 0.00 2,274,423.48 0.00
(vii) Class A Principal Distributable Amount 1,232,899.72 2,274,423.48 1,232,899.72 1,713,544.98
Class A Principal Carryover Shortfall 0.00 1,041,523.76 0.00 1,713,544.98
(viii) Certificate Insurer Premium 24,162.65 1,041,523.76 24,162.65
Certificate Insurer Premium Supplement 0.00 1,017,361.11 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 1,017,361.11 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,017,361.11 0.00
(x) Class B Principal Distributable Amount - Unadjusted 64,889.46 1,017,361.11 64,889.46
Current Month Class B Principal Carryover Shortfall 0.00 952,471.65 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 952,471.65 0.00
Adjusted Class B Principal Distributable Amount 64,889.46 952,471.65 64,889.46
(xi) Remaining amounts to Collateral Agent for deposit in Spread Account 952,471.65 887,582.19 887,582.19
0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 84,076,272.67
Class A Principal Distributions 1,232,899.72
Class A End of Period Principal Balance 82,843,372.95
Class B Beginning of Period Principal Balance 4,425,066.98
Class B Principal Distributable Amount 64,889.46
Class B End of Period Principal Balance 4,360,177.52
Carryover Shortfalls After Current Distributions
Class B principal Carrryover Shortfall
the excess if any, of
the sum of
Class B Principal Distributable Amount 64,889.46
Class B Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 64,889.46
-------------------
0.00
Class B Interest Carrryover Shortfall
the excess if any, of
the sum of
Class B Coupon Interest Amount 36,875.56
Class B Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 36,875.56
-------------------
0.00
Class A principal Carrryover Shortfall
the excess if any, of
the sum of
Class A Principal Distributable Amount 1,232,899.72
Class A Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 1,232,899.72
-------------------
0.00
Class A Interest Carrryover Shortfall
the excess if any, of
the sum of
Class A Interest Distributable Amount 465,922.68
Class A Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 465,922.68
-------------------
0.00
Deficiency Claim Amount
(i) Total Distribution Amount 2,946,444.70
(ii) Amounts payable pursuant to Section 4.6(c) (i) - (ix) 1,929,083.59
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Deficiency Claim Amount 0.00
Class B Deficiency
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 101,765.02
ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 101,765.02
If (i) is less than (ii), there is a Class B Deficiency NO
Class B Deficiency 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,373,000.00
Purchased receivables more than 30 days delinquent 72,982.11
-------------------
Total 3,445,982.11
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 107,271,017.49
Delinquency Ratio 3.21%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 3.21%
Delinquency Ratio for second preceding Determination Date 0.99%
Delinquency Ratio for third preceding Determination Date 0.00%
-------------------
Average Delinquency Ratio 2.10% 1.40%
Calculation of Default Rate (Current Period)
Default Amount
Principal Balance of Defaulted Receivables 97,888.13
-------------------
Total 97,888.13
Calculation of Average Principal Balance
Aggregate Principal Balance at end of related Collection Pd. 87,203,550.47
Aggregate Prin. Bal. at end of 2nd preceding Collection Pd. 88,501,339.65
-------------------
87,852,445.06
Default Rate 1.34%
Calculation of Average Default Rate
Default Rate for most recent Determination Date 1.34%
Default Rate for second preceding Determination Date 0.00%
Default Rate for third preceding Determination Date 0.00%
-------------------
Average Default Rate 0.67%
Calculation of Net Loss Ratio (Current Determination Date)
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of 0.00
Liquidated Receivables
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 0.00
Calculation of Average Principal Balance
Aggregate Principal Balance at end of related Collection Pd. 87,203,550.47
Aggregate Prin. Bal. at end of 2nd preceding Collection Pd. 88,501,339.65
-------------------
Average Principal Balance 87,852,445.06
Net Loss Ratio 0.00%
Calculations
Calculation of Average Loss Ratio
Net Loss Ratio for most recent Determination Date 0.00%
Net Loss Ratio for second preceding Determination Date 0.00%
Net Loss Ratio for third preceding Determination Date 0.00%
-------------------
Average Loss Ratio 0.00%
Spread Account
Spread Account Cap
12.75% of Outstanding Certificate Balance 11,118,452.68
15% of Outstanding Certificate Balance 13,080,532.57
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
---------------
Cap Amount 11,118,452.68
Spread Account Floor
3.5% of the Initial Certificate Balance 3,111,526.26
Outstanding Certificate Balance 87,203,550.47
Minimum Floor 100,000.00
---------------
Floor Amount 3,111,526.26
Required Spread Account Amount 11,118,452.68
Beginning of Period Spread Account Balance 3,144,639.95
Spread Account Deposit (Withdrawal) from Current Distributions 952,471.65
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 7,021,341.08
Earnings on Spread Account Balance 12,986.38
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 4,110,097.98
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
</TABLE>
CONSUMER PORTFOLIO SERVICES, INC.
By:
--------------------------------------------------
Name: Jeffrey P. Fritz
--------------------------------------------------
Title: Senior Vice President - Chief Financial Officer
--------------------------------------------------
Current month excess servicing fee 13.010%
Monthly Certificateholder Statement
FASCO Auto Trust 1996-1
6.65% Class A Asset-Backed Certificates
10.00% Class B Asset-Backed Certificates
Distribution Date 9/16/96
Collection Period 8/96
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among Financial Asset Securities Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
1 Certificates.
<S> <C> <C>
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $1,712,394.42
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $459,090.36
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,253,304.06
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $20.28
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.44
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $14.84
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above
(given to the Collateral Agent for deposit into the Spread Account) $102,298.18
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $36,334.81
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $65,963.37
(j) Scheduled Payments due in such Collection Period $2,591,503.96
(k) Scheduled Payments collected in such
Collection Period $2,369,156.54
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $87,203,550.47
(b) The Class A Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments allocated to principal in paragraph A.1.(c) above $81,590,068.89
(c) The Class A Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments allocated to principal in paragraph A.1.(c) above $4,294,214.15
(d) The Pool factor as of the close of business
on the last day set forth above 0.9660693
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $160,134.73
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,813.57
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.90
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 10
Aggregate Purchase Amount $135,237.32
3 Payment Shortfalls.
(a) The amount of the Class A Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $46,875.69
(b) Distributions (to) from Collection Account ($8,819.78)
for Payaheads
(c) Interest earned on Payahead Balances $154.33
(d) Ending Payahead Account Balance $38,210.24
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $10,950,246.09
Spread Account Balance $4,871,244.58
(b) The change in the spread account on the Distribution
Date set forth above $761,146.60
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $23,797.10
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 286
Aggregate Gross Amount $3,972,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 107
Aggregate Gross Amount $1,542,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.37%
(b) Average Delinquency Ratio 3.19%
(c) Average Default Rate 1.63%
(d) Average Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1995-4
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Is there a Class B Deficiency? NO
Class B Deficiency 0.00
Cash Available this month to cover Class B Deficiency 0.00
Inputs
Gross Collection Proceeds: 2,859,593.90
Lock Box NSF Items: (125,988.82)
Transfers from (to) Payahead Account: 8,819.78
Collection Account Interest 9,986.85
Payahead Account Interest 154.33
Total Collection Proceeds: 2,752,566.04
For Distribution Date: 9/16/96
For Determination Date: 9/9/96
For Collection Period: 8/96
Collateral Activity Information
Principal
Beginning Principal Balance 87,203,550.47
Principal portion of payments collected (non-prepayments) 946,099.11
Prepayments in full allocable to principal 237,931.00
Collections allocable to principal 1,184,030.11
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 135,237.32
-------------------
Total Principal 1,319,267.43
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 85,884,283.04
Interest
Collections allocable to interest 1,423,057.43
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 100.00
-------------------
Total Interest 1,423,157.43
Certificate Information
Beginning of Period Class A Principal Balance 82,843,372.95
Beginning of Period Class B Principal Balance 4,360,177.52
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,110,097.98
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 14,795.48
Aggregate Payahead Balance 38,055.91
Aggregate Payahead Balance for preceding Distribution Date 46,875.69
Interest Earned on Payahead Balances 154.33
Scheduled Payments due in Collection Period 2,591,503.96
Scheduled Payments collected in Collection Period 2,369,156.54
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 286 3,972,000.00
60+ days delinquent 107 1,542,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
10 135,237.32
<TABLE>
<CAPTION>
<S> <C> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,514,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 135,237.32
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 256,599.47
Delinquency Ratio for second preceding Determination Date 3.21%
Delinquency Ratio for third preceding Determination Date 0.99%
Default Rate for second preceding Determination Date 1.34%
Default Rate for third preceding Determination Date 0.00%
Net Loss Ratio for second preceding Determination Date 0.00%
Net Loss Ratio for third preceding Determination Date 0.00%
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,607,087.54
Liquidation Proceeds 0.00
Recoveries 100.00
Purchase Amounts 135,237.32
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 9,986.85
Investment earnings from Payahead Account 154.33
-------------------
Total Distribution Amount 2,752,566.04
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 946,099.11
Prepayments in full allocable to principal 237,931.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 135,237.32
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,319,267.43
Class A Principal Distributable Amount
Principal Distributable Amount 1,319,267.43
Times Class A Percentage (95%) 95%
-------------------
1,253,304.06
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,253,304.06
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 82,843,372.95
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class A Interest Distributable Amount 459,090.36
Class B Principal Distributable Amount
Principal Distributable Amount 1,319,267.43
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 65,963.37
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 4,360,177.52
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class B Coupon Interest Amount 36,334.81
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
Interest on Class B Principal Carryover Shortfall 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
Interest on Class A Principal Carryover Shortfall 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,813.57 2,752,566.04 5,813.57 2,752,566.04
Servicing Fee (2.0%) 145,339.25 2,746,752.47 145,339.25 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 14,795.48 2,601,413.22 14,795.48 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,586,617.74 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,586,617.74 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,586,617.74 0.00
(iii) Trustee Fee 1,090.04 2,586,617.74 1,090.04
Trustee's out-of-pocket expenses 0.00 2,585,527.70 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,585,527.70 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,585,527.70 0.00
(iv) Collateral Agent Fee 1,090.04 2,585,527.70 1,090.04
Collateral Agent Expenses 0.00 2,584,437.66 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,584,437.66 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,584,437.66 0.00
(v) Class A Interest Distributable Amount 459,090.36 2,584,437.66 459,090.36
Class A Interest Carryover Shortfall 0.00 2,125,347.30 0.00
(vi) Class B Coupon Interest 36,334.81 2,125,347.30 36,334.81
Class B Carryover Interest 0.00 2,089,012.49 0.00
(vii) Class A Principal Distributable Amount 1,253,304.06 2,089,012.49 1,253,304.06 1,499,261.98
Class A Principal Carryover Shortfall 0.00 835,708.43 0.00 1,499,261.98
(viii) Certificate Insurer Premium 23,797.10 835,708.43 23,797.10
Certificate Insurer Premium Supplement 0.00 811,911.33 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 811,911.33 0.00
(ix) Transition Expenses to successor Servicer 0.00 811,911.33 0.00
(x) Class B Principal Distributable Amount - Unadjusted 65,963.37 811,911.33 65,963.37
Current Month Class B Principal Carryover Shortfall 0.00 745,947.96 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 745,947.96 0.00
Adjusted Class B Principal Distributable Amount 65,963.37 745,947.96 65,963.37
(xi) Remaining amounts to Collateral Agent for deposit in Spread Account 745,947.96 679,984.59 679,984.59
0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 82,843,372.95
Class A Principal Distributions 1,253,304.06
Class A End of Period Principal Balance 81,590,068.89
Class B Beginning of Period Principal Balance 4,360,177.52
Class B Principal Distributable Amount 65,963.37
Class B End of Period Principal Balance 4,294,214.15
Carryover Shortfalls After Current Distributions
Class B principal Carrryover Shortfall
the excess if any, of
the sum of
Class B Principal Distributable Amount 65,963.37
Class B Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 65,963.37
-------------------
0.00
Class B Interest Carrryover Shortfall
the excess if any, of
the sum of
Class B Coupon Interest Amount 36,334.81
Class B Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 36,334.81
-------------------
0.00
Class A principal Carrryover Shortfall
the excess if any, of
the sum of
Class A Principal Distributable Amount 1,253,304.06
Class A Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 1,253,304.06
-------------------
0.00
Class A Interest Carrryover Shortfall
the excess if any, of
the sum of
Class A Interest Distributable Amount 459,090.36
Class A Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 459,090.36
-------------------
0.00
Deficiency Claim Amount
(i) Total Distribution Amount 2,752,566.04
(ii) Amounts payable pursuant to Section 4.6(c) (i) - (ix) 1,940,654.71
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Deficiency Claim Amount 0.00
Class B Deficiency
(i) Amounts available to make payments pursuant to
Section 4.6(c) (vi) and (x) 102,298.18
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 102,298.18
If (i) is less than (ii), there is a Class B Deficiency NO
Class B Deficiency 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,514,000.00
Purchased receivables more than 30 days delinquent 135,237.32
-------------------
Total 5,649,237.32
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 105,254,404.61
Delinquency Ratio 5.37%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.37%
Delinquency Ratio for second preceding Determination Date 3.21%
Delinquency Ratio for third preceding Determination Date 0.99%
-------------------
Average Delinquency Ratio 3.19%
Calculation of Default Rate (Current Period)
Default Amount
Principal Balance of Defaulted Receivables 256,599.47
-------------------
Total 256,599.47
Calculation of Average Principal Balance
Aggregate Principal Balance at end of related Collection Pd. 85,884,283.04
Aggregate Prin. Bal. at end of 2nd preceding Collection Pd. 87,203,550.47
-------------------
86,543,916.76
Default Rate 3.56%
Calculation of Average Default Rate
Default Rate for most recent Determination Date 3.56%
Default Rate for second preceding Determination Date 1.34%
Default Rate for third preceding Determination Date 0.00%
-------------------
Average Default Rate 1.63%
Calculation of Net Loss Ratio (Current Determination Date)
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of 0.00
Liquidated Receivables
Cram Down Losses 0.00
Net Liquidation Proceeds (100.00)
-------------------
Net Liquidation Losses (100.00)
Calculation of Average Principal Balance
Aggregate Principal Balance at end of related Collection Pd. 85,884,283.04
Aggregate Prin. Bal. at end of 2nd preceding Collection Pd. 87,203,550.47
-------------------
Average Principal Balance 86,543,916.76
Net Loss Ratio 0.00%
Calculations
Calculation of Average Loss Ratio
Net Loss Ratio for most recent Determination Date 0.00%
Net Loss Ratio for second preceding Determination Date 0.00%
Net Loss Ratio for third preceding Determination Date 0.00%
-------------------
Average Loss Ratio 0.00%
Spread Account
Spread Account Cap
12.75% of Outstanding Certificate Balance 10,950,246.09
15% of Outstanding Certificate Balance 12,882,642.46
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 10,950,246.09
Spread Account Floor
3.5% of the Initial Certificate Balance 3,111,526.26
Outstanding Certificate Balance 85,884,283.04
Minimum Floor 100,000.00
--------------
Floor Amount 3,111,526.26
Required Spread Account Amount 10,950,246.09
Beginning of Period Spread Account Balance 4,110,097.98
Spread Account Deposit (Withdrawal) from Current Distributions 745,947.96
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 6,094,200.15
Earnings on Spread Account Balance 15,198.64
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 4,871,244.58
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: Jeffrey P. Fritz
-------------------------------------------------------
Title: Senior Vice President - Chief Financial Officer
-------------------------------------------------------
Current month excess servicing fee 10.343%
Monthly Certificateholder Statement
FASCO Auto Trust 1996-1
6.65% Class A Asset-Backed Certificates
10.00% Class B Asset-Backed Certificates
Distribution Date 10/15/96
Collection Period 9/96
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among Financial Asset Securities Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
1 Certificates.
<S> <C>
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,015,767.93
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $452,144.97
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,563,622.96
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $23.87
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.35
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $18.51
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above
(given to the Collateral Agent for deposit into the Spread Account) $118,081.07
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $35,785.12
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $82,295.95
(j) Scheduled Payments due in such Collection Period $2,571,788.06
(k) Scheduled Payments collected in such
Collection Period $2,386,696.05
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $85,884,283.04
(b) The Class A Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments allocated to principal in paragraph A.1.(c) above $80,026,445.93
(c) The Class B Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments allocated to principal in paragraph A.1.(c) above $4,211,918.20
(d) The Pool factor as of the close of business
on the last day set forth above 0.9475552
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $160,177.12
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,725.62
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.90
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 16
Aggregate Purchase Amount $200,035.48
3 Payment Shortfalls.
(a) The amount of the Class A Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $38,210.24
(b) Distributions (to) from Collection Account ($13,981.93)
for Payaheads
(c) Interest earned on Payahead Balances $173.61
(d) Ending Payahead Account Balance $24,401.92
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $12,635,754.62
Spread Account Balance $5,567,078.41
(b) The change in the spread account on the Distribution
Date set forth above $695,833.83
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $23,341.05
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $14,242.34
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 343
Aggregate Gross Amount $4,597,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 194
Aggregate Gross Amount $2,756,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.34%
(b) Average Delinquency Ratio 5.31%
(c) Average Default Rate 5.28%
(d) Average Loss Ratio 0.07%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1995-4
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Is there a Class B Deficiency? NO
Class B Deficiency 0.00
Cash Available this month to cover Class B Deficiency 0.00
Inputs
Gross Collection Proceeds: 3,118,022.94
Lock Box NSF Items: (139,138.59)
Transfers from (to) Payahead Account: 13,981.93
Collection Account Interest 9,932.24
Payahead Account Interest 173.61
Total Collection Proceeds: 3,002,972.13
For Distribution Date: 10/15/96
For Determination Date: 10/8/96
For Collection Period: 9/96
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Collateral Activity Information
Principal
Beginning Principal Balance 85,884,283.04
Principal portion of payments collected (non-prepayments) 1,025,606.34
Prepayments in full allocable to principal 391,483.00
Collections allocable to principal 1,417,089.34
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 14,551.75
Purchase Amounts allocable to principal 200,035.48
-------------------
Total Principal 1,631,676.57
Realized Losses 14,242.34
Cram Down Losses 0.00
Ending Principal Balance 84,238,364.13
Interest
Collections allocable to interest 1,361,089.71
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 100.00
-------------------
Total Interest 1,361,189.71
Certificate Information
Beginning of Period Class A Principal Balance 81,590,068.89
Beginning of Period Class B Principal Balance 4,294,214.15
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,871,244.58
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,036.65
Aggregate Payahead Balance 24,228.31
Aggregate Payahead Balance for preceding Distribution Date 38,210.24
Interest Earned on Payahead Balances 173.61
Scheduled Payments due in Collection Period 2,571,788.06
Scheduled Payments collected in Collection Period 2,386,696.05
Aggregate Amount of Realized Losses for preceding Distribution Date 14,242.34
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 343 4,597,000.00
60+ days delinquent 194 2,756,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
16 200,035.48
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 7,353,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 200,035.48
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 775,737.38
Delinquency Ratio for second preceding Determination Date 5.37%
Delinquency Ratio for third preceding Determination Date 3.21%
Default Rate for second preceding Determination Date 3.56%
Default Rate for third preceding Determination Date 1.34%
Net Loss Ratio for second preceding Determination Date 0.00%
Net Loss Ratio for third preceding Determination Date 0.00%
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,778,179.05
Liquidation Proceeds 14,551.75
Recoveries 100.00
Purchase Amounts 200,035.48
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 9,932.24
Investment earnings from Payahead Account 173.61
-------------------
Total Distribution Amount 3,002,972.13
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,025,606.34
Prepayments in full allocable to principal 391,483.00
Principal Balance of Liquidated Receivables 28,794.09
Purchase Amounts allocable to principal 200,035.48
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,645,918.91
Class A Principal Distributable Amount
Principal Distributable Amount 1,645,918.91
Times Class A Percentage (95%) 95%
-------------------
1,563,622.96
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,563,622.96
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 81,590,068.89
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class A Interest Distributable Amount 452,144.97
Class B Principal Distributable Amount
Principal Distributable Amount 1,645,918.91
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 82,295.95
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 4,294,214.15
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class B Coupon Interest Amount 35,785.12
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
Interest on Class B Principal Carryover Shortfall 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
Interest on Class A Principal Carryover Shortfall 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,725.62 3,002,972.13 5,725.62 3,002,972.13
Servicing Fee (2.0%) 143,140.47 2,997,246.51 143,140.47 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,036.65 2,854,106.04 17,036.65 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,837,069.39 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,837,069.39 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,837,069.39 0.00
(iii) Trustee Fee 1,073.55 2,837,069.39 1,073.55
Trustee's out-of-pocket expenses 0.00 2,835,995.84 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,835,995.84 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,835,995.84 0.00
(iv) Collateral Agent Fee 1,073.55 2,835,995.84 1,073.55
Collateral Agent Expenses 0.00 2,834,922.29 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,834,922.29 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,834,922.29 0.00
(v) Class A Interest Distributable Amount 452,144.97 2,834,922.29 452,144.97
Class A Interest Carryover Shortfall 0.00 2,382,777.32 0.00
(vi) Class B Coupon Interest 35,785.12 2,382,777.32 35,785.12
Class B Carryover Interest 0.00 2,346,992.20 0.00
(vii) Class A Principal Distributable Amount 1,563,622.96 2,346,992.20 1,563,622.96 1,439,349.17
Class A Principal Carryover Shortfall 0.00 783,369.24 0.00 1,439,349.17
(viii) Certificate Insurer Premium 23,341.05 783,369.24 23,341.05
Certificate Insurer Premium Supplement 0.00 760,028.19 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 760,028.19 0.00
(ix) Transition Expenses to successor Servicer 0.00 760,028.19 0.00
(x) Class B Principal Distributable Amount - Unadjusted 82,295.95 760,028.19 82,295.95
Current Month Class B Principal Carryover Shortfall 0.00 677,732.24 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 677,732.24 0.00
Adjusted Class B Principal Distributable Amount 82,295.95 677,732.24 82,295.95
(xi) Remaining amounts to Collateral Agent for deposit in Spread Account 677,732.24 595,436.30 595,436.30
0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 81,590,068.89
Class A Principal Distributions 1,563,622.96
Class A End of Period Principal Balance 80,026,445.93
Class B Beginning of Period Principal Balance 4,294,214.15
Class B Principal Distributable Amount 82,295.95
Class B End of Period Principal Balance 4,211,918.20
Carryover Shortfalls After Current Distributions
Class B principal Carrryover Shortfall
the excess if any, of
the sum of
Class B Principal Distributable Amount 82,295.95
Class B Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 82,295.95
-------------------
0.00
Class B Interest Carrryover Shortfall
the excess if any, of
the sum of
Class B Coupon Interest Amount 35,785.12
Class B Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 35,785.12
-------------------
0.00
Class A principal Carrryover Shortfall
the excess if any, of
the sum of
Class A Principal Distributable Amount 1,563,622.96
Class A Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 1,563,622.96
-------------------
0.00
Class A Interest Carrryover Shortfall
the excess if any, of
the sum of
Class A Interest Distributable Amount 452,144.97
Class A Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 452,144.97
-------------------
0.00
Deficiency Claim Amount
(i) Total Distribution Amount 3,002,972.13
(ii) Amounts payable pursuant to Section 4.6(c) (i) - (ix) 2,242,943.94
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Deficiency Claim Amount 0.00
Class B Deficiency
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 118,081.07
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 118,081.07
If (i) is less than (ii), there is a Class B Deficiency NO
Class B Deficiency 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,353,000.00
Purchased receivables more than 30 days delinquent 200,035.48
-------------------
Total 7,553,035.48
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 102,940,305.86
Delinquency Ratio 7.34%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.34%
Delinquency Ratio for second preceding Determination Date 5.37%
Delinquency Ratio for third preceding Determination Date 3.21%
-------------------
Average Delinquency Ratio 5.31% 5.31%
Calculation of Default Rate (Current Period)
Default Amount
Principal Balance of Defaulted Receivables 775,737.38
-------------------
Total 775,737.38
Calculation of Average Principal Balance
Aggregate Principal Balance at end of related Collection Pd. 84,238,364.13
Aggregate Prin. Bal. at end of 2nd preceding Collection Pd. 85,884,283.04
-------------------
85,061,323.59
Default Rate 10.94%
Calculation of Average Default Rate
Default Rate for most recent Determination Date 10.94%
Default Rate for second preceding Determination Date 3.56%
Default Rate for third preceding Determination Date 1.34%
-------------------
Average Default Rate 5.28%
Calculation of Net Loss Ratio (Current Determination Date)
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of 28,794.09
Liquidated Receivables
Cram Down Losses 0.00
Net Liquidation Proceeds (14,651.75)
-------------------
Net Liquidation Losses 14,142.34
Calculation of Average Principal Balance
Aggregate Principal Balance at end of related Collection Pd. 84,238,364.13
Aggregate Prin. Bal. at end of 2nd preceding Collection Pd. 85,884,283.04
-------------------
Average Principal Balance 85,061,323.59
Net Loss Ratio 0.20%
Calculations
Calculation of Average Loss Ratio
Net Loss Ratio for most recent Determination Date 0.20%
Net Loss Ratio for second preceding Determination Date 0.00%
Net Loss Ratio for third preceding Determination Date 0.00%
-------------------
Average Loss Ratio 0.07%
Spread Account
Spread Account Cap
12.75% of Outstanding Certificate Balance 10,740,391.43
15% of Outstanding Certificate Balance 12,635,754.62
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
-------------
Cap Amount 12,635,754.62
Spread Account Floor
3.5% of the Initial Certificate Balance 3,111,526.26
Outstanding Certificate Balance 84,238,364.13
Minimum Floor 100,000.00
-------------
Floor Amount 3,111,526.26
Required Spread Account Amount 12,635,754.62
Beginning of Period Spread Account Balance 4,871,244.58
Spread Account Deposit (Withdrawal) from Current Distributions 677,732.24
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 7,086,777.80
Earnings on Spread Account Balance 18,101.59
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 5,567,078.41
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: Jeffrey P. Fritz
-------------------------------------------------------
Title: Senior Vice President - Chief Financial Officer
-------------------------------------------------------
Current month excess servicing fee 9.561%
<PAGE>
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
11.30% Class B Asset-Backed Certificates
REVISED
Distribution Date 10/15/96
Collection Period 9/96
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $794,434.73
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $309,490.47
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $484,944.26
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $17.65
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $6.88
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $10.77
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $52,995.83
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $27,472.45
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $25,523.38
(j) Scheduled Payments due in such Collection Period $2,658,536.41
(k) Scheduled Payments collected in such
Collection Period $790,389.88
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $92,129,299.54
(b) The Certificates Balance as of the close of business on the
last day set forth above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $87,037,890.30
(c) The Pool factor as of the close of business
on the last day set forth above 0.9944592
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $63,841.13
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,456.78
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.73
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.03
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 4
Aggregate Purchase Amount $48,590.92
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $26,077.38
(b) Distributions (to) from Collection Account $13,951.13
for Payaheads
(c) Interest earned on Payahead Balances $14.19
(d) Ending Payahead Account Balance $40,042.70
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,161,883.19
Spread Account Balance $3,292,317.42
(b) The change in the spread account on the Distribution
Date set forth above $67,791.94
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $10,154.42
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 97
Aggregate Gross Amount $1,447,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 0
Aggregate Gross Amount $0.00
8 Performance Triggers
(a) Delinquency Ratio 1.31%
(b) Average Delinquency Ratio 1.31%
(c) Average Default Rate 0.06%
(d) Average Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 1,004,500.93
Lock Box NSF Items: 0.00
Transfers from (to) Payahead Account: (13,951.13)
Collection Account Interest 277.81
Payahead Account Interest 14.19
Total Collection Proceeds: 990,841.80
For Distribution Date: 10/15/96
For Determination Date: 10/8/96
For Collection Period: 9/96
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Collateral Activity Information
Principal
Beginning Principal Balance 92,129,299.54
Principal portion of payments collected (non-prepayments) 310,307.72
Prepayments in full allocable to principal 151,569.00
Collections allocable to principal 461,876.72
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 48,590.92
Total Principal 510,467.64
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 91,618,831.90
Interest
Collections allocable to interest 480,082.16
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 480,082.16
Certificate Information
Beginning of Period Class A Principal Balance 87,522,834.56
Beginning of Period Class B Principal Balance 4,606,464.98
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,224,525.48
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 2,421.60
Aggregate Payahead Balance 40,028.51
Aggregate Payahead Balance for preceding Distribution Date 26,077.38
Interest Earned on Payahead Balances 14.19
Scheduled Payments due in Collection Period 2,658,536.41
Scheduled Payments collected in Collection Period 790,389.88
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information
Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 97 1,447,000.00
60+ days delinquent 0 0.00
Purchased Receivables
Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
4 48,590.92
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 1,447,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 48,590.92
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 12,661.59
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
Default Rate for second preceding Determination Date 0.00%
Default Rate for third preceding Determination Date 0.00%
Net Loss Ratio for second preceding Determination Date 0.00%
Net Loss Ratio for third preceding Determination Date 0.00%
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 941,958.88
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 48,590.92
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 277.81
Investment earnings from Payahead Account 14.19
-------------------
Total Distribution Amount 990,841.80
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 310,307.72
Prepayments in full allocable to principal 151,569.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 48,590.92
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 510,467.64
Class A Principal Distributable Amount
Principal Distributable Amount 510,467.64
Times Class A Percentage (95%) 95%
-------------------
484,944.26
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 484,944.26
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 87,522,834.56
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 19/360 0.0527778
-------------------
Class A Interest Distributable Amount 309,490.47
Class B Principal Distributable Amount
Principal Distributable Amount 510,467.64
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 25,523.38
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,606,464.98
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date 0.0527778
-------------------
Class B Coupon Interest Amount 27,472.45
Class B Excess Interest Amount
Total Distribution Amount 990,841.80
minus
Class A Principal and Interest Distributable Amount 794,434.73
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 27,472.45
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 25,523.38
Class B Principal Carryover Shortfall 0.00
Trustee distributions 460.65
Standby Servicer distributions 2,456.78
Servicer distributions 63,841.13
Collateral Agent distributions 460.65
Reimbursement Obligations 10,154.42
-------------------
66,037.61
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Interest Carryover on Class A Principal Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
<S> <C> <C> <C> <C>
(i) Standby Fee 2,456.78 0.00 0.00 25,523.38
Servicing Fee (2.0%) 61,419.53 0.00 0.00 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 2,421.60 0.00 0.00 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 460.65 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 0.00 0.00
(iv) Collateral Agent Fee 460.65 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 0.00 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 309,490.47 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00 25,523.38
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00 25,523.38
Class A Interest Distributable Amount 309,490.47 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 27,472.45 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 27,472.45 0.00 0.00
(v) (B) Class A Principal Distributable Amount - Current Month 484,944.26 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Class A Principal Distribution Amount 484,944.26 0.00 0.00
(vi) Certificate Insurer Premium 10,154.42 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current Month Unadjusted 25,523.38 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 25,523.38 0.00 0.00
(C) Excess Interest Amount for Deposit in Spread Account 66,037.61 0.00 0.00
0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 87,522,834.56
Class A Principal Distributions 484,944.26
Class A End of Period Principal Balance 87,037,890.30
Class B Beginning of Period Principal Balance 4,606,464.98
Class B Principal Distributable Amount 25,523.38
Class B End of Period Principal Balance 4,580,941.60
Class A Deficiency - Interest
(i) Total Distribution Amount Available 990,841.80
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 376,709.68
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 614,132.12
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 614,132.12
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 27,472.45
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 586,659.67
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 586,659.67
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 484,944.26
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 101,715.41
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 101,715.41
Certificate Insurer Premium 10,154.42
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Amount Remaining for Further Distribution/(Deficiency) 91,560.99
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 91,560.99
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 25,523.38
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 66,037.61
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 1,447,000.00
Purchased receivables more than 30 days delinquent 48,590.92
-------------------
Total 1,495,590.92
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 114,324,310.12
Delinquency Ratio 1.31%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 1.31%
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
-------------------
Average Delinquency Ratio 1.31% 0.44%
Calculation of Default Rate (Current Period)
Default Amount
Principal Balance of Defaulted Receivables 12,661.59
-------------------
Total 12,661.59
Calculation of Average Principal Balance
Aggregate Principal Balance at end of related Collection Pd. 91,618,831.90
Aggregate Prin. Bal. at end of 2nd preceding Collection Pd. 92,129,299.54
-------------------
91,874,065.72
Default Rate 0.17%
Calculation of Average Default Rate
Default Rate for most recent Determination Date 0.17%
Default Rate for second preceding Determination Date 0.00%
Default Rate for third preceding Determination Date 0.00%
-------------------
Average Default Rate 0.06%
Calculation of Net Loss Ratio (Current Determination Date)
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of 0.00
Liquidated Receivables
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 0.00
Calculation of Average Principal Balance
Aggregate Principal Balance at end of related Collection Pd. 91,618,831.90
Aggregate Prin. Bal. at end of 2nd preceding Collection Pd. 92,129,299.54
-------------------
Average Principal Balance 91,874,065.72
Net Loss Ratio 0.00%
Calculation of Average Loss Ratio
Net Loss Ratio for most recent Determination Date 0.00%
Net Loss Ratio for second preceding Determination Date 0.00%
Net Loss Ratio for third preceding Determination Date 0.00%
-------------------
Average Loss Ratio 0.00%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 9,161,883.19
15% of Outstanding Certificate Balance 13,742,824.79
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
---------------
Cap Amount 9,161,883.19
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 91,618,831.90
Minimum Floor 100,000.00
---------------
Floor Amount 2,763,878.99
Required Spread Account Amount 9,161,883.19
Beginning of Period Spread Account Balance 3,224,525.48
Spread Account Deposit (Withdrawal) from Current Distributions 66,037.61
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 5,871,320.10
Earnings on Spread Account Balance 1,754.33
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 3,292,317.42
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: Jeffrey P. Fritz
-------------------------------------------------------
Title: Senior Vice President - Chief Financial Officer
-------------------------------------------------------
Current month excess servicing fee 0.863%
Monthly Certificateholder Statement
FASCO Auto Trust 1996-1
6.65% Class A Asset-Backed Certificates
10.00% Class B Asset-Backed Certificates
Distribution Date 11/15/96
Collection Period 10/96
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among Financial Asset Securities Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
<TABLE>
<CAPTION>
<S> <C>
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,106,370.84
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $443,479.89
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,662,890.95
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $24.94
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.25
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $19.69
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above
(given to the Collateral Agent for deposit into the Spread Account) $122,619.90
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $35,099.32
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $87,520.58
(j) Scheduled Payments due in such Collection Period $2,546,928.74
(k) Scheduled Payments collected in such
Collection Period $2,559,467.55
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $84,238,364.13
(b) The Class A Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments allocated to principal in paragraph A.1.(c) above $78,363,554.98
(c) The Class B Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments allocated to principal in paragraph A.1.(c) above $4,124,397.62
(d) The Pool factor as of the close of business
on the last day set forth above 0.9278657
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $156,778.51
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,615.89
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.86
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 9
Aggregate Purchase Amount $105,536.25
3 Payment Shortfalls.
(a) The amount of the Class A Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $24,401.92
(b) Distributions (to) from Collection Account $7,557.49
for Payaheads
(c) Interest earned on Payahead Balances $129.84
(d) Ending Payahead Account Balance $32,089.25
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $10,517,213.96
Spread Account Balance $6,334,392.29
(b) The change in the spread account on the Distribution
Date set forth above $767,313.88
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $22,856.04
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $143,320.03
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 279
Aggregate Gross Amount $3,783,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 229
Aggregate Gross Amount $3,161,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.02%
(b) Average Delinquency Ratio 6.58%
(c) Cumulative Default Ratio 2.28%
(d) Cumulative Net Loss Ratio 0.18%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1995-4
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Is there a Class B Deficiency? NO
Class B Deficiency 0.00
Cash Available this month to cover Class B Deficiency 0.00
Inputs
Gross Collection Proceeds: 3,272,101.34
Lock Box NSF Items: (113,293.56)
Transfers from (to) Payahead Account: (7,557.49)
Collection Account Interest 10,447.96
Payahead Account Interest 129.84
Total Collection Proceeds: 3,161,828.09
For Distribution Date: 11/15/96
For Determination Date: 11/8/96
For Collection Period: 10/96
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Collateral Activity Information
Principal
Beginning Principal Balance 84,238,364.13
Principal portion of payments collected (non-prepayments) 1,016,278.76
Prepayments in full allocable to principal 385,808.00
Collections allocable to principal 1,402,086.76
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 99,468.49
Purchase Amounts allocable to principal 105,536.25
-------------------
Total Principal 1,607,091.50
Realized Losses 143,320.03
Cram Down Losses 0.00
Ending Principal Balance 82,487,952.60
Interest
Collections allocable to interest 1,543,188.79
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 970.00
-------------------
Total Interest 1,544,158.79
Certificate Information
Beginning of Period Class A Principal Balance 80,026,445.93
Beginning of Period Class B Principal Balance 4,211,918.20
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,567,078.41
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 16,381.24
Aggregate Payahead Balance 31,959.41
Aggregate Payahead Balance for preceding Distribution Date 24,401.92
Interest Earned on Payahead Balances 129.84
Scheduled Payments due in Collection Period 2,546,928.74
Scheduled Payments collected in Collection Period 2,559,467.55
Aggregate Amount of Realized Losses for preceding Distribution Date 143,320.03
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 279 3,783,000.00
60+ days delinquent 229 3,161,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
9 105,536.25
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 6,944,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 105,536.25
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 896,117.01
Delinquency Ratio for second preceding Determination Date 7.34%
Delinquency Ratio for third preceding Determination Date 5.37%
Cumulative Defaults for preceding Determination Date 1,130,225.00
Cumulative Net Losses for preceding Determination Date 14,042.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,945,275.55
Liquidation Proceeds 99,468.49
Recoveries 970.00
Purchase Amounts 105,536.25
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 10,447.96
Investment earnings from Payahead Account 129.84
-------------------
Total Distribution Amount 3,161,828.09
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,016,278.76
Prepayments in full allocable to principal 385,808.00
Principal Balance of Liquidated Receivables 242,788.52
Purchase Amounts allocable to principal 105,536.25
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,750,411.53
Class A Principal Distributable Amount
Principal Distributable Amount 1,750,411.53
Times Class A Percentage (95%) 95%
-------------------
1,662,890.95
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,662,890.95
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 80,026,445.93
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class A Interest Distributable Amount 443,479.89
Class B Principal Distributable Amount
Principal Distributable Amount 1,750,411.53
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 87,520.58
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 4,211,918.20
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class B Coupon Interest Amount 35,099.32
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
Interest on Class B Principal Carryover Shortfall 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
Interest on Class A Principal Carryover Shortfall 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,615.89 3,161,828.09 5,615.89 3,161,828.09
Servicing Fee (2.0%) 140,397.27 3,156,212.20 140,397.27 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 16,381.24 3,015,814.93 16,381.24 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,999,433.69 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,999,433.69 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,999,433.69 0.00
(iii) Trustee Fee 1,052.98 2,999,433.69 1,052.98
Trustee's out-of-pocket expenses 0.00 2,998,380.71 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,998,380.71 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,998,380.71 0.00
(iv) Collateral Agent Fee 1,052.98 2,998,380.71 1,052.98
Collateral Agent Expenses 0.00 2,997,327.73 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,997,327.73 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,997,327.73 0.00
(v) Class A Interest Distributable Amount 443,479.89 2,997,327.73 443,479.89
Class A Interest Carryover Shortfall 0.00 2,553,847.84 0.00
(vi) Class B Coupon Interest 35,099.32 2,553,847.84 35,099.32
Class B Carryover Interest 0.00 2,518,748.52 0.00
(vii) Class A Principal Distributable Amount 1,662,890.95 2,518,748.52 1,662,890.95 1,498,937.14
Class A Principal Carryover Shortfall 0.00 855,857.57 0.00 1,498,937.14
(viii) Certificate Insurer Premium 22,856.04 855,857.57 22,856.04
Certificate Insurer Premium Supplement 0.00 833,001.53 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 833,001.53 0.00
(ix) Transition Expenses to successor Servicer 0.00 833,001.53 0.00
(x) Class B Principal Distributable Amount - Unadjusted 87,520.58 833,001.53 87,520.58
Current Month Class B Principal Carryover Shortfall 0.00 745,480.95 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 745,480.95 0.00
Adjusted Class B Principal Distributable Amount 87,520.58 745,480.95 87,520.58
(xi) Remaining amounts to Collateral Agent for deposit in Spread Account 745,480.95 657,960.38 657,960.38
0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 80,026,445.93
Class A Principal Distributions 1,662,890.95
Class A End of Period Principal Balance 78,363,554.98
Class B Beginning of Period Principal Balance 4,211,918.20
Class B Principal Distributable Amount 87,520.58
Class B End of Period Principal Balance 4,124,397.62
Carryover Shortfalls After Current Distributions
Class B principal Carrryover Shortfall
the excess if any, of
the sum of
Class B Principal Distributable Amount 87,520.58
Class B Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 87,520.58
-------------------
0.00
Class B Interest Carrryover Shortfall
the excess if any, of
the sum of
Class B Coupon Interest Amount 35,099.32
Class B Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 35,099.32
-------------------
0.00
Class A principal Carrryover Shortfall
the excess if any, of
the sum of
Class A Principal Distributable Amount 1,662,890.95
Class A Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 1,662,890.95
-------------------
0.00
Class A Interest Carrryover Shortfall
the excess if any, of
the sum of
Class A Interest Distributable Amount 443,479.89
Class A Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 443,479.89
-------------------
0.00
Deficiency Claim Amount
(i) Total Distribution Amount 3,161,828.09
(ii) Amounts payable pursuant to Section 4.6(c) (i) - (ix) 2,328,826.56
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Deficiency Claim Amount 0.00
Class B Deficiency
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 122,619.90
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 122,619.90
If (i) is less than (ii), there is a Class B Deficiency NO
Class B Deficiency 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,944,000.00
Purchased receivables more than 30 days delinquent 105,536.25
-------------------
Total 7,049,536.25
Aggregate Gross Principal Balance as of the close of
100,374,064.04 business on the last day of the
Collection Period.
Delinquency Ratio 7.02%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.02%
Delinquency Ratio for second preceding Determination Date 7.34%
Delinquency Ratio for third preceding Determination Date 5.37%
-------------------
Average Delinquency Ratio 6.58% 6.58%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 1,130,225.00
Current Period Defaulted Receivables 896,117.01
-------------------
Total 2,026,342.01
Cumulative Defaulted Receivables 2,026,342.01
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 2.28%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 242,788.52
Cram Down Losses 0.00
Net Liquidation Proceeds (100,438.49)
-------------------
Net Liquidation Losses 142,350.03
Cumulative Previous Net Losses 14,042.00
-------------------
Cumulative Net Losses 156,392.03
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 0.18%
Spread Account
Spread Account Cap
12.75% of Outstanding Certificate Balance 10,517,213.96
15% of Outstanding Certificate Balance 12,373,192.89
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
---------------
Cap Amount 10,517,213.96
Spread Account Floor
3.5% of the Initial Certificate Balance 3,111,526.26
Outstanding Certificate Balance 82,487,952.60
Minimum Floor 100,000.00
---------------
Floor Amount 3,111,526.26
Required Spread Account Amount 10,517,213.96
Beginning of Period Spread Account Balance 5,567,078.41
Spread Account Deposit (Withdrawal) from Current Distributions 745,480.95
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 4,204,654.60
Earnings on Spread Account Balance 21,832.93
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 6,334,392.29
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: Jeffrey P. Fritz
-------------------------------------------------------
Title: Senior Vice President - Chief Financial Officer
-------------------------------------------------------
Current month excess servicing fee #REF!
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
11.30% Class B Asset-Backed Certificates
Distribution Date 11/15/96
Collection Period 10/96
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $1,773,236.00
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $485,961.55
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,287,274.45
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $39.40
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $10.80
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $28.60
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $110,888.49
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $43,137.20
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $67,751.29
(j) Scheduled Payments due in such Collection Period $2,646,509.61
(k) Scheduled Payments collected in such
Collection Period $2,685,884.49
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $91,618,831.90
(b) The Certificates Balance as of the close of business on the
last day set forth above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $85,750,615.85
(c) The Pool factor as of the close of business
on the last day set forth above 0.9797514
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $197,241.24
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,541.04
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $2.25
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.09
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 12
Aggregate Purchase Amount $164,365.37
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $40,042.70
(b) Distributions (to) from Collection Account $2,368.78
for Payaheads
(c) Interest earned on Payahead Balances $138.79
(d) Ending Payahead Account Balance $42,550.27
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,026,380.62
Spread Account Balance $4,296,051.90
(b) The change in the spread account on the Distribution
Date set forth above $1,003,734.48
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $30,934.01
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 177
Aggregate Gross Amount $2,595,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 30
Aggregate Gross Amount $456,000.00
8 Performance Triggers
(a) Delinquency Ratio 2.87%
(b) Average Delinquency Ratio 2.09%
(c) Cumulative Default Ratio 0.23%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,165,929.79
Lock Box NSF Items: (51,675.15)
Transfers from (to) Payahead Account: (2,368.78)
Collection Account Interest 7,075.18
Payahead Account Interest 138.79
Total Collection Proceeds: 3,119,099.83
For Distribution Date: 11/15/96
For Determination Date: 11/8/96
For Collection Period: 10/96
Collateral Activity Information
Principal
Beginning Principal Balance 91,618,831.90
Principal portion of payments collected (non-prepayments) 929,024.37
Prepayments in full allocable to principal 261,636.00
Collections allocable to principal 1,190,660.37
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 164,365.37
Total Principal 1,355,025.74
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 90,263,806.16
Interest
Collections allocable to interest 1,756,860.12
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 1,756,860.12
Certificate Information
Beginning of Period Class A Principal Balance 87,037,890.30
Beginning of Period Class B Principal Balance 4,580,941.60
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,292,317.42
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 8,715.13
Aggregate Payahead Balance 42,411.48
Aggregate Payahead Balance for preceding Distribution Date 40,042.70
Interest Earned on Payahead Balances 138.79
Scheduled Payments due in Collection Period 2,646,509.61
Scheduled Payments collected in Collection Period 2,685,884.49
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 6,551.87
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 177 2,595,000.00
60+ days delinquent 30 456,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
12 164,365.37
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 3,051,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 164,365.37
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 196,279.14
Delinquency Ratio for second preceding Determination Date 1.31%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 12,662.00
Cumulative Net Losses for preceding Determination Date 0.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,947,520.49
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 164,365.37
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 7,075.18
Investment earnings from Payahead Account 138.79
-------------------
Total Distribution Amount 3,119,099.83
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 929,024.37
Prepayments in full allocable to principal 261,636.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 164,365.37
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,355,025.74
Class A Principal Distributable Amount
Principal Distributable Amount 1,355,025.74
Times Class A Percentage (95%) 95%
-------------------
1,287,274.45
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,287,274.45
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 87,037,890.30
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 19/360 0.0833333
-------------------
Class A Interest Distributable Amount 485,961.55
Class B Principal Distributable Amount
Principal Distributable Amount 1,355,025.74
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 67,751.29
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,580,941.60
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date 0.0833333
-------------------
Class B Coupon Interest Amount 43,137.20
Class B Excess Interest Amount
Total Distribution Amount 3,119,099.83
minus
Class A Principal and Interest Distributable Amount 1,773,236.00
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 43,137.20
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 67,751.29
Class B Principal Carryover Shortfall 0.00
Trustee distributions 7,965.82
Standby Servicer distributions 7,541.04
Servicer distributions 197,241.24
Collateral Agent distributions 1,413.95
Reimbursement Obligations 30,934.01
-------------------
989,879.28
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Interest Carryover on Class A Principal Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ -------------- ------
<S> <C> <C> <C> <C>
0.00 67,751.29
(i) Standby Fee 7,541.04 0.00 0.00 0.00
Servicing Fee (2.0%) 188,526.11 0.00 0.00 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 8,715.13 0.00 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 1,413.95 0.00 0.00
Trustee's out-of-pocket expenses 6,551.87 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 0.00 0.00
(iv) Collateral Agent Fee 1,413.95 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 0.00 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 485,961.55 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00 67,751.29
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00 67,751.29
Class A Interest Distributable Amount 485,961.55 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 43,137.20 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 43,137.20 0.00 0.00
(v) (B) Class A Principal Distributable Amount - Current Month 1,287,274.45 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Class A Principal Distribution Amount 1,287,274.45 0.00 0.00
(vi) Certificate Insurer Premium 30,934.01 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 67,751.29 0.00 0.00
(B) Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 67,751.29 0.00 0.00
(C) Excess Interest Amount for Deposit in Spread Account 989,879.28 0.00 0.00
0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 87,037,890.30
Class A Principal Distributions 1,287,274.45
Class A End of Period Principal Balance 85,750,615.85
Class B Beginning of Period Principal Balance 4,580,941.60
Class B Principal Distributable Amount 67,751.29
Class B End of Period Principal Balance 4,513,190.31
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,119,099.83
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 700,123.60
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,418,976.23
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,418,976.23
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 43,137.20
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,375,839.03
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,375,839.03
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,287,274.45
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,088,564.58
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 1,088,564.58
Certificate Insurer Premium 30,934.01
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Amount Remaining for Further Distribution/(Deficiency) 1,057,630.57
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,057,630.57
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 67,751.29
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 989,879.28
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,051,000.00
Purchased receivables more than 30 days delinquent 164,365.37
-------------------
Total 3,215,365.37
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 112,170,500.65
Delinquency Ratio 2.87%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 2.87%
Delinquency Ratio for second preceding Determination Date 1.31%
Delinquency Ratio for third preceding Determination Date 0.00%
-------------------
Average Delinquency Ratio 2.09% 1.39%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 12,662.00
Current Period Defaulted Receivables 196,279.14
-------------------
Total 208,941.14
Cumulative Defaulted Receivables 208,941.14
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 0.23%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-------------------
Cumulative Net Losses 0.00
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 0.00%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 9,026,380.62
15% of Outstanding Certificate Balance 13,539,570.92
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
---------------
Cap Amount 9,026,380.62
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 90,263,806.16
Minimum Floor 100,000.00
---------------
Floor Amount 2,763,878.99
Required Spread Account Amount 9,026,380.62
Beginning of Period Spread Account Balance 3,292,317.42
Spread Account Deposit (Withdrawal) from Current Distributions 989,879.28
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 4,744,183.92
Earnings on Spread Account Balance 13,855.20
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 4,296,051.90
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: Jeffrey P. Fritz
-------------------------------------------------------
Title: Senior Vice President - Chief Financial Officer
-------------------------------------------------------
Current month excess servicing fee #REF!
Monthly Certificateholder Statement
FASCO Auto Trust 1996-1
6.65% Class A Asset-Backed Certificates
10.00% Class B Asset-Backed Certificates
Distribution Date 12/16/96
Collection Period 11/96
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among Financial Asset Securities Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,175,547.02
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $434,264.70
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,741,282.32
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $25.76
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.14
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $20.62
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above
(given to the Collateral Agent for deposit into the Spread Account) $126,016.42
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $34,369.98
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $91,646.44
(j) Scheduled Payments due in such Collection Period $2,524,141.92
(k) Scheduled Payments collected in such
Collection Period $2,481,034.91
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $82,487,952.60
(b) The Class A Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments
allocated to principal in paragraph A.1.(c) above $76,622,272.65
(c) The Class B Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments
allocated to principal in paragraph A.1.(c) above $4,032,751.19
(d) The Pool factor as of the close of business
on the last day set forth above 0.9072480
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $154,522.80
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,499.20
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.83
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 2
Aggregate Purchase Amount $32,123.22
3 Payment Shortfalls.
(a) The amount of the Class A Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $32,089.25
(b) Distributions (to) from Collection Account ($13,061.97)
for Payaheads
(c) Interest earned on Payahead Balances $112.78
(d) Ending Payahead Account Balance $19,140.06
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,065,502.38
Spread Account Balance $6,922,181.74
(b) The change in the spread account on the Distribution
Date set forth above $587,789.45
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $22,348.16
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $160,088.05
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 310
Aggregate Gross Amount $4,335,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 255
Aggregate Gross Amount $3,457,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.00%
(b) Average Delinquency Ratio 7.46%
(c) Cumulative Default Ratio 3.65%
(d) Cumulative Net Loss Ratio 0.35%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1995-4
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Is there a Class B Deficiency? NO
Class B Deficiency 0.00
Cash Available this month to cover Class B Deficiency 0.00
Inputs
Gross Collection Proceeds: 3,096,905.78
Lock Box NSF Items: (71,210.51)
Transfers from (to) Payahead Account: 13,061.97
Collection Account Interest 10,937.81
Payahead Account Interest 112.78
Total Collection Proceeds: 3,049,807.83
For Distribution Date: 12/16/96
For Determination Date: 12/9/96
For Collection Period: 11/96
Collateral Activity Information
Principal
Beginning Principal Balance 82,487,952.60
Principal portion of payments collected (non-prepayments) 1,120,135.88
Prepayments in full allocable to principal 376,876.00
Collections allocable to principal 1,497,011.88
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 143,705.61
Purchase Amounts allocable to principal 32,123.22
-------------------
Total Principal 1,672,840.71
Realized Losses 160,088.05
Cram Down Losses 0.00
Ending Principal Balance 80,655,023.84
Interest
Collections allocable to interest 1,360,899.03
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 5,017.50
-------------------
Total Interest 1,365,916.53
Certificate Information
Beginning of Period Class A Principal Balance 78,363,554.98
Beginning of Period Class B Principal Balance 4,124,397.62
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,334,392.29
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,042.88
Aggregate Payahead Balance 19,027.28
Aggregate Payahead Balance for preceding Distribution Date 32,089.25
Interest Earned on Payahead Balances 112.78
Scheduled Payments due in Collection Period 2,524,141.92
Scheduled Payments collected in Collection Period 2,481,034.91
Aggregate Amount of Realized Losses for preceding Distribution Date 160,088.05
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 310 4,335,000.00
60+ days delinquent 255 3,457,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
2 32,123.22
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 7,792,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 32,123.22
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection
Period. 1,216,468.65
Delinquency Ratio for second preceding Determination Date 7.02%
Delinquency Ratio for third preceding Determination Date 7.34%
Cumulative Defaults for preceding Determination Date 2,026,342.00
Cumulative Net Losses for preceding Determination Date 156,392.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,857,910.91
Liquidation Proceeds 143,705.61
Recoveries 5,017.50
Purchase Amounts 32,123.22
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 10,937.81
Investment earnings from Payahead Account 112.78
-------------------
Total Distribution Amount 3,049,807.83
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,120,135.88
Prepayments in full allocable to principal 376,876.00
Principal Balance of Liquidated Receivables 303,793.66
Purchase Amounts allocable to principal 32,123.22
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,832,928.76
Class A Principal Distributable Amount
Principal Distributable Amount 1,832,928.76
Times Class A Percentage (95%) 95%
-------------------
1,741,282.32
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,741,282.32
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 78,363,554.98
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class A Interest Distributable Amount 434,264.70
Class B Principal Distributable Amount
Principal Distributable Amount 1,832,928.76
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 91,646.44
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 4,124,397.62
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class B Coupon Interest Amount 34,369.98
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
Interest on Class B Principal Carryover Shortfall 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
Interest on Class A Principal Carryover Shortfall 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,499.20 3,049,807.83 5,499.20 3,049,807.83
Servicing Fee (2.0%) 137,479.92 3,044,308.63 137,479.92 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,042.88 2,906,828.71 17,042.88 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,889,785.83 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,889,785.83 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,889,785.83 0.00
(iii) Trustee Fee 1,031.10 2,889,785.83 1,031.10
Trustee's out-of-pocket expenses 0.00 2,888,754.73 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,888,754.73 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,888,754.73 0.00
(iv) Collateral Agent Fee 1,031.10 2,888,754.73 1,031.10
Collateral Agent Expenses 0.00 2,887,723.63 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,887,723.63 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,887,723.63 0.00
(v) Class A Interest Distributable Amount 434,264.70 2,887,723.63 434,264.70
Class A Interest Carryover Shortfall 0.00 2,453,458.93 0.00
(vi) Class B Coupon Interest 34,369.98 2,453,458.93 34,369.98
Class B Carryover Interest 0.00 2,419,088.95 0.00
(vii) Class A Principal Distributable Amount 1,741,282.32 2,419,088.95 1,741,282.32 1,308,525.51
Class A Principal Carryover Shortfall 0.00 677,806.63 0.00 1,308,525.51
(viii) Certificate Insurer Premium 22,348.16 677,806.63 22,348.16
Certificate Insurer Premium Supplement 0.00 655,458.47 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 655,458.47 0.00
(ix) Transition Expenses to successor Servicer 0.00 655,458.47 0.00
(x) Class B Principal Distributable Amount - Unadjusted 91,646.44 655,458.47 91,646.44
Current Month Class B Principal Carryover Shortfall 0.00 563,812.03 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 563,812.03 0.00
Adjusted Class B Principal Distributable Amount 91,646.44 563,812.03 91,646.44
(xi) Remaining amounts to Collateral Agent for deposit in Spread Account 563,812.03 472,165.59 472,165.59
0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 78,363,554.98
Class A Principal Distributions 1,741,282.32
Class A End of Period Principal Balance 76,622,272.65
Class B Beginning of Period Principal Balance 4,124,397.62
Class B Principal Distributable Amount 91,646.44
Class B End of Period Principal Balance 4,032,751.19
Carryover Shortfalls After Current Distributions
Class B principal Carrryover Shortfall
the excess if any, of
the sum of
Class B Principal Distributable Amount 91,646.44
Class B Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 91,646.44
-------------------
0.00
Class B Interest Carrryover Shortfall
the excess if any, of
the sum of
Class B Coupon Interest Amount 34,369.98
Class B Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 34,369.98
-------------------
0.00
Class A principal Carrryover Shortfall
the excess if any, of
the sum of
Class A Principal Distributable Amount 1,741,282.32
Class A Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 1,741,282.32
-------------------
0.00
Class A Interest Carrryover Shortfall
the excess if any, of
the sum of
Class A Interest Distributable Amount 434,264.70
Class A Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 434,264.70
-------------------
0.00
Deficiency Claim Amount
(i) Total Distribution Amount 3,049,807.83
(ii) Amounts payable pursuant to Section 4.6(c) (i) - (ix) 2,394,349.36
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Deficiency Claim Amount 0.00
Class B Deficiency
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 126,016.42
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 126,016.42
If (i) is less than (ii), there is a Class B Deficiency NO
Class B Deficiency 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,792,000.00
Purchased receivables more than 30 days delinquent 32,123.22
-------------------
Total 7,824,123.22
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 97,757,634.58
Delinquency Ratio 8.00%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.00%
Delinquency Ratio for second preceding Determination Date 7.02%
Delinquency Ratio for third preceding Determination Date 7.34%
-------------------
Average Delinquency Ratio 7.46% 7.46%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 2,026,342.00
Current Period Defaulted Receivables 1,216,468.65
-------------------
Total 3,242,810.65
Cumulative Defaulted Receivables 3,242,810.65
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 3.65%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 303,793.66
Cram Down Losses 0.00
Net Liquidation Proceeds (148,723.11)
-------------------
Net Liquidation Losses 155,070.55
Cumulative Previous Net Losses 156,392.00
-------------------
Cumulative Net Losses 311,462.55
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 0.35%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,065,502.38
15% of Outstanding Certificate Balance 12,098,253.58
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
---------------
Cap Amount 8,065,502.38
Spread Account Floor
3.5% of the Initial Certificate Balance 3,111,526.26
Outstanding Certificate Balance 80,655,023.84
Minimum Floor 100,000.00
---------------
Floor Amount 3,111,526.26
Required Spread Account Amount 8,065,502.38
Beginning of Period Spread Account Balance 6,334,392.29
Spread Account Deposit (Withdrawal) from Current Distributions 563,812.03
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 1,167,298.06
Earnings on Spread Account Balance 23,977.42
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 6,922,181.74
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: Jeffrey P. Fritz
-------------------------------------------------------
Title: Senior Vice President - Chief Financial Officer
-------------------------------------------------------
Current month excess servicing fee #REF!
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
11.30% Class B Asset-Backed Certificates
Distribution Date 12/16/96
Collection Period 11/96
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
<TABLE>
<CAPTION>
<S> <C> <C>
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $1,791,766.16
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $478,774.27
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,312,991.89
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $39.81
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $10.64
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $29.17
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $111,604.05
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $42,499.21
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $69,104.84
(j) Scheduled Payments due in such Collection Period $2,632,904.09
(k) Scheduled Payments collected in such
Collection Period $2,437,602.20
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $90,263,806.16
(b) The Certificates Balance as of the close of business on the
last day set forth above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $84,437,623.95
(c) The Pool factor as of the close of business
on the last day set forth above 0.9647496
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $162,470.11
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,017.59
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.86
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 13
Aggregate Purchase Amount $169,976.74
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $42,550.27
(b) Distributions (to) from Collection Account ($15,776.92)
for Payaheads
(c) Interest earned on Payahead Balances $167.14
(d) Ending Payahead Account Balance $26,940.49
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,888,170.94
Spread Account Balance $5,078,801.14
(b) The change in the spread account on the Distribution
Date set forth above $782,749.24
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $24,627.64
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $3,946.29
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 217
Aggregate Gross Amount $3,227,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 99
Aggregate Gross Amount $1,544,000.00
8 Performance Triggers
(a) Delinquency Ratio 4.49%
(b) Average Delinquency Ratio 2.89%
(c) Cumulative Default Ratio 0.75%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,924,953.19
Lock Box NSF Items: (82,507.89)
Transfers from (to) Payahead Account: 15,776.92
Collection Account Interest 10,878.48
Payahead Account Interest 167.14
Total Collection Proceeds: 2,869,267.84
For Distribution Date: 12/16/96
For Determination Date: 12/9/96
For Collection Period: 11/96
Collateral Activity Information
Principal
Beginning Principal Balance 90,263,806.16
Principal portion of payments collected (non-prepayments) 957,639.70
Prepayments in full allocable to principal 250,534.00
Collections allocable to principal 1,208,173.70
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 169,976.74
Total Principal 1,378,150.44
Realized Losses 3,946.29
Cram Down Losses 0.00
Ending Principal Balance 88,881,709.43
Interest
Collections allocable to interest 1,479,962.50
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 109.28
-------------------
Total Interest 1,480,071.78
Certificate Information
Beginning of Period Class A Principal Balance 85,750,615.85
Beginning of Period Class B Principal Balance 4,513,190.31
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,296,051.90
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 12,030.43
Aggregate Payahead Balance 26,773.35
Aggregate Payahead Balance for preceding Distribution Date 42,550.27
Interest Earned on Payahead Balances 167.14
Scheduled Payments due in Collection Period 2,632,904.09
Scheduled Payments collected in Collection Period 2,437,602.20
Aggregate Amount of Realized Losses for preceding Distribution Date 3,946.29
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 3,041.09
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 217 3,227,000.00
60+ days delinquent 99 1,544,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
13 169,976.74
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 4,771,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 169,976.74
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 480,361.66
Delinquency Ratio for second preceding Determination Date 2.87%
Delinquency Ratio for third preceding Determination Date 1.31%
Cumulative Defaults for preceding Determination Date 208,941.00
Cumulative Net Losses for preceding Determination Date 0.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,688,136.20
Liquidation Proceeds 0.00
Recoveries 109.28
Purchase Amounts 169,976.74
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 10,878.48
Investment earnings from Payahead Account 167.14
-------------------
Total Distribution Amount 2,869,267.84
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 957,639.70
Prepayments in full allocable to principal 250,534.00
Principal Balance of Liquidated Receivables 3,946.29
Purchase Amounts allocable to principal 169,976.74
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,382,096.73
Class A Principal Distributable Amount
Principal Distributable Amount 1,382,096.73
Times Class A Percentage (95%) 95%
-------------------
1,312,991.89
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,312,991.89
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 85,750,615.85
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 19/360 0.0833333
-------------------
Class A Interest Distributable Amount 478,774.27
Class B Principal Distributable Amount
Principal Distributable Amount 1,382,096.73
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 69,104.84
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,513,190.31
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date 0.0833333
-------------------
Class B Coupon Interest Amount 42,499.21
Class B Excess Interest Amount
Total Distribution Amount 2,869,267.84
minus
Class A Principal and Interest Distributable Amount 1,791,766.16
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 42,499.21
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 69,104.84
Class B Principal Carryover Shortfall 0.00
Trustee distributions 4,169.39
Standby Servicer distributions 6,017.59
Servicer distributions 162,470.11
Collateral Agent distributions 1,128.30
Reimbursement Obligations 24,627.64
-------------------
767,484.60
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Interest Carryover on Class A Principal Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------- ------------- ------
<S> <C> <C> <C> <C>
0.00 69,104.84
(i) Standby Fee 6,017.59 0.00 0.00 0.00
Servicing Fee (2.0%) 150,439.68 0.00 0.00 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 12,030.43 0.00 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 1,128.30 0.00 0.00
Trustee's out-of-pocket expenses 3,041.09 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 0.00 0.00
(iv) Collateral Agent Fee 1,128.30 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 0.00 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 478,774.27 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00 69,104.84
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00 69,104.84
Class A Interest Distributable Amount 478,774.27 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 42,499.21 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 42,499.21 0.00 0.00
(v) (B) Class A Principal Distributable Amount - Current Month 1,312,991.89 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Class A Principal Distribution Amount 1,312,991.89 0.00 0.00
(vi) Certificate Insurer Premium 24,627.64 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current Month Unadjusted 69,104.84 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 69,104.84 0.00 0.00
(C) Excess Interest Amount for Deposit in Spread Account 767,484.60 0.00 0.00
0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 85,750,615.85
Class A Principal Distributions 1,312,991.89
Class A End of Period Principal Balance 84,437,623.95
Class B Beginning of Period Principal Balance 4,513,190.31
Class B Principal Distributable Amount 69,104.84
Class B End of Period Principal Balance 4,444,085.48
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,869,267.84
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 652,559.66
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,216,708.18
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,216,708.18
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 42,499.21
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,174,208.97
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,174,208.97
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,312,991.89
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 861,217.08
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 861,217.08
Certificate Insurer Premium 24,627.64
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Amount Remaining for Further Distribution/(Deficiency) 836,589.44
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 836,589.44
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 69,104.84
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 767,484.60
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,771,000.00
Purchased receivables more than 30 days delinquent 169,976.74
-------------------
Total 4,940,976.74
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 110,004,842.06
Delinquency Ratio 4.49%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.49%
Delinquency Ratio for second preceding Determination Date 2.87%
Delinquency Ratio for third preceding Determination Date 1.31%
-------------------
Average Delinquency Ratio 2.89% 2.89%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 208,941.00
Current Period Defaulted Receivables 480,361.66
-------------------
Total 689,302.66
Cumulative Defaulted Receivables 689,302.66
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 0.75%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 3,946.29
Cram Down Losses 0.00
Net Liquidation Proceeds (109.28)
-------------------
Net Liquidation Losses 3,837.01
Cumulative Previous Net Losses 0.00
-------------------
Cumulative Net Losses 3,837.01
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 0.00%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,888,170.94
15% of Outstanding Certificate Balance 13,332,256.41
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
---------------
Cap Amount 8,888,170.94
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 88,881,709.43
Minimum Floor 100,000.00
---------------
Floor Amount 2,763,878.99
Required Spread Account Amount 8,888,170.94
Beginning of Period Spread Account Balance 4,296,051.90
Spread Account Deposit (Withdrawal) from Current Distributions 767,484.60
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 3,824,634.44
Earnings on Spread Account Balance 15,264.64
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 5,078,801.14
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: Jeffrey P. Fritz
-------------------------------------------------------
Title: Senior Vice President - Chief Financial Officer
-------------------------------------------------------
Current month excess servicing fee #REF!
Monthly Certificateholder Statement
FASCO Auto Trust 1996-1
6.65% Class A Asset-Backed Certificates
10.00% Class B Asset-Backed Certificates
Distribution Date 1/15/97
Collection Period 12/96
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among Financial Asset Securities Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,130,799.07
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $424,615.09
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,706,183.98
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $25.23
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.03
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $20.20
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above
(given to the Collateral Agent for deposit into the Spread Account) $123,405.42
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $33,606.26
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $89,799.16
(j) Scheduled Payments due in such Collection Period $2,495,244.53
(k) Scheduled Payments collected in such
Collection Period $2,058,192.89
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $80,655,023.84
(b) The Class A Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments
allocated to principal in paragraph A.1.(c) above $74,916,088.67
(c) The Class B Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments
allocated to principal in paragraph A.1.(c) above $3,942,952.03
(d) The Pool factor as of the close of business
on the last day set forth above 0.8870458
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $150,145.52
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,377.00
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.78
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 4
Aggregate Purchase Amount $36,286.33
3 Payment Shortfalls.
(a) The amount of the Class A Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $19,140.06
(b) Distributions (to) from Collection Account $6,092.70
for Payaheads
(c) Interest earned on Payahead Balances $112.78
(d) Ending Payahead Account Balance $25,345.54
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,885,904.07
Spread Account Balance $7,196,650.37
(b) The change in the spread account on the Distribution
Date set forth above $274,468.63
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $21,850.53
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $322,868.22
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 287
Aggregate Gross Amount $3,957,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 315
Aggregate Gross Amount $4,317,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.72%
(b) Average Delinquency Ratio 7.91%
(c) Cumulative Default Ratio 4.51%
(d) Cumulative Net Loss Ratio 0.71%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1995-4
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Is there a Class B Deficiency? NO
Class B Deficiency 0.00
Cash Available this month to cover Class B Deficiency 0.00
Inputs
Gross Collection Proceeds: 2,747,111.25
Lock Box NSF Items: (67,984.01)
Transfers from (to) Payahead Account: (6,092.70)
Collection Account Interest 10,937.81
Payahead Account Interest 112.78
Total Collection Proceeds: 2,684,085.13
For Distribution Date: 1/15/97
For Determination Date: 1/7/97
For Collection Period: 12/96
Collateral Activity Information
Principal
Beginning Principal Balance 80,655,023.84
Principal portion of payments collected (non-prepayments) 862,865.45
Prepayments in full allocable to principal 318,953.00
Collections allocable to principal 1,181,818.45
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 255,010.14
Purchase Amounts allocable to principal 36,286.33
-------------------
Total Principal 1,473,114.92
Realized Losses 322,868.22
Cram Down Losses 0.00
Ending Principal Balance 78,859,040.70
Interest
Collections allocable to interest 1,195,327.44
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 4,592.18
-------------------
Total Interest 1,199,919.62
Certificate Information
Beginning of Period Class A Principal Balance 76,622,272.65
Beginning of Period Class B Principal Balance 4,032,751.19
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,922,181.74
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 15,720.48
Aggregate Payahead Balance 25,232.76
Aggregate Payahead Balance for preceding Distribution Date 19,140.06
Interest Earned on Payahead Balances 112.78
Scheduled Payments due in Collection Period 2,495,244.53
Scheduled Payments collected in Collection Period 2,058,192.89
Aggregate Amount of Realized Losses for preceding Distribution Date 322,868.22
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 287 3,957,000.00
60+ days delinquent 315 4,317,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
4 36,286.33
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 8,274,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 36,286.33
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 768,752.84
Delinquency Ratio for second preceding Determination Date 8.00%
Delinquency Ratio for third preceding Determination Date 7.02%
Cumulative Defaults for preceding Determination Date 3,242,812.00
Cumulative Net Losses for preceding Determination Date 311,463.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,377,145.89
Liquidation Proceeds 255,010.14
Recoveries 4,592.18
Purchase Amounts 36,286.33
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 10,937.81
Investment earnings from Payahead Account 112.78
-------------------
Total Distribution Amount 2,684,085.13
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 862,865.45
Prepayments in full allocable to principal 318,953.00
Principal Balance of Liquidated Receivables 577,878.36
Purchase Amounts allocable to principal 36,286.33
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,795,983.14
Class A Principal Distributable Amount
Principal Distributable Amount 1,795,983.14
Times Class A Percentage (95%) 95%
-------------------
1,706,183.98
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,706,183.98
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 76,622,272.65
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class A Interest Distributable Amount 424,615.09
Class B Principal Distributable Amount
Principal Distributable Amount 1,795,983.14
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 89,799.16
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 4,032,751.19
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class B Coupon Interest Amount 33,606.26
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
Interest on Class B Principal Carryover Shortfall 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
Interest on Class A Principal Carryover Shortfall 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,377.00 2,684,085.13 5,377.00 2,684,085.13
Servicing Fee (2.0%) 134,425.04 2,678,708.13 134,425.04 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 15,720.48 2,544,283.09 15,720.48 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,528,562.61 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,528,562.61 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,528,562.61 0.00
(iii) Trustee Fee 1,008.19 2,528,562.61 1,008.19
Trustee's out-of-pocket expenses 0.00 2,527,554.42 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,527,554.42 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,527,554.42 0.00
(iv) Collateral Agent Fee 1,008.19 2,527,554.42 1,008.19
Collateral Agent Expenses 0.00 2,526,546.23 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,526,546.23 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,526,546.23 0.00
(v) Class A Interest Distributable Amount 424,615.09 2,526,546.23 424,615.09
Class A Interest Carryover Shortfall 0.00 2,101,931.14 0.00
(vi) Class B Coupon Interest 33,606.26 2,101,931.14 33,606.26
Class B Carryover Interest 0.00 2,068,324.88 0.00
(vii) Class A Principal Distributable Amount 1,706,183.98 2,068,324.88 1,706,183.98 977,901.15
Class A Principal Carryover Shortfall 0.00 362,140.90 0.00 977,901.15
(viii) Certificate Insurer Premium 21,850.53 362,140.90 21,850.53
Certificate Insurer Premium Supplement 0.00 340,290.37 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 340,290.37 0.00
(ix) Transition Expenses to successor Servicer 0.00 340,290.37 0.00
(x) Class B Principal Distributable Amount - Unadjusted 89,799.16 340,290.37 89,799.16
Current Month Class B Principal Carryover Shortfall 0.00 250,491.21 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 250,491.21 0.00
Adjusted Class B Principal Distributable Amount 89,799.16 250,491.21 89,799.16
(xi) Remaining amounts to Collateral Agent for deposit in Spread Account 250,491.21 160,692.06 160,692.06
0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 76,622,272.65
Class A Principal Distributions 1,706,183.98
Class A End of Period Principal Balance 74,916,088.67
Class B Beginning of Period Principal Balance 4,032,751.19
Class B Principal Distributable Amount 89,799.16
Class B End of Period Principal Balance 3,942,952.03
Carryover Shortfalls After Current Distributions
Class B principal Carrryover Shortfall
the excess if any, of
the sum of
Class B Principal Distributable Amount 89,799.16
Class B Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 89,799.16
-------------------
0.00
Class B Interest Carrryover Shortfall
the excess if any, of
the sum of
Class B Coupon Interest Amount 33,606.26
Class B Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 33,606.26
-------------------
0.00
Class A principal Carrryover Shortfall
the excess if any, of
the sum of
Class A Principal Distributable Amount 1,706,183.98
Class A Principal Carryover Shortfall 0.00
over
amount actually distributed as principal 1,706,183.98
-------------------
0.00
Class A Interest Carrryover Shortfall
the excess if any, of
the sum of
Class A Interest Distributable Amount 424,615.09
Class A Interest Carryover Shortfall 0.00
over
amount actually distributed as interest 424,615.09
-------------------
0.00
Deficiency Claim Amount
(i) Total Distribution Amount 2,684,085.13
(ii) Amounts payable pursuant to Section 4.6(c) (i) - (ix) 2,343,794.76
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Deficiency Claim Amount 0.00
Class B Deficiency
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 123,405.42
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 123,405.42
If (i) is less than (ii), there is a Class B Deficiency NO
Class B Deficiency 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,274,000.00
Purchased receivables more than 30 days delinquent 36,286.33
-------------------
Total 8,310,286.33
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 95,328,603.66
Delinquency Ratio 8.72%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.72%
Delinquency Ratio for second preceding Determination Date 8.00%
Delinquency Ratio for third preceding Determination Date 7.02%
-------------------
Average Delinquency Ratio 7.91% 7.91%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 3,242,812.00
Current Period Defaulted Receivables 768,752.84
-------------------
Total 4,011,564.84
Cumulative Defaulted Receivables 4,011,564.84
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 4.51%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 577,878.36
Cram Down Losses 0.00
Net Liquidation Proceeds (259,602.32)
-------------------
Net Liquidation Losses 318,276.04
Cumulative Previous Net Losses 311,463.00
-------------------
Cumulative Net Losses 629,739.04
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 0.71%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,885,904.07
15% of Outstanding Certificate Balance 11,828,856.11
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
---------------
Cap Amount 7,885,904.07
Spread Account Floor
3.5% of the Initial Certificate Balance 3,111,526.26
Outstanding Certificate Balance 78,859,040.70
Minimum Floor 100,000.00
---------------
Floor Amount 3,111,526.26
Required Spread Account Amount 7,885,904.07
Beginning of Period Spread Account Balance 6,922,181.74
Spread Account Deposit (Withdrawal) from Current Distributions 250,491.21
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 713,231.12
Earnings on Spread Account Balance 23,977.42
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 7,196,650.37
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: Jeffrey P. Fritz
-------------------------------------------------------
Title: Senior Vice President - Chief Financial Officer
-------------------------------------------------------
Current month excess servicing fee #REF!
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
11.30% Class B Asset-Backed Certificates
Distribution Date 1/15/97
Collection Period 12/96
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $1,878,620.30
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $471,443.40
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,407,176.90
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $41.74
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $10.47
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $31.26
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $115,910.41
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $41,848.47
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $74,061.94
(j) Scheduled Payments due in such Collection Period $2,617,472.58
(k) Scheduled Payments collected in such
Collection Period $2,459,523.29
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $88,881,709.43
(b) The Certificates Balance as of the close of business on the
last day set forth above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $83,030,447.05
(c) The Pool factor as of the close of business
on the last day set forth above 0.9486718
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $160,713.13
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,925.45
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.84
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 16
Aggregate Purchase Amount $208,943.33
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $26,940.49
(b) Distributions (to) from Collection Account $4,966.27
for Payaheads
(c) Interest earned on Payahead Balances $167.14
(d) Ending Payahead Account Balance $32,073.90
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,740,047.06
Spread Account Balance $5,851,068.76
(b) The change in the spread account on the Distribution
Date set forth above $772,267.62
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $24,217.21
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,563.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 281
Aggregate Gross Amount $3,919,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 176
Aggregate Gross Amount $2,763,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.40%
(b) Average Delinquency Ratio 4.59%
(c) Cumulative Default Ratio 2.06%
(d) Cumulative Net Loss Ratio 0.01%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,049,160.92
Lock Box NSF Items: (110,628.75)
Transfers from (to) Payahead Account: (4,966.27)
Collection Account Interest 10,878.48
Payahead Account Interest 167.14
Total Collection Proceeds: 2,944,611.52
For Distribution Date: 1/15/97
For Determination Date: 1/7/97
For Collection Period: 12/96
Collateral Activity Information
Principal
Beginning Principal Balance 88,881,709.43
Principal portion of payments collected (non-prepayments) 1,005,742.51
Prepayments in full allocable to principal 257,490.00
Collections allocable to principal 1,263,232.51
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 7,500.00
Purchase Amounts allocable to principal 208,943.33
Total Principal 1,479,675.84
Realized Losses 1,563.00
Cram Down Losses 0.00
Ending Principal Balance 87,400,470.59
Interest
Collections allocable to interest 1,453,780.78
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 109.28
-------------------
Total Interest 1,453,890.06
Certificate Information
Beginning of Period Class A Principal Balance 84,437,623.95
Beginning of Period Class B Principal Balance 4,444,085.48
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,078,801.14
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 12,576.95
Aggregate Payahead Balance 31,906.76
Aggregate Payahead Balance for preceding Distribution Date 26,940.49
Interest Earned on Payahead Balances 167.14
Scheduled Payments due in Collection Period 2,617,472.58
Scheduled Payments collected in Collection Period 2,459,523.29
Aggregate Amount of Realized Losses for preceding Distribution Date 1,563.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 281 3,919,000.00
60+ days delinquent 176 2,763,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
16 208,943.33
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 6,682,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 208,943.33
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 213,549.25
Delinquency Ratio for second preceding Determination Date 4.49%
Delinquency Ratio for third preceding Determination Date 2.87%
Cumulative Defaults for preceding Determination Date 689,302.00
Cumulative Net Losses for preceding Determination Date 3,837.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,717,013.29
Liquidation Proceeds 7,500.00
Recoveries 109.28
Purchase Amounts 208,943.33
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 10,878.48
Investment earnings from Payahead Account 167.14
-------------------
Total Distribution Amount 2,944,611.52
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,005,742.51
Prepayments in full allocable to principal 257,490.00
Principal Balance of Liquidated Receivables 9,063.00
Purchase Amounts allocable to principal 208,943.33
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,481,238.84
Class A Principal Distributable Amount
Principal Distributable Amount 1,481,238.84
Times Class A Percentage (95%) 95%
-------------------
1,407,176.90
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,407,176.90
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 84,437,623.95
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 19/360 0.0833333
-------------------
Class A Interest Distributable Amount 471,443.40
Class B Principal Distributable Amount
Principal Distributable Amount 1,481,238.84
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 74,061.94
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,444,085.48
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date 0.0833333
-------------------
Class B Coupon Interest Amount 41,848.47
Class B Excess Interest Amount
Total Distribution Amount 2,944,611.52
minus
Class A Principal and Interest Distributable Amount 1,878,620.30
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 41,848.47
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 74,061.94
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,111.02
Standby Servicer distributions 5,925.45
Servicer distributions 160,713.13
Collateral Agent distributions 1,111.02
Reimbursement Obligations 24,217.21
-------------------
757,002.98
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Interest Carryover on Class A Principal Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------- ------------- ------
<S> <C> <C> <C> <C>
0.00 74,061.94
(i) Standby Fee 5,925.45 0.00 0.00 0.00
Servicing Fee (2.0%) 148,136.18 0.00 0.00 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 12,576.95 0.00 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 1,111.02 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 0.00 0.00
(iv) Collateral Agent Fee 1,111.02 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 0.00 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 471,443.40 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00 74,061.94
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00 74,061.94
Class A Interest Distributable Amount 471,443.40 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 41,848.47 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 41,848.47 0.00 0.00
(v) (B) Class A Principal Distributable Amount - Current Month 1,407,176.90 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Class A Principal Distribution Amount 1,407,176.90 0.00 0.00
(vi) Certificate Insurer Premium 24,217.21 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current Month Unadjusted 74,061.94 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 74,061.94 0.00 0.00
(C) Excess Interest Amount for Deposit in Spread Account 757,002.98 0.00 0.00
0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 84,437,623.95
Class A Principal Distributions 1,407,176.90
Class A End of Period Principal Balance 83,030,447.05
Class B Beginning of Period Principal Balance 4,444,085.48
Class B Principal Distributable Amount 74,061.94
Class B End of Period Principal Balance 4,370,023.54
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,944,611.52
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 640,304.02
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,304,307.50
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,304,307.50
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 41,848.47
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,262,459.03
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,262,459.03
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,407,176.90
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 855,282.13
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 855,282.13
Certificate Insurer Premium 24,217.21
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Amount Remaining for Further Distribution/(Deficiency) 831,064.92
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 831,064.92
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 74,061.94
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 757,002.98
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,682,000.00
Purchased receivables more than 30 days delinquent 208,943.33
-------------------
Total 6,890,943.33
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 107,739,199.81
Delinquency Ratio 6.40%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.40%
Delinquency Ratio for second preceding Determination Date 4.49%
Delinquency Ratio for third preceding Determination Date 2.87%
-------------------
Average Delinquency Ratio 4.59% 4.59%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 689,302.00
Current Period Defaulted Receivables 1,210,000.00
-------------------
Total 1,899,302.00
Cumulative Defaulted Receivables 1,899,302.00
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 2.06%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 9,063.00
Cram Down Losses 0.00
Net Liquidation Proceeds (7,609.28)
-------------------
Net Liquidation Losses 1,453.72
Cumulative Previous Net Losses 3,837.00
-------------------
Cumulative Net Losses 5,290.72
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 0.01%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,740,047.06
15% of Outstanding Certificate Balance 13,110,070.59
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
---------------
Cap Amount 8,740,047.06
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 87,400,470.59
Minimum Floor 100,000.00
---------------
Floor Amount 2,763,878.99
Required Spread Account Amount 8,740,047.06
Beginning of Period Spread Account Balance 5,078,801.14
Spread Account Deposit (Withdrawal) from Current Distributions 757,002.98
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 2,904,242.94
Earnings on Spread Account Balance 15,264.64
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 5,851,068.76
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: Jeffrey P. Fritz
-------------------------------------------------------
Title: Senior Vice President - Chief Financial Officer
-------------------------------------------------------
Current month excess servicing fee #REF!
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
10.15% Class B Asset-Backed Certificates
Distribution Date 1/15/97
Collection Period 12/96
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $782,536.69
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $416,815.50
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $365,721.19
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $8.87
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.73
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $4.15
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $54,592.48
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $35,344.00
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $19,248.48
(j) Scheduled Payments due in such Collection Period $2,665,016.71
(k) Scheduled Payments collected in such
Collection Period $1,068,711.43
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $92,857,811.12
(b) The Certificates Balance as of the close of business on the
last day set forth above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $87,849,199.37
(c) The Pool factor as of the close of business
on the last day set forth above 0.9958542
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $141,158.20
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $8,357.20
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.60
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.09
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 4
Aggregate Purchase Amount $49,783.09
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $37,488.38
(b) Distributions (to) from Collection Account ($5,151.60)
for Payaheads
(c) Interest earned on Payahead Balances $0.00
(d) Ending Payahead Account Balance $32,336.78
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,247,284.15
Spread Account Balance $3,370,440.63
(b) The change in the spread account on the Distribution
Date set forth above $120,417.24
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $23,060.41
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 98
Aggregate Gross Amount $1,417,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 0
Aggregate Gross Amount $0.00
8 Performance Triggers
(a) Delinquency Ratio 1.28%
(b) Average Delinquency Ratio 1.28%
(c) Cumulative Default Ratio 0.01%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1995-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 1,127,059.92
Lock Box NSF Items: 0.00
Transfers from (to) Payahead Account: 5,151.60
Collection Account Interest 0.00
Payahead Account Interest 0.00
Total Collection Proceeds: 1,132,211.52
For Distribution Date: 1/15/97
For Determination Date: 1/7/97
For Collection Period: 12/96
Collateral Activity Information
Principal
Beginning Principal Balance 92,857,811.12
Principal portion of payments collected (non-prepayments) 321,469.58
Prepayments in full allocable to principal 13,717.00
Collections allocable to principal 335,186.58
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 49,783.09
Total Principal 384,969.67
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 92,472,841.45
Interest
Collections allocable to interest 747,241.85
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 747,241.85
Certificate Information
Beginning of Period Class A Principal Balance 88,214,920.56
Beginning of Period Class B Principal Balance 4,642,890.56
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,250,023.39
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 1,871.48
Aggregate Payahead Balance 32,336.78
Aggregate Payahead Balance for preceding Distribution Date 37,488.38
Interest Earned on Payahead Balances 0.00
Scheduled Payments due in Collection Period 2,665,016.71
Scheduled Payments collected in Collection Period 1,068,711.43
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 98 1,417,000.00
60+ days delinquent 0 0.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
4 49,783.09
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 1,417,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 49,783.09
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 7,161.61
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 0.00
Cumulative Net Losses for preceding Determination Date 0.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 1,082,428.43
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 49,783.09
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 1,132,211.52
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 321,469.58
Prepayments in full allocable to principal 13,717.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 49,783.09
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 384,969.67
Class A Principal Distributable Amount
Principal Distributable Amount 384,969.67
Times Class A Percentage (95%) 95%
-------------------
365,721.19
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 365,721.19
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 88,214,920.56
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0750000
-------------------
Class A Interest Distributable Amount 416,815.50
Class B Principal Distributable Amount
Principal Distributable Amount 384,969.67
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 19,248.48
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,642,890.56
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0750000
-------------------
Class B Coupon Interest Amount 35,344.00
Class B Excess Interest Amount
Total Distribution Amount 1,132,211.52
minus
Class A Principal and Interest Distributable Amount 782,536.69
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 35,344.00
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 19,248.48
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,044.65
Standby Servicer distributions 8,357.20
Servicer distributions 141,158.20
Collateral Agent distributions 1,044.65
Reimbursement Obligations 23,060.41
-------------------
120,417.24
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 8,357.20 132,211.52 8,357.20 1,132,211.52
Servicing Fee (2.0%) 139,286.72 123,854.32 39,286.72 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 1,871.48 984,567.60 1,871.48 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 982,696.12 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 982,696.12 0.00
(ii) Transition Expenses to Standby Servicer 0.00 982,696.12 0.00
(iii) Trustee Fee 1,044.65 982,696.12 1,044.65
Trustee's out-of-pocket expenses 0.00 981,651.47 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 981,651.47 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 981,651.47 0.00
(iv) Collateral Agent Fee 1,044.65 981,651.47 1,044.65
Collateral Agent Expenses 0.00 980,606.82 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 980,606.82 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 980,606.82 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 416,815.50 980,606.82 16,815.50
Prior Month(s) Class A Carryover Shortfall 0.00 563,791.32 0.00
Class A Interest Carryover Shortfall 0.00 563,791.32 0.00
Interest on Interest Carryover from Prior Months 0.00 563,791.32 0.00
Current Month Class A Interest Carryover Shortfall 0.00 563,791.32 0.00
Class A Interest Distributable Amount 416,815.50 563,791.32 16,815.50
(viii)(A)Class B Coupon Interest - Unadjusted 35,344.00 146,975.82 35,344.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 111,631.82 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 111,631.82 0.00
Interest on Interest Carryover from Prior Months 0.00 111,631.82 0.00
Current Month Class B Interest Shortfall 0.00 111,631.82 0.00
Adjusted Class B Interest Distributable Amount 35,344.00 111,631.82 35,344.00
(v) (B) Class A Principal Distributable Amount - Current Month 365,721.19 76,287.82 76,287.82 766,490.33
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 365,721.19 0.00 0.00 400,769.15
(vi) Certificate Insurer Premium 23,060.41 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current Month Unadjusted 19,248.48 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 19,248.48 0.00 0.00
(C) Excess Interest Amount for Deposit in Spread Account 120,417.24 0.00 0.00
0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 88,214,920.56
Class A Principal Distributions 365,721.19
Class A End of Period Principal Balance 87,849,199.37
Class B Beginning of Period Principal Balance 4,642,890.56
Class B Principal Distributable Amount 19,248.48
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,623,642.08
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,623,642.08
Class A Deficiency - Interest
(i) Total Distribution Amount Available 1,132,211.52
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 568,420.20
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 563,791.32
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 563,791.32
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 35,344.00
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 528,447.32
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 528,447.32
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 365,721.19
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 162,726.13
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 162,726.13
(vi) Certificate Insurer Premium 23,060.41
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 139,665.72
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 139,665.72
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 19,248.48
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 120,417.24
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 120,417.24
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 1,417,000.00
Purchased receivables more than 30 days delinquent 49,783.09
-------------------
Total 1,466,783.09
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 114,596,762.36
Delinquency Ratio 1.28%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 1.28%
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
-------------------
Average Delinquency Ratio 1.28% 0.43%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 7,161.61
-------------------
Total 7,161.61
Cumulative Defaulted Receivables 7,161.61
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 0.01%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-------------------
Cumulative Net Losses 0.00
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 0.00%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 9,247,284.15
15% of Outstanding Certificate Balance 13,870,926.22
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
---------------
Cap Amount 9,247,284.15
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 92,472,841.45
Minimum Floor 100,000.00
---------------
Floor Amount 2,785,734.33
Required Spread Account Amount 9,247,284.15
Beginning of Period Spread Account Balance 3,250,023.39
Spread Account Deposit (Withdrawal) from Current Distributions 120,417.24
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 5,876,843.52
Earnings on Spread Account Balance 0.00
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 3,370,440.63
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: Jeffrey P. Fritz
-------------------------------------------------------
Title: Senior Vice President - Chief Financial Officer
-------------------------------------------------------
Current month excess servicing fee #REF!
<PAGE>
Monthly Certificateholder Statement
FASCO Auto Trust 1996-1
6.65% Class A Asset-Backed Certificates
10.00% Class B Asset-Backed Certificates
Distribution Date 2/18/97
Collection Period 1/97
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among Financial Asset Securities Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,345,888.27
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $415,159.99
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,930,728.28
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $27.78
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.92
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $22.86
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above
(given to the Collateral Agent for deposit into the Spread Account) $134,475.21
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $32,857.93
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $101,617.28
(j) Scheduled Payments due in such Collection Period $2,469,583.58
(k) Scheduled Payments collected in such
Collection Period $2,566,107.51
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $78,859,040.70
(b) The Class A Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments
allocated to principal in paragraph A.1.(c) above $72,985,360.39
(c) The Class B Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments
allocated to principal in paragraph A.1.(c) above $3,841,334.75
(d) The Pool factor as of the close of business
on the last day set forth above 0.8641850
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $151,773.16
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,257.27
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.80
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Class A Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $25,340.86
(b) Distributions (to) from Collection Account $17,737.25
for Payaheads
(c) Interest earned on Payahead Balances $93.89
(d) Ending Payahead Account Balance $43,172.00
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,682,669.51
Spread Account Balance $7,547,685.59
(b) The change in the spread account on the Distribution
Date set forth above $348,232.57
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $21,287.40
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $368,247.71
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 228
Aggregate Gross Amount $3,074,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 289
Aggregate Gross Amount $3,836,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.48%
(b) Average Delinquency Ratio 8.07%
(c) Cumulative Default Ratio 5.42%
(d) Cumulative Net Loss Ratio 1.11%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1995-4
Statement to Certificateholders
Is there a Deficiency Claim Amount? #REF!
Deficiency Claim Amount #REF!
Is there a Class B Deficiency? #REF!
Class B Deficiency #REF!
Cash Available this month to cover Class B Deficiency 0.00
Inputs
Gross Collection Proceeds: 3,061,674.64
Lock Box NSF Items: (74,075.16)
Transfers from (to) Payahead Account: (17,737.25)
Collection Account Interest 9,225.07
Payahead Account Interest 93.89
Total Collection Proceeds: 2,979,181.19
For Distribution Date: 2/18/97
For Determination Date: 2/10/97
For Collection Period: 1/97
Collateral Activity Information
Principal
Beginning Principal Balance 78,859,040.70
Principal portion of payments collected (non-prepayments) 1,272,506.56
Prepayments in full allocable to principal 366,482.00
Collections allocable to principal 1,638,988.56
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 25,109.29
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,664,097.85
Realized Losses 368,247.71
Cram Down Losses 0.00
Ending Principal Balance 76,826,695.14
Interest
Collections allocable to interest 1,293,600.95
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 12,163.43
-------------------
Total Interest 1,305,764.38
Certificate Information
Beginning of Period Class A Principal Balance 74,916,088.67
Beginning of Period Class B Principal Balance 3,942,952.03
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,199,453.02
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 20,341.43
Aggregate Payahead Balance 43,078.11
Aggregate Payahead Balance for preceding Distribution Date 25,340.86
Interest Earned on Payahead Balances 93.89
Scheduled Payments due in Collection Period 2,469,583.58
Scheduled Payments collected in Collection Period 2,566,107.51
Aggregate Amount of Realized Losses for preceding Distribution Date 368,247.71
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 228 3,074,000.00
60+ days delinquent 289 3,836,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,910,000.00
of the closeof business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 809,089.90
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 8.72%
Delinquency Ratio for third preceding Determination Date 8.00%
Cumulative Defaults for preceding Determination Date 4,011,564.00
Cumulative Net Losses for preceding Determination Date 629,739.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,932,589.51
Liquidation Proceeds 25,109.29
Recoveries 12,163.43
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 9,225.07
Investment earnings from Payahead Account 93.89
-------------------
Total Distribution Amount 2,979,181.19
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,272,506.56
Prepayments in full allocable to principal 366,482.00
Principal Balance of Liquidated Receivables 393,357.00
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,032,345.56
Class A Principal Distributable Amount
Principal Distributable Amount 2,032,345.56
Times Class A Percentage (95%) 95%
-------------------
1,930,728.28
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,930,728.28
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 74,916,088.67
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class A Interest Distributable Amount 415,159.99
Class B Principal Distributable Amount
Principal Distributable Amount 2,032,345.56
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 101,617.28
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 3,942,952.03
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class B Coupon Interest Amount 32,857.93
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
Interest on Class B Principal Carryover Shortfall 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
Interest on Class A Principal Carryover Shortfall 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,257.27 2,979,181.19 5,257.27 2,979,181.19
Servicing Fee (2.0%) 131,431.73 2,973,923.92 131,431.73 0.00
Additional Servicing Fee Amounts 20,341.43 2,842,492.19 20,341.43 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,822,150.76 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,822,150.76 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,822,150.76 0.00
(iii) Trustee Fee 985.74 2,822,150.76 985.74
Trustee's out-of-pocket expenses 0.00 2,821,165.02 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,821,165.02 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 2,821,165.02 0.00
prior Collection Period
(iv) Collateral Agent Fee 985.74 2,821,165.02 985.74
Collateral Agent Expenses 0.00 2,820,179.28 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,820,179.28 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,820,179.28 0.00
Collection Periods
(v) Class A Interest Distributable Amount 415,159.99 2,820,179.28 415,159.99
Class A Interest Carryover Shortfall 0.00 2,405,019.29 0.00
(vi) Class B Coupon Interest 32,857.93 2,405,019.29 32,857.93
Class B Carryover Interest 0.00 2,372,161.36 0.00
(vii) Class A Principal Distributable Amount 1,930,728.28 2,372,161.36 1,930,728.28 1,048,452.91
Class A Principal Carryover Shortfall 0.00 441,433.08 0.00 1,048,452.91
(viii) Certificate Insurer Premium 21,287.40 441,433.08 21,287.40
Certificate Insurer Premium Supplement 0.00 420,145.68 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 420,145.68 0.00
(ix) Transition Expenses to successor Servicer 0.00 420,145.68 0.00
(x) Class B Principal Distributable Amount - Unadjusted 101,617.28 420,145.68 101,617.28
Current Month Class B Principal Carryover Shortfall 0.00 318,528.40 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 318,528.40 0.00
Adjusted Class B Principal Distributable Amount 101,617.28 318,528.40 101,617.28
(xi) Remaining amounts to Collateral Agent for deposit 318,528.40 216,911.13 216,911.13
in Spread Account 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 74,916,088.67
Class A Principal Distributions 1,930,728.28
Class A End of Period Principal Balance 72,985,360.39
Class B Beginning of Period Principal Balance 3,942,952.03
Class B Principal Distributable Amount 101,617.28
Class B End of Period Principal Balance 3,841,334.75
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,979,181.19
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 574,161.90
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,405,019.29
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,405,019.29
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 32,857.93
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,372,161.36
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,372,161.36
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,930,728.28
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 441,433.08
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 441,433.08
Certificate Insurer Premium 21,287.40
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Amount Remaining for Further Distribution/(Deficiency) 420,145.68
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 420,145.68
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 101,617.28
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 318,528.40
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,910,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 6,910,000.00
Aggregate Gross Principal Balance as of the close of
92,435,999.59 business on the last day of the
Collection Period.
Delinquency Ratio 7.48%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.48%
Delinquency Ratio for second preceding Determination Date 8.72%
Delinquency Ratio for third preceding Determination Date 8.00%
-------------------
Average Delinquency Ratio 8.07
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 4,011,564.00
Current Period Defaulted Receivables 809,089.90
-------------------
Total 4,820,653.90
Cumulative Defaulted Receivables 4,820,653.90
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 5.42%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 393,357.00
Cram Down Losses 0.00
Net Liquidation Proceeds (37,272.72)
-------------------
Net Liquidation Losses 356,084.28
Cumulative Previous Net Losses 629,739.00
-------------------
Cumulative Net Losses 985,823.28
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 1.11%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,682,669.51
15% of Outstanding Certificate Balance 11,524,004.27
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,682,669.51
Spread Account Floor
3.5% of the Initial Certificate Balance 3,111,526.26
Outstanding Certificate Balance 76,826,695.14
Minimum Floor 100,000.00
--------------
Floor Amount 3,111,526.26
Required Spread Account Amount 7,682,669.51
Beginning of Period Spread Account Balance 7,199,453.02
Spread Account Deposit (Withdrawal) from Current Distributions 318,528.40
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 164,688.09
Earnings on Spread Account Balance 29,704.17
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 7,547,685.59
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
-------------------------------------
Title: Senior Vice President -
Chief Financial Officer
-------------------------------------
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
11.30% Class B Asset-Backed Certificates
Distribution Date 2/18/97
Collection Period 1/97
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,010,335.26
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $463,586.66
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,546,748.60
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $22.97
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.30
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $17.67
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $122,558.88
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $41,151.06
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $81,407.82
(j) Scheduled Payments due in such Collection Period $2,600,186.90
(k) Scheduled Payments collected in such
Collection Period $2,655,017.77
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $87,400,470.59
(b) The Certificates Balance as of the close of business on the
last day set forth above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $81,483,698.45
(c) The Pool factor as of the close of business
on the last day set forth above 0.9309993
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $164,808.94
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,826.70
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.88
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 6
Aggregate Purchase Amount $77,488.93
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $32,053.30
(b) Distributions (to) from Collection Account $27,043.50
for Payaheads
(c) Interest earned on Payahead Balances $124.40
(d) Ending Payahead Account Balance $59,221.20
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,577,231.42
Spread Account Balance $6,632,621.59
(b) The change in the spread account on the Distribution
Date set forth above $777,407.80
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $23,766.08
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $125,898.77
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 223
Aggregate Gross Amount $3,188,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 226
Aggregate Gross Amount $3,330,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.27%
(b) Average Delinquency Ratio 5.72%
(c) Cumulative Default Ratio 1.66%
(d) Cumulative Net Loss Ratio 0.14%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,189,120.07
Lock Box NSF Items: (88,513.36)
Transfers from (to) Payahead Account: (27,043.50)
Collection Account Interest 10,170.34
Payahead Account Interest 124.40
Total Collection Proceeds: 3,083,857.95
For Distribution Date: 2/18/97
For Determination Date: 2/10/97
For Collection Period: 1/97
Collateral Activity Information
Principal
Beginning Principal Balance 87,400,470.59
Principal portion of payments collected (non-prepayments) 1,084,683.49
Prepayments in full allocable to principal 323,818.00
Collections allocable to principal 1,408,501.49
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 16,267.23
Purchase Amounts allocable to principal 77,488.93
Total Principal 1,502,257.65
Realized Losses 125,898.77
Cram Down Losses 0.00
Ending Principal Balance 85,772,314.17
Interest
Collections allocable to interest 1,570,334.28
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 971.28
-------------------
Total Interest 1,571,305.56
Certificate Information
Beginning of Period Class A Principal Balance 83,030,447.05
Beginning of Period Class B Principal Balance 4,370,023.54
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,855,213.79
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,141.49
Aggregate Payahead Balance 59,096.80
Aggregate Payahead Balance for preceding Distribution Date 32,053.30
Interest Earned on Payahead Balances 124.40
Scheduled Payments due in Collection Period 2,600,186.90
Scheduled Payments collected in Collection Period 2,655,017.77
Aggregate Amount of Realized Losses for preceding Distribution Date 125,898.77
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 223 3,188,000.00
60+ days delinquent 226 3,330,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
6 77,488.93
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,518,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 77,488.93
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 628,016.31
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.40%
Delinquency Ratio for third preceding Determination Date 4.49%
Cumulative Defaults for preceding Determination Date 902,852.00
Cumulative Net Losses for preceding Determination Date 5,291.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,978,835.77
Liquidation Proceeds 16,267.23
Recoveries 971.28
Purchase Amounts 77,488.93
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 10,170.34
Investment earnings from Payahead Account 124.40
-------------------
Total Distribution Amount 3,083,857.95
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,084,683.49
Prepayments in full allocable to principal 323,818.00
Principal Balance of Liquidated Receivables 142,166.00
Purchase Amounts allocable to principal 77,488.93
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,628,156.42
Class A Principal Distributable Amount
Principal Distributable Amount 1,628,156.42
Times Class A Percentage (95%) 95%
-------------------
1,546,748.60
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,546,748.60
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 83,030,447.05
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 19/360 0.0833333
-------------------
Class A Interest Distributable Amount 463,586.66
Class B Principal Distributable Amount
Principal Distributable Amount 1,628,156.42
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 81,407.82
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,370,023.54
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date 0.0833333
-------------------
Class B Coupon Interest Amount 41,151.06
Class B Excess Interest Amount
Total Distribution Amount 3,083,857.95
minus
Class A Principal and Interest Distributable Amount 2,010,335.26
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 41,151.06
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 81,407.82
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,092.51
Standby Servicer distributions 5,826.70
Servicer distributions 164,808.94
Collateral Agent distributions 1,092.51
Reimbursement Obligations 23,766.08
-------------------
754,377.07
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Interest Carryover on Class A Principal Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,826.70 0.00 0.00 81,407.82
Servicing Fee (2.0%) 145,667.45 0.00 0.00 0.00
Additional Servicing Fee Amounts 19,141.49 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 1,092.51 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 0.00 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,092.51 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior 0.00 0.00 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 0.00 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 463,586.66 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00 81,407.82
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00 81,407.82
Class A Interest Distributable Amount 463,586.66 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 41,151.06 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 41,151.06 0.00 0.00
(v)(B) Class A Principal Distributable Amount - Current Month 1,546,748.60 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Class A Principal Distribution Amount 1,546,748.60 0.00 0.00
(vi) Certificate Insurer Premium 23,766.08 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 81,407.82 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 81,407.82 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 754,377.07 0.00 0.00
0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 83,030,447.05
Class A Principal Distributions 1,546,748.60
Class A End of Period Principal Balance 81,483,698.45
Class B Beginning of Period Principal Balance 4,370,023.54
Class B Principal Distributable Amount 81,407.82
Class B End of Period Principal Balance 4,288,615.72
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,083,857.95
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 636,407.32
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,447,450.63
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,447,450.63
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 41,151.06
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,406,299.57
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,406,299.57
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,546,748.60
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 859,550.97
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 859,550.97
Certificate Insurer Premium 23,766.08
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Amount Remaining for Further Distribution/(Deficiency) 835,784.89
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 835,784.89
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 81,407.82
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 754,377.07
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,518,000.00
Purchased receivables more than 30 days delinquent 77,488.93
-------------------
Total 6,595,488.93
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 105,251,478.66
Delinquency Ratio 6.27%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.27%
Delinquency Ratio for second preceding Determination Date 6.40%
Delinquency Ratio for third preceding Determination Date 4.49%
-------------------
Average Delinquency Ratio 5.72%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 902,852.00
Current Period Defaulted Receivables 628,016.31
-------------------
Total 1,530,868.31
Cumulative Defaulted Receivables 1,530,868.31
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 1.66%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 142,166.00
Cram Down Losses 0.00
Net Liquidation Proceeds (17,238.51)
-------------------
Net Liquidation Losses 124,927.49
Cumulative Previous Net Losses 5,291.00
-------------------
Cumulative Net Losses 130,218.49
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 0.14%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,577,231.42
15% of Outstanding Certificate Balance 12,865,847.13
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,577,231.42
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 85,772,314.17
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 8,577,231.42
Beginning of Period Spread Account Balance 5,855,213.79
Spread Account Deposit (Withdrawal) from Current Distributions 754,377.07
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 1,967,640.56
Earnings on Spread Account Balance 23,030.73
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 6,632,621.59
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President - Chief Financial Officer
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
10.15% Class B Asset-Backed Certificates
Distribution Date 2/18/97
Collection Period 1/97
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $1,600,234.26
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $461,208.30
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,139,025.96
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $18.14
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.23
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $12.91
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $99,057.04
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $39,108.31
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $59,948.73
(j) Scheduled Payments due in such Collection Period $2,656,667.90
(k) Scheduled Payments collected in such
Collection Period $2,656,928.09
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $92,472,841.45
(b) The Certificates Balance as of the close of business on the
last day set forth above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $86,710,173.41
(c) The Pool factor as of the close of business
on the last day set forth above 0.9829423
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $165,445.51
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $9,247.28
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.88
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.10
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 5
Aggregate Purchase Amount $76,309.87
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $32,397.81
(b) Distributions (to) from Collection Account $29,753.58
for Payaheads
(c) Interest earned on Payahead Balances $146.49
(d) Ending Payahead Account Balance $62,297.88
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,127,386.68
Spread Account Balance $4,438,437.64
(b) The change in the spread account on the Distribution
Date set forth above $1,062,012.47
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $25,290.47
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $662.58
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 177
Aggregate Gross Amount $2,685,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 41
Aggregate Gross Amount $625,000.00
8 Performance Triggers
(a) Delinquency Ratio 3.01%
(b) Average Delinquency Ratio 2.14%
(c) Cumulative Default Ratio 0.15%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1995-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,070,086.40
Lock Box NSF Items: (94,963.44)
Transfers from (to) Payahead Account: (29,753.58)
Collection Account Interest 6,655.20
Payahead Account Interest 146.49
Total Collection Proceeds: 2,952,171.07
For Distribution Date: 2/18/97
For Determination Date: 2/10/97
For Collection Period: 1/97
Collateral Activity Information
Principal
Beginning Principal Balance 92,472,841.45
Principal portion of payments collected (non-prepayments) 909,870.82
Prepayments in full allocable to principal 212,400.00
Collections allocable to principal 1,122,270.82
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal -268.58
Purchase Amounts allocable to principal 76,309.87
Total Principal 1,198,312.11
Realized Losses 662.58
Cram Down Losses 0.00
Ending Principal Balance 91,273,866.76
Interest
Collections allocable to interest 1,747,057.27
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 1,747,057.27
Certificate Information
Beginning of Period Class A Principal Balance 87,849,199.37
Beginning of Period Class B Principal Balance 4,623,642.08
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,376,425.17
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 11,324.11
Aggregate Payahead Balance 62,151.39
Aggregate Payahead Balance for preceding Distribution Date 32,397.81
Interest Earned on Payahead Balances 146.49
Scheduled Payments due in Collection Period 2,656,667.90
Scheduled Payments collected in Collection Period 2,656,928.09
Aggregate Amount of Realized Losses for preceding Distribution Date 662.58
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 2,500.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 177 2,685,000.00
60+ days delinquent 41 625,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
5 76,309.87
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 3,310,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 76,309.87
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 135,690.29
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 1.28%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 7,162.00
Cumulative Net Losses for preceding Determination Date 0.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,869,328.09
Liquidation Proceeds (268.58)
Recoveries 0.00
Purchase Amounts 76,309.87
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 6,655.20
Investment earnings from Payahead Account 146.49
-------------------
Total Distribution Amount 2,952,171.07
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 909,870.82
Prepayments in full allocable to principal 212,400.00
Principal Balance of Liquidated Receivables 394.00
Purchase Amounts allocable to principal 76,309.87
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,198,974.69
Class A Principal Distributable Amount
Principal Distributable Amount 1,198,974.69
Times Class A Percentage (95%) 95%
-------------------
1,139,025.96
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,139,025.96
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 87,849,199.37
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 461,208.30
Class B Principal Distributable Amount
Principal Distributable Amount 1,198,974.69
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 59,948.73
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,623,642.08
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 39,108.31
Class B Excess Interest Amount
Total Distribution Amount 2,952,171.07
minus
Class A Principal and Interest Distributable Amount 1,600,234.26
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 39,108.31
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 59,948.73
Class B Principal Carryover Shortfall 0.00
Trustee distributions 3,655.91
Standby Servicer distributions 9,247.28
Servicer distributions 165,445.51
Collateral Agent distributions 1,155.91
Reimbursement Obligations 25,290.47
-------------------
1,048,084.69
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 9,247.28 2,952,171.07 9,247.28 2,952,171.07
Servicing Fee (2.0%) 154,121.40 2,942,923.79 154,121.40 0.00
Additional Servicing Fee Amounts 11,324.11 2,788,802.39 11,324.11 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,777,478.28 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,777,478.28 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,777,478.28 0.00
(iii) Trustee Fee 1,155.91 2,777,478.28 1,155.91
Trustee's out-of-pocket expenses 2,500.00 2,776,322.37 2,500.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,773,822.37 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 2,773,822.37 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,155.91 2,773,822.37 1,155.91
Collateral Agent Expenses 0.00 2,772,666.46 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,772,666.46 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,772,666.46 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 461,208.30 2,772,666.46 461,208.30
Prior Month(s) Class A Carryover Shortfall 0.00 2,311,458.16 0.00
Class A Interest Carryover Shortfall 0.00 2,311,458.16 0.00
Interest on Interest Carryover from Prior Months 0.00 2,311,458.16 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,311,458.16 0.00
Class A Interest Distributable Amount 461,208.30 2,311,458.16 461,208.30
(viii)(A)Class B Coupon Interest - Unadjusted 39,108.31 1,850,249.86 39,108.31
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,811,141.55 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,811,141.55 0.00
Interest on Interest Carryover from Prior Months 0.00 1,811,141.55 0.00
Current Month Class B Interest Shortfall 0.00 1,811,141.55 0.00
Adjusted Class B Interest Distributable Amount 39,108.31 1,811,141.55 39,108.31
(v)(B) Class A Principal Distributable Amount - Current Month 1,139,025.96 1,772,033.24 1,139,025.96 1,813,145.11
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 633,007.28 0.00
Current Month Class A Principal Shortfall 0.00 633,007.28 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,139,025.96 633,007.28 633,007.28 674,119.16
(vi) Certificate Insurer Premium 25,290.47 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - 59,948.73 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 59,948.73 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 1,048,084.69 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 87,849,199.37
Class A Principal Distributions 1,139,025.96
Class A End of Period Principal Balance 86,710,173.41
Class B Beginning of Period Principal Balance 4,623,642.08
Class B Principal Distributable Amount 59,948.73
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,563,693.35
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,563,693.35
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,952,171.07
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 640,712.91
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,311,458.16
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,311,458.16
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 39,108.31
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,272,349.85
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,272,349.85
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,139,025.96
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,133,323.89
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,133,323.89
(vi) Certificate Insurer Premium 25,290.47
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,108,033.43
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,108,033.43
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 59,948.73
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 1,048,084.69
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,048,084.69
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,310,000.00
Purchased receivables more than 30 days delinquent 76,309.87
-------------------
Total 3,386,309.87
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 112,646,926.47
Delinquency Ratio 3.01%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 3.01%
Delinquency Ratio for second preceding Determination Date 1.28%
Delinquency Ratio for third preceding Determination Date 0.00%
-------------------
Average Delinquency Ratio 2.14% 1.43%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 7,162.00
Current Period Defaulted Receivables 135,690.29
-------------------
Total 142,852.29
Cumulative Defaulted Receivables 142,852.29
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 0.15%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 394.00
Cram Down Losses 0.00
Net Liquidation Proceeds 268.58
-------------------
Net Liquidation Losses 662.58
Cumulative Previous Net Losses 0.00
-------------------
Cumulative Net Losses 662.58
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 0.00%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 9,127,386.68
15% of Outstanding Certificate Balance 13,691,080.01
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 9,127,386.68
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 91,273,866.76
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 9,127,386.68
Beginning of Period Spread Account Balance 3,376,425.17
Spread Account Deposit (Withdrawal) from Current Distributions 1,048,084.69
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 4,702,876.82
Earnings on Spread Account Balance 13,927.78
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 4,438,437.64
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President - Chief Financial Officer
Current month excess servicing fee #REF!
</TABLE>
Monthly Certificateholder Statement
FASCO Auto Trust 1996-1
6.65% Class A Asset-Backed Certificates
10.00% Class B Asset-Backed Certificates
Distribution Date 3/17/97
Collection Period 2/97
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among Financial Asset Securities Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,971,907.24
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $404,460.54
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,567,446.70
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $35.19
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.79
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $30.40
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above
(given to the Collateral Agent for deposit into the Spread Account) $167,139.89
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $32,011.12
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $76,918.09
(j) Scheduled Payments due in such Collection Period $2,431,290.54
(k) Scheduled Payments collected in such
Collection Period $2,869,848.99
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $76,826,695.14
(b) The Class A Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments
allocated to principal in paragraph A.1.(c) above $70,417,913.69
(c) The Class B Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments
allocated to principal in paragraph A.1.(c) above $3,706,205.98
(d) The Pool factor as of the close of business
on the last day set forth above 0.8337851
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $148,844.56
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,121.78
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.76
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Class A Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $43,172.00
(b) Distributions (to) from Collection Account ($15,050.45)
for Payaheads
(c) Interest earned on Payahead Balances $119.72
(d) Ending Payahead Account Balance $28,241.27
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,412,411.97
Spread Account Balance $7,412,411.97
(b) The change in the spread account on the Distribution
Date set forth above ($135,273.62)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $20,538.56
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $436,862.23
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 219
Aggregate Gross Amount $2,956,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 260
Aggregate Gross Amount $3,487,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.26%
(b) Average Delinquency Ratio 7.82%
(c) Cumulative Default Ratio 6.50%
(d) Cumulative Net Loss Ratio 1.59%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,434,975.42
Lock Box NSF Items: (68,820.13)
Transfers from (to) Payahead Account: 15,050.45
Collection Account Interest 11,065.32
Payahead Account Interest 119.72
Total Collection Proceeds: 3,392,390.78
For Distribution Date: 3/17/97
For Determination Date: 3/10/97
For Collection Period: 2/97
Collateral Activity Information
Principal
Beginning Principal Balance 76,826,695.14
Principal portion of payments collected (non-prepayments) 1,764,826.47
Prepayments in full allocable to principal 371,618.00
Collections allocable to principal 2,136,444.47
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 129,268.77
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 2,265,713.24
Realized Losses 436,862.23
Cram Down Losses 0.00
Ending Principal Balance 74,124,119.67
Interest
Collections allocable to interest 1,105,022.52
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 10,469.98
-------------------
Total Interest 1,115,492.50
Certificate Information
Beginning of Period Class A Principal Balance 72,985,360.39
Beginning of Period Class B Principal Balance 3,841,334.75
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,547,685.59
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 20,800.07
Aggregate Payahead Balance 28,121.55
Aggregate Payahead Balance for preceding Distribution Date 43,172.00
Interest Earned on Payahead Balances 119.72
Scheduled Payments due in Collection Period 2,431,290.54
Scheduled Payments collected in Collection Period 2,869,848.99
Aggregate Amount of Realized Losses for preceding Distribution Date 436,862.23
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 219 2,956,000.00
60+ days delinquent 260 3,487,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,443,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 953,676.61
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.48%
Delinquency Ratio for third preceding Determination Date 8.72%
Cumulative Defaults for preceding Determination Date 4,820,654.00
Cumulative Net Losses for preceding Determination Date 985,824.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,241,466.99
Liquidation Proceeds 129,268.77
Recoveries 10,469.98
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,065.32
Investment earnings from Payahead Account 119.72
-------------------
Total Distribution Amount 3,392,390.78
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,764,826.47
Prepayments in full allocable to principal 371,618.00
Principal Balance of Liquidated Receivables 566,131.00
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,702,575.47
Class A Principal Distributable Amount
Principal Distributable Amount 2,702,575.47
Times Class A Percentage (95%) 95%
-------------------
2,567,446.70
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,567,446.70
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 72,985,360.39
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class A Interest Distributable Amount 404,460.54
Class B Principal Distributable Amount
Principal Distributable Amount 2,702,575.47
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 135,128.77
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 3,841,334.75
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class B Coupon Interest Amount 32,011.12
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
Interest on Class B Principal Carryover Shortfall 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
Interest on Class A Principal Carryover Shortfall 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,121.78 3,392,390.78 5,121.78 3,392,390.78
Servicing Fee (2.0%) 128,044.49 3,387,269.00 128,044.49 0.00
Additional Servicing Fee Amounts 20,800.07 3,259,224.51 20,800.07 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection 0.00 3,238,424.44 0.00
Periods
Unpaid Servicing Fee from prior Collection 0.00 3,238,424.44 0.00
Periods
(ii) Transition Expenses to Standby Servicer 0.00 3,238,424.44 0.00
(iii) Trustee Fee 960.33 3,238,424.44 960.33
Trustee's out-of-pocket expenses 0.00 3,237,464.11 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,237,464.11 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 3,237,464.11 0.00
prior Collection Periods
(iv) Collateral Agent Fee 960.33 3,237,464.11 960.33
Collateral Agent Expenses 0.00 3,236,503.78 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,236,503.78 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,236,503.78 0.00
Collection Periods
(v) Class A Interest Distributable Amount 404,460.54 3,236,503.78 404,460.54
Class A Interest Carryover Shortfall 0.00 2,832,043.24 0.00
(vi) Class B Coupon Interest 32,011.12 2,832,043.24 32,011.12
Class B Carryover Interest 0.00 2,800,032.12 0.00
(vii) Class A Principal Distributable Amount 2,567,446.70 2,800,032.12 2,567,446.70 824,944.08
Class A Principal Carryover Shortfall 0.00 232,585.42 0.00 824,944.08
(viii) Certificate Insurer Premium 20,538.56 232,585.42 20,538.56
Certificate Insurer Premium Supplement 0.00 212,046.87 0.00
Other Reimbursement Obligations to 0.00 212,046.87 0.00
Certificate Insurer
(ix) Transition Expenses to successor Servicer 0.00 212,046.87 0.00
(x) Class B Principal Distributable Amount - 135,128.77 212,046.87 135,128.77
Unadjusted
Current Month Class B Principal Carryover 0.00 76,918.09 0.00
Shortfall
Class B Principal Carryover Shortfall - 0.00 76,918.09 0.00
Previous Month(s)
Adjusted Class B Principal Distributable Amount 135,128.77 76,918.09 76,918.09
(xi) Remaining amounts to Collateral Agent for 76,918.09 0.00 0.00
deposit in Spread Account 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 72,985,360.39
Class A Principal Distributions 2,567,446.70
Class A End of Period Principal Balance 70,417,913.69
Class B Beginning of Period Principal Balance 3,841,334.75
Class B Principal Distributable Amount 135,128.77
Class B End of Period Principal Balance 3,706,205.98
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,392,390.78
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 560,347.54
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,832,043.24
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,832,043.24
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 32,011.12
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,800,032.12
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,800,032.12
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,567,446.70
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 232,585.42
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 232,585.42
Certificate Insurer Premium 20,538.56
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Amount Remaining for Further Distribution/(Deficiency) 212,046.87
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 212,046.87
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 135,128.77
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 76,918.09
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,443,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 6,443,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 88,766,283.90
Delinquency Ratio 7.26%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.26%
Delinquency Ratio for second preceding Determination Date 7.48%
Delinquency Ratio for third preceding Determination Date 8.72%
-------------------
Average Delinquency Ratio 7.82% 7.82%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 4,820,654.00
Current Period Defaulted Receivables 953,676.61
-------------------
Total 5,774,330.61
Cumulative Defaulted Receivables 5,774,330.61
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 6.50%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 566,131.00
Cram Down Losses 0.00
Net Liquidation Proceeds (139,738.75)
-------------------
Net Liquidation Losses 426,392.25
Cumulative Previous Net Losses 985,824.00
-------------------
Cumulative Net Losses 1,412,216.25
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 1.59%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,412,411.97
15% of Outstanding Certificate Balance 11,118,617.95
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,412,411.97
Spread Account Floor
3.5% of the Initial Certificate Balance 3,111,526.26
Outstanding Certificate Balance 74,124,119.67
Minimum Floor 100,000.00
--------------
Floor Amount 3,111,526.26
Required Spread Account Amount 7,412,411.97
Beginning of Period Spread Account Balance 7,547,685.59
Spread Account Deposit (Withdrawal) from Current Distributions 76,918.09
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (212,191.71)
Earnings on Spread Account Balance 27,673.34
Amount of Spread Account deposit (withdrawal) (239,865.05)
Ending Spread Account Balance 7,412,411.97
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President - Chief Financial Officer
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
11.30% Class B Asset-Backed Certificates
Distribution Date 3/17/97
Collection Period 2/97
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,147,110.63
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $454,950.65
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,692,159.98
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $24.53
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.20
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $19.33
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $129,445.51
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $40,384.46
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $89,061.05
(j) Scheduled Payments due in such Collection Period $2,585,077.07
(k) Scheduled Payments collected in such
Collection Period $2,752,247.88
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $85,772,314.17
(b) The Certificates Balance as of the close of business on the
last day set forth above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $79,791,538.47
(c) The Pool factor as of the close of business
on the last day set forth above 0.9116654
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $161,140.19
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,718.15
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.84
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $14,828.83
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $59,221.20
(b) Distributions (to) from Collection Account ($26,808.59)
for Payaheads
(c) Interest earned on Payahead Balances $157.65
(d) Ending Payahead Account Balance $32,570.26
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,399,109.31
Spread Account Balance $7,351,219.44
(b) The change in the spread account on the Distribution
Date set forth above $718,597.85
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $23,272.53
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $35,473.83
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 230
Aggregate Gross Amount $3,220,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 246
Aggregate Gross Amount $3,404,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.47%
(b) Average Delinquency Ratio 6.38%
(c) Cumulative Default Ratio 2.52%
(d) Cumulative Net Loss Ratio 0.18%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,230,665.07
Lock Box NSF Items: (104,471.50)
Transfers from (to) Payahead Account: 26,808.59
Collection Account Interest 11,101.84
Payahead Account Interest 157.65
Total Collection Proceeds: 3,164,261.65
For Distribution Date: 3/17/97
For Determination Date: 3/10/97
For Collection Period: 2/97
Collateral Activity Information
Principal
Beginning Principal Balance 85,772,314.17
Principal portion of payments collected (non-prepayments) 1,345,652.20
Prepayments in full allocable to principal 338,238.00
Collections allocable to principal 1,683,890.20
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 47,028.17
Purchase Amounts allocable to principal 14,828.83
Total Principal 1,745,747.20
Realized Losses 35,473.83
Cram Down Losses 0.00
Ending Principal Balance 83,991,093.14
Interest
Collections allocable to interest 1,406,595.68
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 659.28
-------------------
Total Interest 1,407,254.96
Certificate Information
Beginning of Period Class A Principal Balance 81,483,698.45
Beginning of Period Class B Principal Balance 4,288,615.72
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,632,621.59
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 18,186.33
Aggregate Payahead Balance 32,412.61
Aggregate Payahead Balance for preceding Distribution Date 59,221.20
Interest Earned on Payahead Balances 157.65
Scheduled Payments due in Collection Period 2,585,077.07
Scheduled Payments collected in Collection Period 2,752,247.88
Aggregate Amount of Realized Losses for preceding Distribution Date 35,473.83
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 230 3,220,000.00
60+ days delinquent 246 3,404,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 14,828.83
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,624,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 14,828.83
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 788,594.90
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.27%
Delinquency Ratio for third preceding Determination Date 6.40%
Cumulative Defaults for preceding Determination Date 1,530,868.00
Cumulative Net Losses for preceding Determination Date 130,218.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,090,485.88
Liquidation Proceeds 47,028.17
Recoveries 659.28
Purchase Amounts 14,828.83
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,101.84
Investment earnings from Payahead Account 157.65
-------------------
Total Distribution Amount 3,164,261.65
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,345,652.20
Prepayments in full allocable to principal 338,238.00
Principal Balance of Liquidated Receivables 82,502.00
Purchase Amounts allocable to principal 14,828.83
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,781,221.03
Class A Principal Distributable Amount
Principal Distributable Amount 1,781,221.03
Times Class A Percentage (95%) 95%
-------------------
1,692,159.98
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,692,159.98
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 81,483,698.45
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 19/360 0.0833333
-------------------
Class A Interest Distributable Amount 454,950.65
Class B Principal Distributable Amount
Principal Distributable Amount 1,781,221.03
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 89,061.05
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,288,615.72
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date 0.0833333
-------------------
Class B Coupon Interest Amount 40,384.46
Class B Excess Interest Amount
Total Distribution Amount 3,164,261.65
minus
Class A Principal and Interest Distributable Amount 2,147,110.63
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 40,384.46
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 89,061.05
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,072.15
Standby Servicer distributions 5,718.15
Servicer distributions 161,140.19
Collateral Agent distributions 1,072.15
Reimbursement Obligations 23,272.53
-------------------
695,430.34
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Interest Carryover on Class A Principal Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,718.15 0.00 0.00 89,061.05
Servicing Fee (2.0%) 142,953.86 0.00 0.00 0.00
Additional Servicing Fee Amounts 18,186.33 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection 0.00 0.00 0.00
Periods
Unpaid Servicing Fee from prior Collection 0.00 0.00 0.00
Periods
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 1,072.15 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 0.00 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,072.15 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior 0.00 0.00 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 0.00 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 454,950.65 0.00 0.00
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00 89,061.05
Current Month Class A Interest Carryover 0.00 0.00 0.00 89,061.05
Shortfall
Class A Interest Distributable Amount 454,950.65 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 40,384.46 0.00 0.00
Class B Interest Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 0.00 0.00
Previous Month(s)
Interest on Interest Carryover from 0.00 0.00 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 40,384.46 0.00 0.00
(v)(B) Class A Principal Distributable Amount - 1,692,159.98 0.00 0.00
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Class A Principal Distribution Amount 1,692,159.98 0.00 0.00
(vi) Certificate Insurer Premium 23,272.53 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 89,061.05 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 89,061.05 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 81,483,698.45
Class A Principal Distributions 1,692,159.98
Class A End of Period Principal Balance 79,791,538.47
Class B Beginning of Period Principal Balance 4,288,615.72
Class B Principal Distributable Amount 89,061.05
Class B End of Period Principal Balance 4,199,554.67
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,164,261.65
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 623,953.29
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,540,308.36
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,540,308.36
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 40,384.46
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,499,923.90
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,499,923.90
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,692,159.98
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 807,763.92
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 807,763.92
Certificate Insurer Premium 23,272.53
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Amount Remaining for Further Distribution/(Deficiency) 784,491.39
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 784,491.39
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 89,061.05
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 695,430.34
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,624,000.00
Purchased receivables more than 30 days delinquent 14,828.83
-------------------
Total 6,638,828.83
Aggregate Gross Principal Balance as of the close of
102,651,325.88 business on the last day of the
Collection Period.
Delinquency Ratio 6.47%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.47%
Delinquency Ratio for second preceding Determination Date 6.27%
Delinquency Ratio for third preceding Determination Date 6.40%
-------------------
Average Delinquency Ratio 6.38% 6.38%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 1,530,868.00
Current Period Defaulted Receivables 788,594.90
-------------------
Total 2,319,462.90
Cumulative Defaulted Receivables 2,319,462.90
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 2.52%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 82,502.00
Cram Down Losses 0.00
Net Liquidation Proceeds (47,687.45)
-------------------
Net Liquidation Losses 34,814.55
Cumulative Previous Net Losses 130,218.00
-------------------
Cumulative Net Losses 165,032.55
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 0.18%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,399,109.31
15% of Outstanding Certificate Balance 12,598,663.97
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,399,109.31
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 83,991,093.14
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 8,399,109.31
Beginning of Period Spread Account Balance 6,632,621.59
Spread Account Deposit (Withdrawal) from Current Distributions 695,430.34
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 1,071,057.38
Earnings on Spread Account Balance 23,167.51
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 7,351,219.44
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: Jeffrey P. Fritz
-------------------------------------------------------
Title: Senior Vice President - Chief Financial Officer
-------------------------------------------------------
Current month excess servicing fee #REF!
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
10.15% Class B Asset-Backed Certificates
Distribution Date 3/17/97
Collection Period 2/97
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $1,763,764.35
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $455,228.41
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,308,535.94
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $19.99
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.16
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $14.83
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $107,471.55
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $38,601.24
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $68,870.31
(j) Scheduled Payments due in such Collection Period $2,644,569.30
(k) Scheduled Payments collected in such
Collection Period $2,537,095.89
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $91,273,866.76
(b) The Certificates Balance as of the close of business on the
last day set forth above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $85,401,637.47
(c) The Pool factor as of the close of business
on the last day set forth above 0.9681088
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $168,057.42
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $9,127.39
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.91
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.10
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 7
Aggregate Purchase Amount $94,879.02
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $62,297.88
(b) Distributions (to) from Collection Account ($31,288.22)
for Payaheads
(c) Interest earned on Payahead Balances $162.62
(d) Ending Payahead Account Balance $31,172.28
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,989,646.05
Spread Account Balance $5,318,533.71
(b) The change in the spread account on the Distribution
Date set forth above $880,096.07
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $24,908.81
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 185
Aggregate Gross Amount $2,571,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 113
Aggregate Gross Amount $1,709,000.00
8 Performance Triggers
(a) Delinquency Ratio 3.96%
(b) Average Delinquency Ratio 2.75%
(c) Cumulative Default Ratio 0.32%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,019,385.77
Lock Box NSF Items: (119,861.08)
Transfers from (to) Payahead Account: 31,288.22
Collection Account Interest 10,545.39
Payahead Account Interest 162.62
Total Collection Proceeds: 2,941,520.92
For Distribution Date: 3/17/97
For Determination Date: 3/10/97
For Collection Period: 2/97
Collateral Activity Information
Principal
Beginning Principal Balance 91,273,866.76
Principal portion of payments collected (non-prepayments) 983,689.23
Prepayments in full allocable to principal 298,838.00
Collections allocable to principal 1,282,527.23
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 94,879.02
Total Principal 1,377,406.25
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 89,896,460.51
Interest
Collections allocable to interest 1,553,406.66
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 1,553,406.66
Certificate Information
Beginning of Period Class A Principal Balance 86,710,173.41
Beginning of Period Class B Principal Balance 4,563,693.35
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,438,437.64
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 15,934.31
Aggregate Payahead Balance 31,009.66
Aggregate Payahead Balance for preceding Distribution Date 62,297.88
Interest Earned on Payahead Balances 162.62
Scheduled Payments due in Collection Period 2,644,569.30
Scheduled Payments collected in Collection Period 2,537,095.89
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 185 2,571,000.00
60+ days delinquent 113 1,709,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
7 94,879.02
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 4,280,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 94,879.02
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 150,337.95
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 3.01%
Delinquency Ratio for third preceding Determination Date 1.28%
Cumulative Defaults for preceding Determination Date 142,852.00
Cumulative Net Losses for preceding Determination Date 663.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,835,933.89
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 94,879.02
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 10,545.39
Investment earnings from Payahead Account 162.62
-------------------
Total Distribution Amount 2,941,520.92
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 983,689.23
Prepayments in full allocable to principal 298,838.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 94,879.02
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,377,406.25
Class A Principal Distributable Amount
Principal Distributable Amount 1,377,406.25
Times Class A Percentage (95%) 95%
-------------------
1,308,535.94
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,308,535.94
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 86,710,173.41
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 455,228.41
Class B Principal Distributable Amount
Principal Distributable Amount 1,377,406.25
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 68,870.31
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,563,693.35
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 38,601.24
Class B Excess Interest Amount
Total Distribution Amount 2,941,520.92
minus
Class A Principal and Interest Distributable Amount 1,763,764.35
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 38,601.24
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 68,870.31
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,140.92
Standby Servicer distributions 9,127.39
Servicer distributions 168,057.42
Collateral Agent distributions 1,140.92
Reimbursement Obligations 24,908.81
-------------------
865,909.56
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 9,127.39 2,941,520.92 9,127.39 2,941,520.92
Servicing Fee (2.0%) 152,123.11 2,932,393.53 152,123.11 0.00
Additional Servicing Fee Amounts 15,934.31 2,780,270.42 15,934.31 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,764,336.11 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,764,336.11 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,764,336.11 0.00
(iii) Trustee Fee 1,140.92 2,764,336.11 1,140.92
Trustee's out-of-pocket expenses 0.00 2,763,195.19 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,763,195.19 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,763,195.19 0.00
Collection Periods
(iv) Collateral Agent Fee 1,140.92 2,763,195.19 1,140.92
Collateral Agent Expenses 0.00 2,762,054.27 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,762,054.27 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,762,054.27 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 455,228.41 2,762,054.27 455,228.41
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,306,825.86 0.00
Class A Interest Carryover Shortfall 0.00 2,306,825.86 0.00
Interest on Interest Carryover from 0.00 2,306,825.86 0.00
Prior Months
Current Month Class A Interest Carryover 0.00 2,306,825.86 0.00
Shortfall
Class A Interest Distributable Amount 455,228.41 2,306,825.86 455,228.41
(viii)(A)Class B Coupon Interest - Unadjusted 38,601.24 1,851,597.45 38,601.24
Class B Interest Carryover Shortfall - 0.00 1,812,996.21 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 1,812,996.21 0.00
Previous Month(s)
Interest on Interest Carryover from Prior 0.00 1,812,996.21 0.00
Months
Current Month Class B Interest Shortfall 0.00 1,812,996.21 0.00
Adjusted Class B Interest Distributable Amount 38,601.24 1,812,996.21 38,601.24
(v)(B) Class A Principal Distributable Amount - 1,308,535.94 1,774,394.97 1,308,535.94 1,632,984.98
Current Month
Class A Principal Carryover Shortfall - 0.00 465,859.03 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 465,859.03 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,308,535.94 465,859.03 465,859.03 324,449.05
(vi) Certificate Insurer Premium 24,908.81 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - 68,870.31 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 68,870.31 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 865,909.56 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 86,710,173.41
Class A Principal Distributions 1,308,535.94
Class A End of Period Principal Balance 85,401,637.47
Class B Beginning of Period Principal Balance 4,563,693.35
Class B Principal Distributable Amount 68,870.31
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,494,823.04
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,494,823.04
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,941,520.92
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 634,695.06
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,306,825.86
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,306,825.86
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 38,601.24
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,268,224.62
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,268,224.62
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,308,535.94
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 959,688.68
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 959,688.68
(vi) Certificate Insurer Premium 24,908.81
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 934,779.87
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 934,779.87
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 68,870.31
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 865,909.56
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 865,909.56
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,280,000.00
Purchased receivables more than 30 days delinquent 94,879.02
-------------------
Total 4,374,879.02
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 110,481,696.98
Delinquency Ratio 3.96%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 3.96%
Delinquency Ratio for second preceding Determination Date 3.01%
Delinquency Ratio for third preceding Determination Date 1.28%
-------------------
Average Delinquency Ratio 2.75% 2.75%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 142,852.00
Current Period Defaulted Receivables 150,337.95
-------------------
Total 293,189.95
Cumulative Defaulted Receivables 293,189.95
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 0.32%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 663.00
-------------------
Cumulative Net Losses 663.00
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 0.00%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,989,646.05
15% of Outstanding Certificate Balance 13,484,469.08
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,989,646.05
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 89,896,460.51
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 8,989,646.05
Beginning of Period Spread Account Balance 4,438,437.64
Spread Account Deposit (Withdrawal) from Current Distributions 865,909.56
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 3,685,298.85
Earnings on Spread Account Balance 14,186.51
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 5,318,533.71
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President - Chief Financial Officer
Current month excess servicing fee #REF!
</TABLE>
Monthly Certificateholder Statement
FASCO Auto Trust 1996-1
6.65% Class A Asset-Backed Certificates
10.00% Class B Asset-Backed Certificates
Distribution Date 4/15/97
Collection Period 3/97
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among Financial Asset Securities Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,787,309.84
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $390,232.61
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,397,077.23
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $33.00
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.62
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $28.38
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above
(given to the Collateral Agent for deposit into the Spread Account) $157,047.01
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $30,885.05
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $11,781.30
(j) Scheduled Payments due in such Collection Period $2,383,317.62
(k) Scheduled Payments collected in such
Collection Period $2,321,846.17
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $74,124,119.67
(b) The Class A Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments allocated to principal in paragraph A.1.(c) above $68,020,836.46
(c) The Class B Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments allocated to principal in paragraph A.1.(c) above $3,580,044.02
(d) The Pool factor as of the close of business
on the last day set forth above 0.8054024
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $144,158.67
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,941.61
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.71
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 2
Aggregate Purchase Amount $9,046.43
3 Payment Shortfalls.
(a) The amount of the Class A Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $28,241.27
(b) Distributions (to) from Collection Account ($2,669.32)
for Payaheads
(c) Interest earned on Payahead Balances $153.09
(d) Ending Payahead Account Balance $25,725.04
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,160,088.05
Spread Account Balance $7,160,088.05
(b) The change in the spread account on the Distribution
Date set forth above ($252,323.92)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $19,839.41
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $728,600.19
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 231
Aggregate Gross Amount $3,115,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 213
Aggregate Gross Amount $2,850,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.00%
(b) Average Delinquency Ratio 7.25%
(c) Cumulative Default Ratio 7.38%
(d) Cumulative Net Loss Ratio 2.38%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,165,752.34
Lock Box NSF Items: (53,958.76)
Transfers from (to) Payahead Account: 2,669.32
Collection Account Interest 12,314.95
Payahead Account Interest 153.09
Total Collection Proceeds: 3,126,930.94
For Distribution Date: 4/15/97
For Determination Date: 4/8/97
For Collection Period: 3/97
Collateral Activity Information
Principal
Beginning Principal Balance 74,124,119.67
Principal portion of payments collected (non-prepayments) 1,028,481.19
Prepayments in full allocable to principal 475,296.00
Collections allocable to principal 1,503,777.19
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 281,815.38
Purchase Amounts allocable to principal 9,046.43
-------------------
Total Principal 1,794,639.00
Realized Losses 728,600.19
Cram Down Losses 0.00
Ending Principal Balance 71,600,880.48
Interest
Collections allocable to interest 1,293,364.98
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 26,458.92
-------------------
Total Interest 1,319,823.90
Certificate Information
Beginning of Period Class A Principal Balance 70,417,913.69
Beginning of Period Class B Principal Balance 3,706,205.98
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,412,411.97
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 20,618.47
Aggregate Payahead Balance 25,571.95
Aggregate Payahead Balance for preceding Distribution Date 28,241.27
Interest Earned on Payahead Balances 153.09
Scheduled Payments due in Collection Period 2,383,317.62
Scheduled Payments collected in Collection Period 2,321,846.17
Aggregate Amount of Realized Losses for preceding Distribution Date 728,600.19
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 231 3,115,000.00
60+ days delinquent 213 2,850,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
2 9,046.43
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,965,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 9,046.43
Receivables as of the close of business on the last
day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 790,814.10
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.26%
Delinquency Ratio for third preceding Determination Date 7.48%
Cumulative Defaults for preceding Determination Date 5,774,331.00
Cumulative Net Losses for preceding Determination Date 1,412,216.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,797,142.17
Liquidation Proceeds 281,815.38
Recoveries 26,458.92
Purchase Amounts 9,046.43
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 12,314.95
Investment earnings from Payahead Account 153.09
-------------------
Total Distribution Amount 3,126,930.94
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,028,481.19
Prepayments in full allocable to principal 475,296.00
Principal Balance of Liquidated Receivables 1,010,415.57
Purchase Amounts allocable to principal 9,046.43
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,523,239.19
Class A Principal Distributable Amount
Principal Distributable Amount 2,523,239.19
Times Class A Percentage (95%) 95%
-------------------
2,397,077.23
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,397,077.23
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 70,417,913.69
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class A Interest Distributable Amount 390,232.61
Class B Principal Distributable Amount
Principal Distributable Amount 2,523,239.19
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 126,161.96
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 3,706,205.98
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
-------------------
Class B Coupon Interest Amount 30,885.05
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
Interest on Class B Principal Carryover Shortfall 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
Interest on Class A Principal Carryover Shortfall 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,941.61 3,126,930.94 4,941.61 3,126,930.94
Servicing Fee (2.0%) 123,540.20 3,121,989.33 123,540.20 0.00
Additional Servicing Fee Amounts 20,618.47 2,998,449.13 20,618.47 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection 0.00 2,977,830.66 0.00
Periods
Unpaid Servicing Fee from prior Collection 0.00 2,977,830.66 0.00
Periods
(ii) Transition Expenses to Standby Servicer 0.00 2,977,830.66 0.00
(iii) Trustee Fee 926.55 2,977,830.66 926.55
Trustee's out-of-pocket expenses 0.00 2,976,904.11 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,976,904.11 0.00
Unpaid Trustee's out-of-pocket expenses 0.00 2,976,904.11 0.00
from prior Collection Periods
(iv) Collateral Agent Fee 926.55 2,976,904.11 926.55
Collateral Agent Expenses 0.00 2,975,977.56 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,975,977.56 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,975,977.56 0.00
Collection Periods
(v) Class A Interest Distributable Amount 390,232.61 2,975,977.56 390,232.61
Class A Interest Carryover Shortfall 0.00 2,585,744.95 0.00
(vi) Class B Coupon Interest 30,885.05 2,585,744.95 30,885.05
Class B Carryover Interest 0.00 2,554,859.90 0.00
(vii) Class A Principal Distributable Amount 2,397,077.23 2,554,859.90 2,397,077.23 729,853.71
Class A Principal Carryover Shortfall 0.00 157,782.67 0.00 729,853.71
(viii) Certificate Insurer Premium 19,839.41 157,782.67 19,839.41
Certificate Insurer Premium Supplement 0.00 137,943.26 0.00
Other Reimbursement Obligations to 0.00 137,943.26 0.00
Certificate Insurer
(ix) Transition Expenses to successor Servicer 0.00 137,943.26 0.00
(x) Class B Principal Distributable Amount - Unadjusted 126,161.96 137,943.26 126,161.96
Current Month Class B Principal Carryover Shortfall 0.00 11,781.30 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 11,781.30 0.00
Adjusted Class B Principal Distributable Amount 126,161.96 11,781.30 11,781.30
(xi) Remaining amounts to Collateral Agent for deposit 11,781.30 0.00 0.00
in Spread Account 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 70,417,913.69
Class A Principal Distributions 2,397,077.23
Class A End of Period Principal Balance 68,020,836.46
Class B Beginning of Period Principal Balance 3,706,205.98
Class B Principal Distributable Amount 126,161.96
Class B End of Period Principal Balance 3,580,044.02
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,126,930.94
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 541,185.99
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,585,744.95
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,585,744.95
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 30,885.05
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,554,859.90
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,554,859.90
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,397,077.23
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 157,782.67
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 157,782.67
Certificate Insurer Premium 19,839.41
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Amount Remaining for Further Distribution/(Deficiency) 137,943.26
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 137,943.26
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 126,161.96
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 11,781.30
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,965,000.00
Purchased receivables more than 30 days delinquent 9,046.43
-------------------
Total 5,974,046.43
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 85,370,179.54
Delinquency Ratio 7.00%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.00%
Delinquency Ratio for second preceding Determination Date 7.26%
Delinquency Ratio for third preceding Determination Date 7.48%
-------------------
Average Delinquency Ratio 7.25% 7.25%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 5,774,331.00
Current Period Defaulted Receivables 790,814.10
-------------------
Total 6,565,145.10
Cumulative Defaulted Receivables 6,565,145.10
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 7.38%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,010,415.57
Cram Down Losses 0.00
Net Liquidation Proceeds (308,274.30)
-------------------
Net Liquidation Losses 702,141.27
Cumulative Previous Net Losses 1,412,216.00
-------------------
Cumulative Net Losses 2,114,357.27
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 2.38%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 44.85
Weighted Average Annual Percentage Rate 20.24%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,160,088.05
15% of Outstanding Certificate Balance 10,740,132.07
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,160,088.05
Spread Account Floor
3.5% of the Initial Certificate Balance 3,111,526.26
Outstanding Certificate Balance 71,600,880.48
Minimum Floor 100,000.00
--------------
Floor Amount 3,111,526.26
Required Spread Account Amount 7,160,088.05
Beginning of Period Spread Account Balance 7,412,411.97
Spread Account Deposit (Withdrawal) from Current Distributions 11,781.30
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (264,105.22)
Earnings on Spread Account Balance 31,505.74
Amount of Spread Account deposit (withdrawal) (295,610.96)
Ending Spread Account Balance 7,160,088.05
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
11.30% Class B Asset-Backed Certificates
Distribution Date 4/15/97
Collection Period 3/97
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,468,645.31
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $445,502.76
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,023,142.55
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $28.21
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.09
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $23.12
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $146,027.00
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $39,545.81
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $106,481.19
(j) Scheduled Payments due in such Collection Period $2,550,721.49
(k) Scheduled Payments collected in such
Collection Period $2,617,860.41
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $83,991,093.14
(b) The Certificates Balance as of the close of business on the
last day set forth above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $77,768,395.92
(c) The Pool factor as of the close of business
on the last day set forth above 0.8885498
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $152,955.61
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,599.41
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.75
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $32,570.26
(b) Distributions (to) from Collection Account $1,682.45
for Payaheads
(c) Interest earned on Payahead Balances $198.14
(d) Ending Payahead Account Balance $34,450.85
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,186,146.94
Spread Account Balance $7,801,088.40
(b) The change in the spread account on the Distribution
Date set forth above $449,868.96
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $22,682.45
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $456,700.20
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 234
Aggregate Gross Amount $3,329,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 212
Aggregate Gross Amount $2,989,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.35%
(b) Average Delinquency Ratio 6.36%
(c) Cumulative Default Ratio 3.42%
(d) Cumulative Net Loss Ratio 0.67%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,284,504.57
Lock Box NSF Items: (76,316.21)
Transfers from (to) Payahead Account: (1,682.45)
Collection Account Interest 11,889.97
Payahead Account Interest 198.14
Total Collection Proceeds: 3,218,594.02
For Distribution Date: 4/15/97
For Determination Date: 4/8/97
For Collection Period: 3/97
Collateral Activity Information
Principal
Beginning Principal Balance 83,991,093.14
Principal portion of payments collected (non-prepayments) 1,090,866.36
Prepayments in full allocable to principal 452,367.00
Collections allocable to principal 1,543,233.36
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 129,690.18
Purchase Amounts allocable to principal 0.00
Total Principal 1,672,923.54
Realized Losses 456,700.20
Cram Down Losses 0.00
Ending Principal Balance 81,861,469.40
Interest
Collections allocable to interest 1,526,994.05
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 6,588.32
-------------------
Total Interest 1,533,582.37
Certificate Information
Beginning of Period Class A Principal Balance 79,791,538.47
Beginning of Period Class B Principal Balance 4,199,554.67
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,351,219.44
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 12,970.45
Aggregate Payahead Balance 34,252.71
Aggregate Payahead Balance for preceding Distribution Date 32,570.26
Interest Earned on Payahead Balances 198.14
Scheduled Payments due in Collection Period 2,550,721.49
Scheduled Payments collected in Collection Period 2,617,860.41
Aggregate Amount of Realized Losses for preceding Distribution Date 456,700.20
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 234 3,329,000.00
60+ days delinquent 212 2,989,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,318,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 835,805.67
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.47%
Delinquency Ratio for third preceding Determination Date 6.27%
Cumulative Defaults for preceding Determination Date 2,319,463.00
Cumulative Net Losses for preceding Determination Date 165,033.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,070,227.41
Liquidation Proceeds 129,690.18
Recoveries 6,588.32
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,889.97
Investment earnings from Payahead Account 198.14
-------------------
Total Distribution Amount 3,218,594.02
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,090,866.36
Prepayments in full allocable to principal 452,367.00
Principal Balance of Liquidated Receivables 586,390.38
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,129,623.74
Class A Principal Distributable Amount
Principal Distributable Amount 2,129,623.74
Times Class A Percentage (95%) 95%
-------------------
2,023,142.55
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,023,142.55
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 79,791,538.47
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 19/360 0.0833333
-------------------
Class A Interest Distributable Amount 445,502.76
Class B Principal Distributable Amount
Principal Distributable Amount 2,129,623.74
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 106,481.19
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,199,554.67
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date 0.0833333
-------------------
Class B Coupon Interest Amount 39,545.81
Class B Excess Interest Amount
Total Distribution Amount 3,218,594.02
minus
Class A Principal and Interest Distributable Amount 2,468,645.31
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 39,545.81
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 106,481.19
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,049.89
Standby Servicer distributions 5,599.41
Servicer distributions 152,955.61
Collateral Agent distributions 1,049.89
Reimbursement Obligations 22,682.45
-------------------
420,584.46
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Interest Carryover on Class A Principal Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,599.41 0.00 0.00 106,481.19
Servicing Fee (2.0%) 139,985.16 0.00 0.00 0.00
Additional Servicing Fee Amounts 12,970.45 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 1,049.89 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 0.00 0.00
Collection Periods
(iv) Collateral Agent Fee 1,049.89 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior 0.00 0.00 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 0.00 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 445,502.76 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00 106,481.19
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00 106,481.19
Class A Interest Distributable Amount 445,502.76 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 39,545.81 0.00 0.00
Class B Interest Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 0.00 0.00
Previous Month(s)
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 39,545.81 0.00 0.00
(v)(B) Class A Principal Distributable Amount - 2,023,142.55 0.00 0.00
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Class A Principal Distribution Amount 2,023,142.55 0.00 0.00
(vi) Certificate Insurer Premium 22,682.45 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - 106,481.19 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 106,481.19 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 420,584.46 0.00 0.00
0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 79,791,538.47
Class A Principal Distributions 2,023,142.55
Class A End of Period Principal Balance 77,768,395.92
Class B Beginning of Period Principal Balance 4,199,554.67
Class B Principal Distributable Amount 106,481.19
Class B End of Period Principal Balance 4,093,073.48
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,218,594.02
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 606,157.56
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,612,436.46
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,612,436.46
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 39,545.81
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,572,890.65
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,572,890.65
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,023,142.55
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 549,748.10
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 549,748.10
Certificate Insurer Premium 22,682.45
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Amount Remaining for Further Distribution/(Deficiency) 527,065.65
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 527,065.65 (ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x)
106,481.19 (iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 420,584.46
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,318,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 6,318,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 99,565,520.41
Delinquency Ratio 6.35%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.35%
Delinquency Ratio for second preceding Determination Date 6.47%
Delinquency Ratio for third preceding Determination Date 6.27%
-------------------
Average Delinquency Ratio 6.36% 6.36%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 2,319,463.00
Current Period Defaulted Receivables 835,805.67
-------------------
Total 3,155,268.67
Cumulative Defaulted Receivables 3,155,268.67
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 3.42%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 586,390.38
Cram Down Losses 0.00
Net Liquidation Proceeds (136,278.50)
-------------------
Net Liquidation Losses 450,111.88
Cumulative Previous Net Losses 165,033.00
-------------------
Cumulative Net Losses 615,144.88
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 0.67%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 48.74
Weighted Average Annual Percentage Rate 20.50%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,186,146.94
15% of Outstanding Certificate Balance 12,279,220.41
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,186,146.94
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 81,861,469.40
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 8,186,146.94
Beginning of Period Spread Account Balance 7,351,219.44
Spread Account Deposit (Withdrawal) from Current Distributions 420,584.46
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 414,343.04
Earnings on Spread Account Balance 29,284.50
Amount of Spread Account deposit (withdrawal) 0.00
Ending Spread Account Balance 7,801,088.40
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
10.15% Class B Asset-Backed Certificates
Distribution Date 4/15/97
Collection Period 3/97
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $1,983,679.81
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $448,358.60
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,535,321.21
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $22.49
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.08
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $17.40
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $118,825.09
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $38,018.71
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $80,806.38
(j) Scheduled Payments due in such Collection Period $2,630,719.27
(k) Scheduled Payments collected in such
Collection Period $2,596,964.93
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $89,896,460.51
(b) The Certificates Balance as of the close of business on the
last day set forth above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $83,866,316.26
(c) The Pool factor as of the close of business
on the last day set forth above 0.9507044
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $164,813.71
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $8,989.65
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.87
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.10
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 7
Aggregate Purchase Amount $124,921.37
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $31,172.28
(b) Distributions (to) from Collection Account $6,623.51
for Payaheads
(c) Interest earned on Payahead Balances $202.54
(d) Ending Payahead Account Balance $37,998.33
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,828,033.29
Spread Account Balance $6,116,086.24
(b) The change in the spread account on the Distribution
Date set forth above $797,552.53
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $24,461.01
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 210
Aggregate Gross Amount $2,988,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 144
Aggregate Gross Amount $2,037,000.00
8 Performance Triggers
(a) Delinquency Ratio 4.76%
(b) Average Delinquency Ratio 3.91%
(c) Cumulative Default Ratio 0.96%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,158,484.14
Lock Box NSF Items: (82,951.33)
Transfers from (to) Payahead Account: (6,623.51)
Collection Account Interest 11,098.61
Payahead Account Interest 202.54
Total Collection Proceeds: 3,080,210.45
For Distribution Date: 4/15/97
For Determination Date: 4/8/97
For Collection Period: 3/97
Collateral Activity Information
Principal
Beginning Principal Balance 89,896,460.51
Principal portion of payments collected (non-prepayments) 1,144,183.22
Prepayments in full allocable to principal 347,023.00
Collections allocable to principal 1,491,206.22
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 124,921.37
Total Principal 1,616,127.59
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 88,280,332.92
Interest
Collections allocable to interest 1,452,781.71
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 1,452,781.71
Certificate Information
Beginning of Period Class A Principal Balance 85,401,637.47
Beginning of Period Class B Principal Balance 4,494,823.04
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,318,533.71
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 14,986.28
Aggregate Payahead Balance 37,795.79
Aggregate Payahead Balance for preceding Distribution Date 31,172.28
Interest Earned on Payahead Balances 202.54
Scheduled Payments due in Collection Period 2,630,719.27
Scheduled Payments collected in Collection Period 2,596,964.93
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 210 2,988,000.00
60+ days delinquent 144 2,037,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
7 124,921.37
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,025,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 124,921.37
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 595,056.58
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 3.96%
Delinquency Ratio for third preceding Determination Date 3.01%
Cumulative Defaults for preceding Determination Date 293,190.00
Cumulative Net Losses for preceding Determination Date 663.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,943,987.93
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 124,921.37
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,098.61
Investment earnings from Payahead Account 202.54
-------------------
Total Distribution Amount 3,080,210.45
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,144,183.22
Prepayments in full allocable to principal 347,023.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 124,921.37
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,616,127.59
Class A Principal Distributable Amount
Principal Distributable Amount 1,616,127.59
Times Class A Percentage (95%) 95%
-------------------
1,535,321.21
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,535,321.21
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 85,401,637.47
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 448,358.60
Class B Principal Distributable Amount
Principal Distributable Amount 1,616,127.59
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 80,806.38
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,494,823.04
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 38,018.71
Class B Excess Interest Amount
Total Distribution Amount 3,080,210.45
minus
Class A Principal and Interest Distributable Amount 1,983,679.81
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 38,018.71
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 80,806.38
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,123.71
Standby Servicer distributions 8,989.65
Servicer distributions 164,813.71
Collateral Agent distributions 1,123.71
Reimbursement Obligations 24,461.01
-------------------
777,193.76
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 8,989.65 3,080,210.45 8,989.65 3,080,210.45
Servicing Fee (2.0%) 149,827.43 3,071,220.80 149,827.43 0.00
Additional Servicing Fee Amounts 14,986.28 2,921,393.37 14,986.28 0.00
(late fees,prepayment charges, etc.
Unpaid Standby Fee from prior Collection Periods 0.00 2,906,407.09 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,906,407.09 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,906,407.09 0.00
(iii) Trustee Fee 1,123.71 2,906,407.09 1,123.71
Trustee's out-of-pocket expenses 0.00 2,905,283.38 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,905,283.38 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,905,283.38 0.00
Collection Periods
(iv) Collateral Agent Fee 1,123.71 2,905,283.38 1,123.71
Collateral Agent Expenses 0.00 2,904,159.67 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,904,159.67 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,904,159.67 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 448,358.60 2,904,159.67 448,358.60
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,455,801.07 0.00
Class A Interest Carryover Shortfall 0.00 2,455,801.07 0.00
Interest on Interest Carryover from Prior Months 0.00 2,455,801.07 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,455,801.07 0.00
Class A Interest Distributable Amount 448,358.60 2,455,801.07 448,358.60
(viii)(A)Class B Coupon Interest - Unadjusted 38,018.71 2,007,442.47 38,018.71
Class B Interest Carryover Shortfall - 0.00 1,969,423.76 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 1,969,423.76 0.00
Previous Month(s)
Interest on Interest Carryover from Prior Months 0.00 1,969,423.76 0.00
Current Month Class B Interest Shortfall 0.00 1,969,423.76 0.00
Adjusted Class B Interest Distributable Amount 38,018.71 1,969,423.76 38,018.71
(v)(B) Class A Principal Distributable Amount - 1,535,321.21 1,931,405.05 1,535,321.21 1,544,889.24
Current Month
Class A Principal Carryover Shortfall - 0.00 396,083.84 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 396,083.84 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,535,321.21 396,083.84 396,083.84 9,568.03
(vi) Certificate Insurer Premium 24,461.01 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - 80,806.38 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 80,806.38 0.00 0.00
Excess Interest Amount for Deposit in Spread 777,193.76 0.00 0.00
Account 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 85,401,637.47
Class A Principal Distributions 1,535,321.21
Class A End of Period Principal Balance 83,866,316.26
Class B Beginning of Period Principal Balance 4,494,823.04
Class B Principal Distributable Amount 80,806.38
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,414,016.66
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,414,016.66
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,080,210.45
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 624,409.38
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,455,801.07
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,455,801.07
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 38,018.71
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,417,782.36
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,417,782.36
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,535,321.21
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 882,461.15
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 882,461.15
(vi) Certificate Insurer Premium 24,461.01
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00 Withdrawl from Spread Account to Cover
Deficiency 0.00 If (i) is less than (ii), there is a Deficiency Claim
Amount NO Amount Remaining for Further Distribution/(Deficiency)
858,000.14
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 858,000.14
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 80,806.38
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 777,193.76
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 777,193.76
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,025,000.00
Purchased receivables more than 30 days delinquent 124,921.37
-------------------
Total 5,149,921.37
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 108,086,074.51
Delinquency Ratio 4.76%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.76%
Delinquency Ratio for second preceding Determination Date 3.96%
Delinquency Ratio for third preceding Determination Date 3.01%
-------------------
Average Delinquency Ratio 3.91% 3.91%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 293,190.00
Current Period Defaulted Receivables 595,056.58
-------------------
Total 888,246.58
Cumulative Defaulted Receivables 888,246.58
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 0.96%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 663.00
-------------------
Cumulative Net Losses 663.00
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 51.86
Weighted Average Annual Percentage Rate 20.57%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,828,033.29
15% of Outstanding Certificate Balance 13,242,049.94
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,828,033.29
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 88,280,332.92
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 8,828,033.29
Beginning of Period Spread Account Balance 5,318,533.71
Spread Account Deposit (Withdrawal) from Current Distributions 777,193.76
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 2,732,305.82
Earnings on Spread Account Balance 20,358.77
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 6,116,086.24
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
11.66% Class B Asset-Backed Certificates
Distribution Date 4/15/97
Collection Period 3/97
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $1,356,961.82
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $512,921.24
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $844,040.58
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $13.96
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.28
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $8.68
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $92,479.93
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $48,056.74
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $44,423.19
(j) Scheduled Payments due in such Collection Period $2,924,439.43
(k) Scheduled Payments collected in such
Collection Period $1,682,868.65
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $102,327,009.71
(b) The Certificates Balance as of the close of business on the
last day set forth above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $96,366,618.64
(c) The Pool factor as of the close of business
on the last day set forth above 0.9913174
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $168,090.52
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $9,891.61
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.73
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.10
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 7
Aggregate Purchase Amount $97,840.42
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $0.00
(b) Distributions (to) from Collection Account $48,318.64
for Payaheads
(c) Interest earned on Payahead Balances $95.43
(d) Ending Payahead Account Balance $48,414.07
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $10,143,854.59
Spread Account Balance $3,867,014.10
(b) The change in the spread account on the Distribution
Date set forth above $285,568.76
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $27,170.03
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 100
Aggregate Gross Amount $1,555,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 1
Aggregate Gross Amount $1,000.00
8 Performance Triggers
(a) Delinquency Ratio 1.34%
(b) Average Delinquency Ratio 1.34%
(c) Cumulative Default Ratio 0.02%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 1,990,153.42
Lock Box NSF Items: (7,883.71)
Transfers from (to) Payahead Account: (48,318.64)
Collection Account Interest 1,739.38
Payahead Account Interest 95.43
Total Collection Proceeds: 1,935,785.88
For Distribution Date: 4/15/97
For Determination Date: 4/8/97
For Collection Period: 3/97
Collateral Activity Information
Principal
Beginning Principal Balance 102,327,009.71
Principal portion of payments collected (non-prepayments) 637,381.35
Prepayments in full allocable to principal 153,242.00
Collections allocable to principal 790,623.35
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 97,840.42
Total Principal 888,463.77
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 101,438,545.94
Interest
Collections allocable to interest 1,045,487.30
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 1,045,487.30
Certificate Information
Beginning of Period Class A Principal Balance 97,210,659.22
Beginning of Period Class B Principal Balance 5,116,350.49
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,581,445.34
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 3,230.34
Aggregate Payahead Balance 48,318.64
Aggregate Payahead Balance for preceding Distribution Date 0.00
Interest Earned on Payahead Balances 95.43
Scheduled Payments due in Collection Period 2,924,439.43
Scheduled Payments collected in Collection Period 1,682,868.65
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 100 1,555,000.00
60+ days delinquent 1 1,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
7 97,840.42
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 1,556,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 97,840.42
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 21,200.24
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 0.00
Cumulative Net Losses for preceding Determination Date 0.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 1,836,110.65
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 97,840.42
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 1,739.38
Investment earnings from Payahead Account 95.43
-------------------
Total Distribution Amount 1,935,785.88
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 637,381.35
Prepayments in full allocable to principal 153,242.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 97,840.42
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 888,463.77
Class A Principal Distributable Amount
Principal Distributable Amount 888,463.77
Times Class A Percentage (95%) 95%
-------------------
844,040.58
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 844,040.58
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 97,210,659.22
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0805556
-------------------
Class A Interest Distributable Amount 512,921.24
Class B Principal Distributable Amount
Principal Distributable Amount 888,463.77
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 44,423.19
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,116,350.49
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0805556
-------------------
Class B Coupon Interest Amount 48,056.74
Class B Excess Interest Amount
Total Distribution Amount 1,935,785.88
minus
Class A Principal and Interest Distributable Amount 1,356,961.82
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 48,056.74
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 44,423.19
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,236.45
Standby Servicer distributions 9,891.61
Servicer distributions 168,090.52
Collateral Agent distributions 1,236.45
Reimbursement Obligations 27,170.03
-------------------
278,719.07
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 9,891.61 1,935,785.88 9,891.61 1,935,785.88
Servicing Fee (2.0%) 164,860.18 1,925,894.27 164,860.18 0.00
Additional Servicing Fee Amounts 3,230.34 1,761,034.09 3,230.34 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 1,757,803.75 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 1,757,803.75 0.00
(ii) Transition Expenses to Standby Servicer 0.00 1,757,803.75 0.00
(iii) Trustee Fee 1,236.45 1,757,803.75 1,236.45
Trustee's out-of-pocket expenses 0.00 1,756,567.30 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 1,756,567.30 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 1,756,567.30 0.00
Collection Periods
(iv) Collateral Agent Fee 1,236.45 1,756,567.30 1,236.45
Collateral Agent Expenses 0.00 1,755,330.85 0.00
Unpaid Collateral Agent Fee from prior 0.00 1,755,330.85 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 1,755,330.85 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 512,921.24 1,755,330.85 512,921.24
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 1,242,409.61 0.00
Class A Interest Carryover Shortfall 0.00 1,242,409.61 0.00
Interest on Interest Carryover from 0.00 1,242,409.61 0.00
Prior Months
Current Month Class A Interest Carryover 0.00 1,242,409.61 0.00
Shortfall
Class A Interest Distributable Amount 512,921.24 1,242,409.61 512,921.24
(viii)(A)Class B Coupon Interest - Unadjusted 48,056.74 729,488.37 48,056.74
Class B Interest Carryover Shortfall - 0.00 681,431.63 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 681,431.63 0.00
Previous Month(s)
Interest on Interest Carryover from 0.00 681,431.63 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 681,431.63 0.00
Adjusted Class B Interest Distributable Amount 48,056.74 681,431.63 48,056.74
(v)(B) Class A Principal Distributable Amount - 844,040.58 633,374.89 633,374.89 1,091,745.30
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 844,040.58 0.00 0.00 247,704.72
(vi) Certificate Insurer Premium 27,170.03 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 44,423.19 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 44,423.19 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 278,719.07 0.00 0.00
0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 97,210,659.22
Class A Principal Distributions 844,040.58
Class A End of Period Principal Balance 96,366,618.64
Class B Beginning of Period Principal Balance 5,116,350.49
Class B Principal Distributable Amount 44,423.19
Class B End of Period Principal Balance BEFORE Spread Account Distributions 5,071,927.30
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 5,071,927.30
Class A Deficiency - Interest
(i) Total Distribution Amount Available 1,935,785.88
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 693,376.27
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,242,409.61
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,242,409.61
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 48,056.74
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,194,352.87
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,194,352.87
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 844,040.58
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 350,312.29
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 350,312.29
(vi) Certificate Insurer Premium 27,170.03
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 323,142.26
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 323,142.26
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 44,423.19
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 278,719.07
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 278,719.07
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 1,556,000.00
Purchased receivables more than 30 days delinquent 97,840.42
-------------------
Total 1,653,840.42
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 123,755,973.15
Delinquency Ratio 1.34%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 1.34%
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
-------------------
Average Delinquency Ratio 1.34% 0.45%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 21,200.24
-------------------
Total 21,200.24
Cumulative Defaulted Receivables 21,200.24
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 0.02%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-------------------
Cumulative Net Losses 0.00
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 54.62
Weighted Average Annual Percentage Rate 20.59%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 10,143,854.59
15% of Outstanding Certificate Balance 15,215,781.89
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 10,143,854.59
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 101,438,545.94
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 10,143,854.59
Beginning of Period Spread Account Balance 3,581,445.34
Spread Account Deposit (Withdrawal) from Current Distributions 278,719.07
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 6,283,690.18
Earnings on Spread Account Balance 6,849.69
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 3,867,014.10
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Current month excess servicing fee #REF!
</TABLE>
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
10.00% Class B Asset-Backed Certificates
Distribution Date 5/15/97
Collection Period 4/97
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,256,604.81
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $376,948.80
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,879,656.01
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $38.56
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.46
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $34.10
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $139,603.07
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $29,833.70
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $151,560.84
(j) Scheduled Payments due in such Collection Period $2,311,142.11
(k) Scheduled Payments collected in such
Collection Period $2,133,387.85
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $71,600,880.48
(b) The Class A Certificates Balance as of the close of business
on the last day set forth above, after giving effect to
payments
allocated to principal in paragraph A.1.(c) above $65,141,180.45
(c) The Pool factor as of the close of business
on the last day set forth above 0.7713058
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $142,604.04
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,773.39
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.69
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 2
Aggregate Purchase Amount $20,120.43
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $25,725.04
(b) Distributions (to) from Collection Account ($3,424.68)
for Payaheads
(c) Interest earned on Payahead Balances $111.81
(d) Ending Payahead Account Balance $22,412.17
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,861,145.51
Spread Account Balance $6,861,145.51
(b) The change in the spread account on the Distribution
Date set forth above ($298,942.54)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $18,999.51
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $831,906.63
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 219
Aggregate Gross Amount $2,787,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 216
Aggregate Gross Amount $2,876,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.97%
(b) Average Delinquency Ratio 7.08%
(c) Cumulative Default Ratio 8.08%
(d) Cumulative Net Loss Ratio 3.26%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,613,424.55
Lock Box NSF Items: (64,371.39)
Transfers from (to) Payahead Account: 3,424.68
Collection Account Interest 11,785.19
Payahead Account Interest 111.81
Total Collection Proceeds: 3,564,374.84
For Distribution Date: 5/15/97
For Determination Date: 5/8/97
For Collection Period: 4/97
Collateral Activity Information
Principal
Beginning Principal Balance 71,600,880.48
Principal portion of payments collected (non-prepayments) 827,584.92
Prepayments in full allocable to principal 736,543.00
Collections allocable to principal 1,564,127.92
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 615,061.87
Purchase Amounts allocable to principal 20,120.43
Total Principal 2,199,310.22
Realized Losses 831,906.63
Cram Down Losses 0.00
Ending Principal Balance 68,569,663.63
Interest
Collections allocable to interest 1,305,802.93
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 47,364.69
-------------------
Total Interest 1,353,167.62
Certificate Information
Beginning of Period Class A Principal Balance 68,020,836.46
Beginning of Period Class B Principal Balance 3,580,044.02
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,160,088.05
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 23,269.24
Aggregate Payahead Balance 22,300.36
Aggregate Payahead Balance for preceding Distribution Date 25,725.04
Interest Earned on Payahead Balances 111.81
Scheduled Payments due in Collection Period 2,311,142.11
Scheduled Payments collected in Collection Period 2,133,387.85
Aggregate Amount of Realized Losses for preceding Distribution Date 831,906.63
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 219 2,787,000.00
60+ days delinquent 216 2,876,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
2 20,120.43
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,663,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 20,120.43
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 622,009.97
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.00%
Delinquency Ratio for third preceding Determination Date 7.26%
Cumulative Defaults for preceding Determination Date 6,565,145.00
Cumulative Net Losses for preceding Determination Date 2,114,357.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,869,930.85
Liquidation Proceeds 615,061.87
Recoveries 47,364.69
Purchase Amounts 20,120.43
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,785.19
Investment earnings from Payahead Account 111.81
-------------------
Total Distribution Amount 3,564,374.84
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 827,584.92
Prepayments in full allocable to principal 736,543.00
Principal Balance of Liquidated Receivables 1,446,968.50
Purchase Amounts allocable to principal 20,120.43
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 3,031,216.85
Class A Principal Distributable Amount
Principal Distributable Amount 3,031,216.85
Times Class A Percentage (95%) 95%
-------------------
2,879,656.01
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,879,656.01
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 68,020,836.46
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 376,948.80
Class B Principal Distributable Amount
Principal Distributable Amount 3,031,216.85
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 151,560.84
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,580,044.02
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 29,833.70
Class B Excess Interest Amount
Total Distribution Amount 3,564,374.84
minus
Class A Principal and Interest Distributable Amount 3,256,604.81
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 29,833.70
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 151,560.84
Class B Principal Carryover Shortfall 0.00
Trustee distributions 895.01
Standby Servicer distributions 4,773.39
Servicer distributions 142,604.04
Collateral Agent distributions 895.01
Reimbursement Obligations 18,999.51
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,773.39 3,564,374.84 4,773.39 3,564,374.84
Servicing Fee (2.0%) 119,334.80 3,559,601.45 119,334.80 0.00
Additional Servicing Fee Amounts 23,269.24 3,440,266.65 23,269.24 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,416,997.41 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,416,997.41 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,416,997.41 0.00
(iii) Trustee Fee 895.01 3,416,997.41 895.01
Trustee's out-of-pocket expenses 0.00 3,416,102.40 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,416,102.40 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,416,102.40 0.00
Collection Periods
(iv) Collateral Agent Fee 895.01 3,416,102.40 895.01
Collateral Agent Expenses 0.00 3,415,207.39 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,415,207.39 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,415,207.39 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 376,948.80 3,415,207.39 376,948.80
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 3,038,258.59 0.00
Class A Interest Carryover Shortfall 0.00 3,038,258.59 0.00
Interest on Interest Carryover from Prior Months 0.00 3,038,258.59 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,038,258.59 0.00
Class A Interest Distributable Amount 376,948.80 3,038,258.59 376,948.80
(viii)(A)Class B Coupon Interest - Unadjusted 29,833.70 2,661,309.79 29,833.70
Class B Interest Carryover Shortfall - 0.00 2,631,476.09 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 2,631,476.09 0.00
Previous Month(s)
Interest on Interest Carryover from 0.00 2,631,476.09 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 2,631,476.09 0.00
Adjusted Class B Interest Distributable Amount 29,833.70 2,631,476.09 29,833.70
(v)(B) Class A Principal Distributable Amount - 2,879,656.01 2,601,642.39 2,601,642.39 684,718.83
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,879,656.01 0.00 0.00 0.00
(vi) Certificate Insurer Premium 18,999.51 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - 151,560.84 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (41,791.47) 0.00 (41,791.47)
Adjusted Class B Principal Distributable Amount 109,769.37 41,791.47 41,791.47
Excess Interest Amount for Deposit in Spread Account 0.00 0.00 0.00
0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 68,020,836.46
Class A Principal Distributions 2,879,656.01
Class A End of Period Principal Balance 65,141,180.45
Class B Beginning of Period Principal Balance 3,580,044.02
Class B Principal Distributable Amount 109,769.37
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,470,274.65
Withdrawl from Spread Account to Cover B Shortfalls 41,791.47
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,428,483.18
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,564,374.84
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 526,116.25
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,038,258.59
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,038,258.59
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 29,833.70
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,008,424.89
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,008,424.89
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,879,656.01
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 128,768.88
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 128,768.88
(vi) Certificate Insurer Premium 18,999.51
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 109,769.37
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 109,769.37
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 151,560.84
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (41,791.47)
Withdrawl from Spread Account to B PieceCover Shortfalls (41,791.47)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,663,000.00
Purchased receivables more than 30 days delinquent 20,120.43
-------------------
Total 5,683,120.43
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 81,544,438.63
Delinquency Ratio 6.97%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.97%
Delinquency Ratio for second preceding Determination Date 7.00%
Delinquency Ratio for third preceding Determination Date 7.26%
-------------------
Average Delinquency Ratio 7.08% 7.08%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 6,565,145.00
Current Period Defaulted Receivables 622,009.97
-------------------
Total 7,187,154.97
Cumulative Defaulted Receivables 7,187,154.97
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 8.08%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,446,968.50
Cram Down Losses 0.00
Net Liquidation Proceeds (662,426.56)
-------------------
Net Liquidation Losses 784,541.94
Cumulative Previous Net Losses 2,114,357.00
-------------------
Cumulative Net Losses 2,898,898.94
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 3.26%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 43.90
Weighted Average Annual Percentage Rate 20.33%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,861,145.51
15% of Outstanding Certificate Balance 10,291,718.27
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,861,145.51
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 68,611,455.10
Minimum Floor 100,000.00
--------------
Floor Amount 2,667,022.51
Required Spread Account Amount 6,861,145.51
Beginning of Period Spread Account Balance 7,160,088.05
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (298,942.54)
Earnings on Spread Account Balance 30,171.42
Amount of Spread Account deposit (withdrawal) (329,113.96)
Amount of Withdrawl Allocated to B Piece Shortfalls 41,791.47
Net Spread Account Withdrawl to Seller (287,322.49)
Ending Spread Account Balance 6,861,145.51
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
11.30% Class B Asset-Backed Certificates
Distribution Date 5/15/97
Collection Period 4/97
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,665,557.06
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $434,206.88
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,231,350.18
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $30.46
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.96
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $25.49
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $155,982.59
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $38,543.11
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $117,439.48
(j) Scheduled Payments due in such Collection Period $2,513,760.88
(k) Scheduled Payments collected in such
Collection Period $2,651,466.40
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $81,861,469.40
(b) The Certificates Balance as of the close of business on the
last day set forth above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $75,537,045.74
(c) The Pool factor as of the close of business
on the last day set forth above 0.8630553
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $156,472.47
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,457.43
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.79
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 2
Aggregate Purchase Amount $16,769.34
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $34,450.85
(b) Distributions (to) from Collection Account ($6,173.94)
for Payaheads
(c) Interest earned on Payahead Balances $138.89
(d) Ending Payahead Account Balance $28,415.80
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,951,267.97
Spread Account Balance $7,951,559.97
(b) The change in the spread account on the Distribution
Date set forth above $150,471.57
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $22,031.64
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $286,403.13
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 226
Aggregate Gross Amount $3,129,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 215
Aggregate Gross Amount $2,964,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.35%
(b) Average Delinquency Ratio 6.39%
(c) Cumulative Default Ratio 4.23%
(d) Cumulative Net Loss Ratio 0.95%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,592,018.33
Lock Box NSF Items: (79,355.30)
Transfers from (to) Payahead Account: 6,173.94
Collection Account Interest 11,797.26
Payahead Account Interest 138.89
Total Collection Proceeds: 3,530,773.12
For Distribution Date: 5/15/97
For Determination Date: 5/8/97
For Collection Period: 4/97
Collateral Activity Information
Principal
Beginning Principal Balance 81,861,469.40
Principal portion of payments collected (non-prepayments) 1,222,440.36
Prepayments in full allocable to principal 594,620.00
Collections allocable to principal 1,817,060.36
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 228,556.83
Purchase Amounts allocable to principal 16,769.34
Total Principal 2,062,386.53
Realized Losses 286,403.13
Cram Down Losses 0.00
Ending Principal Balance 79,512,679.74
Interest
Collections allocable to interest 1,429,026.04
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 27,424.40
-------------------
Total Interest 1,456,450.44
Certificate Information
Beginning of Period Class A Principal Balance 77,768,395.92
Beginning of Period Class B Principal Balance 4,093,073.48
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,801,088.40
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 20,036.69
Aggregate Payahead Balance 28,276.91
Aggregate Payahead Balance for preceding Distribution Date 34,450.85
Interest Earned on Payahead Balances 138.89
Scheduled Payments due in Collection Period 2,513,760.88
Scheduled Payments collected in Collection Period 2,651,466.40
Aggregate Amount of Realized Losses for preceding Distribution Date 286,403.13
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 226 3,129,000.00
60+ days delinquent 215 2,964,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
2 16,769.34
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,093,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 16,769.34
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 744,997.02
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.35%
Delinquency Ratio for third preceding Determination Date 6.47%
Cumulative Defaults for preceding Determination Date 3,155,269.00
Cumulative Net Losses for preceding Determination Date 615,145.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,246,086.40
Liquidation Proceeds 228,556.83
Recoveries 27,424.40
Purchase Amounts 16,769.34
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,797.26
Investment earnings from Payahead Account 138.89
-------------------
Total Distribution Amount 3,530,773.12
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,222,440.36
Prepayments in full allocable to principal 594,620.00
Principal Balance of Liquidated Receivables 514,959.96
Purchase Amounts allocable to principal 16,769.34
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,348,789.66
Class A Principal Distributable Amount
Principal Distributable Amount 2,348,789.66
Times Class A Percentage (95%) 95%
-------------------
2,231,350.18
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,231,350.18
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 77,768,395.92
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 19/360 0.0833333
-------------------
Class A Interest Distributable Amount 434,206.88
Class B Principal Distributable Amount
Principal Distributable Amount 2,348,789.66
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 117,439.48
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,093,073.48
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date 0.0833333
-------------------
Class B Coupon Interest Amount 38,543.11
Class B Excess Interest Amount
Total Distribution Amount 3,530,773.12
minus
Class A Principal and Interest Distributable Amount 2,665,557.06
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 38,543.11
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 117,439.48
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,023.27
Standby Servicer distributions 5,457.43
Servicer distributions 156,472.47
Collateral Agent distributions 1,023.27
Reimbursement Obligations 22,031.64
-------------------
523,225.39
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Interest Carryover on Class A Principal Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,457.43 0.00 0.00 117,439.48
Servicing Fee (2.0%) 136,435.78 0.00 0.00 0.00
Additional Servicing Fee Amounts 20,036.69 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 1,023.27 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 0.00 0.00
Collection Periods
(iv) Collateral Agent Fee 1,023.27 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior 0.00 0.00 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 0.00 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 434,206.88 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00 117,439.48
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00 117,439.48
Class A Interest Distributable Amount 434,206.88 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 38,543.11 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 38,543.11 0.00 0.00
(v)(B) Class A Principal Distributable Amount - Current Month 2,231,350.18 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Class A Principal Distribution Amount 2,231,350.18 0.00 0.00
(vi) Certificate Insurer Premium 22,031.64 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - 117,439.48 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 117,439.48 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 523,225.39 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 77,768,395.92
Class A Principal Distributions 2,231,350.18
Class A End of Period Principal Balance 75,537,045.74
Class B Beginning of Period Principal Balance 4,093,073.48
Class B Principal Distributable Amount 117,439.48
Class B End of Period Principal Balance 3,975,634.00
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,530,773.12
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 598,183.32
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,932,589.80
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,932,589.80
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 38,543.11
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,894,046.69
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,894,046.69
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,231,350.18
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 662,696.51
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 662,696.51
Certificate Insurer Premium 22,031.64
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Amount Remaining for Further Distribution/(Deficiency) 640,664.87
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 640,664.87
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 117,439.48
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 523,225.39
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,093,000.00
Purchased receivables more than 30 days delinquent 16,769.34
-------------------
Total 6,109,769.34
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 96,291,837.78
Delinquency Ratio 6.35%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.35%
Delinquency Ratio for second preceding Determination Date 6.35%
Delinquency Ratio for third preceding Determination Date 6.47%
-------------------
Average Delinquency Ratio 6.39% 6.39%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 3,155,269.00
Current Period Defaulted Receivables 744,997.02
-------------------
Total 3,900,266.02
Cumulative Defaulted Receivables 3,900,266.02
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 4.23%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 514,959.96
Cram Down Losses 0.00
Net Liquidation Proceeds (255,981.23)
-------------------
Net Liquidation Losses 258,978.73
Cumulative Previous Net Losses 615,145.00
-------------------
Cumulative Net Losses 874,123.73
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 0.95%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 47.85
Weighted Average Annual Percentage Rate 20.45%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,951,267.97
15% of Outstanding Certificate Balance 11,926,901.96
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,951,267.97
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 79,512,679.74
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 7,951,267.97
Beginning of Period Spread Account Balance 7,801,088.40
Spread Account Deposit (Withdrawal) from Current Distributions 523,225.39
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (373,045.82)
Earnings on Spread Account Balance 31,370.39
Amount of Spread Account deposit (withdrawal) (404,124.21)
Ending Spread Account Balance 7,951,559.97
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
10.15% Class B Asset-Backed Certificates
Distribution Date 5/15/97
Collection Period 4/97
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,064,237.75
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $440,298.16
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,623,939.59
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $23.40
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.99
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $18.41
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $122,805.72
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $37,335.22
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $85,470.50
(j) Scheduled Payments due in such Collection Period $2,615,773.44
(k) Scheduled Payments collected in such
Collection Period $2,805,190.58
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $88,280,332.92
(b) The Certificates Balance as of the close of business on the
last day set forth above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $82,242,376.67
(c) The Pool factor as of the close of business
on the last day set forth above 0.9322955
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $165,012.46
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $8,828.03
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.87
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.10
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 5
Aggregate Purchase Amount $57,496.78
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $37,998.33
(b) Distributions (to) from Collection Account ($4,324.31)
for Payaheads
(c) Interest earned on Payahead Balances $143.39
(d) Ending Payahead Account Balance $33,817.41
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,657,092.28
Spread Account Balance $7,039,256.78
(b) The change in the spread account on the Distribution
Date set forth above $923,170.54
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $23,987.36
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $8,866.02
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 221
Aggregate Gross Amount $3,076,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 199
Aggregate Gross Amount $2,718,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.54%
(b) Average Delinquency Ratio 4.75%
(c) Cumulative Default Ratio 1.61%
(d) Cumulative Net Loss Ratio 0.01%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,373,587.30
Lock Box NSF Items: (100,522.62)
Transfers from (to) Payahead Account: 4,324.31
Collection Account Interest 11,344.28
Payahead Account Interest 143.39
Total Collection Proceeds: 3,288,876.66
For Distribution Date: 5/15/97
For Determination Date: 5/8/97
For Collection Period: 4/97
Collateral Activity Information
Principal
Beginning Principal Balance 88,280,332.92
Principal portion of payments collected (non-prepayments) 1,228,595.66
Prepayments in full allocable to principal 414,117.00
Collections allocable to principal 1,642,712.66
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 334.63
Purchase Amounts allocable to principal 57,496.78
Total Principal 1,700,544.07
Realized Losses 8,866.02
Cram Down Losses 0.00
Ending Principal Balance 86,570,922.83
Interest
Collections allocable to interest 1,576,594.92
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 250.00
-------------------
Total Interest 1,576,844.92
Certificate Information
Beginning of Period Class A Principal Balance 83,866,316.26
Beginning of Period Class B Principal Balance 4,414,016.67
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,116,086.24
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,878.57
Aggregate Payahead Balance 33,674.02
Aggregate Payahead Balance for preceding Distribution Date 37,998.33
Interest Earned on Payahead Balances 143.39
Scheduled Payments due in Collection Period 2,615,773.44
Scheduled Payments collected in Collection Period 2,805,190.58
Aggregate Amount of Realized Losses for preceding Distribution Date 8,866.02
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 2,302.90
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 221 3,076,000.00
60+ days delinquent 199 2,718,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
5 57,496.78
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,794,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 57,496.78
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 604,373.35
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 4.76%
Delinquency Ratio for third preceding Determination Date 3.96%
Cumulative Defaults for preceding Determination Date 888,246.00
Cumulative Net Losses for preceding Determination Date 663.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,219,307.58
Liquidation Proceeds 334.63
Recoveries 250.00
Purchase Amounts 57,496.78
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,344.28
Investment earnings from Payahead Account 143.39
-------------------
Total Distribution Amount 3,288,876.66
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,228,595.66
Prepayments in full allocable to principal 414,117.00
Principal Balance of Liquidated Receivables 9,200.65
Purchase Amounts allocable to principal 57,496.78
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,709,410.09
Class A Principal Distributable Amount
Principal Distributable Amount 1,709,410.09
Times Class A Percentage (95%) 95%
-------------------
1,623,939.59
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,623,939.59
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 83,866,316.26
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 440,298.16
Class B Principal Distributable Amount
Principal Distributable Amount 1,709,410.09
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 85,470.50
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,414,016.67
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 37,335.22
Class B Excess Interest Amount
Total Distribution Amount 3,288,876.66
minus
Class A Principal and Interest Distributable Amount 2,064,237.75
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 37,335.22
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 85,470.50
Class B Principal Carryover Shortfall 0.00
Trustee distributions 3,406.40
Standby Servicer distributions 8,828.03
Servicer distributions 165,012.46
Collateral Agent distributions 1,103.50
Reimbursement Obligations 23,987.36
-------------------
899,495.44
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 8,828.03 3,288,876.66 8,828.03 3,288,876.66
Servicing Fee (2.0%) 147,133.89 3,280,048.63 147,133.89 0.00
Additional Servicing Fee Amounts 17,878.57 3,132,914.74 17,878.57 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,115,036.17 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,115,036.17 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,115,036.17 0.00
(iii) Trustee Fee 1,103.50 3,115,036.17 1,103.50
Trustee's out-of-pocket expenses 2,302.90 3,113,932.67 2,302.90
Unpaid Trustee Fee from prior Collection Periods 0.00 3,111,629.77 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,111,629.77 0.00
Collection Periods
(iv) Collateral Agent Fee 1,103.50 3,111,629.77 1,103.50
Collateral Agent Expenses 0.00 3,110,526.27 0.00
Unpaid Collateral Agent Fee from prior Collection 0.00 3,110,526.27 0.00
Periods
Unpaid Collateral Agent Expenses from prior Collection 0.00 3,110,526.27 0.00
Periods
(v)(A) Class A Interest Distributable Amount - Current Month 440,298.16 3,110,526.27 440,298.16
Prior Month(s) Class A Carryover Shortfall 0.00 2,670,228.11 0.00
Class A Interest Carryover Shortfall 0.00 2,670,228.11 0.00
Interest on Interest Carryover from Prior Months 0.00 2,670,228.11 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,670,228.11 0.00
Class A Interest Distributable Amount 440,298.16 2,670,228.11 440,298.16
(viii)(A)Class B Coupon Interest - Unadjusted 37,335.22 2,229,929.95 37,335.22
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,192,594.73 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,192,594.73 0.00
Interest on Interest Carryover from Prior Months 0.00 2,192,594.73 0.00
Current Month Class B Interest Shortfall 0.00 2,192,594.73 0.00
Adjusted Class B Interest Distributable Amount 37,335.22 2,192,594.73 37,335.22
(v)(B) Class A Principal Distributable Amount - Current Month 1,623,939.59 2,155,259.51 1,623,939.59 1,664,937.07
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 531,319.92 0.00
Current Month Class A Principal Shortfall 0.00 531,319.92 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,623,939.59 531,319.92 531,319.92 40,997.49
(vi) Certificate Insurer Premium 23,987.36 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month 85,470.50 0.00 0.00
Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 85,470.50 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 899,495.44 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 83,866,316.26
Class A Principal Distributions 1,623,939.59
Class A End of Period Principal Balance 82,242,376.67
Class B Beginning of Period Principal Balance 4,414,016.67
Class B Principal Distributable Amount 85,470.50
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,328,546.16
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,328,546.16
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,288,876.66
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 618,648.55
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,670,228.11
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 2,670,228.11 (ii) Current distribution amounts payable pursuant to
Section 4.6(c) (vi) and (x) 37,335.22 (iii) Prior month(s) carryover
shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,632,892.89
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,632,892.89
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,623,939.59
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,008,953.30
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,008,953.30
(vi) Certificate Insurer Premium 23,987.36
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00 Withdrawl from Spread Account to Cover
Deficiency 0.00 If (i) is less than (ii), there is a Deficiency Claim
Amount NO Amount Remaining for Further Distribution/(Deficiency)
984,965.94
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 984,965.94
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 85,470.50
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 899,495.44
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 899,495.44
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,794,000.00
Purchased receivables more than 30 days delinquent 57,496.78
-------------------
Total 5,851,496.78
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 105,619,390.42
Delinquency Ratio 5.54%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.54%
Delinquency Ratio for second preceding Determination Date 4.76%
Delinquency Ratio for third preceding Determination Date 3.96%
-------------------
Average Delinquency Ratio 4.75% 4.75%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 888,246.00
Current Period Defaulted Receivables 604,373.35
-------------------
Total 1,492,619.35
Cumulative Defaulted Receivables 1,492,619.35
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 1.61%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 9,200.65
Cram Down Losses 0.00
Net Liquidation Proceeds (584.63)
-------------------
Net Liquidation Losses 8,616.02
Cumulative Previous Net Losses 663.00
-------------------
Cumulative Net Losses 9,279.02
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 0.01%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 50.96
Weighted Average Annual Percentage Rate 20.54%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,657,092.28
15% of Outstanding Certificate Balance 12,985,638.43
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,657,092.28
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 86,570,922.84
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 8,657,092.28
Beginning of Period Spread Account Balance 6,116,086.24
Spread Account Deposit (Withdrawal) from Current Distributions 899,495.44
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 1,641,510.60
Earnings on Spread Account Balance 23,675.10
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,039,256.78
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
11.66% Class B Asset-Backed Certificates
Distribution Date 5/15/97
Collection Period 4/97
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,010,252.18
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $526,001.13
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,484,251.05
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $20.68
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.41
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $15.27
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $127,400.71
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $49,282.23
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $78,118.48
(j) Scheduled Payments due in such Collection Period $2,906,906.30
(k) Scheduled Payments collected in such
Collection Period $2,850,599.65
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $101,438,545.94
(b) The Certificates Balance as of the close of business on the
last day set forth above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $94,882,367.59
(c) The Pool factor as of the close of business
on the last day set forth above 0.9760490
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $178,918.10
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $10,143.85
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.84
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.10
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 15
Aggregate Purchase Amount $205,855.82
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $48,414.07
(b) Distributions (to) from Collection Account ($13,293.26)
for Payaheads
(c) Interest earned on Payahead Balances $306.91
(d) Ending Payahead Account Balance $35,427.72
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,987,617.64
Spread Account Balance $4,981,664.12
(b) The change in the spread account on the Distribution
Date set forth above $1,114,650.02
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $27,674.02
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 196
Aggregate Gross Amount $2,757,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 39
Aggregate Gross Amount $612,000.00
8 Performance Triggers
(a) Delinquency Ratio 2.95%
(b) Average Delinquency Ratio 2.95%
(c) Cumulative Default Ratio 0.07%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,473,237.99
Lock Box NSF Items: (37,624.78)
Transfers from (to) Payahead Account: 13,293.26
Collection Account Interest 9,453.01
Payahead Account Interest 306.91
Total Collection Proceeds: 3,458,666.39
For Distribution Date: 5/15/97
For Determination Date: 5/8/97
For Collection Period: 4/97
Collateral Activity Information
Principal
Beginning Principal Balance 101,438,545.94
Principal portion of payments collected (non-prepayments) 964,062.71
Prepayments in full allocable to principal 392,451.00
Collections allocable to principal 1,356,513.71
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 205,855.82
Total Principal 1,562,369.53
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 99,876,176.41
Interest
Collections allocable to interest 1,886,536.94
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 1,886,536.94
Certificate Information
Beginning of Period Class A Principal Balance 96,366,618.64
Beginning of Period Class B Principal Balance 5,071,927.30
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,867,014.10
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 9,853.86
Aggregate Payahead Balance 35,120.81
Aggregate Payahead Balance for preceding Distribution Date 48,414.07
Interest Earned on Payahead Balances 306.91
Scheduled Payments due in Collection Period 2,906,906.30
Scheduled Payments collected in Collection Period 2,850,599.65
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 2,500.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 196 2,757,000.00
60+ days delinquent 39 612,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
15 205,855.82
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 3,369,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 205,855.82
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 54,654.25
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 1.34%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 21,200.00
Cumulative Net Losses for preceding Determination Date 0.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,243,050.65
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 205,855.82
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 9,453.01
Investment earnings from Payahead Account 306.91
-------------------
Total Distribution Amount 3,458,666.39
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 964,062.71
Prepayments in full allocable to principal 392,451.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 205,855.82
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,562,369.53
Class A Principal Distributable Amount
Principal Distributable Amount 1,562,369.53
Times Class A Percentage (95%) 95%
-------------------
1,484,251.05
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,484,251.05
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 96,366,618.64
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 526,001.13
Class B Principal Distributable Amount
Principal Distributable Amount 1,562,369.53
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 78,118.48
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,071,927.30
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 49,282.23
Class B Excess Interest Amount
Total Distribution Amount 3,458,666.39
minus
Class A Principal and Interest Distributable Amount 2,010,252.18
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 49,282.23
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 78,118.48
Class B Principal Carryover Shortfall 0.00
Trustee distributions 3,767.98
Standby Servicer distributions 10,143.85
Servicer distributions 178,918.10
Collateral Agent distributions 1,267.98
Reimbursement Obligations 27,674.02
-------------------
1,099,241.57
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 10,143.85 3,458,666.39 10,143.85 3,458,666.39
Servicing Fee (2.0%) 169,064.24 3,448,522.54 169,064.24 0.00
Additional Servicing Fee Amounts 9,853.86 3,279,458.30 9,853.86 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,269,604.44 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,269,604.44 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,269,604.44 0.00
(iii) Trustee Fee 1,267.98 3,269,604.44 1,267.98
Trustee's out-of-pocket expenses 2,500.00 3,268,336.46 2,500.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,265,836.46 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 3,265,836.46 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,267.98 3,265,836.46 1,267.98
Collateral Agent Expenses 0.00 3,264,568.48 0.00
Unpaid Collateral Agent Fee from prior Collection 0.00 3,264,568.48 0.00
Periods
Unpaid Collateral Agent Expenses from prior Collection 0.00 3,264,568.48 0.00
Periods
(v)(A) Class A Interest Distributable Amount - Current Month 526,001.13 3,264,568.48 526,001.13
Prior Month(s) Class A Carryover Shortfall 0.00 2,738,567.35 0.00
Class A Interest Carryover Shortfall 0.00 2,738,567.35 0.00
Interest on Interest Carryover from Prior Months 0.00 2,738,567.35 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,738,567.35 0.00
Class A Interest Distributable Amount 526,001.13 2,738,567.35 526,001.13
(viii)(A)Class B Coupon Interest - Unadjusted 49,282.23 2,212,566.22 49,282.23
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,163,283.99 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,163,283.99 0.00
Interest on Interest Carryover from Prior Months 0.00 2,163,283.99 0.00
Current Month Class B Interest Shortfall 0.00 2,163,283.99 0.00
Adjusted Class B Interest Distributable Amount 49,282.23 2,163,283.99 49,282.23
(v)(B) Class A Principal Distributable Amount - Current Month 1,484,251.05 2,114,001.76 1,484,251.05 1,974,415.34
Class A Principal Carryover Shortfall - Previous 0.00 629,750.71 0.00
Month(s)
Current Month Class A Principal Shortfall 0.00 629,750.71 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,484,251.05 629,750.71 629,750.71 490,164.28
(vi) Certificate Insurer Premium 27,674.02 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month 78,118.48 0.00 0.00
Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 78,118.48 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 1,099,241.57 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 96,366,618.64
Class A Principal Distributions 1,484,251.05
Class A End of Period Principal Balance 94,882,367.59
Class B Beginning of Period Principal Balance 5,071,927.30
Class B Principal Distributable Amount 78,118.48
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,993,808.82
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,993,808.82
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,458,666.39
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 720,099.04
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,738,567.35
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,738,567.35
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 49,282.23
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,689,285.12
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,689,285.12
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,484,251.05
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency 1,205,034.07
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,205,034.07
(vi) Certificate Insurer Premium 27,674.02
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,177,360.04
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,177,360.04
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 78,118.48
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 1,099,241.57
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,099,241.57
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,369,000.00
Purchased receivables more than 30 days delinquent 205,855.82
-------------------
Total 3,574,855.82
Aggregate Gross Principal Balance as of the close of
121,380,942.08 business on the last day of the
Collection Period.
Delinquency Ratio 2.95%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 2.95%
Delinquency Ratio for second preceding Determination Date 1.34%
Delinquency Ratio for third preceding Determination Date 0.00%
-------------------
Average Delinquency Ratio 2.95% 1.43%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 21,200.00
Current Period Defaulted Receivables 54,654.25
-------------------
Total 75,854.25
Cumulative Defaulted Receivables 75,854.25
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 0.07%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-------------------
Cumulative Net Losses 0.00
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 53.75
Weighted Average Annual Percentage Rate 20.59%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 9,987,617.64
15% of Outstanding Certificate Balance 14,981,426.46
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 9,987,617.64
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 99,876,176.41
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 9,987,617.64
Beginning of Period Spread Account Balance 3,867,014.10
Spread Account Deposit (Withdrawal) from Current Distributions 1,099,241.57
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 5,021,361.97
Earnings on Spread Account Balance 15,408.45
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 4,981,664.12
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
10.00% Class B Asset-Backed Certificates
Distribution Date 6/16/97
Collection Period 5/97
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,405,332.50
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $360,990.71
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,044,341.79
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $40.32
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.27
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $36.05
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $28,570.69
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $28,570.69
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $2,239,278.40
(k) Scheduled Payments collected in such
Collection Period $1,750,330.23
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $68,569,663.63
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $65,525,321.84
(c) The Pool factor as of the close of business
on the last day set forth above 0.9556022
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $134,564.30
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,571.31
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.59
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 2
Aggregate Purchase Amount $23,142.37
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $22,412.17
(b) Distributions (to) from Collection Account $676.91
for Payaheads
(c) Interest earned on Payahead Balances $102.28
(d) Ending Payahead Account Balance $23,191.36
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,552,532.18
Spread Account Balance $6,438,272.42
(b) The change in the spread account on the Distribution
Date set forth above ($422,873.09)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $18,111.58
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $919,624.47
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 237
Aggregate Gross Amount $2,929,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 194
Aggregate Gross Amount $2,599,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.16%
(b) Average Delinquency Ratio 7.04%
(c) Cumulative Default Ratio 8.69%
(d) Cumulative Net Loss Ratio 4.22%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,101,387.05
Lock Box NSF Items: (45,960.08)
Transfers from (to) Payahead Account: (676.91)
Collection Account Interest 11,861.31
Payahead Account Interest 102.28
Total Collection Proceeds: 3,066,713.65
For Distribution Date: 6/16/97
For Determination Date: 6/9/97
For Collection Period: 5/97
Collateral Activity Information
Principal
Beginning Principal Balance 68,569,663.63
Principal portion of payments collected (non-prepayments) 1,043,797.16
Prepayments in full allocable to principal 666,578.00
Collections allocable to principal 1,710,375.16
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 551,428.31
Purchase Amounts allocable to principal 23,142.37
Total Principal 2,284,945.84
Realized Losses 919,624.47
Cram Down Losses 0.00
Ending Principal Balance 65,365,093.32
Interest
Collections allocable to interest 706,533.07
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 63,271.15
-------------------
Total Interest 769,804.22
Certificate Information
Beginning of Period Class A Principal Balance 65,141,180.45
Beginning of Period Class B Principal Balance 3,428,483.18
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,861,145.51
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 20,281.53
Aggregate Payahead Balance 23,089.08
Aggregate Payahead Balance for preceding Distribution Date 22,412.17
Interest Earned on Payahead Balances 102.28
Scheduled Payments due in Collection Period 2,239,278.40
Scheduled Payments collected in Collection Period 1,750,330.23
Aggregate Amount of Realized Losses for preceding Distribution Date 919,624.47
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 237 2,929,000.00
60+ days delinquent 194 2,599,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
2 23,142.37
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,528,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 23,142.37
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 533,886.36
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.97%
Delinquency Ratio for third preceding Determination Date 7.00%
Cumulative Defaults for preceding Determination Date 7,187,155.00
Cumulative Net Losses for preceding Determination Date 2,898,899.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,416,908.23
Liquidation Proceeds 551,428.31
Recoveries 63,271.15
Purchase Amounts 23,142.37
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,861.31
Investment earnings from Payahead Account 102.28
-------------------
Total Distribution Amount 3,066,713.65
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,043,797.16
Prepayments in full allocable to principal 666,578.00
Principal Balance of Liquidated Receivables 1,471,052.78
Purchase Amounts allocable to principal 23,142.37
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 3,204,570.31
Class A Principal Distributable Amount
Principal Distributable Amount 3,204,570.31
Times Class A Percentage (95%) 95%
-------------------
3,044,341.79
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,044,341.79
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 65,141,180.45
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 360,990.71
Class B Principal Distributable Amount
Principal Distributable Amount 3,204,570.31
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 160,228.52
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,428,483.18
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 28,570.69
Class B Excess Interest Amount
Total Distribution Amount 3,066,713.65
minus
Class A Principal and Interest Distributable Amount 3,405,332.50
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 28,570.69
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 160,228.52
Class B Principal Carryover Shortfall 0.00
Trustee distributions 857.12
Standby Servicer distributions 4,571.31
Servicer distributions 134,564.30
Collateral Agent distributions 857.12
Reimbursement Obligations 18,111.58
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,571.31 3,066,713.65 4,571.31 3,066,713.65
Servicing Fee (2.0%) 114,282.77 3,062,142.34 114,282.77 0.00
Additional Servicing Fee Amounts 20,281.53 2,947,859.57 20,281.53 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,927,578.04 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,927,578.04 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,927,578.04 0.00
(iii) Trustee Fee 857.12 2,927,578.04 857.12
Trustee's out-of-pocket expenses 0.00 2,926,720.92 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,926,720.92 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,926,720.92 0.00
Collection Periods
(iv) Collateral Agent Fee 857.12 2,926,720.92 857.12
Collateral Agent Expenses 0.00 2,925,863.80 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,925,863.80 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,925,863.80 0.00
Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 360,990.71 2,925,863.80 360,990.71
Prior Month(s) Class A Carryover Shortfall 0.00 2,564,873.09 0.00
Class A Interest Carryover Shortfall 0.00 2,564,873.09 0.00
Interest on Interest Carryover from Prior Months 0.00 2,564,873.09 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,564,873.09 0.00
Class A Interest Distributable Amount 360,990.71 2,564,873.09 360,990.71
(viii)(A)Class B Coupon Interest - Unadjusted 28,570.69 2,203,882.38 28,570.69
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,175,311.69 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,175,311.69 0.00
Interest on Interest Carryover from Prior Months 0.00 2,175,311.69 0.00
Current Month Class B Interest Shortfall 0.00 2,175,311.69 0.00
Adjusted Class B Interest Distributable Amount 28,570.69 2,175,311.69 28,570.69
(v)(B) Class A Principal Distributable Amount - Current Month 3,044,341.79 2,146,741.00 2,146,741.00 22,371.86
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (508,039.39) 0.00 (508,039.39)
Withdrawl from Spread Account to Cover Shortfall 508,039.39
Class A Principal Distribution Amount 3,044,341.79 508,039.39 508,039.39 0.00
(vi) Certificate Insurer Premium 18,111.58 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - 160,228.52 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (160,228.52) 0.00 (160,228.52)
Adjusted Class B Principal Distributable Amount 0.00 160,228.52 0.00
Excess Interest Amount for Deposit in Spread Account (526,150.97) 160,228.52 (526,150.97)
686,379.49 686,379.49
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 65,141,180.45
Class A Principal Distributions 3,044,341.79
Class A End of Period Principal Balance 62,096,838.66
Class B Beginning of Period Principal Balance 3,428,483.18
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,428,483.18
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,428,483.18
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,066,713.65
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 501,840.56
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,564,873.09
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,564,873.09
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 28,570.69
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,536,302.40
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,536,302.40
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,044,341.79
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 508,039.39
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency ) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 18,111.58
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (18,111.58)
Withdrawl from Spread Account to Cover Deficiency 18,111.58
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 160,228.52
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (160,228.52)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (160,228.52)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,528,000.00
Purchased receivables more than 30 days delinquent 23,142.37
-------------------
Total 5,551,142.37
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 77,541,753.62
Delinquency Ratio 7.16%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.16%
Delinquency Ratio for second preceding Determination Date 6.97%
Delinquency Ratio for third preceding Determination Date 7.00%
-------------------
Average Delinquency Ratio 7.04% 7.04%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 7,187,155.00
Current Period Defaulted Receivables 533,886.36
-------------------
Total 7,721,041.36
Cumulative Defaulted Receivables 7,721,041.36
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 8.69%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,471,052.78
Cram Down Losses 0.00
Net Liquidation Proceeds (614,699.46)
-------------------
Net Liquidation Losses 856,353.32
Cumulative Previous Net Losses 2,898,899.00
-------------------
Cumulative Net Losses 3,755,252.32
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 4.22%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 42.96
Weighted Average Annual Percentage Rate 20.20%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,552,532.18
15% of Outstanding Certificate Balance 9,828,798.28
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,552,532.18
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 65,525,321.84
Minimum Floor 100,000.00
--------------
Floor Amount 2,667,022.51
Required Spread Account Amount 6,552,532.18
Beginning of Period Spread Account Balance 6,861,145.51
Spread Account Deposit (Withdrawal) from Current Distributions (526,150.97)
Transfer (to) from Cross-Collateralized Spread Accounts 73,445.21
Required addition to/(eligible withdrawal from) Spread Account 144,092.43
Earnings on Spread Account Balance 29,832.67
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 6,438,272.42
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
11.30% Class B Asset-Backed Certificates
Distribution Date 6/16/97
Collection Period 5/97
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,940,436.04
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $421,748.51
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,518,687.53
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $33.60
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.82
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $28.78
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $169,999.72
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $37,437.22
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $132,562.50
(j) Scheduled Payments due in such Collection Period $2,461,958.39
(k) Scheduled Payments collected in such
Collection Period $2,184,880.72
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $79,512,679.74
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $76,993,992.21
(c) The Pool factor as of the close of business
on the last day set forth above 0.9683234
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $150,863.54
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,300.85
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.72
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $13,998.99
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $28,415.80
(b) Distributions (to) from Collection Account ($502.95)
for Payaheads
(c) Interest earned on Payahead Balances $133.44
(d) Ending Payahead Account Balance $28,046.29
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,699,399.22
Spread Account Balance $7,699,399.22
(b) The change in the spread account on the Distribution
Date set forth above ($252,160.75)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $21,297.02
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $601,864.55
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 243
Aggregate Gross Amount $3,342,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 194
Aggregate Gross Amount $2,757,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.59%
(b) Average Delinquency Ratio 6.43%
(c) Cumulative Default Ratio 5.07%
(d) Cumulative Net Loss Ratio 1.57%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,211,867.30
Lock Box NSF Items: (101,154.75)
Transfers from (to) Payahead Account: 502.95
Collection Account Interest 12,090.33
Payahead Account Interest 133.44
Total Collection Proceeds: 3,123,439.27
For Distribution Date: 6/16/97
For Determination Date: 6/9/97
For Collection Period: 5/97
Collateral Activity Information
Principal
Beginning Principal Balance 79,512,679.74
Principal portion of payments collected (non-prepayments) 1,155,654.31
Prepayments in full allocable to principal 502,203.00
Collections allocable to principal 1,657,857.31
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 377,529.18
Purchase Amounts allocable to principal 13,998.99
Total Principal 2,049,385.48
Realized Losses 601,864.55
Cram Down Losses 0.00
Ending Principal Balance 76,861,429.71
Interest
Collections allocable to interest 1,029,226.41
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 32,603.61
-------------------
Total Interest 1,061,830.02
Certificate Information
Beginning of Period Class A Principal Balance 75,537,045.74
Beginning of Period Class B Principal Balance 3,975,634.00
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,951,559.97
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 18,342.41
Aggregate Payahead Balance 27,912.85
Aggregate Payahead Balance for preceding Distribution Date 28,415.80
Interest Earned on Payahead Balances 133.44
Scheduled Payments due in Collection Period 2,461,958.39
Scheduled Payments collected in Collection Period 2,184,880.72
Aggregate Amount of Realized Losses for preceding Distribution Date 601,864.55
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 243 3,342,000.00
60+ days delinquent 194 2,757,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 13,998.99
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,099,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 13,998.99
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 773,977.43
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.35%
Delinquency Ratio for third preceding Determination Date 6.35%
Cumulative Defaults for preceding Determination Date 3,900,266.00
Cumulative Net Losses for preceding Determination Date 874,123.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,687,083.72
Liquidation Proceeds 377,529.18
Recoveries 32,603.61
Purchase Amounts 13,998.99
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 12,090.33
Investment earnings from Payahead Account 133.44
-------------------
Total Distribution Amount 3,123,439.27
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,155,654.31
Prepayments in full allocable to principal 502,203.00
Principal Balance of Liquidated Receivables 979,393.73
Purchase Amounts allocable to principal 13,998.99
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,651,250.03
Class A Principal Distributable Amount
Principal Distributable Amount 2,651,250.03
Times Class A Percentage (95%) 95%
-------------------
2,518,687.53
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,518,687.53
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 75,537,045.74
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 421,748.51
Class B Principal Distributable Amount
Principal Distributable Amount 2,651,250.03
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 132,562.50
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,975,634.00
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 37,437.22
Class B Excess Interest Amount
Total Distribution Amount 3,123,439.27
minus
Class A Principal and Interest Distributable Amount 2,940,436.04
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 37,437.22
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 132,562.50
Class B Principal Carryover Shortfall 0.00
Trustee distributions 993.91
Standby Servicer distributions 5,300.85
Servicer distributions 150,863.54
Collateral Agent distributions 993.91
Reimbursement Obligations 21,297.02
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,300.85 0.00 0.00 132,562.50
Servicing Fee (2.0%) 132,521.13 0.00 0.00 0.00
Additional Servicing Fee Amounts 18,342.41 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 993.91 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 0.00 0.00
prior Collection Periods
(iv) Collateral Agent Fee 993.91 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior 0.00 0.00 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 0.00 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 421,748.51 0.00 0.00
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from 0.00 0.00 0.00
Prior Months
Current Month Class A Interest Carryover 0.00 0.00 0.00
Shortfall
Class A Interest Distributable Amount 421,748.51 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 37,437.22 0.00 0.00
Class B Interest Carryover Shortfall - 0.00 0.00 0.00 132,562.50
Previous Month(s)
Interest on B Interest Shortfall - 0.00 0.00 0.00 132,562.50
Previous Month(s)
Interest on Interest Carryover from Prior 0.00 0.00 0.00
Months
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 37,437.22 0.00 0.00
(v)(B) Class A Principal Distributable Amount - 2,518,687.53 0.00 0.00
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall (12,586.20) 0.00 (12,586.20)
Withdrawl from Spread Account to Cover Shortfall 12,586.20
Class A Principal Distribution Amount 2,518,687.53 12,586.20 12,586.20
(vi) Certificate Insurer Premium 21,297.02 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 132,562.50 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous 0.00 0.00 0.00
Month(s)
Current Month Class B Principal Shortfall (132,562.50) 0.00 (132,562.50)
Adjusted Class B Principal Distributable Amount 0.00 132,562.50 0.00
Excess Interest Amount for Deposit in (33,883.22) 132,562.50 (33,883.22)
Spread Account 166,445.72 166,445.72
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 75,537,045.74
Class A Principal Distributions 2,518,687.53
Class A End of Period Principal Balance 73,018,358.21
Class B Beginning of Period Principal Balance 3,975,634.00
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,975,634.00
Withdrawl from Spread Account to Cover B Shortfalls 132,562.50
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,843,071.50
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,123,439.27
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 579,900.72
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,543,538.55
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,543,538.55
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 37,437.22
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,506,101.33
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,506,101.33
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,518,687.53
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 12,586.20
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 21,297.02
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (21,297.02)
Withdrawl from Spread Account to Cover Deficiency 21,297.02
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 132,562.50
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (132,562.50)
Withdrawl from Spread Account to B PieceCover Shortfalls (132,562.50)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,099,000.00
Purchased receivables more than 30 days delinquent 13,998.99
-------------------
Total 6,112,998.99
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 92,748,799.37
Delinquency Ratio 6.59%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.59%
Delinquency Ratio for second preceding Determination Date 6.35%
Delinquency Ratio for third preceding Determination Date 6.35%
-------------------
Average Delinquency Ratio 6.43% 6.43%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 3,900,266.00
Current Period Defaulted Receivables 773,977.43
-------------------
Total 4,674,243.43
Cumulative Defaulted Receivables 4,674,243.43
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 5.07%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 979,393.73
Cram Down Losses 0.00
Net Liquidation Proceeds (410,132.79)
-------------------
Net Liquidation Losses 569,260.94
Cumulative Previous Net Losses 874,123.00
-------------------
Cumulative Net Losses 1,443,383.94
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 1.57%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 46.97
Weighted Average Annual Percentage Rate 20.36%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,699,399.22
15% of Outstanding Certificate Balance 11,549,098.83
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,699,399.22
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 76,993,992.21
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 7,699,399.22
Beginning of Period Spread Account Balance 7,951,559.97
Spread Account Deposit (Withdrawal) from Current Distributions (33,883.22)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (218,277.53)
Earnings on Spread Account Balance 33,543.73
Amount of Spread Account deposit (withdrawal) (251,821.26)
Amount of Withdrawl Allocated to B Piece Shortfalls 132,562.50
Net Spread Account Withdrawl to Seller (118,966.76)
Ending Spread Account Balance 7,699,399.22
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
10.15% Class B Asset-Backed Certificates
Distribution Date 6/16/97
Collection Period 5/97
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,170,890.12
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $431,772.48
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,739,117.64
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $24.61
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.89
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $19.71
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $128,144.80
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $36,612.29
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $91,532.51
(j) Scheduled Payments due in such Collection Period $2,596,661.07
(k) Scheduled Payments collected in such
Collection Period $2,600,663.24
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $86,570,922.83
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $84,740,272.68
(c) The Pool factor as of the close of business
on the last day set forth above 0.9788538
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $160,172.16
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,771.39
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.82
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $31,796.03
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $33,817.41
(b) Distributions (to) from Collection Account ($1,005.30)
for Payaheads
(c) Interest earned on Payahead Balances $152.60
(d) Ending Payahead Account Balance $32,964.71
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,474,027.27
Spread Account Balance $7,610,107.52
(b) The change in the spread account on the Distribution
Date set forth above $570,850.74
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $23,480.12
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $97,215.31
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 260
Aggregate Gross Amount $3,593,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 219
Aggregate Gross Amount $3,086,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.52%
(b) Average Delinquency Ratio 5.61%
(c) Cumulative Default Ratio 2.20%
(d) Cumulative Net Loss Ratio 0.11%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,097,570.24
Lock Box NSF Items: (76,779.88)
Transfers from (to) Payahead Account: 1,005.30
Collection Account Interest 11,462.24
Payahead Account Interest 152.60
Total Collection Proceeds: 3,033,410.50
For Distribution Date: 6/16/97
For Determination Date: 6/9/97
For Collection Period: 5/97
Collateral Activity Information
Principal
Beginning Principal Balance 86,570,922.83
Principal portion of payments collected (non-prepayments) 1,312,302.42
Prepayments in full allocable to principal 325,792.00
Collections allocable to principal 1,638,094.42
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 63,544.39
Purchase Amounts allocable to principal 31,796.03
Total Principal 1,733,434.84
Realized Losses 97,215.31
Cram Down Losses 0.00
Ending Principal Balance 84,740,272.68
Interest
Collections allocable to interest 1,288,360.82
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 1,288,360.82
Certificate Information
Beginning of Period Class A Principal Balance 82,242,376.67
Beginning of Period Class B Principal Balance 4,328,546.16
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,039,256.78
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 15,887.29
Aggregate Payahead Balance 32,812.11
Aggregate Payahead Balance for preceding Distribution Date 33,817.41
Interest Earned on Payahead Balances 152.60
Scheduled Payments due in Collection Period 2,596,661.07
Scheduled Payments collected in Collection Period 2,600,663.24
Aggregate Amount of Realized Losses for preceding Distribution Date 97,215.31
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 260 3,593,000.00
60+ days delinquent 219 3,086,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 31,796.03
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,679,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 31,796.03
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 552,127.52
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 5.54%
Delinquency Ratio for third preceding Determination Date 4.76%
Cumulative Defaults for preceding Determination Date 1,492,620.00
Cumulative Net Losses for preceding Determination Date 9,279.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,926,455.24
Liquidation Proceeds 63,544.39
Recoveries 0.00
Purchase Amounts 31,796.03
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,462.24
Investment earnings from Payahead Account 152.60
-------------------
Total Distribution Amount 3,033,410.50
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,312,302.42
Prepayments in full allocable to principal 325,792.00
Principal Balance of Liquidated Receivables 160,759.70
Purchase Amounts allocable to principal 31,796.03
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,830,650.15
Class A Principal Distributable Amount
Principal Distributable Amount 1,830,650.15
Times Class A Percentage (95%) 95%
-------------------
1,739,117.64
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,739,117.64
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 82,242,376.67
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 431,772.48
Class B Principal Distributable Amount
Principal Distributable Amount 1,830,650.15
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 91,532.51
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,328,546.16
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 36,612.29
Class B Excess Interest Amount
Total Distribution Amount 3,033,410.50
minus
Class A Principal and Interest Distributable Amount 2,170,890.12
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 36,612.29
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 91,532.51
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,082.14
Standby Servicer distributions 5,771.39
Servicer distributions 160,172.16
Collateral Agent distributions 1,082.14
Reimbursement Obligations 23,480.12
-------------------
542,787.63
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,771.39 3,033,410.50 5,771.39 3,033,410.50
Servicing Fee (2.0%) 144,284.87 3,027,639.11 144,284.87 0.00
Additional Servicing Fee Amounts 15,887.29 2,883,354.24 15,887.29 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,867,466.95 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,867,466.95 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,867,466.95 0.00
(iii) Trustee Fee 1,082.14 2,867,466.95 1,082.14
Trustee's out-of-pocket expenses 0.00 2,866,384.81 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,866,384.81 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,866,384.81 0.00
Collection Periods
(iv) Collateral Agent Fee 1,082.14 2,866,384.81 1,082.14
Collateral Agent Expenses 0.00 2,865,302.67 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,865,302.67 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,865,302.67 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 431,772.48 2,865,302.67 431,772.48
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,433,530.19 0.00
Class A Interest Carryover Shortfall 0.00 2,433,530.19 0.00
Interest on Interest Carryover from Prior Months 0.00 2,433,530.19 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,433,530.19 0.00
Class A Interest Distributable Amount 431,772.48 2,433,530.19 431,772.48
(viii)(A)Class B Coupon Interest - Unadjusted 36,612.29 2,001,757.71 36,612.29
Class B Interest Carryover Shortfall - Previous 0.00 1,965,145.42 0.00
Month(s)
Interest on B Interest Shortfall - Previous 0.00 1,965,145.42 0.00
Month(s)
Interest on Interest Carryover from Prior Months 0.00 1,965,145.42 0.00
Current Month Class B Interest Shortfall 0.00 1,965,145.42 0.00
Adjusted Class B Interest Distributable Amount 36,612.29 1,965,145.42 36,612.29
(v)(B) Class A Principal Distributable Amount - Current 1,739,117.64 1,928,533.13 1,739,117.64 1,294,292.86
Month
Class A Principal Carryover Shortfall - Previous 0.00 189,415.49 0.00
Month(s)
Current Month Class A Principal Shortfall 0.00 189,415.49 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,739,117.64 189,415.49 189,415.49 0.00
(vi) Certificate Insurer Premium 23,480.12 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - 91,532.51 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous 0.00 0.00 0.00
Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 91,532.51 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 542,787.63 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 82,242,376.67
Class A Principal Distributions 1,739,117.64
Class A End of Period Principal Balance 80,503,259.03
Class B Beginning of Period Principal Balance 4,328,546.16
Class B Principal Distributable Amount 91,532.51
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,237,013.65
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,237,013.65
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,033,410.50
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 599,880.31
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,433,530.19
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,433,530.19
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 36,612.29
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,396,917.90
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,396,917.90
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,739,117.64
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 657,800.26
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 657,800.26
(vi) Certificate Insurer Premium 23,480.12
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 634,320.14
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 634,320.14
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 91,532.51
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 542,787.63
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 542,787.63
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,679,000.00
Purchased receivables more than 30 days delinquent 31,796.03
-------------------
Total 6,710,796.03
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 102,992,796.29
Delinquency Ratio 6.52%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.52%
Delinquency Ratio for second preceding Determination Date 5.54%
Delinquency Ratio for third preceding Determination Date 4.76%
-------------------
Average Delinquency Ratio 5.61% 5.61%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 1,492,620.00
Current Period Defaulted Receivables 552,127.52
-------------------
Total 2,044,747.52
Cumulative Defaulted Receivables 2,044,747.52
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 2.20%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 160,759.70
Cram Down Losses 0.00
Net Liquidation Proceeds (63,544.39)
-------------------
Net Liquidation Losses 97,215.31
Cumulative Previous Net Losses 9,279.00
-------------------
Cumulative Net Losses 106,494.31
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 0.11%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 50.08
Weighted Average Annual Percentage Rate 20.48%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,474,027.27
15% of Outstanding Certificate Balance 12,711,040.90
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,474,027.27
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 84,740,272.68
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 8,474,027.27
Beginning of Period Spread Account Balance 7,039,256.78
Spread Account Deposit (Withdrawal) from Current Distributions 542,787.63
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 891,982.86
Earnings on Spread Account Balance 28,063.11
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,610,107.52
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
11.66% Class B Asset-Backed Certificates
Distribution Date 6/16/97
Collection Period 5/97
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $1,913,700.54
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $517,899.59
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,395,800.95
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $19.69
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.33
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $14.36
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $121,986.39
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $48,523.18
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $73,463.21
(j) Scheduled Payments due in such Collection Period $2,894,627.06
(k) Scheduled Payments collected in such
Collection Period $2,734,808.26
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $99,876,176.41
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $98,406,912.25
(c) The Pool factor as of the close of business
on the last day set forth above 0.9852891
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $180,489.53
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,658.41
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.86
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 9
Aggregate Purchase Amount $115,693.23
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $35,427.72
(b) Distributions (to) from Collection Account ($3,639.62)
for Payaheads
(c) Interest earned on Payahead Balances $389.95
(d) Ending Payahead Account Balance $32,178.05
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,840,691.23
Spread Account Balance $5,931,409.93
(b) The change in the spread account on the Distribution
Date set forth above $949,745.81
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $27,266.92
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 239
Aggregate Gross Amount $3,363,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 119
Aggregate Gross Amount $1,732,000.00
8 Performance Triggers
(a) Delinquency Ratio 4.37%
(b) Average Delinquency Ratio 2.89%
(c) Cumulative Default Ratio 0.31%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,247,579.73
Lock Box NSF Items: (79,968.86)
Transfers from (to) Payahead Account: 3,639.62
Collection Account Interest 11,796.09
Payahead Account Interest 389.95
Total Collection Proceeds: 3,183,436.53
For Distribution Date: 6/16/97
For Determination Date: 6/9/97
For Collection Period: 5/97
Collateral Activity Information
Principal
Beginning Principal Balance 99,876,176.41
Principal portion of payments collected (non-prepayments) 1,032,821.93
Prepayments in full allocable to principal 320,749.00
Collections allocable to principal 1,353,570.93
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 115,693.23
Total Principal 1,469,264.16
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 98,406,912.25
Interest
Collections allocable to interest 1,701,986.33
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 1,701,986.33
Certificate Information
Beginning of Period Class A Principal Balance 94,882,367.59
Beginning of Period Class B Principal Balance 4,993,808.82
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,981,664.12
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 14,029.24
Aggregate Payahead Balance 31,788.10
Aggregate Payahead Balance for preceding Distribution Date 35,427.72
Interest Earned on Payahead Balances 389.95
Scheduled Payments due in Collection Period 2,894,627.06
Scheduled Payments collected in Collection Period 2,734,808.26
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 239 3,363,000.00
60+ days delinquent 119 1,732,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
9 115,693.23
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,095,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 115,693.23
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 240,748.13
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 2.95%
Delinquency Ratio for third preceding Determination Date 1.34%
Cumulative Defaults for preceding Determination Date 75,854.00
Cumulative Net Losses for preceding Determination Date 0.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,055,557.26
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 115,693.23
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,796.09
Investment earnings from Payahead Account 389.95
-------------------
Total Distribution Amount 3,183,436.53
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,032,821.93
Prepayments in full allocable to principal 320,749.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 115,693.23
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,469,264.16
Class A Principal Distributable Amount
Principal Distributable Amount 1,469,264.16
Times Class A Percentage (95%) 95%
-------------------
1,395,800.95
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,395,800.95
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 94,882,367.59
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 517,899.59
Class B Principal Distributable Amount
Principal Distributable Amount 1,469,264.16
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 73,463.21
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,993,808.82
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 48,523.18
Class B Excess Interest Amount
Total Distribution Amount 3,183,436.53
minus
Class A Principal and Interest Distributable Amount 1,913,700.54
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 48,523.18
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 73,463.21
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,248.45
Standby Servicer distributions 6,658.41
Servicer distributions 180,489.53
Collateral Agent distributions 1,248.45
Reimbursement Obligations 27,266.92
-------------------
930,837.84
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 6,658.41 3,183,436.53 6,658.41 3,183,436.53
Servicing Fee (2.0%) 166,460.29 3,176,778.12 166,460.29 0.00
Additional Servicing Fee Amounts 14,029.24 3,010,317.83 14,029.24 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,996,288.59 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,996,288.59 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,996,288.59 0.00
(iii) Trustee Fee 1,248.45 2,996,288.59 1,248.45
Trustee's out-of-pocket expenses 0.00 2,995,040.14 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,995,040.14 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,995,040.14 0.00
Collection Periods
(iv) Collateral Agent Fee 1,248.45 2,995,040.14 1,248.45
Collateral Agent Expenses 0.00 2,993,791.69 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,993,791.69 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,993,791.69 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 517,899.59 2,993,791.69 517,899.59
Prior Month(s) Class A Carryover Shortfall 0.00 2,475,892.10 0.00
Class A Interest Carryover Shortfall 0.00 2,475,892.10 0.00
Interest on Interest Carryover from Prior Months 0.00 2,475,892.10 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,475,892.10 0.00
Class A Interest Distributable Amount 517,899.59 2,475,892.10 517,899.59
(viii)(A)Class B Coupon Interest - Unadjusted 48,523.18 1,957,992.51 48,523.18
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,909,469.33 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,909,469.33 0.00
Interest on Interest Carryover from Prior Months 0.00 1,909,469.33 0.00
Current Month Class B Interest Shortfall 0.00 1,909,469.33 0.00
Adjusted Class B Interest Distributable Amount 48,523.18 1,909,469.33 48,523.18
(v)(B) Class A Principal Distributable Amount - Current Month 1,395,800.95 1,860,946.15 1,395,800.95 1,787,635.58
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 465,145.20 0.00
Current Month Class A Principal Shortfall 0.00 465,145.20 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,395,800.95 465,145.20 465,145.20 391,834.63
(vi) Certificate Insurer Premium 27,266.92 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 73,463.21 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 73,463.21 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 930,837.84 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 94,882,367.59
Class A Principal Distributions 1,395,800.95
Class A End of Period Principal Balance 93,486,566.64
Class B Beginning of Period Principal Balance 4,993,808.82
Class B Principal Distributable Amount 73,463.21
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,920,345.61
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,920,345.61
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,183,436.53
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 707,544.43
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,475,892.10
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,475,892.10
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 48,523.18
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,427,368.92
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,427,368.92
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,395,800.95
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,031,567.97
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,031,567.97
(vi) Certificate Insurer Premium 27,266.92
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,004,301.05
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,004,301.05
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 73,463.21
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 930,837.84
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 930,837.84
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,095,000.00
Purchased receivables more than 30 days delinquent 115,693.23
-------------------
Total 5,210,693.23
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 119,213,328.06
Delinquency Ratio 4.37%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.37%
Delinquency Ratio for second preceding Determination Date 2.95%
Delinquency Ratio for third preceding Determination Date 1.34%
-------------------
Average Delinquency Ratio 2.89% 2.89%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 75,854.00
Current Period Defaulted Receivables 240,748.13
-------------------
Total 316,602.13
Cumulative Defaulted Receivables 316,602.13
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 0.31%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-------------------
Cumulative Net Losses 0.00
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 52.89
Weighted Average Annual Percentage Rate 20.59%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 9,840,691.23
15% of Outstanding Certificate Balance 14,761,036.84
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 9,840,691.23
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 98,406,912.25
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 9,840,691.23
Beginning of Period Spread Account Balance 4,981,664.12
Spread Account Deposit (Withdrawal) from Current Distributions 930,837.84
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 3,928,189.27
Earnings on Spread Account Balance 18,907.97
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 5,931,409.93
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
11.44% Class B Asset-Backed Certificates
Distribution Date 6/16/97
Collection Period 5/97
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $606,016.73
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $335,142.06
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $270,874.67
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $5.34
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.96
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $2.39
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $30,344.48
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $30,344.48
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $3,393,587.17
(k) Scheduled Payments collected in such
Collection Period $548,064.23
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $119,362,032.46
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $119,091,157.79
(c) The Pool factor as of the close of business
on the last day set forth above 0.9977306
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $107,078.01
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,243.98
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.94
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $14,131.38
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $43,228.28
(b) Distributions (to) from Collection Account $7,558.81
for Payaheads
(c) Interest earned on Payahead Balances $18.10
(d) Ending Payahead Account Balance $50,805.19
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $10,718,204.20
Spread Account Balance $4,055,354.12
(b) The change in the spread account on the Distribution
Date set forth above ($122,317.02)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $32,994.22
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 47
Aggregate Gross Amount $750,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 2
Aggregate Gross Amount $26,000.00
8 Performance Triggers
(a) Delinquency Ratio 0.56%
(b) Average Delinquency Ratio 0.56%
(c) Cumulative Default Ratio 0.00%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 665,553.42
Lock Box NSF Items: 0.00
Transfers from (to) Payahead Account: (7,558.81)
Collection Account Interest 180.54
Payahead Account Interest 18.10
Total Collection Proceeds: 658,193.25
For Distribution Date: 6/16/97
For Determination Date: 6/9/97
For Collection Period: 5/97
Collateral Activity Information
Principal
Beginning Principal Balance 119,362,032.46
Principal portion of payments collected (non-prepayments) 175,200.85
Prepayments in full allocable to principal 95,799.00
Collections allocable to principal 270,999.85
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 14,131.38
Total Principal 285,131.23
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 119,076,901.23
Interest
Collections allocable to interest 372,863.38
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 372,863.38
Certificate Information
Beginning of Period Class A Principal Balance 113,393,930.84
Beginning of Period Class B Principal Balance 5,968,101.62
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,177,671.14
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 978.43
Aggregate Payahead Balance 50,787.09
Aggregate Payahead Balance for preceding Distribution Date 43,228.28
Interest Earned on Payahead Balances 18.10
Scheduled Payments due in Collection Period 3,393,587.17
Scheduled Payments collected in Collection Period 548,064.23
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 47 750,000.00
60+ days delinquent 2 26,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 14,131.38
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 776,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 14,131.38
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 0.00
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 0.00
Cumulative Net Losses for preceding Determination Date 0.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 643,863.23
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 14,131.38
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 180.54
Investment earnings from Payahead Account 18.10
-------------------
Total Distribution Amount 658,193.25
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 175,200.85
Prepayments in full allocable to principal 95,799.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 14,131.38
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 285,131.23
Class A Principal Distributable Amount
Principal Distributable Amount 285,131.23
Times Class A Percentage (95%) 95%
-------------------
270,874.67
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 270,874.67
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 113,393,930.84
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0444444
-------------------
Class A Interest Distributable Amount 335,142.06
Class B Principal Distributable Amount
Principal Distributable Amount 285,131.23
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 14,256.56
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,968,101.62
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0444444
-------------------
Class B Coupon Interest Amount 30,344.48
Class B Excess Interest Amount
Total Distribution Amount 658,193.25
minus
Class A Principal and Interest Distributable Amount 606,016.73
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 30,344.48
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 14,256.56
Class B Principal Carryover Shortfall 0.00
Trustee distributions 795.75
Standby Servicer distributions 4,243.98
Servicer distributions 107,078.01
Collateral Agent distributions 795.75
Reimbursement Obligations 32,994.22
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,243.98 658,193.25 4,243.98 658,193.25
Servicing Fee (2.0%) 106,099.58 653,949.27 106,099.58 0.00
Additional Servicing Fee Amounts 978.43 547,849.69 978.43 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 546,871.26 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 546,871.26 0.00
(ii) Transition Expenses to Standby Servicer 0.00 546,871.26 0.00
(iii) Trustee Fee 795.75 546,871.26 795.75
Trustee's out-of-pocket expenses 0.00 546,075.51 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 546,075.51 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 546,075.51 0.00
Collection Periods
(iv) Collateral Agent Fee 795.75 546,075.51 795.75
Collateral Agent Expenses 0.00 545,279.76 0.00
Unpaid Collateral Agent Fee from prior 0.00 545,279.76 0.00
Colleection Periods
Unpaid Collateral Agent Expenses from prior 0.00 545,279.76 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 335,142.06 545,279.76 335,142.06
Prior Month(s) Class A Carryover Shortfall 0.00 210,137.70 0.00
Class A Interest Carryover Shortfall 0.00 210,137.70 0.00
Interest on Interest Carryover from Prior Months 0.00 210,137.70 0.00
Current Month Class A Interest Carryover Shortfall 0.00 210,137.70 0.00
Class A Interest Distributable Amount 335,142.06 210,137.70 210,137.70
(viii)(A)Class B Coupon Interest - Unadjusted 30,344.48 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 30,344.48 0.00 0.00
(v)(B) Class A Principal Distributable Amount - Current Month 270,874.67 0.00 0.00 387,318.58
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (91,081.45) 0.00 (91,081.45)
Withdrawl from Spread Account to Cover Shortfall 91,081.45
Class A Principal Distribution Amount 270,874.67 91,081.45 91,081.45 116,443.91
(vi) Certificate Insurer Premium 32,994.22 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 14,256.56 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (14,256.56) 0.00 (14,256.56)
Adjusted Class B Principal Distributable Amount 0.00 14,256.56 0.00
Excess Interest (Shortage) Amount for Deposit to (124,075.67) 14,256.56 (124,075.67)
(withdrawl from) Spread Account 138,332.23 138,332.23
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 113,393,930.84
Class A Principal Distributions 270,874.67
Class A End of Period Principal Balance 113,123,056.17
Class B Beginning of Period Principal Balance 5,968,101.62
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 5,968,101.62
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 5,968,101.62
Class A Deficiency - Interest
(i) Total Distribution Amount Available 658,193.25
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 448,055.55
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 210,137.70
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 210,137.70
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 30,344.48
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 179,793.22
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 179,793.22
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 270,874.67
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 91,081.45
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 32,994.22
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (32,994.22)
Withdrawl from Spread Account to Cover Deficiency 32,994.22
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 14,256.56
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (14,256.56)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (14,256.56)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 776,000.00
Purchased receivables more than 30 days delinquent 14,131.38
-------------------
Total 790,131.38
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 142,267,592.79
Delinquency Ratio 0.56%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 0.56%
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
-------------------
Average Delinquency Ratio 0.56% 0.19%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 0.00
-------------------
Total 0.00
Cumulative Defaulted Receivables 0.00
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 0.00%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-------------------
Cumulative Net Losses 0.00
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 55.37
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 10,718,204.20
15% of Outstanding Certificate Balance 17,863,673.67
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 10,718,204.20
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 119,091,157.79
Minimum Floor 100,000.00
--------------
Floor Amount 3,580,860.93
Required Spread Account Amount 10,718,204.20
Beginning of Period Spread Account Balance 4,177,671.14
Spread Account Deposit (Withdrawal) from Current Distributions (124,075.67)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 6,664,608.73
Earnings on Spread Account Balance 1,758.65
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 4,055,354.12
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
10.00% Class B Asset-Backed Certificates
Distribution Date 7/15/97
Collection Period 6/97
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,843,037.80
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $344,119.98
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,498,917.82
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $33.66
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.07
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $29.59
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $320,321.20
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $28,570.69
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $291,750.51
(j) Scheduled Payments due in such Collection Period $2,174,923.24
(k) Scheduled Payments collected in such
Collection Period $1,928,255.00
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $65,365,093.32
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in paragraph A.1.(c) above $62,784,299.48
(c) The Pool factor as of the close of business
on the last day set forth above 0.9605172
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $130,614.15
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,368.35
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.55
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $23,191.36
(b) Distributions (to) from Collection Account $5,933.99
for Payaheads
(c) Interest earned on Payahead Balances $95.12
(d) Ending Payahead Account Balance $29,220.47
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,278,429.95
Spread Account Balance $6,278,429.95
(b) The change in the spread account on the Distribution
Date set forth above ($159,842.47)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $17,382.73
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $627,386.54
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 213
Aggregate Gross Amount $2,602,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 244
Aggregate Gross Amount $3,253,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.89%
(b) Average Delinquency Ratio 7.34%
(c) Cumulative Default Ratio 9.36%
(d) Cumulative Net Loss Ratio 4.87%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,332,836.49
Lock Box NSF Items: (71,166.17)
Transfers from (to) Payahead Account: (5,933.99)
Collection Account Interest 11,884.95
Payahead Account Interest 95.12
Total Collection Proceeds: 3,267,716.40
For Distribution Date: 7/15/97
For Determination Date: 7/8/97
For Collection Period: 6/97
Collateral Activity Information
Principal
Beginning Principal Balance 65,365,093.32
Principal portion of payments collected (non-prepayments) 719,352.99
Prepayments in full allocable to principal 801,701.00
Collections allocable to principal 1,521,053.99
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 481,999.28
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 2,003,053.27
Realized Losses 627,386.54
Cram Down Losses 0.00
Ending Principal Balance 62,734,653.51
Interest
Collections allocable to interest 1,208,902.01
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 55,761.12
-------------------
Total Interest 1,264,663.13
Certificate Information
Beginning of Period Class A Principal Balance 62,096,838.66
Beginning of Period Class B Principal Balance 3,428,483.18
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,438,272.42
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 21,405.28
Aggregate Payahead Balance 29,125.35
Aggregate Payahead Balance for preceding Distribution Date 23,191.36
Interest Earned on Payahead Balances 95.12
Scheduled Payments due in Collection Period 2,174,923.24
Scheduled Payments collected in Collection Period 1,928,255.00
Aggregate Amount of Realized Losses for preceding Distribution Date 627,386.54
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 213 2,602,000.00
60+ days delinquent 244 3,253,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,855,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 596,000.74
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.16%
Delinquency Ratio for third preceding Determination Date 6.97%
Cumulative Defaults for preceding Determination Date 7,721,041.00
Cumulative Net Losses for preceding Determination Date 3,755,252.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,729,956.00
Liquidation Proceeds 481,999.28
Recoveries 55,761.12
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,267,716.40
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 719,352.99
Prepayments in full allocable to principal 801,701.00
Principal Balance of Liquidated Receivables 1,109,385.82
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,630,439.81
Class A Principal Distributable Amount
Principal Distributable Amount 2,630,439.81
Times Class A Percentage (95%) 95%
-------------------
2,498,917.82
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,498,917.82
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 62,096,838.66
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 344,119.98
Class B Principal Distributable Amount
Principal Distributable Amount 2,630,439.81
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 131,521.99
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,428,483.18
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 28,570.69
Class B Excess Interest Amount
Total Distribution Amount 3,267,716.40
minus
Class A Principal and Interest Distributable Amount 2,843,037.80
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 28,570.69
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 131,521.99
Class B Principal Carryover Shortfall 160,228.52
Trustee distributions 819.07
Standby Servicer distributions 4,368.35
Servicer distributions 130,614.15
Collateral Agent distributions 819.07
Reimbursement Obligations 17,382.73
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 160,228.52
-------------------
160,228.52
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,368.35 3,267,716.40 4,368.35 3,267,716.40
Servicing Fee (2.0%) 109,208.87 3,263,348.05 109,208.87 0.00
Additional Servicing Fee Amounts 21,405.28 3,154,139.18 21,405.28 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,132,733.90 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,132,733.90 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,132,733.90 0.00
(iii) Trustee Fee 819.07 3,132,733.90 819.07
Trustee's out-of-pocket expenses 0.00 3,131,914.83 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,131,914.83 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,131,914.83 0.00
Collection Periods
(iv) Collateral Agent Fee 819.07 3,131,914.83 819.07
Collateral Agent Expenses 0.00 3,131,095.76 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,131,095.76 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,131,095.76 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 344,119.98 3,131,095.76 344,119.98
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,786,975.78 0.00
Class A Interest Carryover Shortfall 0.00 2,786,975.78 0.00
Interest on Interest Carryover from Prior Months 0.00 2,786,975.78 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,786,975.78 0.00
Class A Interest Distributable Amount 344,119.98 2,786,975.78 344,119.98
(viii)(A)Class B Coupon Interest - Unadjusted 28,570.69 2,442,855.80 28,570.69
Class B Interest Carryover Shortfall - 0.00 2,414,285.11 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 2,414,285.11 0.00
Previous Month(s)
Interest on Interest Carryover from 0.00 2,414,285.11 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 2,414,285.11 0.00
Adjusted Class B Interest Distributable Amount 28,570.69 2,414,285.11 28,570.69
(v)(B) Class A Principal Distributable Amount - 2,498,917.82 2,385,714.42 2,385,714.42 768,798.58
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,498,917.82 0.00 0.00 0.00
(vi) Certificate Insurer Premium 17,382.73 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - 131,521.99 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 160,228.52 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (49,645.97) 0.00 (49,645.97)
Adjusted Class B Principal Distributable Amount 242,104.54 49,645.97 49,645.97
Excess Interest Amount for Deposit in Spread Account 0.00 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 62,096,838.66
Class A Principal Distributions 2,498,917.82
Class A End of Period Principal Balance 59,597,920.84
Class B Beginning of Period Principal Balance 3,428,483.18
Class B Principal Distributable Amount 242,104.54
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,186,378.64
Withdrawl from Spread Account to Cover B Shortfalls 49,645.97
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,136,732.67
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,267,716.40
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 480,740.62
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,786,975.78
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,786,975.78
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 28,570.69
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,758,405.09
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,758,405.09
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,498,917.82
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 259,487.27
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 259,487.27
(vi) Certificate Insurer Premium 17,382.73
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 242,104.54
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 242,104.54
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 131,521.99
(iii) Prior month(s) carryover shortfalls 160,228.52
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (49,645.97)
Withdrawl from Spread Account to B PieceCover Shortfalls (49,645.97)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,855,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 5,855,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 74,200,844.41
Delinquency Ratio 7.89%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.89%
Delinquency Ratio for second preceding Determination Date 7.16%
Delinquency Ratio for third preceding Determination Date 6.97%
-------------------
Average Delinquency Ratio 7.34% 7.34%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 7,721,041.00
Current Period Defaulted Receivables 596,000.74
-------------------
Total 8,317,041.74
Cumulative Defaulted Receivables 8,317,041.74
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 9.36%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,109,385.82
Cram Down Losses 0.00
Net Liquidation Proceeds (537,760.40)
-------------------
Net Liquidation Losses 571,625.42
Cumulative Previous Net Losses 3,755,252.00
-------------------
Cumulative Net Losses 4,326,877.42
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 4.87%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 42.08
Weighted Average Annual Percentage Rate 20.27%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,278,429.95
15% of Outstanding Certificate Balance 9,417,644.92
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,278,429.95
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 62,784,299.48
Minimum Floor 100,000.00
--------------
Floor Amount 2,667,022.51
Required Spread Account Amount 6,278,429.95
Beginning of Period Spread Account Balance 6,438,272.42
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (159,842.47)
Earnings on Spread Account Balance 27,825.51
Amount of Spread Account deposit (withdrawal) (187,667.98)
Amount of Withdrawl Allocated to B Piece Shortfalls 49,645.97
Net Spread Account Withdrawl to Seller (138,022.01)
Ending Spread Account Balance 6,278,429.95
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
11.30% Class B Asset-Backed Certificates
Distribution Date 7/15/97
Collection Period 6/97
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,957,898.61
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $407,685.83
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,550,212.78
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $33.80
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.66
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $29.14
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $170,410.65
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $36,188.92
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $134,221.73
(j) Scheduled Payments due in such Collection Period $2,404,289.30
(k) Scheduled Payments collected in such
Collection Period $2,163,109.50
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $76,861,429.71
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in paragraph A.1.(c) above $74,176,995.21
(c) The Pool factor as of the close of business
on the last day set forth above 0.9650744
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $146,873.07
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,124.10
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.68
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $28,046.29
(b) Distributions (to) from Collection Account ($4,521.67)
for Payaheads
(c) Interest earned on Payahead Balances $117.94
(d) Ending Payahead Account Balance $23,642.56
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,417,699.52
Spread Account Balance $7,417,699.52
(b) The change in the spread account on the Distribution
Date set forth above ($281,699.70)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $20,553.21
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $647,919.06
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 241
Aggregate Gross Amount $3,134,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 227
Aggregate Gross Amount $3,198,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.09%
(b) Average Delinquency Ratio 6.68%
(c) Cumulative Default Ratio 6.00%
(d) Cumulative Net Loss Ratio 2.23%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,404,304.76
Lock Box NSF Items: (80,676.47)
Transfers from (to) Payahead Account: 4,521.67
Collection Account Interest 12,418.11
Payahead Account Interest 117.94
Total Collection Proceeds: 3,340,686.01
For Distribution Date: 7/15/97
For Determination Date: 7/8/97
For Collection Period: 6/97
Collateral Activity Information
Principal
Beginning Principal Balance 76,861,429.71
Principal portion of payments collected (non-prepayments) 896,249.26
Prepayments in full allocable to principal 645,847.00
Collections allocable to principal 1,542,096.26
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 494,419.18
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 2,036,515.44
Realized Losses 647,919.06
Cram Down Losses 0.00
Ending Principal Balance 74,176,995.21
Interest
Collections allocable to interest 1,266,860.24
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 37,310.33
-------------------
Total Interest 1,304,170.57
Certificate Information
Beginning of Period Class A Principal Balance 73,018,358.21
Beginning of Period Class B Principal Balance 3,843,071.50
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,699,399.22
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 18,770.69
Aggregate Payahead Balance 23,524.62
Aggregate Payahead Balance for preceding Distribution Date 28,046.29
Interest Earned on Payahead Balances 117.94
Scheduled Payments due in Collection Period 2,404,289.30
Scheduled Payments collected in Collection Period 2,163,109.50
Aggregate Amount of Realized Losses for preceding Distribution Date 647,919.06
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 241 3,134,000.00
60+ days delinquent 227 3,198,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,332,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 854,771.29
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.59%
Delinquency Ratio for third preceding Determination Date 6.35%
Cumulative Defaults for preceding Determination Date 4,674,243.00
Cumulative Net Losses for preceding Determination Date 1,443,384.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,808,956.50
Liquidation Proceeds 494,419.18
Recoveries 37,310.33
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,340,686.01
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 896,249.26
Prepayments in full allocable to principal 645,847.00
Principal Balance of Liquidated Receivables 1,142,338.24
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,684,434.50
Class A Principal Distributable Amount
Principal Distributable Amount 2,684,434.50
Times Class A Percentage (95%) 95%
-------------------
2,550,212.78
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,550,212.78
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 73,018,358.21
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 407,685.83
Class B Principal Distributable Amount
Principal Distributable Amount 2,684,434.50
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 134,221.73
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,843,071.50
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 36,188.92
Class B Excess Interest Amount
Total Distribution Amount 3,340,686.01
minus
Class A Principal and Interest Distributable Amount 2,957,898.61
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 36,188.92
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 134,221.73
Class B Principal Carryover Shortfall 0.00
Trustee distributions 960.77
Standby Servicer distributions 5,124.10
Servicer distributions 146,873.07
Collateral Agent distributions 960.77
Reimbursement Obligations 20,553.21
-------------------
37,904.84
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,124.10 0.00 0.00 134,221.73
Servicing Fee (2.0%) 128,102.38 0.00 0.00 0.00
Additional Servicing Fee Amounts 18,770.69 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 960.77 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 0.00 0.00
Collection Periods
(iv) Collateral Agent Fee 960.77 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior 0.00 0.00 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 0.00 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 407,685.83 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00
Class A Interest Distributable Amount 407,685.83 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 36,188.92 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00 134,221.73
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00 134,221.73
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 36,188.92 0.00 0.00
(v)(B) Class A Principal Distributable Amount - Current Month 2,550,212.78 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,550,212.78 0.00 0.00
(vi) Certificate Insurer Premium 20,553.21 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 134,221.73 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 134,221.73 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 37,904.84 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 73,018,358.21
Class A Principal Distributions 2,550,212.78
Class A End of Period Principal Balance 70,468,145.44
Class B Beginning of Period Principal Balance 3,843,071.50
Class B Principal Distributable Amount 134,221.73
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,708,849.78
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,708,849.78
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,340,686.01
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 561,604.54
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,779,081.47
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,779,081.47
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 36,188.92
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,742,892.55
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,742,892.55
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,550,212.78
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 192,679.77
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 192,679.77
(vi) Certificate Insurer Premium 20,553.21
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 172,126.57
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 172,126.57
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 134,221.73
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 37,904.84
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 37,904.84
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,332,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 6,332,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 89,271,593.77
Delinquency Ratio 7.09%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.09%
Delinquency Ratio for second preceding Determination Date 6.59%
Delinquency Ratio for third preceding Determination Date 6.35%
-------------------
Average Delinquency Ratio 6.68% 6.68%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 4,674,243.00
Current Period Defaulted Receivables 854,771.29
-------------------
Total 5,529,014.29
Cumulative Defaulted Receivables 5,529,014.29
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 6.00%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,142,338.24
Cram Down Losses 0.00
Net Liquidation Proceeds (531,729.51)
-------------------
Net Liquidation Losses 610,608.73
Cumulative Previous Net Losses 1,443,384.00
-------------------
Cumulative Net Losses 2,053,992.73
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 2.23%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 46.09
Weighted Average Annual Percentage Rate 20.40%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,417,699.52
15% of Outstanding Certificate Balance 11,126,549.28
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,417,699.52
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 74,176,995.21
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 7,417,699.52
Beginning of Period Spread Account Balance 7,699,399.22
Spread Account Deposit (Withdrawal) from Current Distributions 37,904.84
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (319,604.54)
Earnings on Spread Account Balance 32,708.63
Amount of Spread Account deposit (withdrawal) (352,313.17)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (352,313.17)
Ending Spread Account Balance 7,417,699.52
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
10.15% Class B Asset-Backed Certificates
Distribution Date 7/15/97
Collection Period 6/97
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,378,832.27
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $422,642.11
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,956,190.16
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $26.97
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.79
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $22.18
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $138,795.45
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $35,838.07
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $102,957.38
(j) Scheduled Payments due in such Collection Period $2,559,969.01
(k) Scheduled Payments collected in such
Collection Period $2,461,093.77
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $84,740,272.68
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in paragraph A.1.(c) above $82,681,125.14
(c) The Pool factor as of the close of business
on the last day set forth above 0.9757005
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $158,972.82
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,649.35
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.80
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 2
Aggregate Purchase Amount $23,936.09
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $32,964.71
(b) Distributions (to) from Collection Account ($2,046.15)
for Payaheads
(c) Interest earned on Payahead Balances $139.54
(d) Ending Payahead Account Balance $31,058.10
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,268,112.51
Spread Account Balance $8,169,123.09
(b) The change in the spread account on the Distribution
Date set forth above $559,015.57
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $22,909.56
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $343,160.50
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 277
Aggregate Gross Amount $3,739,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 253
Aggregate Gross Amount $3,547,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.30%
(b) Average Delinquency Ratio 6.45%
(c) Cumulative Default Ratio 2.94%
(d) Cumulative Net Loss Ratio 0.48%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,300,075.71
Lock Box NSF Items: (78,305.92)
Transfers from (to) Payahead Account: 2,046.15
Collection Account Interest 11,837.63
Payahead Account Interest 139.54
Total Collection Proceeds: 3,235,793.11
For Distribution Date: 7/15/97
For Determination Date: 7/8/97
For Collection Period: 6/97
Collateral Activity Information
Principal
Beginning Principal Balance 84,740,272.68
Principal portion of payments collected (non-prepayments) 944,923.63
Prepayments in full allocable to principal 411,482.00
Collections allocable to principal 1,356,405.63
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 335,645.32
Purchase Amounts allocable to principal 23,936.09
-------------------
Total Principal 1,715,987.04
Realized Losses 343,160.50
Cram Down Losses 0.00
Ending Principal Balance 82,681,125.14
Interest
Collections allocable to interest 1,516,170.14
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 3,635.93
-------------------
Total Interest 1,519,806.07
Certificate Information
Beginning of Period Class A Principal Balance 80,503,259.03
Beginning of Period Class B Principal Balance 4,237,013.65
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,610,107.52
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,739.03
Aggregate Payahead Balance 30,918.56
Aggregate Payahead Balance for preceding Distribution Date 32,964.71
Interest Earned on Payahead Balances 139.54
Scheduled Payments due in Collection Period 2,559,969.01
Scheduled Payments collected in Collection Period 2,461,093.77
Aggregate Amount of Realized Losses for preceding Distribution Date 343,160.50
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 277 3,739,000.00
60+ days delinquent 253 3,547,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
2 23,936.09
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 7,286,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 23,936.09
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 688,979.57
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.52%
Delinquency Ratio for third preceding Determination Date 5.54%
Cumulative Defaults for preceding Determination Date 2,044,747.00
Cumulative Net Losses for preceding Determination Date 106,494.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,872,575.77
Liquidation Proceeds 335,645.32
Recoveries 3,635.93
Purchase Amounts 23,936.09
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,235,793.11
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 944,923.63
Prepayments in full allocable to principal 411,482.00
Principal Balance of Liquidated Receivables 678,805.82
Purchase Amounts allocable to principal 23,936.09
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,059,147.54
Class A Principal Distributable Amount
Principal Distributable Amount 2,059,147.54
Times Class A Percentage (95%) 95%
-------------------
1,956,190.16
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,956,190.16
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 80,503,259.03
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 422,642.11
Class B Principal Distributable Amount
Principal Distributable Amount 2,059,147.54
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 102,957.38
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,237,013.65
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 35,838.07
Class B Excess Interest Amount
Total Distribution Amount 3,235,793.11
minus
Class A Principal and Interest Distributable Amount 2,378,832.27
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 35,838.07
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 102,957.38
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,059.25
Standby Servicer distributions 5,649.35
Servicer distributions 158,972.82
Collateral Agent distributions 1,059.25
Reimbursement Obligations 22,909.56
-------------------
528,515.16
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,649.35 3,235,793.11 5,649.35 3,235,793.11
Servicing Fee (2.0%) 141,233.79 3,230,143.76 141,233.79 0.00
Additional Servicing Fee Amounts 17,739.03 3,088,909.97 17,739.03 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,071,170.94 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,071,170.94 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,071,170.94 0.00
(iii) Trustee Fee 1,059.25 3,071,170.94 1,059.25
Trustee's out-of-pocket expenses 0.00 3,070,111.69 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,070,111.69 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,070,111.69 0.00
Collection Periods
(iv) Collateral Agent Fee 1,059.25 3,070,111.69 1,059.25
Collateral Agent Expenses 0.00 3,069,052.44 0.00
Unpaid Collateral Agent Fee from prior Collection 0.00 3,069,052.44 0.00
Periods
Unpaid Collateral Agent Expenses from prior Collection 0.00 3,069,052.44 0.00
Periods
(v)(A) Class A Interest Distributable Amount - Current Month 422,642.11 3,069,052.44 422,642.11
Prior Month(s) Class A Carryover Shortfall 0.00 2,646,410.33 0.00
Class A Interest Carryover Shortfall 0.00 2,646,410.33 0.00
Interest on Interest Carryover from Prior Months 0.00 2,646,410.33 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,646,410.33 0.00
Class A Interest Distributable Amount 422,642.11 2,646,410.33 422,642.11
(viii)(A)Class B Coupon Interest - Unadjusted 35,838.07 2,223,768.22 35,838.07
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,187,930.15 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,187,930.15 0.00
Interest on Interest Carryover from Prior Months 0.00 2,187,930.15 0.00
Current Month Class B Interest Shortfall 0.00 2,187,930.15 0.00
Adjusted Class B Interest Distributable Amount 35,838.07 2,187,930.15 35,838.07
(v)(B) Class A Principal Distributable Amount - Current Month 1,956,190.16 2,152,092.08 1,956,190.16 1,279,602.95
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 195,901.92 0.00
Current Month Class A Principal Shortfall 0.00 195,901.92 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,956,190.16 195,901.92 195,901.92 0.00
(vi) Certificate Insurer Premium 22,909.56 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month 102,957.38 0.00 0.00
Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 102,957.38 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 528,515.16 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 80,503,259.03
Class A Principal Distributions 1,956,190.16
Class A End of Period Principal Balance 78,547,068.87
Class B Beginning of Period Principal Balance 4,237,013.65
Class B Principal Distributable Amount 102,957.38
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,134,056.27
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,134,056.27
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,235,793.11
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 589,382.78
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,646,410.33
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,646,410.33
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 35,838.07
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,610,572.26
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,610,572.26
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,956,190.16
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 654,382.10
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 654,382.10
(vi) Certificate Insurer Premium 22,909.56
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 631,472.54
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 631,472.54
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 102,957.38
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 528,515.16
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 528,515.16
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,286,000.00
Purchased receivables more than 30 days delinquent 23,936.09
-------------------
Total 7,309,936.09
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 100,079,949.18
Delinquency Ratio 7.30%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.30%
Delinquency Ratio for second preceding Determination Date 6.52%
Delinquency Ratio for third preceding Determination Date 5.54%
-------------------
Average Delinquency Ratio 6.45% 6.45%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 2,044,747.00
Current Period Defaulted Receivables 688,979.57
-------------------
Total 2,733,726.57
Cumulative Defaulted Receivables 2,733,726.57
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 2.94%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 678,805.82
Cram Down Losses 0.00
Net Liquidation Proceeds (339,281.25)
-------------------
Net Liquidation Losses 339,524.57
Cumulative Previous Net Losses 106,494.00
-------------------
Cumulative Net Losses 446,018.57
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 0.48%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 49.21
Weighted Average Annual Percentage Rate 20.46%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,268,112.51
15% of Outstanding Certificate Balance 12,402,168.77
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,268,112.51
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 82,681,125.14
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 8,268,112.51
Beginning of Period Spread Account Balance 7,610,107.52
Spread Account Deposit (Withdrawal) from Current Distributions 528,515.16
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 129,489.83
Earnings on Spread Account Balance 30,500.41
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 8,169,123.09
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
11.66% Class B Asset-Backed Certificates
Distribution Date 7/15/97
Collection Period 6/97
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,197,582.10
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $510,280.84
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,687,301.26
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $22.61
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.25
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $17.36
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $136,614.69
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $47,809.36
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $88,805.33
(j) Scheduled Payments due in such Collection Period $2,872,990.24
(k) Scheduled Payments collected in such
Collection Period $2,751,055.95
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $98,406,912.25
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in paragraph A.1.(c) above $96,630,805.66
(c) The Pool factor as of the close of business
on the last day set forth above 0.9819514
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $177,956.90
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,560.46
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.83
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 6
Aggregate Purchase Amount $91,390.47
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $32,178.05
(b) Distributions (to) from Collection Account $2,393.44
for Payaheads
(c) Interest earned on Payahead Balances $350.00
(d) Ending Payahead Account Balance $34,921.49
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,663,080.57
Spread Account Balance $6,773,496.75
(b) The change in the spread account on the Distribution
Date set forth above $842,086.82
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $26,774.79
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $8,427.31
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 263
Aggregate Gross Amount $3,632,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 193
Aggregate Gross Amount $2,817,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.61%
(b) Average Delinquency Ratio 4.31%
(c) Cumulative Default Ratio 0.68%
(d) Cumulative Net Loss Ratio 0.01%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,443,759.59
Lock Box NSF Items: (86,303.49)
Transfers from (to) Payahead Account: (2,393.44)
Collection Account Interest 11,976.76
Payahead Account Interest 350.00
Total Collection Proceeds: 3,367,389.42
For Distribution Date: 7/15/97
For Determination Date: 7/8/97
For Collection Period: 6/97
Collateral Activity Information
Principal
Beginning Principal Balance 98,406,912.25
Principal portion of payments collected (non-prepayments) 1,151,345.81
Prepayments in full allocable to principal 524,943.00
Collections allocable to principal 1,676,288.81
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 91,390.47
-------------------
Total Principal 1,767,679.28
Realized Losses 8,427.31
Cram Down Losses 0.00
Ending Principal Balance 96,630,805.66
Interest
Collections allocable to interest 1,599,710.14
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 1,599,710.14
Certificate Information
Beginning of Period Class A Principal Balance 93,486,566.64
Beginning of Period Class B Principal Balance 4,920,345.61
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,931,409.93
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 13,945.38
Aggregate Payahead Balance 34,571.49
Aggregate Payahead Balance for preceding Distribution Date 32,178.05
Interest Earned on Payahead Balances 350.00
Scheduled Payments due in Collection Period 2,872,990.24
Scheduled Payments collected in Collection Period 2,751,055.95
Aggregate Amount of Realized Losses for preceding Distribution Date 8,427.31
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 263 3,632,000.00
60+ days delinquent 193 2,817,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
6 91,390.47
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,449,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 91,390.47
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 382,762.21
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 4.37%
Delinquency Ratio for third preceding Determination Date 2.95%
Cumulative Defaults for preceding Determination Date 316,603.00
Cumulative Net Losses for preceding Determination Date 0.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,275,998.95
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 91,390.47
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,367,389.42
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,151,345.81
Prepayments in full allocable to principal 524,943.00
Principal Balance of Liquidated Receivables 8,427.31
Purchase Amounts allocable to principal 91,390.47
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,776,106.59
Class A Principal Distributable Amount
Principal Distributable Amount 1,776,106.59
Times Class A Percentage (95%) 95%
-------------------
1,687,301.26
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,687,301.26
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 93,486,566.64
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 510,280.84
Class B Principal Distributable Amount
Principal Distributable Amount 1,776,106.59
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 88,805.33
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,920,345.61
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 47,809.36
Class B Excess Interest Amount
Total Distribution Amount 3,367,389.42
minus
Class A Principal and Interest Distributable Amount 2,197,582.10
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 47,809.36
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 88,805.33
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,230.09
Standby Servicer distributions 6,560.46
Servicer distributions 177,956.90
Collateral Agent distributions 1,230.09
Reimbursement Obligations 26,774.79
-------------------
819,440.30
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 6,560.46 3,367,389.42 6,560.46 3,367,389.42
Servicing Fee (2.0%) 164,011.52 3,360,828.96 164,011.52 0.00
Additional Servicing Fee Amounts 13,945.38 3,196,817.44 13,945.38 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,182,872.06 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,182,872.06 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,182,872.06 0.00
(iii) Trustee Fee 1,230.09 3,182,872.06 1,230.09
Trustee's out-of-pocket expenses 0.00 3,181,641.97 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,181,641.97 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,181,641.97 0.00
Collection Periods
(iv) Collateral Agent Fee 1,230.09 3,181,641.97 1,230.09
Collateral Agent Expenses 0.00 3,180,411.88 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,180,411.88 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,180,411.88 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 510,280.84 3,180,411.88 510,280.84
Prior Month(s) Class A Carryover Shortfall 0.00 2,670,131.04 0.00
Class A Interest Carryover Shortfall 0.00 2,670,131.04 0.00
Interest on Interest Carryover from Prior Months 0.00 2,670,131.04 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,670,131.04 0.00
Class A Interest Distributable Amount 510,280.84 2,670,131.04 510,280.84
(viii)(A)Class B Coupon Interest - Unadjusted 47,809.36 2,159,850.20 47,809.36
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,112,040.84 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,112,040.84 0.00
Interest on Interest Carryover from Prior Months 0.00 2,112,040.84 0.00
Current Month Class B Interest Shortfall 0.00 2,112,040.84 0.00
Adjusted Class B Interest Distributable Amount 47,809.36 2,112,040.84 47,809.36
(v)(B) Class A Principal Distributable Amount - Current Month 1,687,301.26 2,064,231.48 1,687,301.26 1,680,088.16
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 376,930.22 0.00
Current Month Class A Principal Shortfall 0.00 376,930.22 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,687,301.26 376,930.22 376,930.22 0.00
(vi) Certificate Insurer Premium 26,774.79 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 88,805.33 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 88,805.33 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 819,440.30 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 93,486,566.64
Class A Principal Distributions 1,687,301.26
Class A End of Period Principal Balance 91,799,265.38
Class B Beginning of Period Principal Balance 4,920,345.61
Class B Principal Distributable Amount 88,805.33
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,831,540.28
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,831,540.28
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,367,389.42
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 697,258.38
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,670,131.04
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,670,131.04
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 47,809.36
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,622,321.68
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,622,321.68
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,687,301.26
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 935,020.42
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 935,020.42
(vi) Certificate Insurer Premium 26,774.79
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 908,245.63
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 908,245.63
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 88,805.33
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 819,440.30
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 819,440.30
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,449,000.00
Purchased receivables more than 30 days delinquent 91,390.47
-------------------
Total 6,540,390.47
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 116,588,085.67
Delinquency Ratio 5.61%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.61%
Delinquency Ratio for second preceding Determination Date 4.37%
Delinquency Ratio for third preceding Determination Date 2.95%
-------------------
Average Delinquency Ratio 4.31% 4.31%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 316,603.00
Current Period Defaulted Receivables 382,762.21
-------------------
Total 699,365.21
Cumulative Defaulted Receivables 699,365.21
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 0.68%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 8,427.31
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 8,427.31
Cumulative Previous Net Losses 0.00
-------------------
Cumulative Net Losses 8,427.31
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 0.01%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 52.02
Weighted Average Annual Percentage Rate 20.56%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 9,663,080.57
15% of Outstanding Certificate Balance 14,494,620.85
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 9,663,080.57
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 96,630,805.66
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 9,663,080.57
Beginning of Period Spread Account Balance 5,931,409.93
Spread Account Deposit (Withdrawal) from Current Distributions 819,440.30
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 2,912,230.34
Earnings on Spread Account Balance 22,646.52
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 6,773,496.75
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
11.44% Class B Asset-Backed Certificates
Distribution Date 7/15/97
Collection Period 6/97
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,121,511.15
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $626,890.27
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,494,620.88
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $18.71
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.53
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $13.18
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $149,816.72
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $56,895.90
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $92,920.82
(j) Scheduled Payments due in such Collection Period $3,379,593.34
(k) Scheduled Payments collected in such
Collection Period $3,298,622.12
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $119,076,901.23
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in paragraph A.1.(c) above $117,503,616.09
(c) The Pool factor as of the close of business
on the last day set forth above 0.9867877
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $206,028.14
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,939.41
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.82
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 7
Aggregate Purchase Amount $89,582.60
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $50,805.19
(b) Distributions (to) from Collection Account ($7,426.68)
for Payaheads
(c) Interest earned on Payahead Balances $182.94
(d) Ending Payahead Account Balance $43,561.45
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $10,575,325.45
Spread Account Balance $5,329,594.61
(b) The change in the spread account on the Distribution
Date set forth above $1,274,240.49
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $32,558.29
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 174
Aggregate Gross Amount $2,531,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 22
Aggregate Gross Amount $330,000.00
8 Performance Triggers
(a) Delinquency Ratio 2.11%
(b) Average Delinquency Ratio 1.33%
(c) Cumulative Default Ratio 0.04%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,796,717.54
Lock Box NSF Items: (32,832.35)
Transfers from (to) Payahead Account: 7,426.68
Collection Account Interest 7,562.91
Payahead Account Interest 182.94
Total Collection Proceeds: 3,779,057.72
For Distribution Date: 7/15/97
For Determination Date: 7/8/97
For Collection Period: 6/97
Collateral Activity Information
Principal
Beginning Principal Balance 119,076,901.23
Principal portion of payments collected (non-prepayments) 1,092,849.54
Prepayments in full allocable to principal 390,853.00
Collections allocable to principal 1,483,702.54
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 89,582.60
-------------------
Total Principal 1,573,285.14
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 117,503,616.09
Interest
Collections allocable to interest 2,205,772.58
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 2,205,772.58
Certificate Information
Beginning of Period Class A Principal Balance 113,123,056.17
Beginning of Period Class B Principal Balance 5,968,101.62
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,055,354.12
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 7,542.88
Aggregate Payahead Balance 43,378.51
Aggregate Payahead Balance for preceding Distribution Date 50,805.19
Interest Earned on Payahead Balances 182.94
Scheduled Payments due in Collection Period 3,379,593.34
Scheduled Payments collected in Collection Period 3,298,622.12
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 174 2,531,000.00
60+ days delinquent 22 330,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
7 89,582.60
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 2,861,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 89,582.60
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 48,810.27
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 0.56%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 0.00
Cumulative Net Losses for preceding Determination Date 0.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,689,475.12
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 89,582.60
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,779,057.72
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,092,849.54
Prepayments in full allocable to principal 390,853.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 89,582.60
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,573,285.14
Class A Principal Distributable Amount
Principal Distributable Amount 1,573,285.14
Times Class A Percentage (95%) 95%
-------------------
1,494,620.88
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,494,620.88
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 113,123,056.17
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class A Interest Distributable Amount 626,890.27
Class B Principal Distributable Amount
Principal Distributable Amount 1,573,285.14
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 78,664.26
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,968,101.62
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 56,895.90
Class B Excess Interest Amount
Total Distribution Amount 3,779,057.72
minus
Class A Principal and Interest Distributable Amount 2,121,511.15
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 56,895.90
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 78,664.26
Class B Principal Carryover Shortfall 14,256.56
Trustee distributions 1,488.64
Standby Servicer distributions 7,939.41
Servicer distributions 206,028.14
Collateral Agent distributions 1,488.64
Reimbursement Obligations 32,558.29
-------------------
1,258,226.73
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 14,256.56
-------------------
14,256.56
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 7,939.41 3,779,057.72 7,939.41 3,779,057.72
Servicing Fee (2.0%) 198,485.26 3,771,118.31 198,485.26 0.00
Additional Servicing Fee Amounts 7,542.88 3,572,633.05 7,542.88 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,565,090.17 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,565,090.17 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,565,090.17 0.00
(iii) Trustee Fee 1,488.64 3,565,090.17 1,488.64
Trustee's out-of-pocket expenses 0.00 3,563,601.53 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,563,601.53 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,563,601.53 0.00
Collection Periods
(iv) Collateral Agent Fee 1,488.64 3,563,601.53 1,488.64
Collateral Agent Expenses 0.00 3,562,112.89 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,562,112.89 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,562,112.89 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 626,890.27 3,562,112.89 626,890.27
Prior Month(s) Class A Carryover Shortfall 0.00 2,935,222.62 0.00
Class A Interest Carryover Shortfall 0.00 2,935,222.62 0.00
Interest on Interest Carryover from Prior Months 0.00 2,935,222.62 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,935,222.62 0.00
Class A Interest Distributable Amount 626,890.27 2,935,222.62 626,890.27
(viii)(A)Class B Coupon Interest - Unadjusted 56,895.90 2,308,332.35 56,895.90
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,251,436.45 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,251,436.45 0.00
Interest on Interest Carryover from Prior Months 0.00 2,251,436.45 0.00
Current Month Class B Interest Shortfall 0.00 2,251,436.45 0.00
Adjusted Class B Interest Distributable Amount 56,895.90 2,251,436.45 56,895.90
(v)(B) Class A Principal Distributable Amount - Current Month 1,494,620.88 2,194,540.55 1,494,620.88 2,284,436.84
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 699,919.67 0.00
Current Month Class A Principal Shortfall 0.00 699,919.67 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,494,620.88 699,919.67 699,919.67 789,815.95
(vi) Certificate Insurer Premium 32,558.29 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 78,664.26 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 14,256.56 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 92,920.82 0.00 0.00
Excess Interest (Shortage) Amount for Deposit 1,258,226.73 0.00 0.00
to (withdrawl from) Spread Account 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 113,123,056.17
Class A Principal Distributions 1,494,620.88
Class A End of Period Principal Balance 111,628,435.29
Class B Beginning of Period Principal Balance 5,968,101.62
Class B Principal Distributable Amount 92,920.82
Class B End of Period Principal Balance BEFORE Spread Account Distributions 5,875,180.80
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 5,875,180.80
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,779,057.72
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 843,835.10
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,935,222.62
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,935,222.62
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 56,895.90
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,878,326.72
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,878,326.72
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,494,620.88
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,383,705.84
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,383,705.84
(vi) Certificate Insurer Premium 32,558.29
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,351,147.54
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,351,147.54
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 78,664.26
(iii) Prior month(s) carryover shortfalls 14,256.56
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 1,258,226.73
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,258,226.73
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,861,000.00
Purchased receivables more than 30 days delinquent 89,582.60
-------------------
Total 2,950,582.60
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 139,973,700.94
Delinquency Ratio 2.11%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 2.11%
Delinquency Ratio for second preceding Determination Date 0.56%
Delinquency Ratio for third preceding Determination Date 0.00%
-------------------
Average Delinquency Ratio 1.33% 0.89%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 48,810.27
-------------------
Total 48,810.27
Cumulative Defaulted Receivables 48,810.27
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 0.04%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-------------------
Cumulative Net Losses 0.00
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 54.50
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 10,575,325.45
15% of Outstanding Certificate Balance 17,625,542.41
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 10,575,325.45
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 117,503,616.09
Minimum Floor 100,000.00
--------------
Floor Amount 3,580,860.93
Required Spread Account Amount 10,575,325.45
Beginning of Period Spread Account Balance 4,055,354.12
Spread Account Deposit (Withdrawal) from Current Distributions 1,258,226.73
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 5,261,744.60
Earnings on Spread Account Balance 16,013.76
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 5,329,594.61
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Revised
Distribution Date 8/15/97
Collection Period 7/97
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,501,716.94
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $330,271.81
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,171,445.13
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $29.62
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.91
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $25.71
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $140,426.03
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $26,139.44
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $114,286.59
(j) Scheduled Payments due in such Collection Period $2,119,075.60
(k) Scheduled Payments collected in such
Collection Period $1,741,980.36
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $62,734,653.51
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $60,510,870.22
(c) The Pool factor as of the close of business
on the last day set forth above 0.9645526
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $122,152.47
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,182.31
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.45
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $29,220.47
(b) Distributions (to) from Collection Account $1,576.08
for Payaheads
(c) Interest earned on Payahead Balances $113.87
(d) Ending Payahead Account Balance $30,910.42
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,051,087.02
Spread Account Balance $6,051,087.02
(b) The change in the spread account on the Distribution
Date set forth above ($227,342.93)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $16,749.39
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $639,125.22
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 223
Aggregate Gross Amount $2,749,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 260
Aggregate Gross Amount $3,427,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.67%
(b) Average Delinquency Ratio 7.91%
(c) Cumulative Default Ratio 9.98%
(d) Cumulative Net Loss Ratio 5.56%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,769,095.90
Lock Box NSF Items: (53,780.95)
Transfers from (to) Payahead Account: (1,576.08)
Collection Account Interest 10,994.33
Payahead Account Interest 113.87
Total Collection Proceeds: 2,724,847.07
For Distribution Date: 8/15/97
For Determination Date: 8/8/97
For Collection Period: 7/97
Collateral Activity Information
Principal
Beginning Principal Balance 62,734,653.51
Principal portion of payments collected (non-prepayments) 687,973.26
Prepayments in full allocable to principal 544,571.00
Collections allocable to principal 1,232,544.26
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 414,062.24
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,646,606.50
Realized Losses 639,125.22
Cram Down Losses 0.00
Ending Principal Balance 60,448,921.79
Interest
Collections allocable to interest 1,054,007.10
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 24,233.47
-------------------
Total Interest 1,078,240.57
Certificate Information
Beginning of Period Class A Principal Balance 59,597,920.84
Beginning of Period Class B Principal Balance 3,136,732.67
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,278,429.95
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,594.71
Aggregate Payahead Balance 30,796.55
Aggregate Payahead Balance for preceding Distribution Date 29,220.47
Interest Earned on Payahead Balances 113.87
Scheduled Payments due in Collection Period 2,119,075.60
Scheduled Payments collected in Collection Period 1,741,980.36
Aggregate Amount of Realized Losses for preceding Distribution Date 639,125.22
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 223 2,749,000.00
60+ days delinquent 260 3,427,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,176,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 555,069.82
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.89%
Delinquency Ratio for third preceding Determination Date 7.16%
Cumulative Defaults for preceding Determination Date 8,317,042.00
Cumulative Net Losses for preceding Determination Date 4,326,878.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,286,551.36
Liquidation Proceeds 414,062.24
Recoveries 24,233.47
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,724,847.07
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 687,973.26
Prepayments in full allocable to principal 544,571.00
Principal Balance of Liquidated Receivables 1,053,187.46
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,285,731.72
Class A Principal Distributable Amount
Principal Distributable Amount 2,285,731.72
Times Class A Percentage (95%) 95%
-------------------
2,171,445.13
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,171,445.13
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 59,597,920.84
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 330,271.81
Class B Principal Distributable Amount
Principal Distributable Amount 2,285,731.72
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 114,286.59
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,136,732.67
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 26,139.44
Class B Excess Interest Amount
Total Distribution Amount 2,724,847.07
minus
Class A Principal and Interest Distributable Amount 2,501,716.94
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 26,139.44
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 114,286.59
Class B Principal Carryover Shortfall 0.00
Trustee distributions 784.18
Standby Servicer distributions 4,182.31
Servicer distributions 122,152.47
Collateral Agent distributions 784.18
Reimbursement Obligations 16,749.39
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,182.31 2,724,847.07 4,182.31 2,724,847.07
Servicing Fee (2.0%) 104,557.76 2,720,664.76 104,557.76 0.00
Additional Servicing Fee Amounts 17,594.71 2,616,107.00 17,594.71 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,598,512.29 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,598,512.29 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,598,512.29 0.00
(iii) Trustee Fee 784.18 2,598,512.29 784.18
Trustee's out-of-pocket expenses 0.00 2,597,728.11 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,597,728.11 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,597,728.11 0.00
Collection Periods
(iv) Collateral Agent Fee 784.18 2,597,728.11 784.18
Collateral Agent Expenses 0.00 2,596,943.93 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,596,943.93 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,596,943.93 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 330,271.81 2,596,943.93 330,271.81
Prior Month(s) Class A Carryover Shortfall 0.00 2,266,672.12 0.00
Class A Interest Carryover Shortfall 0.00 2,266,672.12 0.00
Interest on Interest Carryover from Prior Months 0.00 2,266,672.12 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,266,672.12 0.00
Class A Interest Distributable Amount 330,271.81 2,266,672.12 330,271.81
(viii)(A)Class B Coupon Interest - Unadjusted 26,139.44 1,936,400.31 26,139.44
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,910,260.87 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,910,260.87 0.00
Interest on Interest Carryover from Prior Months 0.00 1,910,260.87 0.00
Current Month Class B Interest Shortfall 0.00 1,910,260.87 0.00
Adjusted Class B Interest Distributable Amount 26,139.44 1,910,260.87 26,139.44
(v)(B) Class A Principal Distributable Amount - Current Month 2,171,445.13 1,884,121.43 1,884,121.43 553,401.94
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,171,445.13 0.00 0.00 0.00
(vi) Certificate Insurer Premium 16,749.39 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 114,286.59 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (61,948.43) 0.00 (61,948.43)
Adjusted Class B Principal Distributable Amount 52,338.16 61,948.43 52,338.16
Excess Interest Amount for Deposit in Spread Account 0.00 9,610.27 0.00
9,610.27 9,610.27
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 59,597,920.84
Class A Principal Distributions 2,171,445.13
Class A End of Period Principal Balance 57,426,475.71
Class B Beginning of Period Principal Balance 3,136,732.67
Class B Principal Distributable Amount 52,338.16
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,084,394.51
Withdrawl from Spread Account to Cover B Shortfalls 61,948.43
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,022,446.08
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,724,847.07
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 458,174.95
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,266,672.12
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,266,672.12
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 26,139.44
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,240,532.68
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,240,532.68
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,171,445.13
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 69,087.55
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 69,087.55
(vi) Certificate Insurer Premium 16,749.39
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 52,338.16
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 52,338.16
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 114,286.59
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (61,948.43)
Withdrawl from Spread Account to B PieceCover Shortfalls (61,948.43)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,176,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 6,176,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 71,264,178.46
Delinquency Ratio 8.67%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.67%
Delinquency Ratio for second preceding Determination Date 7.89%
Delinquency Ratio for third preceding Determination Date 7.16%
-------------------
Average Delinquency Ratio 7.91% 7.91%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 8,317,042.00
Current Period Defaulted Receivables 555,069.82
-------------------
Total 8,872,111.82
Cumulative Defaulted Receivables 8,872,111.82
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 9.98%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,053,187.46
Cram Down Losses 0.00
Net Liquidation Proceeds (438,295.71)
-------------------
Net Liquidation Losses 614,891.75
Cumulative Previous Net Losses 4,326,878.00
-------------------
Cumulative Net Losses 4,941,769.75
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 5.56%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 41.18
Weighted Average Annual Percentage Rate 20.40%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,051,087.02
15% of Outstanding Certificate Balance 9,076,630.53
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,051,087.02
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 60,510,870.22
Minimum Floor 100,000.00
--------------
Floor Amount 2,667,022.51
Required Spread Account Amount 6,051,087.02
Beginning of Period Spread Account Balance 6,278,429.95
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (227,342.93)
Earnings on Spread Account Balance 27,526.26
Amount of Spread Account deposit (withdrawal) (254,869.19)
Amount of Withdrawl Allocated to B Piece Shortfalls 61,948.43
Net Spread Account Withdrawl to Seller (192,920.76)
Ending Spread Account Balance 6,051,087.02
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
Revised
Distribution Date 8/15/97
Collection Period 7/97
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,597,890.53
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $393,447.15
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,204,443.38
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $29.68
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.50
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $25.19
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $150,948.34
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $34,925.00
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $116,023.34
(j) Scheduled Payments due in such Collection Period $2,347,252.71
(k) Scheduled Payments collected in such
Collection Period $1,809,676.78
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $74,176,995.21
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $71,856,528.48
(c) The Pool factor as of the close of business
on the last day set forth above 0.9687172
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $143,088.34
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,945.13
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.63
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $23,642.56
(b) Distributions (to) from Collection Account $5,320.91
for Payaheads
(c) Interest earned on Payahead Balances $111.62
(d) Ending Payahead Account Balance $29,075.09
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,185,652.85
Spread Account Balance $7,185,652.85
(b) The change in the spread account on the Distribution
Date set forth above ($232,046.67)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $19,910.25
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $675,998.93
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 251
Aggregate Gross Amount $3,354,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 262
Aggregate Gross Amount $3,587,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.05%
(b) Average Delinquency Ratio 7.24%
(c) Cumulative Default Ratio 6.85%
(d) Cumulative Net Loss Ratio 2.94%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,022,086.37
Lock Box NSF Items: (61,339.24)
Transfers from (to) Payahead Account: (5,320.91)
Collection Account Interest 11,758.11
Payahead Account Interest 111.62
Total Collection Proceeds: 2,967,295.95
For Distribution Date: 8/15/97
For Determination Date: 8/8/97
For Collection Period: 7/97
Collateral Activity Information
Principal
Beginning Principal Balance 74,176,995.21
Principal portion of payments collected (non-prepayments) 510,974.89
Prepayments in full allocable to principal 583,855.00
Collections allocable to principal 1,094,829.89
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 549,637.90
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,644,467.79
Realized Losses 675,998.93
Cram Down Losses 0.00
Ending Principal Balance 71,856,528.49
Interest
Collections allocable to interest 1,298,701.89
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 24,126.27
-------------------
Total Interest 1,322,828.16
Certificate Information
Beginning of Period Class A Principal Balance 70,468,145.43
Beginning of Period Class B Principal Balance 3,708,849.77
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,417,699.52
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,460.01
Aggregate Payahead Balance 28,963.47
Aggregate Payahead Balance for preceding Distribution Date 23,642.56
Interest Earned on Payahead Balances 111.62
Scheduled Payments due in Collection Period 2,347,252.71
Scheduled Payments collected in Collection Period 1,809,676.78
Aggregate Amount of Realized Losses for preceding Distribution Date 675,998.93
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 251 3,354,000.00
60+ days delinquent 262 3,587,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,941,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 784,932.14
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.09%
Delinquency Ratio for third preceding Determination Date 6.59%
Cumulative Defaults for preceding Determination Date 5,529,014.00
Cumulative Net Losses for preceding Determination Date 2,053,993.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,393,531.78
Liquidation Proceeds 549,637.90
Recoveries 24,126.27
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,967,295.95
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 510,974.89
Prepayments in full allocable to principal 583,855.00
Principal Balance of Liquidated Receivables 1,225,636.83
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,320,466.72
Class A Principal Distributable Amount
Principal Distributable Amount 2,320,466.72
Times Class A Percentage (95%) 95%
-------------------
2,204,443.38
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,204,443.38
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 70,468,145.43
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 393,447.15
Class B Principal Distributable Amount
Principal Distributable Amount 2,320,466.72
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 116,023.34
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,708,849.77
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 34,925.00
Class B Excess Interest Amount
Total Distribution Amount 2,967,295.95
minus
Class A Principal and Interest Distributable Amount 2,597,890.53
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 34,925.00
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 116,023.34
Class B Principal Carryover Shortfall 0.00
Trustee distributions 927.21
Standby Servicer distributions 4,945.13
Servicer distributions 143,088.34
Collateral Agent distributions 927.21
Reimbursement Obligations 19,910.25
-------------------
48,658.94
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,945.13 0.00 0.00 116,023.34
Servicing Fee (2.0%) 123,628.33 0.00 0.00 0.00
Additional Servicing Fee Amounts 19,460.01 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 927.21 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 0.00 0.00
Collection Periods
(iv) Collateral Agent Fee 927.21 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior 0.00 0.00 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 0.00 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 393,447.15 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00
Class A Interest Distributable Amount 393,447.15 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 34,925.00 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00 116,023.34
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00 116,023.34
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 34,925.00 0.00 0.00
(v)(B) Class A Principal Distributable Amount - Current Month 2,204,443.38 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,204,443.38 0.00 0.00
(vi) Certificate Insurer Premium 19,910.25 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 116,023.34 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 116,023.34 0.00 0.00
Excess Interest Amount for Deposit in 48,658.94 0.00 0.00
Spread Account 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 70,468,145.43
Class A Principal Distributions 2,204,443.38
Class A End of Period Principal Balance 68,263,702.05
Class B Beginning of Period Principal Balance 3,708,849.77
Class B Principal Distributable Amount 116,023.34
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,592,826.43
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,592,826.43
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,967,295.95
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 543,335.04
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,423,960.91
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,423,960.91
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 34,925.00
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,389,035.91
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,389,035.91
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,204,443.38
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 184,592.53
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 184,592.53
(vi) Certificate Insurer Premium 19,910.25
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 164,682.28
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 164,682.28
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 116,023.34
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 48,658.94
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 48,658.94
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,941,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 6,941,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 86,217,243.79
Delinquency Ratio 8.05%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.05%
Delinquency Ratio for second preceding Determination Date 7.09%
Delinquency Ratio for third preceding Determination Date 6.59%
-------------------
Average Delinquency Ratio 7.24% 7.24%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 5,529,014.00
Current Period Defaulted Receivables 784,932.14
-------------------
Total 6,313,946.14
Cumulative Defaulted Receivables 6,313,946.14
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 6.85%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,225,636.83
Cram Down Losses 0.00
Net Liquidation Proceeds (573,764.17)
-------------------
Net Liquidation Losses 651,872.66
Cumulative Previous Net Losses 2,053,993.00
-------------------
Cumulative Net Losses 2,705,865.66
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 2.94%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 45.18
Weighted Average Annual Percentage Rate 20.52%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,185,652.85
15% of Outstanding Certificate Balance 10,778,479.27
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,185,652.85
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 71,856,528.48
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 7,185,652.85
Beginning of Period Spread Account Balance 7,417,699.52
Spread Account Deposit (Withdrawal) from Current Distributions 48,658.94
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (280,705.61)
Earnings on Spread Account Balance 32,714.89
Amount of Spread Account deposit (withdrawal) (313,420.50)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (313,420.50)
Ending Spread Account Balance 7,185,652.85
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Revised
Distribution Date 8/15/97
Collection Period 7/97
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,441,440.75
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $412,372.11
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,029,068.64
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $27.68
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.67
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $23.00
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $141,760.32
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $34,967.23
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $106,793.09
(j) Scheduled Payments due in such Collection Period $2,514,222.41
(k) Scheduled Payments collected in such
Collection Period $2,152,479.95
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $82,681,125.14
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $80,545,263.41
(c) The Pool factor as of the close of business
on the last day set forth above 0.9741675
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $154,435.46
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,512.08
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.75
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $31,058.10
(b) Distributions (to) from Collection Account $4,195.08
for Payaheads
(c) Interest earned on Payahead Balances $138.47
(d) Ending Payahead Account Balance $35,391.65
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,054,526.34
Spread Account Balance $8,054,526.34
(b) The change in the spread account on the Distribution
Date set forth above ($114,596.75)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $22,317.75
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $543,186.65
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 262
Aggregate Gross Amount $3,574,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 319
Aggregate Gross Amount $4,559,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.37%
(b) Average Delinquency Ratio 7.40%
(c) Cumulative Default Ratio 3.67%
(d) Cumulative Net Loss Ratio 1.06%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,108,859.97
Lock Box NSF Items: (60,369.60)
Transfers from (to) Payahead Account: (4,195.08)
Collection Account Interest 11,526.76
Payahead Account Interest 138.47
Total Collection Proceeds: 3,055,960.52
For Distribution Date: 8/15/97
For Determination Date: 8/8/97
For Collection Period: 7/97
Collateral Activity Information
Principal
Beginning Principal Balance 82,681,125.14
Principal portion of payments collected (non-prepayments) 694,880.57
Prepayments in full allocable to principal 447,341.00
Collections allocable to principal 1,142,221.57
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 450,453.51
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,592,675.08
Realized Losses 543,186.65
Cram Down Losses 0.00
Ending Principal Balance 80,545,263.41
Interest
Collections allocable to interest 1,457,599.38
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 5,686.06
-------------------
Total Interest 1,463,285.44
Certificate Information
Beginning of Period Class A Principal Balance 78,547,068.87
Beginning of Period Class B Principal Balance 4,134,056.27
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,169,123.09
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 16,633.58
Aggregate Payahead Balance 35,253.18
Aggregate Payahead Balance for preceding Distribution Date 31,058.10
Interest Earned on Payahead Balances 138.47
Scheduled Payments due in Collection Period 2,514,222.41
Scheduled Payments collected in Collection Period 2,152,479.95
Aggregate Amount of Realized Losses for preceding Distribution Date 543,186.65
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 262 3,574,000.00
60+ days delinquent 319 4,559,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 8,133,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 671,734.76
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.30%
Delinquency Ratio for third preceding Determination Date 6.52%
Cumulative Defaults for preceding Determination Date 2,733,727.00
Cumulative Net Losses for preceding Determination Date 446,018.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,599,820.95
Liquidation Proceeds 450,453.51
Recoveries 5,686.06
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,055,960.52
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 694,880.57
Prepayments in full allocable to principal 447,341.00
Principal Balance of Liquidated Receivables 993,640.16
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,135,861.73
Class A Principal Distributable Amount
Principal Distributable Amount 2,135,861.73
Times Class A Percentage (95%) 95%
-------------------
2,029,068.64
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,029,068.64
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 78,547,068.87
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 412,372.11
Class B Principal Distributable Amount
Principal Distributable Amount 2,135,861.73
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 106,793.09
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,134,056.27
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 34,967.23
Class B Excess Interest Amount
Total Distribution Amount 3,055,960.52
minus
Class A Principal and Interest Distributable Amount 2,441,440.75
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 34,967.23
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 106,793.09
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,033.51
Standby Servicer distributions 5,512.08
Servicer distributions 154,435.46
Collateral Agent distributions 1,033.51
Reimbursement Obligations 22,317.75
-------------------
288,427.14
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,512.08 3,055,960.52 5,512.08 3,055,960.52
Servicing Fee (2.0%) 137,801.88 3,050,448.44 137,801.88 0.00
Additional Servicing Fee Amounts 16,633.58 2,912,646.56 16,633.58 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,896,012.98 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,896,012.98 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,896,012.98 0.00
(iii) Trustee Fee 1,033.51 2,896,012.98 1,033.51
Trustee's out-of-pocket expenses 0.00 2,894,979.47 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,894,979.47 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,894,979.47 0.00
Collection Periods
(iv) Collateral Agent Fee 1,033.51 2,894,979.47 1,033.51
Collateral Agent Expenses 0.00 2,893,945.96 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,893,945.96 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,893,945.96 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 412,372.11 2,893,945.96 412,372.11
Prior Month(s) Class A Carryover Shortfall 0.00 2,481,573.85 0.00
Class A Interest Carryover Shortfall 0.00 2,481,573.85 0.00
Interest on Interest Carryover from Prior Months 0.00 2,481,573.85 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,481,573.85 0.00
Class A Interest Distributable Amount 412,372.11 2,481,573.85 412,372.11
(viii)(A)Class B Coupon Interest - Unadjusted 34,967.23 2,069,201.74 34,967.23
Class B Interest Carryover Shortfall - 0.00 2,034,234.51 0.00
Previous Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,034,234.51 0.00
Interest on Interest Carryover from Prior Months 0.00 2,034,234.51 0.00
Current Month Class B Interest Shortfall 0.00 2,034,234.51 0.00
Adjusted Class B Interest Distributable Amount 34,967.23 2,034,234.51 34,967.23
(v)(B) Class A Principal Distributable Amount - Current Month 2,029,068.64 1,999,267.28 1,999,267.28 1,026,891.88
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,029,068.64 0.00 0.00 0.00
(vi) Certificate Insurer Premium 22,317.75 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 106,793.09 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous 0.00 0.00 0.00
Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 106,793.09 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 288,427.14 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 78,547,068.87
Class A Principal Distributions 2,029,068.64
Class A End of Period Principal Balance 76,518,000.23
Class B Beginning of Period Principal Balance 4,134,056.27
Class B Principal Distributable Amount 106,793.09
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,027,263.18
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,027,263.18
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,055,960.52
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 574,386.67
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,481,573.85
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,481,573.85
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 34,967.23
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,446,606.62
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,446,606.62
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,029,068.64
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 417,537.98
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 417,537.98
(vi) Certificate Insurer Premium 22,317.75
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 395,220.23
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 395,220.23
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 106,793.09
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 288,427.14
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 288,427.14
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,133,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 8,133,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 97,172,693.91
Delinquency Ratio 8.37%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.37%
Delinquency Ratio for second preceding Determination Date 7.30%
Delinquency Ratio for third preceding Determination Date 6.52%
-------------------
Average Delinquency Ratio 7.40% 7.40%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 2,733,727.00
Current Period Defaulted Receivables 671,734.76
-------------------
Total 3,405,461.76
Cumulative Defaulted Receivables 3,405,461.76
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 3.67%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 993,640.16
Cram Down Losses 0.00
Net Liquidation Proceeds (456,139.57)
-------------------
Net Liquidation Losses 537,500.59
Cumulative Previous Net Losses 446,018.00
-------------------
Cumulative Net Losses 983,518.59
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 1.06%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 48.34
Weighted Average Annual Percentage Rate 20.56%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,054,526.34
15% of Outstanding Certificate Balance 12,081,789.51
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,054,526.34
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 80,545,263.41
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 8,054,526.34
Beginning of Period Spread Account Balance 8,169,123.09
Spread Account Deposit (Withdrawal) from Current Distributions 288,427.14
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (403,023.89)
Earnings on Spread Account Balance 34,202.34
Amount of Spread Account deposit (withdrawal) (437,226.23)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (437,226.23)
Ending Spread Account Balance 8,054,526.34
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Revised
Distribution Date 8/15/97
Collection Period 7/97
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,278,707.98
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $501,070.99
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,777,636.99
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $23.44
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.15
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $18.29
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $140,506.31
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $46,946.47
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $93,559.84
(j) Scheduled Payments due in such Collection Period $2,846,924.48
(k) Scheduled Payments collected in such
Collection Period $2,696,901.16
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $96,630,805.66
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $94,759,608.83
(c) The Pool factor as of the close of business
on the last day set forth above 0.9806356
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $176,881.50
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,442.05
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.82
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $32,438.38
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $34,921.49
(b) Distributions (to) from Collection Account $1,143.23
for Payaheads
(c) Interest earned on Payahead Balances $361.60
(d) Ending Payahead Account Balance $36,426.32
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,475,960.88
Spread Account Balance $7,506,053.83
(b) The change in the spread account on the Distribution
Date set forth above $732,557.08
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $26,256.31
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $159,885.23
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 279
Aggregate Gross Amount $3,830,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 255
Aggregate Gross Amount $3,693,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.63%
(b) Average Delinquency Ratio 5.54%
(c) Cumulative Default Ratio 1.31%
(d) Cumulative Net Loss Ratio 0.16%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,406,181.00
Lock Box NSF Items: (80,946.52)
Transfers from (to) Payahead Account: (1,143.23)
Collection Account Interest 11,750.93
Payahead Account Interest 361.60
Total Collection Proceeds: 3,336,203.78
For Distribution Date: 8/15/97
For Determination Date: 8/8/97
For Collection Period: 7/97
Collateral Activity Information
Principal
Beginning Principal Balance 96,630,805.66
Principal portion of payments collected (non-prepayments) 1,074,746.98
Prepayments in full allocable to principal 476,580.00
Collections allocable to principal 1,551,326.98
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 127,546.24
Purchase Amounts allocable to principal 32,438.38
-------------------
Total Principal 1,711,311.60
Realized Losses 159,885.23
Cram Down Losses 0.00
Ending Principal Balance 94,759,608.83
Interest
Collections allocable to interest 1,622,154.18
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 2,738.00
-------------------
Total Interest 1,624,892.18
Certificate Information
Beginning of Period Class A Principal Balance 91,799,265.38
Beginning of Period Class B Principal Balance 4,831,540.28
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,773,496.75
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 15,830.16
Aggregate Payahead Balance 36,064.72
Aggregate Payahead Balance for preceding Distribution Date 34,921.49
Interest Earned on Payahead Balances 361.60
Scheduled Payments due in Collection Period 2,846,924.48
Scheduled Payments collected in Collection Period 2,696,901.16
Aggregate Amount of Realized Losses for preceding Distribution Date 159,885.23
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 279 3,830,000.00
60+ days delinquent 255 3,693,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 32,438.38
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 7,523,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 32,438.38
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 638,497.88
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 5.61%
Delinquency Ratio for third preceding Determination Date 4.37%
Cumulative Defaults for preceding Determination Date 699,365.00
Cumulative Net Losses for preceding Determination Date 8,427.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,173,481.16
Liquidation Proceeds 127,546.24
Recoveries 2,738.00
Purchase Amounts 32,438.38
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,336,203.78
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,074,746.98
Prepayments in full allocable to principal 476,580.00
Principal Balance of Liquidated Receivables 287,431.47
Purchase Amounts allocable to principal 32,438.38
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,871,196.83
Class A Principal Distributable Amount
Principal Distributable Amount 1,871,196.83
Times Class A Percentage (95%) 95%
-------------------
1,777,636.99
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,777,636.99
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 91,799,265.38
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 501,070.99
Class B Principal Distributable Amount
Principal Distributable Amount 1,871,196.83
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 93,559.84
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,831,540.28
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 46,946.47
Class B Excess Interest Amount
Total Distribution Amount 3,336,203.78
minus
Class A Principal and Interest Distributable Amount 2,278,707.98
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 46,946.47
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 93,559.84
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,207.89
Standby Servicer distributions 6,442.05
Servicer distributions 176,881.50
Collateral Agent distributions 1,207.89
Reimbursement Obligations 26,256.31
-------------------
704,993.85
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 6,442.05 3,336,203.78 6,442.05 3,336,203.78
Servicing Fee (2.0%) 161,051.34 3,329,761.73 161,051.34 0.00
Additional Servicing Fee Amounts 15,830.16 3,168,710.39 15,830.16 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,152,880.23 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,152,880.23 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,152,880.23 0.00
(iii) Trustee Fee 1,207.89 3,152,880.23 1,207.89
Trustee's out-of-pocket expenses 0.00 3,151,672.34 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,151,672.34 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,151,672.34 0.00
Collection Periods
(iv) Collateral Agent Fee 1,207.89 3,151,672.34 1,207.89
Collateral Agent Expenses 0.00 3,150,464.45 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,150,464.45 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,150,464.45 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 501,070.99 3,150,464.45 501,070.99
Prior Month(s) Class A Carryover Shortfall 0.00 2,649,393.46 0.00
Class A Interest Carryover Shortfall 0.00 2,649,393.46 0.00
Interest on Interest Carryover from Prior Months 0.00 2,649,393.46 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,649,393.46 0.00
Class A Interest Distributable Amount 501,070.99 2,649,393.46 501,070.99
(viii)(A)Class B Coupon Interest - Unadjusted 46,946.47 2,148,322.47 46,946.47
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,101,376.00 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,101,376.00 0.00
Interest on Interest Carryover from Prior Months 0.00 2,101,376.00 0.00
Current Month Class B Interest Shortfall 0.00 2,101,376.00 0.00
Adjusted Class B Interest Distributable Amount 46,946.47 2,101,376.00 46,946.47
(v) (B) Class A Principal Distributable Amount - Current Month 1,777,636.99 2,054,429.53 1,777,636.99 1,558,566.79
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 276,792.54 0.00
Current Month Class A Principal Shortfall 0.00 276,792.54 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,777,636.99 276,792.54 276,792.54 0.00
(vi) Certificate Insurer Premium 26,256.31 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 93,559.84 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 93,559.84 0.00 0.00
Excess Interest Amount for Deposit in 704,993.85 0.00 0.00
Spread Account 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 91,799,265.38
Class A Principal Distributions 1,777,636.99
Class A End of Period Principal Balance 90,021,628.39
Class B Beginning of Period Principal Balance 4,831,540.28
Class B Principal Distributable Amount 93,559.84
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,737,980.44
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,737,980.44
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,336,203.78
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 686,810.32
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,649,393.46
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,649,393.46
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 46,946.47
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,602,446.99
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,602,446.99
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,777,636.99
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 824,810.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 824,810.00
(vi) Certificate Insurer Premium 26,256.31
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 798,553.69
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 798,553.69
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 93,559.84
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 704,993.85
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 704,993.85
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,523,000.00
Purchased receivables more than 30 days delinquent 32,438.38
-------------------
Total 7,555,438.38
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 113,993,810.62
Delinquency Ratio 6.63%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.63%
Delinquency Ratio for second preceding Determination Date 5.61%
Delinquency Ratio for third preceding Determination Date 4.37%
-------------------
Average Delinquency Ratio 5.54% 5.54%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 699,365.00
Current Period Defaulted Receivables 638,497.88
-------------------
Total 1,337,862.88
Cumulative Defaulted Receivables 1,337,862.88
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 1.31%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 287,431.47
Cram Down Losses 0.00
Net Liquidation Proceeds (130,284.24)
-------------------
Net Liquidation Losses 157,147.23
Cumulative Previous Net Losses 8,427.00
-------------------
Cumulative Net Losses 165,574.23
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 0.16%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 51.13
Weighted Average Annual Percentage Rate 20.58%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 9,475,960.88
15% of Outstanding Certificate Balance 14,213,941.32
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 9,475,960.88
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 94,759,608.83
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 9,475,960.88
Beginning of Period Spread Account Balance 6,773,496.75
Spread Account Deposit (Withdrawal) from Current Distributions 704,993.85
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 1,997,470.28
Earnings on Spread Account Balance 27,563.23
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,506,053.83
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
Revised
Distribution Date 8/15/97
Collection Period 7/97
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,138,211.99
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $618,607.58
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,519,604.41
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $18.86
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.46
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $13.40
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $135,989.24
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $56,010.06
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $79,979.18
(j) Scheduled Payments due in such Collection Period $3,367,824.26
(k) Scheduled Payments collected in such
Collection Period $3,269,766.53
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $117,503,616.09
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $115,904,032.50
(c) The Pool factor as of the close of business
on the last day set forth above 0.9863869
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $207,240.76
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,833.57
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.83
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 6
Aggregate Purchase Amount $79,577.73
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $43,561.45
(b) Distributions (to) from Collection Account ($5,298.63)
for Payaheads
(c) Interest earned on Payahead Balances $203.78
(d) Ending Payahead Account Balance $38,466.60
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $10,431,362.93
Spread Account Balance $6,496,264.64
(b) The change in the spread account on the Distribution
Date set forth above $1,166,670.03
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $32,115.08
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $698.74
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 253
Aggregate Gross Amount $3,554,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 107
Aggregate Gross Amount $1,552,000.00
8 Performance Triggers
(a) Delinquency Ratio 3.77%
(b) Average Delinquency Ratio 2.15%
(c) Cumulative Default Ratio 0.14%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,731,500.74
Lock Box NSF Items: (79,565.76)
Transfers from (to) Payahead Account: 5,298.63
Collection Account Interest 13,154.87
Payahead Account Interest 203.78
Total Collection Proceeds: 3,670,592.26
For Distribution Date: 8/15/97
For Determination Date: 8/8/97
For Collection Period: 7/97
Collateral Activity Information
Principal
Beginning Principal Balance 117,503,616.09
Principal portion of payments collected (non-prepayments) 1,198,059.12
Prepayments in full allocable to principal 321,248.00
Collections allocable to principal 1,519,307.12
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 79,577.73
-------------------
Total Principal 1,598,884.85
Realized Losses 698.74
Cram Down Losses 0.00
Ending Principal Balance 115,904,032.50
Interest
Collections allocable to interest 2,071,707.41
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 2,071,707.41
Certificate Information
Beginning of Period Class A Principal Balance 111,628,435.29
Beginning of Period Class B Principal Balance 5,875,180.80
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,329,594.61
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 11,401.40
Aggregate Payahead Balance 38,262.82
Aggregate Payahead Balance for preceding Distribution Date 43,561.45
Interest Earned on Payahead Balances 203.78
Scheduled Payments due in Collection Period 3,367,824.26
Scheduled Payments collected in Collection Period 3,269,766.53
Aggregate Amount of Realized Losses for preceding Distribution Date 698.74
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 253 3,554,000.00
60+ days delinquent 107 1,552,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
6 79,577.73
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,106,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 79,577.73
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 121,460.37
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 2.11%
Delinquency Ratio for third preceding Determination Date 0.56%
Cumulative Defaults for preceding Determination Date 48,810.00
Cumulative Net Losses for preceding Determination Date 0.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,591,014.53
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 79,577.73
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,670,592.26
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,198,059.12
Prepayments in full allocable to principal 321,248.00
Principal Balance of Liquidated Receivables 698.74
Purchase Amounts allocable to principal 79,577.73
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,599,583.59
Class A Principal Distributable Amount
Principal Distributable Amount 1,599,583.59
Times Class A Percentage (95%) 95%
-------------------
1,519,604.41
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,519,604.41
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 111,628,435.29
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class A Interest Distributable Amount 618,607.58
Class B Principal Distributable Amount
Principal Distributable Amount 1,599,583.59
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 79,979.18
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,875,180.80
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 56,010.06
Class B Excess Interest Amount
Total Distribution Amount 3,670,592.26
minus
Class A Principal and Interest Distributable Amount 2,138,211.99
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 56,010.06
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 79,979.18
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,468.80
Standby Servicer distributions 7,833.57
Servicer distributions 207,240.76
Collateral Agent distributions 1,468.80
Reimbursement Obligations 32,115.08
-------------------
1,146,264.02
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 7,833.57 3,670,592.26 7,833.57 3,670,592.26
Servicing Fee (2.0%) 195,839.36 3,662,758.69 195,839.36 0.00
Additional Servicing Fee Amounts 11,401.40 3,466,919.33 11,401.40 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,455,517.93 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,455,517.93 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,455,517.93 0.00
(iii) Trustee Fee 1,468.80 3,455,517.93 1,468.80
Trustee's out-of-pocket expenses 0.00 3,454,049.13 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,454,049.13 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,454,049.13 0.00
Collection Periods
(iv) Collateral Agent Fee 1,468.80 3,454,049.13 1,468.80
Collateral Agent Expenses 0.00 3,452,580.33 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,452,580.33 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,452,580.33 0.00
Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 618,607.58 3,452,580.33 618,607.58
Prior Month(s) Class A Carryover Shortfall 0.00 2,833,972.75 0.00
Class A Interest Carryover Shortfall 0.00 2,833,972.75 0.00
Interest on Interest Carryover from Prior Months 0.00 2,833,972.75 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,833,972.75 0.00
Class A Interest Distributable Amount 618,607.58 2,833,972.75 618,607.58
(viii) (AClass B Coupon Interest - Unadjusted 56,010.06 2,215,365.17 56,010.06
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,159,355.11 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,159,355.11 0.00
Interest on Interest Carryover from Prior Months 0.00 2,159,355.11 0.00
Current Month Class B Interest Shortfall 0.00 2,159,355.11 0.00
Adjusted Class B Interest Distributable Amount 56,010.06 2,159,355.11 56,010.06
(v) (B) Class A Principal Distributable Amount - Current Month 1,519,604.41 2,103,345.05 1,519,604.41 2,150,987.85
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 583,740.64 0.00
Current Month Class A Principal Shortfall 0.00 583,740.64 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,519,604.41 583,740.64 583,740.64 631,383.44
(vi) Certificate Insurer Premium 32,115.08 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month 79,979.18 0.00 0.00
Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 79,979.18 0.00 0.00
Excess Interest (Shortage) Amount for Deposit to 1,146,264.02 0.00 0.00
(withdrawl from) Spread Account 0.00 0.00
<PAGE>
Certificate Balance
Class A Beginning of Period Principal Balance 111,628,435.29
Class A Principal Distributions 1,519,604.41
Class A End of Period Principal Balance 110,108,830.88
Class B Beginning of Period Principal Balance 5,875,180.80
Class B Principal Distributable Amount 79,979.18
Class B End of Period Principal Balance BEFORE Spread Account Distributions 5,795,201.62
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 5,795,201.62
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,670,592.26
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 836,619.51
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,833,972.75
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,833,972.75
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 56,010.06
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,777,962.69
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,777,962.69
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,519,604.41
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,258,358.28
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,258,358.28
(vi) Certificate Insurer Premium 32,115.08
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,226,243.20
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,226,243.20
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 79,979.18
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 1,146,264.02
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,146,264.02
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,106,000.00
Purchased receivables more than 30 days delinquent 79,577.73
-------------------
Total 5,185,577.73
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 137,591,726.67
Delinquency Ratio 3.77%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 3.77%
Delinquency Ratio for second preceding Determination Date 2.11%
Delinquency Ratio for third preceding Determination Date 0.56%
-------------------
Average Delinquency Ratio 2.15% 2.15%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 48,810.00
Current Period Defaulted Receivables 121,460.37
-------------------
Total 170,270.37
Cumulative Defaulted Receivables 170,270.37
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 0.14%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 698.74
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 698.74
Cumulative Previous Net Losses 0.00
-------------------
Cumulative Net Losses 698.74
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 53.62
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 10,431,362.93
15% of Outstanding Certificate Balance 17,385,604.88
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 10,431,362.93
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 115,904,032.50
Minimum Floor 100,000.00
--------------
Floor Amount 3,580,860.93
Required Spread Account Amount 10,431,362.93
Beginning of Period Spread Account Balance 5,329,594.61
Spread Account Deposit (Withdrawal) from Current Distributions 1,146,264.02
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 3,955,504.30
Earnings on Spread Account Balance 20,406.01
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 6,496,264.64
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Revised
Distribution Date 9/15/97
Collection Period 8/97
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,423,971.03
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $318,238.39
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,105,732.64
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $28.70
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.77
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $24.93
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $136,015.08
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $25,187.05
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $110,828.03
(j) Scheduled Payments due in such Collection Period $2,071,267.48
(k) Scheduled Payments collected in such
Collection Period $1,825,400.60
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $60,448,921.79
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $58,279,112.45
(c) The Pool factor as of the close of business
on the last day set forth above 0.9641051
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $119,039.94
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,029.93
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.41
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $30,910.42
(b) Distributions (to) from Collection Account ($10,010.66)
for Payaheads
(c) Interest earned on Payahead Balances $130.26
(d) Ending Payahead Account Balance $21,030.02
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $5,827,911.24
Spread Account Balance $5,827,911.24
(b) The change in the spread account on the Distribution
Date set forth above ($223,175.78)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $16,135.22
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $548,211.08
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 259
Aggregate Gross Amount $3,199,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 292
Aggregate Gross Amount $3,775,000.00
8 Performance Triggers
(a) Delinquency Ratio 10.19%
(b) Average Delinquency Ratio 8.92%
(c) Cumulative Default Ratio 10.50%
(d) Cumulative Net Loss Ratio 6.14%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,698,594.83
Lock Box NSF Items: (65,856.84)
Transfers from (to) Payahead Account: 10,010.66
Collection Account Interest 11,072.18
Payahead Account Interest 130.26
Total Collection Proceeds: 2,653,951.09
For Distribution Date: 9/15/97
For Determination Date: 9/8/97
For Collection Period: 8/97
Collateral Activity Information
Principal
Beginning Principal Balance 60,448,921.79
Principal portion of payments collected (non-prepayments) 873,361.22
Prepayments in full allocable to principal 565,345.00
Collections allocable to principal 1,438,706.22
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 229,643.37
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,668,349.59
Realized Losses 548,211.08
Cram Down Losses 0.00
Ending Principal Balance 58,232,361.12
Interest
Collections allocable to interest 952,039.38
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 33,562.12
-------------------
Total Interest 985,601.50
Certificate Information
Beginning of Period Class A Principal Balance 57,426,475.71
Beginning of Period Class B Principal Balance 3,022,446.08
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,051,087.02
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 18,291.74
Aggregate Payahead Balance 20,899.76
Aggregate Payahead Balance for preceding Distribution Date 30,910.42
Interest Earned on Payahead Balances 130.26
Scheduled Payments due in Collection Period 2,071,267.48
Scheduled Payments collected in Collection Period 1,825,400.60
Aggregate Amount of Realized Losses for preceding Distribution Date 548,211.08
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 259 3,199,000.00
60+ days delinquent 292 3,775,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,974,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 466,775.28
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 8.67%
Delinquency Ratio for third preceding Determination Date 7.89%
Cumulative Defaults for preceding Determination Date 8,872,112.00
Cumulative Net Losses for preceding Determination Date 4,941,770.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,390,745.60
Liquidation Proceeds 229,643.37
Recoveries 33,562.12
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,653,951.09
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 873,361.22
Prepayments in full allocable to principal 565,345.00
Principal Balance of Liquidated Receivables 777,854.45
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,216,560.67
Class A Principal Distributable Amount
Principal Distributable Amount 2,216,560.67
Times Class A Percentage (95%) 95%
-------------------
2,105,732.64
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,105,732.64
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 57,426,475.71
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 318,238.39
Class B Principal Distributable Amount
Principal Distributable Amount 2,216,560.67
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 110,828.03
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,022,446.08
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 25,187.05
Class B Excess Interest Amount
Total Distribution Amount 2,653,951.09
minus
Class A Principal and Interest Distributable Amount 2,423,971.03
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 25,187.05
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 110,828.03
Class B Principal Carryover Shortfall 0.00
Trustee distributions 755.61
Standby Servicer distributions 4,029.93
Servicer distributions 119,039.94
Collateral Agent distributions 755.61
Reimbursement Obligations 16,135.22
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,029.93 2,653,951.09 4,029.93 2,653,951.09
Servicing Fee (2.0%) 100,748.20 2,649,921.16 100,748.20 0.00
Additional Servicing Fee Amounts 18,291.74 2,549,172.96 18,291.74 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,530,881.22 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,530,881.22 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,530,881.22 0.00
(iii) Trustee Fee 755.61 2,530,881.22 755.61
Trustee's out-of-pocket expenses 0.00 2,530,125.61 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,530,125.61 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,530,125.61 0.00
Collection Periods
(iv) Collateral Agent Fee 755.61 2,530,125.61 755.61
Collateral Agent Expenses 0.00 2,529,370.00 0.00
Unpaid Collateral Agent Fee from prior Collection 0.00 2,529,370.00 0.00
Periods
Unpaid Collateral Agent Expenses from prior Collection 0.00 2,529,370.00 0.00
Periods
(v)(A) Class A Interest Distributable Amount - Current Month 318,238.39 2,529,370.00 318,238.39
Prior Month(s) Class A Carryover Shortfall 0.00 2,211,131.61 0.00
Class A Interest Carryover Shortfall 0.00 2,211,131.61 0.00
Interest on Interest Carryover from Prior Months 0.00 2,211,131.61 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,211,131.61 0.00
Class A Interest Distributable Amount 318,238.39 2,211,131.61 318,238.39
(viii)(A)Class B Coupon Interest - Unadjusted 25,187.05 1,892,893.22 25,187.05
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,867,706.17 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,867,706.17 0.00
Interest on Interest Carryover from Prior Months 0.00 1,867,706.17 0.00
Current Month Class B Interest Shortfall 0.00 1,867,706.17 0.00
Adjusted Class B Interest Distributable Amount 25,187.05 1,867,706.17 25,187.05
(v)(B) Class A Principal Distributable Amount - Current 2,105,732.64 1,842,519.12 1,842,519.12 548,218.45
Month
Class A Principal Carryover Shortfall - Previous 0.00 0.00 0.00
Month(s)
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,105,732.64 0.00 0.00 0.00
(vi) Certificate Insurer Premium 16,135.22 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month 110,828.03 0.00 0.00
Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (46,751.33) 0.00 (46,751.33)
Adjusted Class B Principal Distributable Amount 64,076.71 46,751.33 46,751.33
Excess Interest Amount for Deposit in Spread Account 0.00 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 57,426,475.71
Class A Principal Distributions 2,105,732.64
Class A End of Period Principal Balance 55,320,743.07
Class B Beginning of Period Principal Balance 3,022,446.08
Class B Principal Distributable Amount 64,076.71
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,958,369.37
Withdrawl from Spread Account to Cover B Shortfalls 46,751.33
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,911,618.05
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,653,951.09
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 442,819.48
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,211,131.61
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 2,211,131.61 (ii) Current distribution amounts payable pursuant to
Section 4.6(c) (vi) and (x) 25,187.05 (iii) Prior month(s) carryover
shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,185,944.56
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru
(v)A 2,185,944.56 (ii) Current distribution amounts payable pursuant to
Section 4.6(c) (i) and (v)B 2,105,732.64 (iii) Prior month(s) carryover
shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00 If (i) is less
than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 80,211.92
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 80,211.92
(vi) Certificate Insurer Premium 16,135.22
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00 Withdrawl from Spread Account to Cover
Deficiency 0.00 If (i) is less than (ii), there is a Deficiency Claim
Amount NO Amount Remaining for Further Distribution/(Deficiency)
64,076.71
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 64,076.71 (ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x)
110,828.03 (iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim
Amount YES Unadjusted Amount Remaining for Further
Distribution/(Deficiency) (46,751.33) Withdrawl from Spread Account
to B PieceCover Shortfalls (46,751.33) Adjusted Amount Remaining for
Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,974,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 6,974,000.00
Aggregate Gross Principal Balance as of the close of
68,438,917.19 business on the last day of the
Collection Period.
Delinquency Ratio 10.19%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 10.19%
Delinquency Ratio for second preceding Determination Date 8.67%
Delinquency Ratio for third preceding Determination Date 7.89%
-------------------
Average Delinquency Ratio 8.92% 8.92%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 8,872,112.00
Current Period Defaulted Receivables 466,775.28
-------------------
Total 9,338,887.28
Cumulative Defaulted Receivables 9,338,887.28
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 10.50%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 777,854.45
Cram Down Losses 0.00
Net Liquidation Proceeds (263,205.49)
-------------------
Net Liquidation Losses 514,648.96
Cumulative Previous Net Losses 4,941,770.00
-------------------
Cumulative Net Losses 5,456,418.96
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 6.14%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 40.36
Weighted Average Annual Percentage Rate 20.42%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,827,911.24
15% of Outstanding Certificate Balance 8,741,866.87
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 5,827,911.24
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 58,279,112.45
Minimum Floor 100,000.00
--------------
Floor Amount 2,667,022.51
Required Spread Account Amount 5,827,911.24
Beginning of Period Spread Account Balance 6,051,087.02
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (223,175.78)
Earnings on Spread Account Balance 26,836.82
Amount of Spread Account deposit (withdrawal) (250,012.60)
Amount of Withdrawl Allocated to B Piece Shortfalls 46,751.33
Net Spread Account Withdrawl to Seller (203,261.27)
Ending Spread Account Balance 5,827,911.24
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
Revised
Distribution Date 9/15/97
Collection Period 8/97
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,835,367.81
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $381,139.00
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,454,228.81
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $32.40
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.35
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $28.04
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $163,002.39
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $33,832.45
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $129,169.94
(j) Scheduled Payments due in such Collection Period $2,292,913.47
(k) Scheduled Payments collected in such
Collection Period $2,031,017.80
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $71,856,528.49
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $69,402,299.67
(c) The Pool factor as of the close of business
on the last day set forth above 0.9658454
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $136,561.04
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,790.44
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.56
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $29,075.09
(b) Distributions (to) from Collection Account ($9,506.16)
for Payaheads
(c) Interest earned on Payahead Balances $113.38
(d) Ending Payahead Account Balance $19,682.31
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,940,229.97
Spread Account Balance $6,940,229.97
(b) The change in the spread account on the Distribution
Date set forth above ($245,422.88)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $19,194.43
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $775,327.06
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 294
Aggregate Gross Amount $3,752,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 278
Aggregate Gross Amount $3,820,000.00
8 Performance Triggers
(a) Delinquency Ratio 9.14%
(b) Average Delinquency Ratio 8.09%
(c) Cumulative Default Ratio 7.65%
(d) Cumulative Net Loss Ratio 3.75%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,067,001.18
Lock Box NSF Items: (122,685.01)
Transfers from (to) Payahead Account: 9,506.16
Collection Account Interest 11,745.57
Payahead Account Interest 113.38
Total Collection Proceeds: 2,965,681.28
For Distribution Date: 9/15/97
For Determination Date: 9/8/97
For Collection Period: 8/97
Collateral Activity Information
Principal
Beginning Principal Balance 71,856,528.49
Principal portion of payments collected (non-prepayments) 902,086.95
Prepayments in full allocable to principal 607,435.00
Collections allocable to principal 1,509,521.95
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 298,549.74
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,808,071.69
Realized Losses 775,327.06
Cram Down Losses 0.00
Ending Principal Balance 69,273,129.74
Interest
Collections allocable to interest 1,128,930.85
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 28,678.74
-------------------
Total Interest 1,157,609.59
Certificate Information
Beginning of Period Class A Principal Balance 68,263,702.05
Beginning of Period Class B Principal Balance 3,592,826.43
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,185,652.85
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 16,800.16
Aggregate Payahead Balance 19,568.93
Aggregate Payahead Balance for preceding Distribution Date 29,075.09
Interest Earned on Payahead Balances 113.38
Scheduled Payments due in Collection Period 2,292,913.47
Scheduled Payments collected in Collection Period 2,031,017.80
Aggregate Amount of Realized Losses for preceding Distribution Date 775,327.06
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 294 3,752,000.00
60+ days delinquent 278 3,820,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 7,572,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 736,411.83
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 8.05%
Delinquency Ratio for third preceding Determination Date 7.09%
Cumulative Defaults for preceding Determination Date 6,313,946.00
Cumulative Net Losses for preceding Determination Date 2,705,866.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,638,452.80
Liquidation Proceeds 298,549.74
Recoveries 28,678.74
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,965,681.28
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 902,086.95
Prepayments in full allocable to principal 607,435.00
Principal Balance of Liquidated Receivables 1,073,876.80
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,583,398.75
Class A Principal Distributable Amount
Principal Distributable Amount 2,583,398.75
Times Class A Percentage (95%) 95%
-------------------
2,454,228.81
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,454,228.81
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 68,263,702.05
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 381,139.00
Class B Principal Distributable Amount
Principal Distributable Amount 2,583,398.75
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 129,169.94
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,592,826.43
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 33,832.45
Class B Excess Interest Amount
Total Distribution Amount 2,965,681.28
minus
Class A Principal and Interest Distributable Amount 2,835,367.81
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 33,832.45
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 129,169.94
Class B Principal Carryover Shortfall 0.00
Trustee distributions 898.21
Standby Servicer distributions 4,790.44
Servicer distributions 136,561.04
Collateral Agent distributions 898.21
Reimbursement Obligations 19,194.43
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,790.44 0.00 0.00 129,169.94
Servicing Fee (2.0%) 119,760.88 0.00 0.00 0.00
Additional Servicing Fee Amounts 16,800.16 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 898.21 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 0.00 0.00
Collection Periods
(iv) Collateral Agent Fee 898.21 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior 0.00 0.00 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 0.00 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 381,139.00 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00
Class A Interest Distributable Amount 381,139.00 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 33,832.45 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00 129,169.94
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00 129,169.94
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 33,832.45 0.00 0.00
(v)(B) Class A Principal Distributable Amount - Current Month 2,454,228.81 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (46,666.88) 0.00 (46,666.88)
Withdrawl from Spread Account to Cover Shortfall 46,666.88
Class A Principal Distribution Amount 2,454,228.81 46,666.88 46,666.88
(vi) Certificate Insurer Premium 19,194.43 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month 129,169.94 0.00 0.00
Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (129,169.94) 0.00 (129,169.94)
Adjusted Class B Principal Distributable Amount 0.00 129,169.94 0.00
Excess Interest Amount for Deposit in Spread Account (65,861.31) 129,169.94 (65,861.31)
195,031.25 195,031.25
Certificate Balance
Class A Beginning of Period Principal Balance 68,263,702.05
Class A Principal Distributions 2,454,228.81
Class A End of Period Principal Balance 65,809,473.24
Class B Beginning of Period Principal Balance 3,592,826.43
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,592,826.43
Withdrawl from Spread Account to Cover B Shortfalls 129,169.94
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,463,656.49
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,965,681.28
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 524,286.90
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,441,394.38
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 2,441,394.38 (ii) Current distribution amounts payable pursuant to
Section 4.6(c) (vi) and (x) 33,832.45 (iii) Prior month(s) carryover
shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,407,561.93
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru
(v)A 2,407,561.93 (ii) Current distribution amounts payable pursuant to
Section 4.6(c) (i) and (v)B 2,454,228.81 (iii) Prior month(s) carryover
shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 46,666.88 If (i) is
less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 19,194.43
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (19,194.43) Withdrawl from Spread Account to Cover
Deficiency 19,194.43 If (i) is less than (ii), there is a Deficiency
Claim Amount NO Amount Remaining for Further
Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 0.00 (ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x)
129,169.94 (iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim
Amount YES Unadjusted Amount Remaining for Further
Distribution/(Deficiency) (129,169.94) Withdrawl from Spread Account
to B PieceCover Shortfalls (129,169.94) Adjusted Amount Remaining for
Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,572,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 7,572,000.00
Aggregate Gross Principal Balance as of the close of
82,834,256.84 business on the last day of the
Collection Period.
Delinquency Ratio 9.14%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 9.14%
Delinquency Ratio for second preceding Determination Date 8.05%
Delinquency Ratio for third preceding Determination Date 7.09%
-------------------
Average Delinquency Ratio 8.09% 8.09%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 6,313,946.00
Current Period Defaulted Receivables 736,411.83
-------------------
Total 7,050,357.83
Cumulative Defaulted Receivables 7,050,357.83
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 7.65%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,073,876.80
Cram Down Losses 0.00
Net Liquidation Proceeds (327,228.48)
-------------------
Net Liquidation Losses 746,648.32
Cumulative Previous Net Losses 2,705,866.00
-------------------
Cumulative Net Losses 3,452,514.32
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 3.75%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 44.33
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,940,229.97
15% of Outstanding Certificate Balance 10,410,344.95
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,940,229.97
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 69,402,299.67
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 6,940,229.97
Beginning of Period Spread Account Balance 7,185,652.85
Spread Account Deposit (Withdrawal) from Current Distributions (65,861.31)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (179,561.57)
Earnings on Spread Account Balance 31,778.54
Amount of Spread Account deposit (withdrawal) (211,340.11)
Amount of Withdrawl Allocated to B Piece Shortfalls 129,169.94
Net Spread Account Withdrawl to Seller (82,170.17)
Ending Spread Account Balance 6,940,229.97
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Revised
Distribution Date 9/15/97
Collection Period 8/97
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,357,060.54
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $401,719.50
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,955,341.04
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $26.72
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.55
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $22.17
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $136,976.62
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $34,063.93
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $102,912.69
(j) Scheduled Payments due in such Collection Period $2,473,508.47
(k) Scheduled Payments collected in such
Collection Period $2,068,544.10
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $80,545,263.41
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $78,487,009.68
(c) The Pool factor as of the close of business
on the last day set forth above 0.9744460
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $151,356.86
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,369.68
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.72
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $35,391.65
(b) Distributions (to) from Collection Account ($10,284.18)
for Payaheads
(c) Interest earned on Payahead Balances $143.45
(d) Ending Payahead Account Balance $25,250.92
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,848,700.97
Spread Account Balance $7,848,700.97
(b) The change in the spread account on the Distribution
Date set forth above ($205,825.37)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $21,747.44
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $550,132.04
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 275
Aggregate Gross Amount $3,698,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 341
Aggregate Gross Amount $4,843,000.00
8 Performance Triggers
(a) Delinquency Ratio 9.05%
(b) Average Delinquency Ratio 8.24%
(c) Cumulative Default Ratio 4.49%
(d) Cumulative Net Loss Ratio 1.64%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,823,792.21
Lock Box NSF Items: (86,883.73)
Transfers from (to) Payahead Account: 10,284.18
Collection Account Interest 11,776.96
Payahead Account Interest 143.45
Total Collection Proceeds: 2,759,113.07
For Distribution Date: 9/15/97
For Determination Date: 9/8/97
For Collection Period: 8/97
Collateral Activity Information
Principal
Beginning Principal Balance 80,545,263.41
Principal portion of payments collected (non-prepayments) 827,473.51
Prepayments in full allocable to principal 476,998.00
Collections allocable to principal 1,304,471.51
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 203,650.18
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,508,121.69
Realized Losses 550,132.04
Cram Down Losses 0.00
Ending Principal Balance 78,487,009.68
Interest
Collections allocable to interest 1,241,070.59
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 9,920.79
-------------------
Total Interest 1,250,991.38
Certificate Information
Beginning of Period Class A Principal Balance 76,518,000.23
Beginning of Period Class B Principal Balance 4,027,263.18
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,054,526.34
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,114.75
Aggregate Payahead Balance 25,107.47
Aggregate Payahead Balance for preceding Distribution Date 35,391.65
Interest Earned on Payahead Balances 143.45
Scheduled Payments due in Collection Period 2,473,508.47
Scheduled Payments collected in Collection Period 2,068,544.10
Aggregate Amount of Realized Losses for preceding Distribution Date 550,132.04
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 275 3,698,000.00
60+ days delinquent 341 4,843,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 8,541,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 762,360.59
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 8.37%
Delinquency Ratio for third preceding Determination Date 7.30%
Cumulative Defaults for preceding Determination Date 3,405,462.00
Cumulative Net Losses for preceding Determination Date 983,519.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,545,542.10
Liquidation Proceeds 203,650.18
Recoveries 9,920.79
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,759,113.07
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 827,473.51
Prepayments in full allocable to principal 476,998.00
Principal Balance of Liquidated Receivables 753,782.22
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,058,253.73
Class A Principal Distributable Amount
Principal Distributable Amount 2,058,253.73
Times Class A Percentage (95%) 95%
-------------------
1,955,341.04
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,955,341.04
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 76,518,000.23
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 401,719.50
Class B Principal Distributable Amount
Principal Distributable Amount 2,058,253.73
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 102,912.69
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,027,263.18
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 34,063.93
Class B Excess Interest Amount
Total Distribution Amount 2,759,113.07
minus
Class A Principal and Interest Distributable Amount 2,357,060.54
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 34,063.93
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 102,912.69
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,006.82
Standby Servicer distributions 5,369.68
Servicer distributions 151,356.86
Collateral Agent distributions 1,006.82
Reimbursement Obligations 21,747.44
-------------------
84,588.29
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,369.68 2,759,113.07 5,369.68 2,759,113.07
Servicing Fee (2.0%) 134,242.11 2,753,743.39 134,242.11 0.00
Additional Servicing Fee Amounts 17,114.75 2,619,501.28 17,114.75 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,602,386.53 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,602,386.53 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,602,386.53 0.00
(iii) Trustee Fee 1,006.82 2,602,386.53 1,006.82
Trustee's out-of-pocket expenses 0.00 2,601,379.71 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,601,379.71 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 2,601,379.71 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,006.82 2,601,379.71 1,006.82
Collateral Agent Expenses 0.00 2,600,372.89 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,600,372.89 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,600,372.89 0.00
Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 401,719.50 2,600,372.89 401,719.50
Prior Month(s) Class A Carryover Shortfall 0.00 2,198,653.39 0.00
Class A Interest Carryover Shortfall 0.00 2,198,653.39 0.00
Interest on Interest Carryover from Prior Months 0.00 2,198,653.39 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,198,653.39 0.00
Class A Interest Distributable Amount 401,719.50 2,198,653.39 401,719.50
(viii) (AClass B Coupon Interest - Unadjusted 34,063.93 1,796,933.89 34,063.93
Class B Interest Carryover Shortfall - 0.00 1,762,869.96 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 1,762,869.96 0.00
Month(s)
Interest on Interest Carryover from Prior Months 0.00 1,762,869.96 0.00
Current Month Class B Interest Shortfall 0.00 1,762,869.96 0.00
Adjusted Class B Interest Distributable Amount 34,063.93 1,762,869.96 34,063.93
(v) (B) Class A Principal Distributable Amount - Current Month 1,955,341.04 1,728,806.03 1,728,806.03 803,772.03
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,955,341.04 0.00 0.00 0.00
(vi) Certificate Insurer Premium 21,747.44 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 102,912.69 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous 0.00 0.00 0.00
Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 102,912.69 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 84,588.29 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 76,518,000.23
Class A Principal Distributions 1,955,341.04
Class A End of Period Principal Balance 74,562,659.19
Class B Beginning of Period Principal Balance 4,027,263.18
Class B Principal Distributable Amount 102,912.69
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,924,350.49
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,924,350.49
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,759,113.07
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 560,459.68
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,198,653.39
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 2,198,653.39 (ii) Current distribution amounts payable pursuant to
Section 4.6(c) (vi) and (x) 34,063.93 (iii) Prior month(s) carryover
shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,164,589.46
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru
(v)A 2,164,589.46 (ii) Current distribution amounts payable pursuant to
Section 4.6(c) (i) and (v)B 1,955,341.04 (iii) Prior month(s) carryover
shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00 If (i) is less
than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 209,248.42
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 209,248.42
(vi) Certificate Insurer Premium 21,747.44
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00 Withdrawl from Spread Account to Cover
Deficiency 0.00 If (i) is less than (ii), there is a Deficiency Claim
Amount NO Amount Remaining for Further Distribution/(Deficiency)
187,500.97
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 187,500.97 (ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x)
102,912.69 (iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim
Amount NO Unadjusted Amount Remaining for Further
Distribution/(Deficiency) 84,588.29 Withdrawl from Spread Account to
B PieceCover Shortfalls 0.00 Adjusted Amount Remaining for Further
Distribution/(Deficiency) 84,588.29
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,541,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 8,541,000.00
Aggregate Gross Principal Balance as of the close of
94,376,392.15 business on the last day of the
Collection Period.
Delinquency Ratio 9.05%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 9.05%
Delinquency Ratio for second preceding Determination Date 8.37%
Delinquency Ratio for third preceding Determination Date 7.30%
-------------------
Average Delinquency Ratio 8.24% 8.24%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 3,405,462.00
Current Period Defaulted Receivables 762,360.59
-------------------
Total 4,167,822.59
Cumulative Defaulted Receivables 4,167,822.59
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 4.49%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 753,782.22
Cram Down Losses 0.00
Net Liquidation Proceeds (213,570.97)
-------------------
Net Liquidation Losses 540,211.25
Cumulative Previous Net Losses 983,519.00
-------------------
Cumulative Net Losses 1,523,730.25
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 1.64%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 47.55
Weighted Average Annual Percentage Rate 20.56%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,848,700.97
15% of Outstanding Certificate Balance 11,773,051.45
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,848,700.97
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 78,487,009.68
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 7,848,700.97
Beginning of Period Spread Account Balance 8,054,526.34
Spread Account Deposit (Withdrawal) from Current Distributions 84,588.29
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (290,413.66)
Earnings on Spread Account Balance 35,270.56
Amount of Spread Account deposit (withdrawal) (325,684.22)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (325,684.22)
Ending Spread Account Balance 7,848,700.97
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Revised
Distribution Date 9/15/97
Collection Period 8/97
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,030,630.01
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $491,368.05
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,539,261.96
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $20.89
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.05
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $15.83
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $127,051.17
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $46,037.38
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $81,013.79
(j) Scheduled Payments due in such Collection Period $2,823,829.68
(k) Scheduled Payments collected in such
Collection Period $2,409,326.67
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $94,759,608.83
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $93,139,333.08
(c) The Pool factor as of the close of business
on the last day set forth above 0.9829012
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $174,344.29
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,317.31
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.79
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $36,426.32
(b) Distributions (to) from Collection Account ($11,220.73)
for Payaheads
(c) Interest earned on Payahead Balances $371.53
(d) Ending Payahead Account Balance $25,577.12
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,313,933.31
Spread Account Balance $8,124,549.83
(b) The change in the spread account on the Distribution
Date set forth above $618,496.00
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $25,807.36
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $187,271.24
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 348
Aggregate Gross Amount $4,875,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 315
Aggregate Gross Amount $4,453,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.35%
(b) Average Delinquency Ratio 6.86%
(c) Cumulative Default Ratio 2.15%
(d) Cumulative Net Loss Ratio 0.34%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,049,812.95
Lock Box NSF Items: (119,963.16)
Transfers from (to) Payahead Account: 11,220.73
Collection Account Interest 12,708.44
Payahead Account Interest 371.53
Total Collection Proceeds: 2,954,150.49
For Distribution Date: 9/15/97
For Determination Date: 9/8/97
For Collection Period: 8/97
Collateral Activity Information
Principal
Beginning Principal Balance 94,759,608.83
Principal portion of payments collected (non-prepayments) 890,341.53
Prepayments in full allocable to principal 389,160.00
Collections allocable to principal 1,279,501.53
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 153,502.98
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,433,004.51
Realized Losses 187,271.24
Cram Down Losses 0.00
Ending Principal Balance 93,139,333.08
Interest
Collections allocable to interest 1,518,985.14
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 2,160.84
-------------------
Total Interest 1,521,145.98
Certificate Information
Beginning of Period Class A Principal Balance 90,021,628.39
Beginning of Period Class B Principal Balance 4,737,980.44
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,506,053.83
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 16,411.61
Aggregate Payahead Balance 25,205.59
Aggregate Payahead Balance for preceding Distribution Date 36,426.32
Interest Earned on Payahead Balances 371.53
Scheduled Payments due in Collection Period 2,823,829.68
Scheduled Payments collected in Collection Period 2,409,326.67
Aggregate Amount of Realized Losses for preceding Distribution Date 187,271.24
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 348 4,875,000.00
60+ days delinquent 315 4,453,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 9,328,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 865,922.65
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.63%
Delinquency Ratio for third preceding Determination Date 5.61%
Cumulative Defaults for preceding Determination Date 1,337,863.00
Cumulative Net Losses for preceding Determination Date 165,575.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,798,486.67
Liquidation Proceeds 153,502.98
Recoveries 2,160.84
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,954,150.49
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 890,341.53
Prepayments in full allocable to principal 389,160.00
Principal Balance of Liquidated Receivables 340,774.22
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,620,275.75
Class A Principal Distributable Amount
Principal Distributable Amount 1,620,275.75
Times Class A Percentage (95%) 95%
-------------------
1,539,261.96
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,539,261.96
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 90,021,628.39
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 491,368.05
Class B Principal Distributable Amount
Principal Distributable Amount 1,620,275.75
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 81,013.79
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,737,980.44
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 46,037.38
Class B Excess Interest Amount
Total Distribution Amount 2,954,150.49
minus
Class A Principal and Interest Distributable Amount 2,030,630.01
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 46,037.38
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 81,013.79
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,184.50
Standby Servicer distributions 6,317.31
Servicer distributions 174,344.29
Collateral Agent distributions 1,184.50
Reimbursement Obligations 25,807.36
-------------------
587,631.35
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 6,317.31 2,954,150.49 6,317.31 2,954,150.49
Servicing Fee (2.0%) 157,932.68 2,947,833.18 157,932.68 0.00
Additional Servicing Fee Amounts 16,411.61 2,789,900.50 16,411.61 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection 0.00 2,773,488.89 0.00
Periods
Unpaid Servicing Fee from prior Collection 0.00 2,773,488.89 0.00
Periods
(ii) Transition Expenses to Standby Servicer 0.00 2,773,488.89 0.00
(iii) Trustee Fee 1,184.50 2,773,488.89 1,184.50
Trustee's out-of-pocket expenses 0.00 2,772,304.39 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,772,304.39 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,772,304.39 0.00
Collection Periods
(iv) Collateral Agent Fee 1,184.50 2,772,304.39 1,184.50
Collateral Agent Expenses 0.00 2,771,119.89 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,771,119.89 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,771,119.89 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 491,368.05 2,771,119.89 491,368.05
Prior Month(s) Class A Carryover Shortfall 0.00 2,279,751.84 0.00
Class A Interest Carryover Shortfall 0.00 2,279,751.84 0.00
Interest on Interest Carryover from Prior Months 0.00 2,279,751.84 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,279,751.84 0.00
Class A Interest Distributable Amount 491,368.05 2,279,751.84 491,368.05
(viii)(A)Class B Coupon Interest - Unadjusted 46,037.38 1,788,383.79 46,037.38
Class B Interest Carryover Shortfall - Previous 0.00 1,742,346.41 0.00
Month(s)
Interest on B Interest Shortfall - Previous 0.00 1,742,346.41 0.00
Month(s)
Interest on Interest Carryover from Prior Months 0.00 1,742,346.41 0.00
Current Month Class B Interest Shortfall 0.00 1,742,346.41 0.00
Adjusted Class B Interest Distributable Amount 46,037.38 1,742,346.41 46,037.38
(v)(B) Class A Principal Distributable Amount - Current 1,539,261.96 1,696,309.03 1,539,261.96 1,414,888.53
Month
Class A Principal Carryover Shortfall - Previous 0.00 157,047.07 0.00
Months(s)
Current Month Class A Principal Shortfall 0.00 157,047.07 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,539,261.96 157,047.07 157,047.07 0.00
(vi) Certificate Insurer Premium 25,807.36 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 81,013.79 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous 0.00 0.00 0.00
Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 81,013.79 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 587,631.35 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 90,021,628.39
Class A Principal Distributions 1,539,261.96
Class A End of Period Principal Balance 88,482,366.43
Class B Beginning of Period Principal Balance 4,737,980.44
Class B Principal Distributable Amount 81,013.79
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,656,966.65
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,656,966.65
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,954,150.49
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 674,398.65
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,279,751.84
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 2,279,751.84 (ii) Current distribution amounts payable pursuant to
Section 4.6(c) (vi) and (x) 46,037.38 (iii) Prior month(s) carryover
shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,233,714.46
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru
(v)A 2,233,714.46 (ii) Current distribution amounts payable pursuant to
Section 4.6(c) (i) and (v)B 1,539,261.96 (iii) Prior month(s) carryover
shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00 If (i) is less
than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 694,452.50
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 694,452.50
(vi) Certificate Insurer Premium 25,807.36
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00 Withdrawl from Spread Account to Cover
Deficiency 0.00 If (i) is less than (ii), there is a Deficiency Claim
Amount NO Amount Remaining for Further Distribution/(Deficiency)
668,645.14
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 668,645.14 (ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x)
81,013.79 (iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim
Amount NO Unadjusted Amount Remaining for Further
Distribution/(Deficiency) 587,631.35 Withdrawl from Spread Account to
B PieceCover Shortfalls 0.00 Adjusted Amount Remaining for Further
Distribution/(Deficiency) 587,631.35
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 9,328,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 9,328,000.00
Aggregate Gross Principal Balance as of the close of
111,702,829.84 business on the last day of the
Collection Period.
Delinquency Ratio 8.35%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.35%
Delinquency Ratio for second preceding Determination Date 6.63%
Delinquency Ratio for third preceding Determination Date 5.61%
-------------------
Average Delinquency Ratio 6.86% 6.86%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 1,337,863.00
Current Period Defaulted Receivables 865,922.65
-------------------
Total 2,203,785.65
Cumulative Defaulted Receivables 2,203,785.65
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 2.15%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 340,774.22
Cram Down Losses 0.00
Net Liquidation Proceeds (155,663.82)
-------------------
Net Liquidation Losses 185,110.40
Cumulative Previous Net Losses 165,575.00
-------------------
Cumulative Net Losses 350,685.40
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 0.34%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 50.33
Weighted Average Annual Percentage Rate 20.58%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 9,313,933.31
15% of Outstanding Certificate Balance 13,970,899.96
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 9,313,933.31
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 93,139,333.08
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 9,313,933.31
Beginning of Period Spread Account Balance 7,506,053.83
Spread Account Deposit (Withdrawal) from Current Distributions 587,631.35
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 1,220,248.13
Earnings on Spread Account Balance 30,864.65
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 8,124,549.83
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
Revised
Distribution Date 9/15/97
Collection Period 8/97
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,178,389.06
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $610,186.44
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,568,202.62
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $19.21
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.38
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $13.83
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $137,784.57
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $55,247.59
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $82,536.98
(j) Scheduled Payments due in such Collection Period $3,349,058.06
(k) Scheduled Payments collected in such
Collection Period $2,924,892.65
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $115,904,032.50
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $114,253,292.90
(c) The Pool factor as of the close of business
on the last day set forth above 0.9857577
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $207,807.92
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,726.94
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.83
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 9
Aggregate Purchase Amount $100,162.03
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $38,466.60
(b) Distributions (to) from Collection Account ($15,855.28)
for Payaheads
(c) Interest earned on Payahead Balances $179.34
(d) Ending Payahead Account Balance $22,790.66
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $10,282,796.36
Spread Account Balance $7,376,261.59
(b) The change in the spread account on the Distribution
Date set forth above $879,996.95
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $31,657.68
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $27,378.44
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 340
Aggregate Gross Amount $4,719,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 207
Aggregate Gross Amount $3,014,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.79%
(b) Average Delinquency Ratio 3.89%
(c) Cumulative Default Ratio 0.36%
(d) Cumulative Net Loss Ratio 0.02%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,498,558.89
Lock Box NSF Items: (104,269.88)
Transfers from (to) Payahead Account: 15,855.28
Collection Account Interest 14,395.66
Payahead Account Interest 179.34
Total Collection Proceeds: 3,424,719.29
For Distribution Date: 9/15/97
For Determination Date: 9/8/97
For Collection Period: 8/97
Collateral Activity Information
Principal
Beginning Principal Balance 115,904,032.50
Principal portion of payments collected (non-prepayments) 1,123,534.52
Prepayments in full allocable to principal 385,009.00
Collections allocable to principal 1,508,543.52
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 14,655.61
Purchase Amounts allocable to principal 100,162.03
-------------------
Total Principal 1,623,361.16
Realized Losses 27,378.44
Cram Down Losses 0.00
Ending Principal Balance 114,253,292.90
Interest
Collections allocable to interest 1,801,358.13
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 1,801,358.13
Certificate Information
Beginning of Period Class A Principal Balance 110,108,830.88
Beginning of Period Class B Principal Balance 5,795,201.62
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,496,264.64
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 14,634.53
Aggregate Payahead Balance 22,611.32
Aggregate Payahead Balance for preceding Distribution Date 38,466.60
Interest Earned on Payahead Balances 179.34
Scheduled Payments due in Collection Period 3,349,058.06
Scheduled Payments collected in Collection Period 2,924,892.65
Aggregate Amount of Realized Losses for preceding Distribution Date 27,378.44
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 3,897.84
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 340 4,719,000.00
60+ days delinquent 207 3,014,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
9 100,162.03
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 7,733,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 100,162.03
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 259,358.06
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 3.77%
Delinquency Ratio for third preceding Determination Date 2.11%
Cumulative Defaults for preceding Determination Date 170,271.00
Cumulative Net Losses for preceding Determination Date 699.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,309,901.65
Liquidation Proceeds 14,655.61
Recoveries 0.00
Purchase Amounts 100,162.03
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,424,719.29
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,123,534.52
Prepayments in full allocable to principal 385,009.00
Principal Balance of Liquidated Receivables 42,034.05
Purchase Amounts allocable to principal 100,162.03
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,650,739.60
Class A Principal Distributable Amount
Principal Distributable Amount 1,650,739.60
Times Class A Percentage (95%) 95%
-------------------
1,568,202.62
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,568,202.62
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 110,108,830.88
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class A Interest Distributable Amount 610,186.44
Class B Principal Distributable Amount
Principal Distributable Amount 1,650,739.60
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 82,536.98
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,795,201.62
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 55,247.59
Class B Excess Interest Amount
Total Distribution Amount 3,424,719.29
minus
Class A Principal and Interest Distributable Amount 2,178,389.06
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 55,247.59
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 82,536.98
Class B Principal Carryover Shortfall 0.00
Trustee distributions 5,346.64
Standby Servicer distributions 7,726.94
Servicer distributions 207,807.92
Collateral Agent distributions 1,448.80
Reimbursement Obligations 31,657.68
-------------------
854,557.68
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 7,726.94 3,424,719.29 7,726.94 3,424,719.29
Servicing Fee (2.0%) 193,173.39 3,416,992.35 193,173.39 0.00
Additional Servicing Fee Amounts 14,634.53 3,223,818.96 14,634.53 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection 0.00 3,209,184.43 0.00
Periods
Unpaid Servicing Fee from prior Collection 0.00 3,209,184.43 0.00
Periods
(ii) Transition Expenses to Standby Servicer 0.00 3,209,184.43 0.00
(iii) Trustee Fee 1,448.80 3,209,184.43 1,448.80
Trustee's out-of-pocket expenses 3,897.84 3,207,735.63 3,897.84
Unpaid Trustee Fee from prior Collection Periods 0.00 3,203,837.79 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,203,837.79 0.00
Collection Periods
(iv) Collateral Agent Fee 1,448.80 3,203,837.79 1,448.80
Collateral Agent Expenses 0.00 3,202,388.99 0.00
Unpaid Collateral Agent Fee from prior Collection 0.00 3,202,388.99 0.00
Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,202,388.99 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 610,186.44 3,202,388.99 610,186.44
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,592,202.55 0.00
Class A Interest Carryover Shortfall 0.00 2,592,202.55 0.00
Interest on Interest Carryover from Prior Months 0.00 2,592,202.55 0.00
Current Month Class A Interest Carryover 0.00 2,592,202.55 0.00
Shortfall
Class A Interest Distributable Amount 610,186.44 2,592,202.55 610,186.44
(viii)(A)Class B Coupon Interest - Unadjusted 55,247.59 1,982,016.11 55,247.59
Class B Interest Carryover Shortfall - 0.00 1,926,768.52 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 1,926,768.52 0.00
Previous Month(s)
Interest on Interest Carryover from 0.00 1,926,768.52 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 1,926,768.52 0.00
Adjusted Class B Interest Distributable Amount 55,247.59 1,926,768.52 55,247.59
(v)(B) Class A Principal Distributable Amount - 1,568,202.62 1,871,520.93 1,568,202.62 1,856,516.67
Current Month
Class A Principal Carryover Shortfall - 0.00 303,318.31 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 303,318.31 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,568,202.62 303,318.31 303,318.31 288,314.05
(vi) Certificate Insurer Premium 31,657.68 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - 82,536.98 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 82,536.98 0.00 0.00
Excess Interest (Shortage) Amount for Deposit 854,557.68 0.00 0.00
to (withdrawl from) Spread Account 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 110,108,830.88
Class A Principal Distributions 1,568,202.62
Class A End of Period Principal Balance 108,540,628.26
Class B Beginning of Period Principal Balance 5,795,201.62
Class B Principal Distributable Amount 82,536.98
Class B End of Period Principal Balance BEFORE Spread Account Distributions 5,712,664.64
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 5,712,664.64
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,424,719.29
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 832,516.74
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,592,202.55
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 2,592,202.55 (ii) Current distribution amounts payable pursuant to
Section 4.6(c) (vi) and (x) 55,247.59 (iii) Prior month(s) carryover
shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,536,954.96
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru
(v)A 2,536,954.96 (ii) Current distribution amounts payable pursuant to
Section 4.6(c) (i) and (v)B 1,568,202.62 (iii) Prior month(s) carryover
shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00 If (i) is less
than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 968,752.34
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 968,752.34
(vi) Certificate Insurer Premium 31,657.68
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00 Withdrawl from Spread Account to Cover
Deficiency 0.00 If (i) is less than (ii), there is a Deficiency Claim
Amount NO Amount Remaining for Further Distribution/(Deficiency)
937,094.66
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 937,094.66 (ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x)
82,536.98 (iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim
Amount NO Unadjusted Amount Remaining for Further
Distribution/(Deficiency) 854,557.68 Withdrawl from Spread Account to
B PieceCover Shortfalls 0.00 Adjusted Amount Remaining for Further
Distribution/(Deficiency) 854,557.68
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,733,000.00
Purchased receivables more than 30 days delinquent 100,162.03
-------------------
Total 7,833,162.03
Aggregate Gross Principal Balance as of the close of
135,278,891.94 business on the last day of the
Collection Period.
Delinquency Ratio 5.79%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.79%
Delinquency Ratio for second preceding Determination Date 3.77%
Delinquency Ratio for third preceding Determination Date 2.11%
-------------------
Average Delinquency Ratio 3.89% 3.89%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 170,271.00
Current Period Defaulted Receivables 259,358.06
-------------------
Total 429,629.06
Cumulative Defaulted Receivables 429,629.06
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 0.36%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 42,034.05
Cram Down Losses 0.00
Net Liquidation Proceeds (14,655.61)
-------------------
Net Liquidation Losses 27,378.44
Cumulative Previous Net Losses 699.00
-------------------
Cumulative Net Losses 28,077.44
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 0.02%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 52.83
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 10,282,796.36
15% of Outstanding Certificate Balance 17,137,993.94
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 10,282,796.36
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 114,253,292.90
Minimum Floor 100,000.00
--------------
Floor Amount 3,580,860.93
Required Spread Account Amount 10,282,796.36
Beginning of Period Spread Account Balance 6,496,264.64
Spread Account Deposit (Withdrawal) from Current Distributions 854,557.68
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 2,931,974.04
Earnings on Spread Account Balance 25,439.27
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,376,261.59
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-3
6.10% Asset-Backed Notes, Class A-1
6.38% Asset-Backed Notes, Class A-2
10.65% Asset-Backed Notes, Class B
10.65% Asset-Backed Certificates
Distribution Date 9/15/97
Collection Period 8/97
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $1,673,924.07
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $369,806.40
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,304,117.67
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $20.71
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.58
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $16.13
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $295,081.38
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $295,081.38
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $4.78
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 interest $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 principal $0.00
(m) The aggregate amount of the distribution to Class B
Noteholders on the Distribution Date set forth above $64,272.02
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $29,953.13
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $34,318.89
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $64,272.02
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $29,953.13
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $34,318.89
(s) Scheduled Payments due in such Collection Period $3,463,504.01
(t) Scheduled Payments collected in such
Collection Period $2,801,465.20
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $122,915,183.00
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(r) above $148,627,244.55
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving
effect
to payments allocated to principal in paragraph A.1.(c),(i),(o) above $143,890,213.81
(d) The Note Pool Factor as of the close of business
on the last day set forth above 1.1706464
(e) Aggregate principal amount of Certificates as of the close
of business on the last day set forth above, after giving
effect
to payments allocated to principal in paragraph A.1.(r) above $3,715,681.11
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0302296
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $190,074.35
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,531.18
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.35
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 7
Aggregate Purchase Amount $87,343.23
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
(f) The amount of the Certificate Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (q) above $0.00
(g) The amount of the Certificate Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (r) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $10,938,818.47
Spread Account Balance $4,308,660.54
(b) The change in the spread account on the Distribution
Date set forth above $6,629.13
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $41,182.13
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 214
Aggregate Gross Amount $3,017,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 4
Aggregate Gross Amount $69,000.00
7 Performance Triggers
(a) Delinquency Ratio 2.22%
(b) Average Delinquency Ratio 2.22%
(c) Cumulative Default Ratio 0.04%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-3
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,261,618.49
Lock Box NSF Items: (641.06)
Transfers from (to) Payahead Account: 0.00
Total Collection Proceeds: 3,260,977.43
For Distribution Date: 9/15/97
For Determination Date: 9/8/97
For Collection Period: 8/97
Collateral Activity Information
Principal
Beginning Principal Balance 122,915,183.00
Principal portion of payments collected (non-prepayments) 913,243.21
Prepayments in full allocable to principal 372,169.00
Collections allocable to principal 1,285,412.21
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 87,343.23
-------------------
Total Principal 1,372,755.44
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 121,542,427.56
Prefunding
Original Amount in Prefunding Account 27,084,817.00
Subsequent Loans Sold to the Trust 0.00
Balance of Prefunding Account 27,084,817.00
Interest
Collections allocable to interest 1,888,221.99
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 1,888,221.99
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 80,832,000.00
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,750,000.00
Beginning of Period Certificate Balance 3,750,000.00
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,302,031.41
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 5,701.58
Aggregate Payahead Balance 0.00
Aggregate Payahead Balance for preceding Distribution Date 0.00
Interest Earned on Payahead Balances 0.00
Scheduled Payments due in Collection Period 3,463,504.01
Scheduled Payments collected in Collection Period 2,801,465.20
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 3,000.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 214 3,017,000.00
60+ days delinquent 4 69,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
7 87,343.23
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 3,086,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 87,343.23
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 47,470.64
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 0.00
Cumulative Net Losses for preceding Determination Date 0.00
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Requisite Reserve Amount
Weighted Average of the Interest Rates and Pass-Through Rates 6.4426%
minus 2.5% 2.50%
-------------------
3.9426%
divided by 360 0.0110%
times the prefunded amount 27,084,817.00
times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00
-------------------
Requisite Reserve Amount 68,223.73
Amount in Interest Reserve Account 169,076.20
Excess in Interest Reserve Account 100,852.47
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,173,634.20
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 87,343.23
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Interest Reserve Account 100,852.47
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 0.00
Investment earnings from Collection Account 4,606.88
-------------------
Total Distribution Amount 3,366,436.78
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 913,243.21
Prepayments in full allocable to principal 372,169.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 87,343.23
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,372,755.44
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 121,542,427.56
-------------------
109,388,184.80
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 89.2%
-------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,372,755.44
Times Class A Noteholders' Percentage 95%
-------------------
1,304,117.67
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,304,117.67
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 80,832,000.00
Multiplied by the Note Rate 6.10%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0750000
-------------------
Class A Interest Distributable Amount 369,806.40
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,668,000.00
Multiplied by the Note Rate 6.38%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0750000
-------------------
Class A Interest Distributable Amount 295,081.38
Class B Noteholders Principal Distributable Amount
Principal Distributable Amount 1,372,755.44
Times Class B Percentage 2.5%
-------------------
Class B Principal Distributable Amount 34,318.89
Certificate Principal Distributable Amount
Principal Distributable Amount 1,372,755.44
Times Certificate Percentage 2.5%
-------------------
Certificate Principal Distributable Amount 34,318.89
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,750,000.00
Multiplied by Note Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0750000
-------------------
Class B Coupon Interest Amount 29,953.13
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,750,000.00
Multiplied by Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0750000
-------------------
Certificateholders' Interest Amount 29,953.13
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,531.18 3,366,436.78 5,531.18 3,366,436.78
Servicing Fee (2.0%) 184,372.77 3,360,905.60 184,372.77 0.00
Additional Servicing Fee Amounts 5,701.58 3,176,532.83 5,701.58 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,170,831.25 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,170,831.25 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,170,831.25 0.00
(iii) Indenture Trustee Fee 1,125.00 3,170,831.25 1,125.00
Indenture Trustee's out-of-pocket expenses 3,000.00 3,169,706.25 3,000.00
Unpaid Indenture Trustee Fee from prior 0.00 3,166,706.25 0.00
Collection Periods
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 3,166,706.25 0.00
prior Collection Periods
Owner Trustee Fee 2,500.00 3,166,706.25 2,500.00
Owner Trustee's out-of-pocket expenses 3,000.00 3,164,206.25 3,000.00
Unpaid Owner Trustee Fee from prior 0.00 3,161,206.25 0.00
Collection Periods
Unpaid Owner Trustee's out-of-pocket exp - 0.00 3,161,206.25 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,125.00 3,161,206.25 1,125.00
Collateral Agent Expenses 0.00 3,160,081.25 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,160,081.25 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,160,081.25 0.00
Collection Periods
(v) (A) Class A-1 Interest Distributable Amount - Current Month
369,806.40 Prior Month(s) Class A-1 Interest Carryover
Shortfall 0.00 Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 369,806.40 3,160,081.25 369,806.40
(B) Class A-2 Interest Distributable Amount - Current Month 295,081.38
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 295,081.38 2,790,274.85 295,081.38
(vi)(A) Class B Note Interest - Unadjusted 29,953.13
Class B Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 29,953.13 2,495,193.47 29,953.13
(B) Certificate Interest - Unadjusted 29,953.13
Certificate Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 29,953.13 2,465,240.34 29,953.13
(vii) Class A Principal Distributable Amount - Current Month 1,304,117.67
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 1,304,117.67 2,435,287.21 1,304,117.67 0.00
Class A Principal Distribution Amount to Class A-2 0.00 1,131,169.54 0.00 0.00
(viii) Note Insurer Premium 41,182.13 1,131,169.54 41,182.13
Note Insurer Premium Supplement 0.00 1,089,987.41 0.00
Other Reimbursement Obligations to Note Insurer 0.00 1,089,987.41 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,089,987.41 0.00
(x) Class B Principal Distributable Amount - Current Month 34,318.89
Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 34,318.89 1,089,987.41 34,318.89
Certificate Principal Distributable Amount - Current Month 34,318.89
Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 34,318.89 1,055,668.52 34,318.89
(xi) Until the Target Payment Date, remaining amount to Class A 1,021,349.63 1,021,349.63 1,021,349.63
Noteholders
Amount to Class A-1 Noteholders 1,021,349.63 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. Amount 0.00
(xiii) After an Event of Default, Certificateholders' Prin. Dist. Amount 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
Securities Balance
Class A-1 Beginning of Period Principal Amount 80,832,000.00
Class A-1 Principal Distributions 1,304,117.67
Class A-1 End of Period Principal Amount (prior to turbo) 79,527,882.33
Additional Principal Distribution 1,021,349.63
Class A-1 End of Period Principal Amount 78,506,532.70
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 61,668,000.00
Class B Beginning of Period Principal Amount 3,750,000.00
Class B Principal Distributable Amount 34,318.89
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,715,681.11
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,715,681.11
Certificate Beginning of Period Principal Amount 3,750,000.00
Certificate Principal Distributable Amount 34,318.89
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,715,681.11
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,715,681.11
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,086,000.00
Purchased receivables more than 30 days delinquent 87,343.23
-------------------
Total 3,173,343.23
Aggregate Gross Principal Balance as of the close of
143,080,480.12 business on the last day of the
Collection Period.
Delinquency Ratio 2.22%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 2.22%
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
-------------------
Average Delinquency Ratio 2.22% 0.74%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 47,470.64
-------------------
Total 47,470.64
Cumulative Defaulted Receivables 47,470.64
Original Pool Balance 122,915,183.00
Cumulative Default Ratio 0.04%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-------------------
Cumulative Net Losses 0.00
Original Pool Balance 122,915,183.00
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 55.09
Weighted Average Annual Percentage Rate 20.44%
Spread Account
OC Percent
Aggregate Principal Balance 148,627,244.56
minus the Securities Balance 148,627,244.55
-------------------
0.01
divided by the Aggregate Principal Balance 0.00%
Floor OC Percent
Aggregate Principal Balance 121,542,427.56
minus the Securities Balance 148,627,244.55
-------------------
0.00
divided by the initial Aggregate Principal Balance 122,915,183.00
-------------------
0.00%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 148,627,244.55
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 0.00
--------------
2,458,303.66
(B)the product of
(I) Excess of 1% over the Floor OC Percent
1.00% (II) initial Aggregate Principal Balance
122,915,183.00
--------------
1,229,151.83
Floor Amount 3,687,455.49
Requisite Amount
the greater of
(1)the Floor Amount 3,687,455.49
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 9.0%
if a Trigger Event, 15% minus the OC Percent 15.0%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 30.0%
if an Insurance Agreement Event of Default, unlimited 999%
9%
times the Aggregate Principal Balance 121,542,427.56
-------------------
10,938,818.47
Requisite Amount 10,938,818.47
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 10,938,818.47
Beginning of Period Spread Account Balance 4,302,031.41
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 6,636,787.06
Earnings on Spread Account Balance 6,629.13
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 4,308,660.54
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Distribution Date 10/15/97
Collection Period 9/97
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,660,623.81
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $306,569.12
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,354,054.69
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $31.50
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.63
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $27.87
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $24,263.48
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $24,263.48
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $2,017,884.03
(k) Scheduled Payments collected in such
Collection Period $1,950,871.98
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $58,232,361.12
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $55,878,306.43
(c) The Pool factor as of the close of business
on the last day set forth above 0.9595748
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $114,037.36
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,882.16
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.35
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $21,030.02
(b) Distributions (to) from Collection Account ($475.75)
for Payaheads
(c) Interest earned on Payahead Balances $108.76
(d) Ending Payahead Account Balance $20,663.03
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,381,745.96
Spread Account Balance $6,257,501.16
(b) The change in the spread account on the Distribution
Date set forth above $429,589.92
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $15,448.62
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $881,771.44
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 184
Aggregate Gross Amount $2,174,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 226
Aggregate Gross Amount $2,878,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.74%
(b) Average Delinquency Ratio 8.87%
(c) Cumulative Default Ratio 11.17%
(d) Cumulative Net Loss Ratio 7.20%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,659,842.57
Lock Box NSF Items: (46,983.69)
Transfers from (to) Payahead Account: 475.75
Collection Account Interest 9,844.54
Payahead Account Interest 108.76
Total Collection Proceeds: 2,623,287.93
For Distribution Date: 10/15/97
For Determination Date: 10/8/97
For Collection Period: 9/97
Collateral Activity Information
Principal
Beginning Principal Balance 58,232,361.12
Principal portion of payments collected (non-prepayments) 948,991.03
Prepayments in full allocable to principal 549,430.00
Collections allocable to principal 1,498,421.03
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 97,759.84
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,596,180.87
Realized Losses 881,771.44
Cram Down Losses 0.00
Ending Principal Balance 55,754,408.81
Interest
Collections allocable to interest 1,001,880.95
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 25,226.11
-------------------
Total Interest 1,027,107.06
Certificate Information
Beginning of Period Class A Principal Balance 55,320,743.07
Beginning of Period Class B Principal Balance 2,911,618.05
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,827,911.24
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 16,983.42
Aggregate Payahead Balance 20,554.27
Aggregate Payahead Balance for preceding Distribution Date 21,030.02
Interest Earned on Payahead Balances 108.76
Scheduled Payments due in Collection Period 2,017,884.03
Scheduled Payments collected in Collection Period 1,950,871.98
Aggregate Amount of Realized Losses for preceding Distribution Date 881,771.44
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 184 2,174,000.00
60+ days delinquent 226 2,878,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,052,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 588,040.14
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 10.19%
Delinquency Ratio for third preceding Determination Date 8.67%
Cumulative Defaults for preceding Determination Date 9,338,887.00
Cumulative Net Losses for preceding Determination Date 5,545,521.00
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,500,301.98
Liquidation Proceeds 97,759.84
Recoveries 25,226.11
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,623,287.93
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 948,991.03
Prepayments in full allocable to principal 549,430.00
Principal Balance of Liquidated Receivables 979,531.28
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,477,952.31
Class A Principal Distributable Amount
Principal Distributable Amount 2,477,952.31
Times Class A Percentage (95%) 95%
-------------------
2,354,054.69
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,354,054.69
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 55,320,743.07
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 306,569.12
Class B Principal Distributable Amount
Principal Distributable Amount 2,477,952.31
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 123,897.62
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,911,618.05
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 24,263.48
Class B Excess Interest Amount
Total Distribution Amount 2,623,287.93
minus
Class A Principal and Interest Distributable Amount 2,660,623.81
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 24,263.48
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 123,897.62
Class B Principal Carryover Shortfall 0.00
Trustee distributions 727.90
Standby Servicer distributions 3,882.16
Servicer distributions 114,037.36
Collateral Agent distributions 727.90
Reimbursement Obligations 15,448.62
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,882.16 2,623,287.93 3,882.16 2,623,287.93
Servicing Fee (2.0%) 97,053.94 2,619,405.77 97,053.94 0.00
Additional Servicing Fee Amounts 16,983.42 2,522,351.83 16,983.42 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,505,368.41 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,505,368.41 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,505,368.41 0.00
(iii) Trustee Fee 727.90 2,505,368.41 727.90
Trustee's out-of-pocket expenses 0.00 2,504,640.51 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,504,640.51 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,504,640.51 0.00
Collection Periods
(iv) Collateral Agent Fee 727.90 2,504,640.51 727.90
Collateral Agent Expenses 0.00 2,503,912.61 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,503,912.61 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,503,912.61 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 306,569.12 2,503,912.61 306,569.12
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,197,343.49 0.00
Class A Interest Carryover Shortfall 0.00 2,197,343.49 0.00
Interest on Interest Carryover from 0.00 2,197,343.49 0.00
Prior Months
Current Month Class A Interest Carryover 0.00 2,197,343.49 0.00
Shortfall
Class A Interest Distributable Amount 306,569.12 2,197,343.49 306,569.12
(viii)(A)Class B Coupon Interest - Unadjusted 24,263.48 1,890,774.37 24,263.48
Class B Interest Carryover Shortfall - 0.00 1,866,510.89 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 1,866,510.89 0.00
Previous Month(s)
Interest on Interest Carryover from 0.00 1,866,510.89 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 1,866,510.89 0.00
Adjusted Class B Interest Distributable Amount 24,263.48 1,866,510.89 24,263.48
(v)(B) Class A Principal Distributable Amount - 2,354,054.69 1,842,247.41 1,842,247.41 269,233.24
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall (180,974.68) 0.00 (180,974.68)
Withdrawl from Spread Account to Cover Shortfall 180,974.68
Class A Principal Distribution Amount 2,354,054.69 180,974.68 180,974.68 0.00
(vi) Certificate Insurer Premium 15,448.62 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 123,897.62 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (123,897.62) 0.00 (123,897.62)
Adjusted Class B Principal Distributable Amount 0.00 123,897.62 0.00
(C) Excess Interest Amount for Deposit in Spread Account (196,423.30) 123,897.62 (196,423.30)
320,320.92 320,320.92
Certificate Balance
Class A Beginning of Period Principal Balance 55,320,743.07
Class A Principal Distributions 2,354,054.69
Class A End of Period Principal Balance 52,966,688.38
Class B Beginning of Period Principal Balance 2,911,618.05
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,911,618.05
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,911,618.05
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,623,287.93
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 425,944.44
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,197,343.49
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,197,343.49
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 24,263.48
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,173,080.01
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,173,080.01
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,354,054.69
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 180,974.68
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 15,448.62
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (15,448.62)
Withdrawl from Spread Account to Cover Deficiency 15,448.62
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 123,897.62
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (123,897.62)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (123,897.62)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,052,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 5,052,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 65,276,495.48
Delinquency Ratio 7.74%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.74%
Delinquency Ratio for second preceding Determination Date 10.19%
Delinquency Ratio for third preceding Determination Date 8.67%
-------------------
Average Delinquency Ratio 8.87% 8.87%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 9,338,887.00
Current Period Defaulted Receivables 588,040.14
-------------------
Total 9,926,927.14
Cumulative Defaulted Receivables 9,926,927.14
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 11.17%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 979,531.28
Cram Down Losses 0.00
Net Liquidation Proceeds (122,985.95)
-------------------
Net Liquidation Losses 856,545.33
Cumulative Previous Net Losses 5,545,521.00
-------------------
Cumulative Net Losses 6,402,066.33
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 7.20%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 39.42
Weighted Average Annual Percentage Rate 20.42%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,587,830.64
15% of Outstanding Certificate Balance 8,381,745.96
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,381,745.96
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 55,878,306.43
Minimum Floor 100,000.00
--------------
Floor Amount 2,667,022.51
Required Spread Account Amount 8,381,745.96
Beginning of Period Spread Account Balance 5,827,911.24
Spread Account Deposit (Withdrawal) from Current Distributions (196,423.30)
Transfer (to) from Cross-Collateralized Spread Accounts 601,143.52
Required addition to/(eligible withdrawal from) Spread Account 2,149,114.50
Earnings on Spread Account Balance 24,869.70
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 6,257,501.16
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
Distribution Date 10/15/97
Collection Period 9/97
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,692,442.32
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $367,436.23
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,325,006.09
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $30.76
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.20
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $26.56
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $154,984.84
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $32,616.10
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $122,368.74
(j) Scheduled Payments due in such Collection Period $2,243,026.58
(k) Scheduled Payments collected in such
Collection Period $2,089,574.87
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $69,273,129.74
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $66,940,112.81
(c) The Pool factor as of the close of business
on the last day set forth above 0.9663215
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $132,168.03
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,618.21
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.51
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $19,682.31
(b) Distributions (to) from Collection Account $5,530.76
for Payaheads
(c) Interest earned on Payahead Balances $102.12
(d) Ending Payahead Account Balance $25,315.19
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,694,011.28
Spread Account Balance $6,694,011.28
(b) The change in the spread account on the Distribution
Date set forth above ($246,218.69)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $18,516.30
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $710,676.15
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 237
Aggregate Gross Amount $3,033,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 231
Aggregate Gross Amount $3,028,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.61%
(b) Average Delinquency Ratio 8.27%
(c) Cumulative Default Ratio 8.62%
(d) Cumulative Net Loss Ratio 4.35%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,936,684.12
Lock Box NSF Items: (51,751.13)
Transfers from (to) Payahead Account: (5,530.76)
Collection Account Interest 10,599.26
Payahead Account Interest 102.12
Total Collection Proceeds: 2,890,103.61
For Distribution Date: 10/15/97
For Determination Date: 10/8/97
For Collection Period: 9/97
Collateral Activity Information
Principal
Beginning Principal Balance 69,273,129.74
Principal portion of payments collected (non-prepayments) 984,204.13
Prepayments in full allocable to principal 575,423.00
Collections allocable to principal 1,559,627.13
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 177,071.55
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,736,698.68
Realized Losses 710,676.15
Cram Down Losses 0.00
Ending Principal Balance 66,825,754.91
Interest
Collections allocable to interest 1,105,370.74
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 48,034.19
-------------------
Total Interest 1,153,404.93
Certificate Information
Beginning of Period Class A Principal Balance 65,809,473.24
Beginning of Period Class B Principal Balance 3,463,656.49
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,940,229.97
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 16,712.81
Aggregate Payahead Balance 25,213.07
Aggregate Payahead Balance for preceding Distribution Date 19,682.31
Interest Earned on Payahead Balances 102.12
Scheduled Payments due in Collection Period 2,243,026.58
Scheduled Payments collected in Collection Period 2,089,574.87
Aggregate Amount of Realized Losses for preceding Distribution Date 710,676.15
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 237 3,033,000.00
60+ days delinquent 231 3,028,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,061,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 891,340.82
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 9.14%
Delinquency Ratio for third preceding Determination Date 8.05%
Cumulative Defaults for preceding Determination Date 7,050,358.00
Cumulative Net Losses for preceding Determination Date 3,348,484.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,664,997.87
Liquidation Proceeds 177,071.55
Recoveries 48,034.19
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,890,103.61
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 984,204.13
Prepayments in full allocable to principal 575,423.00
Principal Balance of Liquidated Receivables 887,747.70
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,447,374.83
Class A Principal Distributable Amount
Principal Distributable Amount 2,447,374.83
Times Class A Percentage (95%) 95%
-------------------
2,325,006.09
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,325,006.09
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 65,809,473.24
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 367,436.23
Class B Principal Distributable Amount
Principal Distributable Amount 2,447,374.83
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 122,368.74
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,463,656.49
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 32,616.10
Class B Excess Interest Amount
Total Distribution Amount 2,890,103.61
minus
Class A Principal and Interest Distributable Amount 2,692,442.32
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 32,616.10
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 122,368.74
Class B Principal Carryover Shortfall 0.00
Trustee distributions 865.91
Standby Servicer distributions 4,618.21
Servicer distributions 132,168.03
Collateral Agent distributions 865.91
Reimbursement Obligations 18,516.30
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,618.21 0.00 0.00 122,368.74
Servicing Fee (2.0%) 115,455.22 0.00 0.00 0.00
Additional Servicing Fee Amounts 16,712.81 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior 0.00 0.00 0.00
Collection Periods
Unpaid Servicing Fee from prior 0.00 0.00 0.00
Collection Periods
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 865.91 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 0.00 0.00
prior Collection Periods
(iv) Collateral Agent Fee 865.91 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior 0.00 0.00 0.00
Collection Periods
Unpaid Collateral Agent Expenses from 0.00 0.00 0.00
prior Collection Periods
(v)(A) Class A Interest Distributable Amount - 367,436.23 0.00 0.00
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00
Class A Interest Distributable Amount 367,436.23 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 32,616.10 0.00 0.00
Class B Interest Carryover Shortfall - 0.00 0.00 0.00 122,368.74
Previous Month(s)
Interest on B Interest Shortfall - 0.00 0.00 0.00 122,368.74
Previous Month(s)
Interest on Interest Carryover from 0.00 0.00 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 32,616.10 0.00 0.00
(v)(B) Class A Principal Distributable Amount - 2,325,006.09 0.00 0.00
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,325,006.09 0.00 0.00
(vi) Certificate Insurer Premium 18,516.30 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to 0.00 0.00 0.00
Certificate Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 122,368.74 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (114,357.91) 0.00 (114,357.91)
Adjusted Class B Principal Distributable Amount 8,010.83 114,357.91 8,010.83
(C) Excess Interest Amount for Deposit in Spread 0.00 106,347.08 0.00
Account 106,347.08 106,347.08
Certificate Balance
Class A Beginning of Period Principal Balance 65,809,473.24
Class A Principal Distributions 2,325,006.09
Class A End of Period Principal Balance 63,484,467.15
Class B Beginning of Period Principal Balance 3,463,656.49
Class B Principal Distributable Amount 8,010.83
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,455,645.66
Withdrawl from Spread Account to Cover B Shortfalls 114,357.91
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,341,287.75
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,890,103.61
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 505,954.29
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,384,149.32
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,384,149.32
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 32,616.10
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,351,533.22
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,351,533.22
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,325,006.09
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 26,527.13
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 26,527.13
(vi) Certificate Insurer Premium 18,516.30
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 8,010.83
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 8,010.83
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 122,368.74
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (114,357.91)
Withdrawl from Spread Account to B PieceCover Shortfalls (114,357.91)
Adjusted Amount Remaining for Further Distribution/(Deficiency) (0.00)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,061,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 6,061,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 79,643,762.67
Delinquency Ratio 7.61%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.61%
Delinquency Ratio for second preceding Determination Date 9.14%
Delinquency Ratio for third preceding Determination Date 8.05%
-------------------
Average Delinquency Ratio 8.27% 8.27%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 7,050,358.00
Current Period Defaulted Receivables 891,340.82
-------------------
Total 7,941,698.82
Cumulative Defaulted Receivables 7,941,698.82
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 8.62%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 887,747.70
Cram Down Losses 0.00
Net Liquidation Proceeds (225,105.74)
-------------------
Net Liquidation Losses 662,641.96
Cumulative Previous Net Losses 3,348,484.00
-------------------
Cumulative Net Losses 4,011,125.96
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 4.35%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 43.44
Weighted Average Annual Percentage Rate 20.52%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,694,011.28
15% of Outstanding Certificate Balance 10,041,016.92
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,694,011.28
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 66,940,112.81
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 6,694,011.28
Beginning of Period Spread Account Balance 6,940,229.97
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (161,434.28)
Required addition to/(eligible withdrawal from) Spread Account (84,784.41)
Earnings on Spread Account Balance 29,573.50
Amount of Spread Account deposit (withdrawal) (114,357.91)
Amount of Withdrawl Allocated to B Piece Shortfalls 114,357.91
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 6,694,011.28
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Distribution Date 10/15/97
Collection Period 9/97
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,634,025.88
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $391,453.96
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,242,571.92
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $29.86
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.44
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $25.42
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $151,223.56
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $33,193.46
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $118,030.10
(j) Scheduled Payments due in such Collection Period $2,427,209.18
(k) Scheduled Payments collected in such
Collection Period $2,343,570.21
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $78,487,009.68
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $76,126,407.66
(c) The Pool factor as of the close of business
on the last day set forth above 0.9699237
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $148,772.58
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,232.47
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.69
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $25,250.92
(b) Distributions (to) from Collection Account $2,418.23
for Payaheads
(c) Interest earned on Payahead Balances $126.98
(d) Ending Payahead Account Balance $27,796.13
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,612,640.77
Spread Account Balance $7,612,640.77
(b) The change in the spread account on the Distribution
Date set forth above ($236,060.20)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $21,093.36
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $752,791.70
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 236
Aggregate Gross Amount $3,256,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 273
Aggregate Gross Amount $3,899,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.85%
(b) Average Delinquency Ratio 8.42%
(c) Cumulative Default Ratio 5.63%
(d) Cumulative Net Loss Ratio 2.42%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,063,589.56
Lock Box NSF Items: (58,693.60)
Transfers from (to) Payahead Account: (2,418.23)
Collection Account Interest 10,466.09
Payahead Account Interest 126.98
Total Collection Proceeds: 3,013,070.80
For Distribution Date: 10/15/97
For Determination Date: 10/8/97
For Collection Period: 9/97
Collateral Activity Information
Principal
Beginning Principal Balance 78,487,009.68
Principal portion of payments collected (non-prepayments) 952,696.71
Prepayments in full allocable to principal 537,120.00
Collections allocable to principal 1,489,816.71
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 117,993.61
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,607,810.32
Realized Losses 752,791.70
Cram Down Losses 0.00
Ending Principal Balance 76,126,407.66
Interest
Collections allocable to interest 1,390,873.50
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 14,386.98
-------------------
Total Interest 1,405,260.48
Certificate Information
Beginning of Period Class A Principal Balance 74,562,659.19
Beginning of Period Class B Principal Balance 3,924,350.49
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,848,700.97
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,960.90
Aggregate Payahead Balance 27,669.15
Aggregate Payahead Balance for preceding Distribution Date 25,250.92
Interest Earned on Payahead Balances 126.98
Scheduled Payments due in Collection Period 2,427,209.18
Scheduled Payments collected in Collection Period 2,343,570.21
Aggregate Amount of Realized Losses for preceding Distribution Date 752,791.70
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 236 3,256,000.00
60+ days delinquent 273 3,899,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 7,155,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 1,057,444.06
Receivables during the related Collection
Period.
Delinquency Ratio for second preceding Determination Date 9.05%
Delinquency Ratio for third preceding Determination Date 8.37%
Cumulative Defaults for preceding Determination Date 4,167,822.00
Cumulative Net Losses for preceding Determination Date 1,508,777.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,880,690.21
Liquidation Proceeds 117,993.61
Recoveries 14,386.98
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,013,070.80
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 952,696.71
Prepayments in full allocable to principal 537,120.00
Principal Balance of Liquidated Receivables 870,785.31
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,360,602.02
Class A Principal Distributable Amount
Principal Distributable Amount 2,360,602.02
Times Class A Percentage (95%) 95%
-------------------
2,242,571.92
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,242,571.92
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 74,562,659.19
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 391,453.96
Class B Principal Distributable Amount
Principal Distributable Amount 2,360,602.02
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 118,030.10
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,924,350.49
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 33,193.46
Class B Excess Interest Amount
Total Distribution Amount 3,013,070.80
minus
Class A Principal and Interest Distributable Amount 2,634,025.88
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 33,193.46
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 118,030.10
Class B Principal Carryover Shortfall 0.00
Trustee distributions 981.09
Standby Servicer distributions 5,232.47
Servicer distributions 148,772.58
Collateral Agent distributions 981.09
Reimbursement Obligations 21,093.36
-------------------
50,760.77
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,232.47 3,013,070.80 5,232.47 3,013,070.80
Servicing Fee (2.0%) 130,811.68 3,007,838.33 130,811.68 0.00
Additional Servicing Fee Amounts 17,960.90 2,877,026.65 17,960.90 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,859,065.75 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,859,065.75 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,859,065.75 0.00
(iii) Trustee Fee 981.09 2,859,065.75 981.09
Trustee's out-of-pocket expenses 0.00 2,858,084.66 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,858,084.66 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,858,084.66 0.00
Collection Periods
(iv) Collateral Agent Fee 981.09 2,858,084.66 981.09
Collateral Agent Expenses 0.00 2,857,103.57 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,857,103.57 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,857,103.57 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 391,453.96 2,857,103.57 391,453.96
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,465,649.61 0.00
Class A Interest Carryover Shortfall 0.00 2,465,649.61 0.00
Interest on Interest Carryover from Prior Months 0.00 2,465,649.61 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,465,649.61 0.00
Class A Interest Distributable Amount 391,453.96 2,465,649.61 391,453.96
(viii)(A)Class B Coupon Interest - Unadjusted 33,193.46 2,074,195.65 33,193.46
Class B Interest Carryover Shortfall - 0.00 2,041,002.19 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 2,041,002.19 0.00
Previous Month(s)
Interest on Interest Carryover from 0.00 2,041,002.19 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 2,041,002.19 0.00
Adjusted Class B Interest Distributable 33,193.46 2,041,002.19 33,193.46
Amount
(v)(B) Class A Principal Distributable Amount - 2,242,571.92 2,007,808.73 2,007,808.73 770,498.88
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,242,571.92 0.00 0.00 0.00
(vi) Certificate Insurer Premium 21,093.36 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 118,030.10 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 118,030.10 0.00 0.00
(C) Excess Interest Amount for Deposit in Spread Account 50,760.77 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 74,562,659.19
Class A Principal Distributions 2,242,571.92
Class A End of Period Principal Balance 72,320,087.27
Class B Beginning of Period Principal Balance 3,924,350.49
Class B Principal Distributable Amount 118,030.10
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,806,320.39
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,806,320.39
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,013,070.80
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 547,421.19
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,465,649.61
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 2,465,649.61
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 33,193.46
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,432,456.15
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,432,456.15
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,242,571.92
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 189,884.23
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 189,884.23
(vi) Certificate Insurer Premium 21,093.36
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 168,790.87
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 168,790.87
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 118,030.10
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 50,760.77
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 50,760.77
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,155,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 7,155,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 91,202,164.00
Delinquency Ratio 7.85%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.85%
Delinquency Ratio for second preceding Determination Date 9.05%
Delinquency Ratio for third preceding Determination Date 8.37%
-------------------
Average Delinquency Ratio 8.42% 8.42%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 4,167,822.00
Current Period Defaulted Receivables 1,057,444.06
-------------------
Total 5,225,266.06
Cumulative Defaulted Receivables 5,225,266.06
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 5.63%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 870,785.31
Cram Down Losses 0.00
Net Liquidation Proceeds (132,380.59)
-------------------
Net Liquidation Losses 738,404.72
Cumulative Previous Net Losses 1,508,777.00
-------------------
Cumulative Net Losses 2,247,181.72
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 2.42%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 46.68
Weighted Average Annual Percentage Rate 20.55%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,612,640.77
15% of Outstanding Certificate Balance 11,418,961.15
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,612,640.77
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 76,126,407.66
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 7,612,640.77
Beginning of Period Spread Account Balance 7,848,700.97
Spread Account Deposit (Withdrawal) from Current Distributions 50,760.77
Transfer (to) from Cross-Collateralized Spread Accounts (320,114.56)
Required addition to/(eligible withdrawal from) Spread Account 33,293.59
Earnings on Spread Account Balance 33,293.60
Amount of Spread Account deposit (withdrawal) (0.01)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (0.01)
Ending Spread Account Balance 7,612,640.77
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Distribution Date 10/15/97
Collection Period 9/97
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,207,558.62
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $482,966.25
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,724,592.37
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $22.71
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.97
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $17.74
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $136,018.21
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $45,250.19
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $90,768.02
(j) Scheduled Payments due in such Collection Period $2,799,499.41
(k) Scheduled Payments collected in such
Collection Period $2,635,431.39
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $93,139,333.08
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $91,323,972.69
(c) The Pool factor as of the close of business
on the last day set forth above 0.9805092
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $172,639.18
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,209.29
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.78
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $21,857.90
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $25,577.12
(b) Distributions (to) from Collection Account ($880.78)
for Payaheads
(c) Interest earned on Payahead Balances $338.75
(d) Ending Payahead Account Balance $25,035.09
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,132,397.27
Spread Account Balance $8,798,042.45
(b) The change in the spread account on the Distribution
Date set forth above $673,492.62
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $25,304.35
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $225,628.68
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 270
Aggregate Gross Amount $3,697,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 380
Aggregate Gross Amount $5,431,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.38%
(b) Average Delinquency Ratio 7.79%
(c) Cumulative Default Ratio 3.08%
(d) Cumulative Net Loss Ratio 0.53%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,255,544.00
Lock Box NSF Items: (77,418.47)
Transfers from (to) Payahead Account: 880.78
Collection Account Interest 11,489.74
Payahead Account Interest 338.75
Total Collection Proceeds: 3,190,834.80
For Distribution Date: 10/15/97
For Determination Date: 10/8/97
For Collection Period: 9/97
Collateral Activity Information
Principal
Beginning Principal Balance 93,139,333.08
Principal portion of payments collected (non-prepayments) 1,042,303.98
Prepayments in full allocable to principal 422,954.00
Collections allocable to principal 1,465,257.98
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 102,615.83
Purchase Amounts allocable to principal 21,857.90
-------------------
Total Principal 1,589,731.71
Realized Losses 225,628.68
Cram Down Losses 0.00
Ending Principal Balance 91,323,972.69
Interest
Collections allocable to interest 1,593,127.41
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 7,975.68
-------------------
Total Interest 1,601,103.09
Certificate Information
Beginning of Period Class A Principal Balance 88,482,366.43
Beginning of Period Class B Principal Balance 4,656,966.65
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,124,549.83
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,406.96
Aggregate Payahead Balance 24,696.34
Aggregate Payahead Balance for preceding Distribution Date 25,577.12
Interest Earned on Payahead Balances 338.75
Scheduled Payments due in Collection Period 2,799,499.41
Scheduled Payments collected in Collection Period 2,635,431.39
Aggregate Amount of Realized Losses for preceding Distribution Date 225,628.68
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 270 3,697,000.00
60+ days delinquent 380 5,431,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 21,857.90
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 9,128,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 21,857.90
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 946,031.31
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 8.35%
Delinquency Ratio for third preceding Determination Date 6.63%
Cumulative Defaults for preceding Determination Date 2,203,785.00
Cumulative Net Losses for preceding Determination Date 321,491.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,058,385.39
Liquidation Proceeds 102,615.83
Recoveries 7,975.68
Purchase Amounts 21,857.90
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,190,834.80
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,042,303.98
Prepayments in full allocable to principal 422,954.00
Principal Balance of Liquidated Receivables 328,244.51
Purchase Amounts allocable to principal 21,857.90
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,815,360.39
Class A Principal Distributable Amount
Principal Distributable Amount 1,815,360.39
Times Class A Percentage (95%) 95%
-------------------
1,724,592.37
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,724,592.37
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 88,482,366.43
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 482,966.25
Class B Principal Distributable Amount
Principal Distributable Amount 1,815,360.39
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 90,768.02
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,656,966.65
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 45,250.19
Class B Excess Interest Amount
Total Distribution Amount 3,190,834.80
minus
Class A Principal and Interest Distributable Amount 2,207,558.62
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 45,250.19
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 90,768.02
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,164.24
Standby Servicer distributions 6,209.29
Servicer distributions 172,639.18
Collateral Agent distributions 1,164.24
Reimbursement Obligations 25,304.35
-------------------
640,776.67
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 6,209.29 3,190,834.80 6,209.29 3,190,834.80
Servicing Fee (2.0%) 155,232.22 3,184,625.51 155,232.22 0.00
Additional Servicing Fee Amounts 17,406.96 3,029,393.29 17,406.96 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,011,986.33 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,011,986.33 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,011,986.33 0.00
(iii) Trustee Fee 1,164.24 3,011,986.33 1,164.24
Trustee's out-of-pocket expenses 0.00 3,010,822.09 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,010,822.09 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,010,822.09 0.00
Collection Periods
(iv) Collateral Agent Fee 1,164.24 3,010,822.09 1,164.24
Collateral Agent Expenses 0.00 3,009,657.85 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,009,657.85 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,009,657.85 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 482,966.25 3,009,657.85 482,966.25
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,526,691.60 0.00
Class A Interest Carryover Shortfall 0.00 2,526,691.60 0.00
Interest on Interest Carryover from Prior Months 0.00 2,526,691.60 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,526,691.60 0.00
Class A Interest Distributable Amount 482,966.25 2,526,691.60 482,966.25
(viii)(A)Class B Coupon Interest - Unadjusted 45,250.19 2,043,725.35 45,250.19
Class B Interest Carryover Shortfall - Previous 0.00 1,998,475.16 0.00
Month(s)
Interest on B Interest Shortfall - Previous 0.00 1,998,475.16 0.00
Month(s)
Interest on Interest Carryover from Prior 0.00 1,998,475.16 0.00
Months
Current Month Class B Interest Shortfall 0.00 1,998,475.16 0.00
Adjusted Class B Interest Distributable Amount 45,250.19 1,998,475.16 45,250.19
(v)(B) Class A Principal Distributable Amount - 1,724,592.37 1,953,224.97 1,724,592.37 1,466,242.43
Current Month
Class A Principal Carryover Shortfall - 0.00 228,632.60 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 228,632.60 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,724,592.37 228,632.60 228,632.60 0.00
(vi) Certificate Insurer Premium 25,304.35 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 90,768.02 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 90,768.02 0.00 0.00
(C) Excess Interest Amount for Deposit in Spread Account 640,776.67 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 88,482,366.43
Class A Principal Distributions 1,724,592.37
Class A End of Period Principal Balance 86,757,774.06
Class B Beginning of Period Principal Balance 4,656,966.65
Class B Principal Distributable Amount 90,768.02
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,566,198.63
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,566,198.63
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,190,834.80
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 664,143.20
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,526,691.60
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,526,691.60
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 45,250.19
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,481,441.41
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,481,441.41
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,724,592.37
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 756,849.04
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 756,849.04
(vi) Certificate Insurer Premium 25,304.35
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00 Withdrawl from Spread Account to Cover
Deficiency 0.00 If (i) is less than (ii), there is a Deficiency Claim
Amount NO Amount Remaining for Further Distribution/(Deficiency)
731,544.69
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 731,544.69
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 90,768.02
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 640,776.67
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 640,776.67
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 9,128,000.00
Purchased receivables more than 30 days delinquent 21,857.90
-------------------
Total 9,149,857.90
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 109,183,861.91
Delinquency Ratio 8.38%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.38%
Delinquency Ratio for second preceding Determination Date 8.35%
Delinquency Ratio for third preceding Determination Date 6.63%
-------------------
Average Delinquency Ratio 7.79% 7.79%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 2,203,785.00
Current Period Defaulted Receivables 946,031.31
-------------------
Total 3,149,816.31
Cumulative Defaulted Receivables 3,149,816.31
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 3.08%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 328,244.51
Cram Down Losses 0.00
Net Liquidation Proceeds (110,591.51)
-------------------
Net Liquidation Losses 217,653.00
Cumulative Previous Net Losses 321,491.00
-------------------
Cumulative Net Losses 539,144.00
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 0.53%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 49.37
Weighted Average Annual Percentage Rate 20.58%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 9,132,397.27
15% of Outstanding Certificate Balance 13,698,595.90
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 9,132,397.27
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 91,323,972.69
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 9,132,397.27
Beginning of Period Spread Account Balance 8,124,549.83
Spread Account Deposit (Withdrawal) from Current Distributions 640,776.67
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 367,070.77
Earnings on Spread Account Balance 32,715.95
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 8,798,042.45
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
Distribution Date 10/15/97
Collection Period 9/97
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,301,703.67
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $601,495.98
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,700,207.69
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $20.30
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.30
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $14.99
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $143,945.36
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $54,460.74
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $89,484.62
(j) Scheduled Payments due in such Collection Period $3,332,413.47
(k) Scheduled Payments collected in such
Collection Period $3,386,108.62
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $114,253,292.90
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $112,463,600.59
(c) The Pool factor as of the close of business
on the last day set forth above 0.9843357
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $210,006.06
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,616.89
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.85
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 6
Aggregate Purchase Amount $71,341.65
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $22,790.66
(b) Distributions (to) from Collection Account $10,709.14
for Payaheads
(c) Interest earned on Payahead Balances $128.36
(d) Ending Payahead Account Balance $33,628.16
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $10,121,724.05
Spread Account Balance $8,560,327.57
(b) The change in the spread account on the Distribution
Date set forth above $1,184,065.98
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $31,161.79
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $31,527.02
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 321
Aggregate Gross Amount $4,559,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 302
Aggregate Gross Amount $4,203,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.65%
(b) Average Delinquency Ratio 5.40%
(c) Cumulative Default Ratio 0.81%
(d) Cumulative Net Loss Ratio 0.03%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,940,988.24
Lock Box NSF Items: (91,104.91)
Transfers from (to) Payahead Account: (10,709.14)
Collection Account Interest 13,020.97
Payahead Account Interest 128.36
Total Collection Proceeds: 3,852,323.52
For Distribution Date: 10/15/97
For Determination Date: 10/8/97
For Collection Period: 9/97
Collateral Activity Information
Principal
Beginning Principal Balance 114,253,292.90
Principal portion of payments collected (non-prepayments) 1,291,950.39
Prepayments in full allocable to principal 371,839.00
Collections allocable to principal 1,663,789.39
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 23,034.25
Purchase Amounts allocable to principal 71,341.65
-------------------
Total Principal 1,758,165.29
Realized Losses 31,527.02
Cram Down Losses 0.00
Ending Principal Balance 112,463,600.59
Interest
Collections allocable to interest 2,094,158.23
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 2,094,158.23
Certificate Information
Beginning of Period Class A Principal Balance 108,540,628.26
Beginning of Period Class B Principal Balance 5,712,664.64
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,376,261.59
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,583.91
Aggregate Payahead Balance 33,499.80
Aggregate Payahead Balance for preceding Distribution Date 22,790.66
Interest Earned on Payahead Balances 128.36
Scheduled Payments due in Collection Period 3,332,413.47
Scheduled Payments collected in Collection Period 3,386,108.62
Aggregate Amount of Realized Losses for preceding Distribution Date 31,527.02
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 321 4,559,000.00
60+ days delinquent 302 4,203,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
6 71,341.65
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 8,762,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 71,341.65
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 532,732.35
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 5.79%
Delinquency Ratio for third preceding Determination Date 3.77%
Cumulative Defaults for preceding Determination Date 429,629.00
Cumulative Net Losses for preceding Determination Date 1,397.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,757,947.62
Liquidation Proceeds 23,034.25
Recoveries 0.00
Purchase Amounts 71,341.65
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,852,323.52
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,291,950.39
Prepayments in full allocable to principal 371,839.00
Principal Balance of Liquidated Receivables 54,561.27
Purchase Amounts allocable to principal 71,341.65
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,789,692.31
Class A Principal Distributable Amount
Principal Distributable Amount 1,789,692.31
Times Class A Percentage (95%) 95%
-------------------
1,700,207.69
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,700,207.69
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 108,540,628.26
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class A Interest Distributable Amount 601,495.98
Class B Principal Distributable Amount
Principal Distributable Amount 1,789,692.31
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 89,484.62
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,712,664.64
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 54,460.74
Class B Excess Interest Amount
Total Distribution Amount 3,852,323.52
minus
Class A Principal and Interest Distributable Amount 2,301,703.67
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 54,460.74
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 89,484.62
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,428.17
Standby Servicer distributions 7,616.89
Servicer distributions 210,006.06
Collateral Agent distributions 1,428.17
Reimbursement Obligations 31,161.79
-------------------
1,155,033.41
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 7,616.89 3,852,323.52 7,616.89 3,852,323.52
Servicing Fee (2.0%) 190,422.15 3,844,706.63 190,422.15 0.00
Additional Servicing Fee Amounts 19,583.91 3,654,284.48 19,583.91 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,634,700.57 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,634,700.57 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,634,700.57 0.00
(iii) Trustee Fee 1,428.17 3,634,700.57 1,428.17
Trustee's out-of-pocket expenses 0.00 3,633,272.40 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,633,272.40 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 3,633,272.40 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,428.17 3,633,272.40 1,428.17
Collateral Agent Expenses 0.00 3,631,844.23 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,631,844.23 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,631,844.23 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 601,495.98 3,631,844.23 601,495.98
Prior Month(s) Class A Carryover Shortfall 0.00 3,030,348.25 0.00
Class A Interest Carryover Shortfall 0.00 3,030,348.25 0.00
Interest on Interest Carryover from Prior Months 0.00 3,030,348.25 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,030,348.25 0.00
Class A Interest Distributable Amount 601,495.98 3,030,348.25 601,495.98
(viii)(A)Class B Coupon Interest - Unadjusted 54,460.74 2,428,852.27 54,460.74
Class B Interest Carryover Shortfall - 0.00 2,374,391.53 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 2,374,391.53 0.00
Previous Month(s)
Interest on Interest Carryover from 0.00 2,374,391.53 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 2,374,391.53 0.00
Adjusted Class B Interest Distributable Amount 54,460.74 2,374,391.53 54,460.74
(v)(B) Class A Principal Distributable Amount - 1,700,207.69 2,319,930.79 1,700,207.69 2,152,115.83
Current Month
Class A Principal Carryover Shortfall - 0.00 619,723.10 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 619,723.10 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,700,207.69 619,723.10 619,723.10 451,908.13
(vi) Certificate Insurer Premium 31,161.79 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current 89,484.62 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 89,484.62 0.00 0.00
(C) Excess Interest (Shortage) Amount for Deposit 1,155,033.41 0.00 0.00
to (withdrawl from) Spread Account 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 108,540,628.26
Class A Principal Distributions 1,700,207.69
Class A End of Period Principal Balance 106,840,420.57
Class B Beginning of Period Principal Balance 5,712,664.64
Class B Principal Distributable Amount 89,484.62
Class B End of Period Principal Balance BEFORE Spread Account Distributions 5,623,180.02
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 5,623,180.02
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,852,323.52
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 821,975.27
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,030,348.25
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,030,348.25
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 54,460.74
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,975,887.51
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,975,887.51
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,700,207.69
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,275,679.82
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,275,679.82
(vi) Certificate Insurer Premium 31,161.79
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,244,518.03
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,244,518.03
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 89,484.62
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 1,155,033.41
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,155,033.41
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,762,000.00
Purchased receivables more than 30 days delinquent 71,341.65
-------------------
Total 8,833,341.65
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 132,764,857.80
Delinquency Ratio 6.65%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.65%
Delinquency Ratio for second preceding Determination Date 5.79%
Delinquency Ratio for third preceding Determination Date 3.77%
-------------------
Average Delinquency Ratio 5.40% 5.40%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 429,629.00
Current Period Defaulted Receivables 532,732.35
-------------------
Total 962,361.35
Cumulative Defaulted Receivables 962,361.35
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 0.81%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 54,561.27
Cram Down Losses 0.00
Net Liquidation Proceeds (23,034.25)
-------------------
Net Liquidation Losses 31,527.02
Cumulative Previous Net Losses 1,397.00
-------------------
Cumulative Net Losses 32,924.02
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 0.03%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 51.93
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 10,121,724.05
15% of Outstanding Certificate Balance 16,869,540.09
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 10,121,724.05
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 112,463,600.59
Minimum Floor 100,000.00
--------------
Floor Amount 3,580,860.93
Required Spread Account Amount 10,121,724.05
Beginning of Period Spread Account Balance 7,376,261.59
Spread Account Deposit (Withdrawal) from Current Distributions 1,155,033.41
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 1,590,429.05
Earnings on Spread Account Balance 29,032.57
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 8,560,327.57
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-3
6.10% Asset-Backed Notes, Class A-1
6.38% Asset-Backed Notes, Class A-2
10.65% Asset-Backed Notes, Class B
10.65% Asset-Backed Certificates
Revised
Distribution Date 10/15/97
Collection Period 9/97
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,165,608.84
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $399,074.87
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,766,533.97
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $26.79
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.94
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $21.85
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $327,868.20
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $327,868.20
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $5.31
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to Class B
Noteholders on the Distribution Date set forth above $79,464.41
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $32,976.67
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $46,487.74
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $79,464.41
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $32,976.67
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $46,487.74
(s) Scheduled Payments due in such Collection Period $4,208,142.16
(t) Scheduled Payments collected in such
Collection Period $3,801,305.68
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $148,627,244.56
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(r) above $145,746,385.47
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving
effect
to payments allocated to principal in paragraph A.1.(c),(i),(o) above $140,665,921.54
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9464343
(e) Aggregate principal amount of Certificates as of the close
of business on the last day set forth above, after giving
effect
to payments allocated to principal in paragraph A.1.(r) above $3,669,193.37
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0246872
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $260,162.99
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,431.36
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.22
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.09
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 20
Aggregate Purchase Amount $203,427.92
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
(f) The amount of the Certificate Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (q) above $0.00
(g) The amount of the Certificate Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (r) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $12,187,746.51
Spread Account Balance $5,277,143.15
(b) The change in the spread account on the Distribution
Date set forth above $968,482.61
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $40,369.00
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 308
Aggregate Gross Amount $4,498,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 91
Aggregate Gross Amount $1,251,000.00
7 Performance Triggers
(a) Delinquency Ratio 3.47%
(b) Average Delinquency Ratio 2.84%
(c) Cumulative Default Ratio 0.09%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-3
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 4,354,263.61
Lock Box NSF Items: (31,801.01)
Total Collection Proceeds: 4,322,462.60
For Distribution Date: 10/15/97
For Determination Date: 10/8/97
For Collection Period: 9/97
Collateral Activity Information
Principal
Beginning Principal Balance 121,542,427.56
Beginning Principal Balance of Subsequent Receivables Transfered 27,084,817.00
-------------------
Aggregate Beginning Principal Balance 148,627,244.56
Principal portion of payments collected (non-prepayments) 1,338,352.52
Prepayments in full allocable to principal 317,729.00
Collections allocable to principal 1,656,081.52
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 203,427.92
-------------------
Total Principal 1,859,509.44
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 146,767,735.12
Prefunding
Original Amount in Prefunding Account 27,084,817.00
Subsequent Loans Sold to the Trust 27,084,817.00
Balance of Prefunding Account 0.00
Interest
Collections allocable to interest 2,462,953.16
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 2,462,953.16
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 78,506,532.70
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,715,681.11
Beginning of Period Certificate Balance 3,715,681.11
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,308,660.54
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 12,450.92
Scheduled Payments due in Collection Period 4,208,142.16
Scheduled Payments collected in Collection Period 3,801,305.68
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 308 4,498,000.00
60+ days delinquent 91 1,251,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
20 203,427.92
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,749,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 203,427.92
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 83,224.62
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 2.22%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 47,471.00
Cumulative Net Losses for preceding Determination Date 0.00
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Requisite Reserve Amount
Weighted Average of the Interest Rates and Pass-Through Rates 6.4461%
minus 2.5% 2.50%
-------------------
3.9461%
divided by 360 0.0110%
times the prefunded amount 0.00
times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00
-------------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
Excess in Interest Reserve Account 0.00
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 4,119,034.68
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 203,427.92
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Interest Reserve Account 0.00
Investment earnings from Prefunding Account 37,778.44
Investment earnings from Interest Reserve Account 496.32
Investment earnings from Collection Account 13,362.51
-------------------
Total Distribution Amount 4,374,099.87
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,338,352.52
Prepayments in full allocable to principal 317,729.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 203,427.92
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,859,509.44
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 146,767,735.12
-------------------
132,090,961.61
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 89.2%
-------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,859,509.44
Times Class A Noteholders' Percentage 95%
-------------------
1,766,533.97
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,766,533.97
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 78,506,532.70
Multiplied by the Note Rate 6.10%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 399,074.87
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,668,000.00
Multiplied by the Note Rate 6.38%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 327,868.20
Class B Noteholders Principal Distributable Amount
Principal Distributable Amount 1,859,509.44
Times Class B Percentage 2.5%
-------------------
Class B Principal Distributable Amount 46,487.74
Certificate Principal Distributable Amount
Principal Distributable Amount 1,859,509.44
Times Certificate Percentage 2.5%
-------------------
Certificate Principal Distributable Amount 46,487.74
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,715,681.11
Multiplied by Note Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 32,976.67
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,715,681.11
Multiplied by Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Certificateholders' Interest Amount 32,976.67
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 7,431.36 4,374,099.87 7,431.36 4,374,099.87
Servicing Fee (2.0%) 247,712.07 4,366,668.51 247,712.07 0.00
Additional Servicing Fee Amounts 12,450.92 4,118,956.44 12,450.92 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,106,505.52 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,106,505.52 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,106,505.52 0.00
(iii) Indenture Trustee Fee 1,230.05 4,106,505.52 1,230.05
Indenture Trustee's out-of-pocket expenses 0.00 4,105,275.47 0.00
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 4,105,275.47 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 4,105,275.47 0.00
prior Collection Periods
Owner Trustee Fee 0.00 4,105,275.47 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,105,275.47 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,105,275.47 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 4,105,275.47 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,230.05 4,105,275.47 1,230.05
Collateral Agent Expenses 0.00 4,104,045.42 0.00
Unpaid Collateral Agent Fee from prior 0.00 4,104,045.42 0.00
Collection Periods
Unpaid Collateral Agent Expenses from 0.00 4,104,045.42 0.00
prior Collection Periods
(v) (A) Class A-1 Interest Distributable Amount - Current Month 399,074.87
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 399,074.87 4,104,045.42 399,074.87
(B) Class A-2 Interest Distributable Amount - Current Month 327,868.20
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 327,868.20 3,704,970.55 327,868.20
(vi) (A) Class B Note Interest - Unadjusted 32,976.67
Class B Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00
Previous Month(s)
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 32,976.67 3,377,102.35 32,976.67
(B) Certificate Interest - Unadjusted 32,976.67
Certificate Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on Certificate Interest Shortfall - 0.00
Previous Month(s)
Interest on Certificate Interest Carryover from 0.00
Prior Months
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 32,976.67 3,344,125.68 32,976.67
(vii) Class A Principal Distributable Amount - 1,766,533.97
Current Month
Class A Principal Carryover Shortfall - 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover 0.00
Shortfall
Class A Principal Distribution Amount to 1,766,533.97 3,311,149.01 1,766,533.97 0.00
Class A-1
Class A Principal Distribution Amount to 0.00 1,544,615.04 0.00 0.00
Class A-2
(viii) Note Insurer Premium 40,369.00 1,544,615.04 40,369.00
Note Insurer Premium Supplement 0.00 1,504,246.04 0.00
Other Reimbursement Obligations to Note Insurer 0.00 1,504,246.04 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,504,246.04 0.00
(x) Class B Principal Distributable Amount - 46,487.74
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 46,487.74 1,504,246.04 46,487.74
Certificate Principal Distributable Amount - 46,487.74
Current Month Unadjusted
Certificate Principal Carryover Shortfall - 0.00
Previous Month(s)
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 46,487.74 1,457,758.30 46,487.74
(xi) Until the Target Payment Date, remaining amount to 1,411,270.56 1,411,270.56 1,411,270.56
Class A Noteholders
Amount to Class A-1 Noteholders 1,411,270.56 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' 0.00
Int. Dist. Amount
(xiii) After an Event of Default, Certificateholders' 0.00
Prin. Dist. Amount
(xiv) After the Target Pmt. Date, remaining amount into 0.00
Spread Acct.
Securities Balance
Class A-1 Beginning of Period Principal Amount 78,506,532.70
Class A-1 Principal Distributions 1,766,533.97
Class A-1 End of Period Principal Amount (prior to turbo) 76,739,998.73
Additional Principal Distribution 1,411,270.56
Class A-1 End of Period Principal Amount 75,328,728.17
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 61,668,000.00
Class B Beginning of Period Principal Amount 3,715,681.11
Class B Principal Distributable Amount 46,487.74
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,669,193.37
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,669,193.37
Certificate Beginning of Period Principal Amount 3,715,681.11
Certificate Principal Distributable Amount 46,487.74
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,669,193.37
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,669,193.37
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,749,000.00
Purchased receivables more than 30 days delinquent 203,427.92
-------------------
Total 5,952,427.92
Aggregate Gross Principal Balance as of the close of 171,731,469.33
business on the last day of the
Collection Period.
Delinquency Ratio 3.47%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 3.47%
Delinquency Ratio for second preceding Determination Date 2.22%
Delinquency Ratio for third preceding Determination Date 0.00%
-------------------
Average Delinquency Ratio 2.84% 1.90%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 47,471.00
Current Period Defaulted Receivables 83,224.62
-------------------
Total 130,695.62
Cumulative Defaulted Receivables 130,695.62
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 0.09%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-------------------
Cumulative Net Losses 0.00
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 54.46
Weighted Average Annual Percentage Rate 20.41%
Spread Account
OC Percent
Aggregate Principal Balance 146,767,735.12
minus the Securities Balance 145,746,385.47
-------------------
1,021,349.65
divided by the Aggregate Principal Balance 0.70%
Floor OC Percent
Aggregate Principal Balance 146,767,735.12
minus the Securities Balance 145,746,385.47
-------------------
1,021,349.65
divided by the initial Aggregate Principal Balance 122,915,183.00
-------------------
0.83%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 145,746,385.47
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 27,084,817.00
---------------
3,000,000.00
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.17%
(II) initial Aggregate Principal Balance 122,915,183.00
---------------
207,802.18
Floor Amount 3,207,802.18
Requisite Amount
the greater of
(1)the Floor Amount 3,207,802.18
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 8.3%
if a Trigger Event, 15% minus the OC Percent 14.3%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 29.3%
if an Insurance Agreement Event of Default, unlimited 999%
8%
times the Aggregate Principal Balance 146,767,735.12
-------------------
12,187,746.51
Requisite Amount 12,187,746.51
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 12,187,746.51
Beginning of Period Spread Account Balance 4,308,660.54
Additional Deposit for Subsequent Receivables Transfer 947,968.42
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 7,879,085.97
Earnings on Spread Account Balance 20,514.19
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 5,277,143.15
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Distribution Date 11/17/97
Collection Period 10/97
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,360,072.67
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $293,523.73
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,066,548.94
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $27.94
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.48
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $24.47
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $146,215.66
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $24,263.48
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $121,952.18
(j) Scheduled Payments due in such Collection Period $1,973,959.48
(k) Scheduled Payments collected in such
Collection Period $1,969,966.36
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $55,754,408.81
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $53,689,805.31
(c) The Pool factor as of the close of business
on the last day set forth above 0.9629697
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $110,287.45
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,725.22
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.31
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $20,663.03
(b) Distributions (to) from Collection Account $3,234.02
for Payaheads
(c) Interest earned on Payahead Balances $90.15
(d) Ending Payahead Account Balance $23,987.20
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,053,470.80
Spread Account Balance $6,926,737.98
(b) The change in the spread account on the Distribution
Date set forth above $669,236.82
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $14,845.87
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $532,920.28
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 198
Aggregate Gross Amount $2,397,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 180
Aggregate Gross Amount $2,237,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.42%
(b) Average Delinquency Ratio 8.45%
(c) Cumulative Default Ratio 12.11%
(d) Cumulative Net Loss Ratio 7.66%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,702,843.53
Lock Box NSF Items: (73,036.71)
Transfers from (to) Payahead Account: (3,234.02)
Collection Account Interest 9,880.88
Payahead Account Interest 90.15
Total Collection Proceeds: 2,636,543.83
For Distribution Date: 11/17/97
For Determination Date: 11/10/97
For Collection Period: 10/97
Collateral Activity Information
Principal
Beginning Principal Balance 55,754,408.81
Principal portion of payments collected (non-prepayments) 1,014,912.15
Prepayments in full allocable to principal 448,783.00
Collections allocable to principal 1,463,695.15
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 178,699.24
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,642,394.39
Realized Losses 532,920.28
Cram Down Losses 0.00
Ending Principal Balance 53,579,094.14
Interest
Collections allocable to interest 955,054.21
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 39,095.23
-------------------
Total Interest 994,149.44
Certificate Information
Beginning of Period Class A Principal Balance 52,966,688.38
Beginning of Period Class B Principal Balance 2,911,618.05
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,257,501.16
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,156.94
Aggregate Payahead Balance 23,897.05
Aggregate Payahead Balance for preceding Distribution Date 20,663.03
Interest Earned on Payahead Balances 90.15
Scheduled Payments due in Collection Period 1,973,959.48
Scheduled Payments collected in Collection Period 1,969,966.36
Aggregate Amount of Realized Losses for preceding Distribution Date 532,920.28
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 198 2,397,000.00
60+ days delinquent 180 2,237,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 4,634,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 835,177.65
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.74%
Delinquency Ratio for third preceding Determination Date 10.19%
Cumulative Defaults for preceding Determination Date 9,926,927.00
Cumulative Net Losses for preceding Determination Date 6,312,964.00
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,418,749.36
Liquidation Proceeds 178,699.24
Recoveries 39,095.23
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,636,543.83
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,014,912.15
Prepayments in full allocable to principal 448,783.00
Principal Balance of Liquidated Receivables 711,619.52
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,175,314.67
Class A Principal Distributable Amount
Principal Distributable Amount 2,175,314.67
Times Class A Percentage (95%) 95%
-------------------
2,066,548.94
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,066,548.94
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 52,966,688.38
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 293,523.73
Class B Principal Distributable Amount
Principal Distributable Amount 2,175,314.67
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 108,765.73
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,911,618.05
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 24,263.48
Class B Excess Interest Amount
Total Distribution Amount 2,636,543.83
minus
Class A Principal and Interest Distributable Amount 2,360,072.67
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 24,263.48
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 108,765.73
Class B Principal Carryover Shortfall 123,897.62
Trustee distributions 698.48
Standby Servicer distributions 3,725.22
Servicer distributions 110,287.45
Collateral Agent distributions 698.48
Reimbursement Obligations 14,845.87
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 123,897.62
-------------------
123,897.62
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,725.22 2,636,543.83 3,725.22 2,636,543.83
Servicing Fee (2.0%) 93,130.51 2,632,818.61 93,130.51 0.00
Additional Servicing Fee Amounts 17,156.94 2,539,688.10 17,156.94 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection 0.00 2,522,531.16 0.00
Periods
Unpaid Servicing Fee from prior Collection 0.00 2,522,531.16 0.00
Periods
(ii) Transition Expenses to Standby Servicer 0.00 2,522,531.16 0.00
(iii) Trustee Fee 698.48 2,522,531.16 698.48
Trustee's out-of-pocket expenses 0.00 2,521,832.68 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,521,832.68 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,521,832.68 0.00
Collection Periods
(iv) Collateral Agent Fee 698.48 2,521,832.68 698.48
Collateral Agent Expenses 0.00 2,521,134.20 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,521,134.20 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,521,134.20 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 293,523.73 2,521,134.20 293,523.73
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,227,610.47 0.00
Class A Interest Carryover Shortfall 0.00 2,227,610.47 0.00
Interest on Interest Carryover from Prior Months 0.00 2,227,610.47 0.00
Current Month Class A Interest Carryover 0.00 2,227,610.47 0.00
Shortfall
Class A Interest Distributable Amount 293,523.73 2,227,610.47 293,523.73
(viii)(A)Class B Coupon Interest - Unadjusted 24,263.48 1,934,086.74 24,263.48
Class B Interest Carryover Shortfall - Previous 0.00 1,909,823.26 0.00
Month(s)
Interest on B Interest Shortfall - Previous 0.00 1,909,823.26 0.00
Month(s)
Interest on Interest Carryover from Prior 0.00 1,909,823.26 0.00
Months
Current Month Class B Interest Shortfall 0.00 1,909,823.26 0.00
Adjusted Class B Interest Distributable Amount 24,263.48 1,909,823.26 24,263.48
(v)(B) Class A Principal Distributable Amount - 2,066,548.94 1,885,559.78 1,885,559.78 569,994.89
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,066,548.94 0.00 0.00 0.00
(vi) Certificate Insurer Premium 14,845.87 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to 0.00 0.00 0.00
Certificate Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 108,765.73 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 123,897.62 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (110,711.17) 0.00 (110,711.17)
Adjusted Class B Principal Distributable Amount 121,952.18 110,711.17 110,711.17
(C) Excess Interest Amount for Deposit in Spread Account 0.00 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 52,966,688.38
Class A Principal Distributions 2,066,548.94
Class A End of Period Principal Balance 50,900,139.44
Class B Beginning of Period Principal Balance 2,911,618.05
Class B Principal Distributable Amount 121,952.18
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,789,665.87
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,789,665.87
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,636,543.83
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 408,933.36
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,227,610.47
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,227,610.47
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 24,263.48
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,203,346.99
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,203,346.99
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,066,548.94
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 136,798.05
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 136,798.05
(vi) Certificate Insurer Premium 14,845.87
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 121,952.18
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 121,952.18
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 108,765.73
(iii) Prior month(s) carryover shortfalls 123,897.62
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (110,711.17)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (110,711.17)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,634,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 4,634,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 62,471,701.78
Delinquency Ratio 7.42%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.42%
Delinquency Ratio for second preceding Determination Date 7.74%
Delinquency Ratio for third preceding Determination Date 10.19%
-------------------
Average Delinquency Ratio 8.45% 8.45%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 9,926,927.00
Current Period Defaulted Receivables 835,177.65
-------------------
Total 10,762,104.65
Cumulative Defaulted Receivables 10,762,104.65
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 12.11%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 711,619.52
Cram Down Losses 0.00
Net Liquidation Proceeds (217,794.47)
-------------------
Net Liquidation Losses 493,825.05
Cumulative Previous Net Losses 6,312,964.00
-------------------
Cumulative Net Losses 6,806,789.05
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 7.66%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 38.51
Weighted Average Annual Percentage Rate 20.41%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,368,980.53
15% of Outstanding Certificate Balance 8,053,470.80
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,053,470.80
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 53,689,805.31
Minimum Floor 100,000.00
--------------
Floor Amount 2,667,022.51
Required Spread Account Amount 8,053,470.80
Beginning of Period Spread Account Balance 6,257,501.16
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 643,082.40
Required addition to/(eligible withdrawal from) Spread Account 1,152,887.24
Earnings on Spread Account Balance 26,154.42
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 6,926,737.98
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
Distribution Date 11/17/97
Collection Period 10/97
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,624,406.92
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $354,454.94
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,269,951.98
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $29.99
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.05
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $25.94
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $150,934.95
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $31,463.79
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $119,471.16
(j) Scheduled Payments due in such Collection Period $2,197,789.46
(k) Scheduled Payments collected in such
Collection Period $2,176,211.91
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $66,825,754.91
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $64,436,331.76
(c) The Pool factor as of the close of business
on the last day set forth above 0.9642440
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $129,264.78
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,455.05
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.48
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $25,315.19
(b) Distributions (to) from Collection Account $3,364.05
for Payaheads
(c) Interest earned on Payahead Balances $97.73
(d) Ending Payahead Account Balance $28,776.97
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,443,633.18
Spread Account Balance $6,443,633.18
(b) The change in the spread account on the Distribution
Date set forth above ($250,378.10)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $17,854.23
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $562,700.89
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 234
Aggregate Gross Amount $2,786,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 218
Aggregate Gross Amount $2,884,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.42%
(b) Average Delinquency Ratio 8.06%
(c) Cumulative Default Ratio 9.62%
(d) Cumulative Net Loss Ratio 5.03%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,075,688.36
Lock Box NSF Items: (88,200.92)
Transfers from (to) Payahead Account: (3,364.05)
Collection Account Interest 10,937.19
Payahead Account Interest 97.73
Total Collection Proceeds: 2,995,158.31
For Distribution Date: 11/17/97
For Determination Date: 11/10/97
For Collection Period: 10/97
Collateral Activity Information
Principal
Beginning Principal Balance 66,825,754.91
Principal portion of payments collected (non-prepayments) 1,049,064.16
Prepayments in full allocable to principal 524,211.00
Collections allocable to principal 1,573,275.16
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 253,447.09
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,826,722.25
Realized Losses 562,700.89
Cram Down Losses 0.00
Ending Principal Balance 64,436,331.77
Interest
Collections allocable to interest 1,127,147.75
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 41,288.31
-------------------
Total Interest 1,168,436.06
Certificate Information
Beginning of Period Class A Principal Balance 63,484,467.15
Beginning of Period Class B Principal Balance 3,341,287.75
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,694,011.28
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,888.52
Aggregate Payahead Balance 28,679.24
Aggregate Payahead Balance for preceding Distribution Date 25,315.19
Interest Earned on Payahead Balances 97.73
Scheduled Payments due in Collection Period 2,197,789.46
Scheduled Payments collected in Collection Period 2,176,211.91
Aggregate Amount of Realized Losses for preceding Distribution Date 562,700.89
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 234 2,786,000.00
60+ days delinquent 218 2,884,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,670,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 917,695.00
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.61%
Delinquency Ratio for third preceding Determination Date 9.14%
Cumulative Defaults for preceding Determination Date 7,941,699.00
Cumulative Net Losses for preceding Determination Date 4,115,156.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,700,422.91
Liquidation Proceeds 253,447.09
Recoveries 41,288.31
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,995,158.31
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,049,064.16
Prepayments in full allocable to principal 524,211.00
Principal Balance of Liquidated Receivables 816,147.98
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,389,423.14
Class A Principal Distributable Amount
Principal Distributable Amount 2,389,423.14
Times Class A Percentage (95%) 95%
-------------------
2,269,951.98
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,269,951.98
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 63,484,467.15
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 354,454.94
Class B Principal Distributable Amount
Principal Distributable Amount 2,389,423.14
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 119,471.16
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,341,287.75
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 31,463.79
Class B Excess Interest Amount
Total Distribution Amount 2,995,158.31
minus
Class A Principal and Interest Distributable Amount 2,624,406.92
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 31,463.79
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 119,471.16
Class B Principal Carryover Shortfall 0.00
Trustee distributions 835.32
Standby Servicer distributions 4,455.05
Servicer distributions 129,264.78
Collateral Agent distributions 835.32
Reimbursement Obligations 17,854.23
-------------------
66,571.74
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,455.05 0.00 0.00 119,471.16
Servicing Fee (2.0%) 111,376.26 0.00 0.00 0.00
Additional Servicing Fee Amounts 17,888.52 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 835.32 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 0.00 0.00
Collection Periods
(iv) Collateral Agent Fee 835.32 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior 0.00 0.00 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 0.00 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 354,454.94 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00
Class A Interest Distributable Amount 354,454.94 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 31,463.79 0.00 0.00
Class B Interest Carryover Shortfall - 0.00 0.00 0.00 119,471.16
Previous Month(s)
Interest on B Interest Shortfall - 0.00 0.00 0.00 119,471.16
Previous Month(s)
Interest on Interest Carryover from 0.00 0.00 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 31,463.79 0.00 0.00
(v)(B) Class A Principal Distributable Amount - 2,269,951.98 0.00 0.00
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,269,951.98 0.00 0.00
(vi) Certificate Insurer Premium 17,854.23 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 119,471.16 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 119,471.16 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 66,571.74 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 63,484,467.15
Class A Principal Distributions 2,269,951.98
Class A End of Period Principal Balance 61,214,515.17
Class B Beginning of Period Principal Balance 3,341,287.75
Class B Principal Distributable Amount 119,471.16
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,221,816.59
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,221,816.59
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,995,158.31
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 489,845.41
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,505,312.90
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,505,312.90
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 31,463.79
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,473,849.11
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,473,849.11
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,269,951.98
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 203,897.13
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 203,897.13
(vi) Certificate Insurer Premium 17,854.23
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 186,042.89
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 186,042.89
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 119,471.16
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 66,571.74
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 66,571.74
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,670,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 5,670,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 76,418,383.19
Delinquency Ratio 7.42%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.42%
Delinquency Ratio for second preceding Determination Date 7.61%
Delinquency Ratio for third preceding Determination Date 9.14%
-------------------
Average Delinquency Ratio 8.06% 8.06%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 7,941,699.00
Current Period Defaulted Receivables 917,695.00
-------------------
Total 8,859,394.00
Cumulative Defaulted Receivables 8,859,394.00
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 9.62%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 816,147.98
Cram Down Losses 0.00
Net Liquidation Proceeds (294,735.40)
-------------------
Net Liquidation Losses 521,412.58
Cumulative Previous Net Losses 4,115,156.00
-------------------
Cumulative Net Losses 4,636,568.58
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 5.03%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 42.52
Weighted Average Annual Percentage Rate 20.52%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,443,633.18
15% of Outstanding Certificate Balance 9,665,449.76
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,443,633.18
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 64,436,331.76
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 6,443,633.18
Beginning of Period Spread Account Balance 6,694,011.28
Spread Account Deposit (Withdrawal) from Current Distributions 66,571.74
Transfer (to) from Cross-Collateralized Spread Accounts (346,419.19)
Required addition to/(eligible withdrawal from) Spread Account 29,469.35
Earnings on Spread Account Balance 29,469.35
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 6,443,633.18
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Distribution Date 11/17/97
Collection Period 10/97
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,813,520.69
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $379,680.46
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,433,840.23
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $31.89
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.30
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $27.59
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $160,291.98
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $32,195.13
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $128,096.85
(j) Scheduled Payments due in such Collection Period $2,381,189.61
(k) Scheduled Payments collected in such
Collection Period $2,319,753.08
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $76,126,407.66
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $73,692,567.43
(c) The Pool factor as of the close of business
on the last day set forth above 0.9680290
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $146,812.60
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,075.09
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.66
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $27,796.13
(b) Distributions (to) from Collection Account $4,902.05
for Payaheads
(c) Interest earned on Payahead Balances $114.85
(d) Ending Payahead Account Balance $32,813.03
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,369,256.74
Spread Account Balance $7,369,256.74
(b) The change in the spread account on the Distribution
Date set forth above ($243,384.03)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $20,383.49
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $765,106.25
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 224
Aggregate Gross Amount $2,973,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 229
Aggregate Gross Amount $3,273,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.11%
(b) Average Delinquency Ratio 8.00%
(c) Cumulative Default Ratio 6.62%
(d) Cumulative Net Loss Ratio 3.23%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,088,109.89
Lock Box NSF Items: (90,408.33)
Transfers from (to) Payahead Account: (4,902.05)
Collection Account Interest 11,074.29
Payahead Account Interest 114.85
Total Collection Proceeds: 3,003,988.65
For Distribution Date: 11/17/97
For Determination Date: 11/10/97
For Collection Period: 10/97
Collateral Activity Information
Principal
Beginning Principal Balance 76,126,407.66
Principal portion of payments collected (non-prepayments) 1,139,740.80
Prepayments in full allocable to principal 474,327.00
Collections allocable to principal 1,614,067.80
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 182,763.03
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,796,830.83
Realized Losses 765,106.25
Cram Down Losses 0.00
Ending Principal Balance 73,564,470.58
Interest
Collections allocable to interest 1,180,012.28
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 27,145.54
-------------------
Total Interest 1,207,157.82
Certificate Information
Beginning of Period Class A Principal Balance 72,320,087.27
Beginning of Period Class B Principal Balance 3,806,320.39
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,612,640.77
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,935.25
Aggregate Payahead Balance 32,698.18
Aggregate Payahead Balance for preceding Distribution Date 27,796.13
Interest Earned on Payahead Balances 114.85
Scheduled Payments due in Collection Period 2,381,189.61
Scheduled Payments collected in Collection Period 2,319,753.08
Aggregate Amount of Realized Losses for preceding Distribution Date 765,106.25
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 224 2,973,000.00
60+ days delinquent 229 3,273,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,246,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 920,205.96
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.85%
Delinquency Ratio for third preceding Determination Date 9.05%
Cumulative Defaults for preceding Determination Date 5,225,266.00
Cumulative Net Losses for preceding Determination Date 2,262,135.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,794,080.08
Liquidation Proceeds 182,763.03
Recoveries 27,145.54
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,003,988.65
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,139,740.80
Prepayments in full allocable to principal 474,327.00
Principal Balance of Liquidated Receivables 947,869.28
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,561,937.08
Class A Principal Distributable Amount
Principal Distributable Amount 2,561,937.08
Times Class A Percentage (95%) 95%
-------------------
2,433,840.23
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,433,840.23
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 72,320,087.27
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 379,680.46
Class B Principal Distributable Amount
Principal Distributable Amount 2,561,937.08
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 128,096.85
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,806,320.39
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 32,195.13
Class B Excess Interest Amount
Total Distribution Amount 3,003,988.65
minus
Class A Principal and Interest Distributable Amount 2,813,520.69
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 32,195.13
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 128,096.85
Class B Principal Carryover Shortfall 0.00
Trustee distributions 951.58
Standby Servicer distributions 5,075.09
Servicer distributions 146,812.60
Collateral Agent distributions 951.58
Reimbursement Obligations 20,383.49
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,075.09 3,003,988.65 5,075.09 3,003,988.65
Servicing Fee (2.0%) 126,877.35 2,998,913.56 126,877.35 0.00
Additional Servicing Fee Amounts 19,935.25 2,872,036.21 19,935.25 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior 0.00 2,852,100.96 0.00
Collection Periods
Unpaid Servicing Fee from prior 0.00 2,852,100.96 0.00
Collection Periods
(ii) Transition Expenses to Standby Servicer 0.00 2,852,100.96 0.00
(iii) Trustee Fee 951.58 2,852,100.96 951.58
Trustee's out-of-pocket expenses 0.00 2,851,149.38 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,851,149.38 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 2,851,149.38 0.00
prior Collection Periods
(iv) Collateral Agent Fee 951.58 2,851,149.38 951.58
Collateral Agent Expenses 0.00 2,850,197.80 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,850,197.80 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,850,197.80 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 379,680.46 2,850,197.80 379,680.46
Prior Month(s) Class A Carryover Shortfall 0.00 2,470,517.34 0.00
Class A Interest Carryover Shortfall 0.00 2,470,517.34 0.00
Interest on Interest Carryover from Prior Months 0.00 2,470,517.34 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,470,517.34 0.00
Class A Interest Distributable Amount 379,680.46 2,470,517.34 379,680.46
(viii)(A)Class B Coupon Interest - Unadjusted 32,195.13 2,090,836.88 32,195.13
Class B Interest Carryover Shortfall - 0.00 2,058,641.75 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 2,058,641.75 0.00
Previous Month(s)
Interest on Interest Carryover from 0.00 2,058,641.75 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 2,058,641.75 0.00
Adjusted Class B Interest Distributable Amount 32,195.13 2,058,641.75 32,195.13
(v)(B) Class A Principal Distributable Amount - 2,433,840.23 2,026,446.62 2,026,446.62 570,148.42
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,433,840.23 0.00 0.00 0.00
(vi) Certificate Insurer Premium 20,383.49 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current 128,096.85 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (128,096.85) 0.00 (128,096.85)
Adjusted Class B Principal Distributable Amount 0.00 128,096.85 0.00
(C) Excess Interest Amount for Deposit in Spread Account (15,901.50) 128,096.85 (15,901.50)
143,998.36 143,998.36
Certificate Balance
Class A Beginning of Period Principal Balance 72,320,087.27
Class A Principal Distributions 2,433,840.23
Class A End of Period Principal Balance 69,886,247.04
Class B Beginning of Period Principal Balance 3,806,320.39
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,806,320.39
Withdrawl from Spread Account to Cover B Shortfalls 128,096.85
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,678,223.54
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,003,988.65
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 533,471.31
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,470,517.34
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,470,517.34
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 32,195.13
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,438,322.21
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,438,322.21
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,433,840.23
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 4,481.98
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 4,481.98
(vi) Certificate Insurer Premium 20,383.49
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (15,901.50)
Withdrawl from Spread Account to Cover Deficiency 15,901.50
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 0.00 (ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x)
128,096.85 (iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim
Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (128,096.85)
Withdrawl from Spread Account to B PieceCover Shortfalls (128,096.85)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,246,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 6,246,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 87,844,668.98
Delinquency Ratio 7.11%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.11%
Delinquency Ratio for second preceding Determination Date 7.85%
Delinquency Ratio for third preceding Determination Date 9.05%
-------------------
Average Delinquency Ratio 8.00% 8.00%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 5,225,266.00
Current Period Defaulted Receivables 920,205.96
-------------------
Total 6,145,471.96
Cumulative Defaulted Receivables 6,145,471.96
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 6.62%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 947,869.28
Cram Down Losses 0.00
Net Liquidation Proceeds (209,908.57)
-------------------
Net Liquidation Losses 737,960.71
Cumulative Previous Net Losses 2,262,135.00
-------------------
Cumulative Net Losses 3,000,095.71
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 3.23%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 45.73
Weighted Average Annual Percentage Rate 20.54%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,369,256.74
15% of Outstanding Certificate Balance 11,053,885.12
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,369,256.74
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 73,692,567.43
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 7,369,256.74
Beginning of Period Spread Account Balance 7,612,640.77
Spread Account Deposit (Withdrawal) from Current Distributions (15,901.50)
Transfer (to) from Cross-Collateralized Spread Accounts (132,788.95)
Required addition to/(eligible withdrawal from) Spread Account (94,693.58)
Earnings on Spread Account Balance 33,403.28
Amount of Spread Account deposit (withdrawal) (128,096.86)
Amount of Withdrawl Allocated to B Piece Shortfalls 128,096.85
Net Spread Account Withdrawl to Seller (0.00)
Ending Spread Account Balance 7,369,256.74
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Distribution Date 11/17/97
Collection Period 10/97
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,040,669.28
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $473,552.85
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,567,116.43
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $31.28
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.87
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $26.41
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $44,368.23
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $44,368.23
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $2,752,053.47
(k) Scheduled Payments collected in such
Collection Period $2,585,340.58
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $91,323,972.69
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $88,756,856.26
(c) The Pool factor as of the close of business
on the last day set forth above 0.9718900
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $170,999.83
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,088.26
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.76
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $25,035.09
(b) Distributions (to) from Collection Account $3,407.02
for Payaheads
(c) Interest earned on Payahead Balances $325.15
(d) Ending Payahead Account Balance $28,767.26
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,875,685.63
Spread Account Balance $8,804,108.30
(b) The change in the spread account on the Distribution
Date set forth above $6,065.85
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $24,555.61
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $892,524.22
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 305
Aggregate Gross Amount $4,148,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 296
Aggregate Gross Amount $4,195,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.90%
(b) Average Delinquency Ratio 8.21%
(c) Cumulative Default Ratio 4.44%
(d) Cumulative Net Loss Ratio 1.42%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,370,653.92
Lock Box NSF Items: (121,248.53)
Transfers from (to) Payahead Account: (3,407.02)
Collection Account Interest 12,082.20
Payahead Account Interest 325.15
Total Collection Proceeds: 3,258,405.72
For Distribution Date: 11/17/97
For Determination Date: 11/10/97
For Collection Period: 10/97
Collateral Activity Information
Principal
Beginning Principal Balance 91,323,972.69
Principal portion of payments collected (non-prepayments) 1,148,411.06
Prepayments in full allocable to principal 494,805.00
Collections allocable to principal 1,643,216.06
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 166,487.54
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,809,703.60
Realized Losses 892,524.22
Cram Down Losses 0.00
Ending Principal Balance 88,621,744.87
Interest
Collections allocable to interest 1,436,929.52
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 11,772.60
-------------------
Total Interest 1,448,702.12
Certificate Information
Beginning of Period Class A Principal Balance 86,757,774.06
Beginning of Period Class B Principal Balance 4,566,198.63
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,798,042.45
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 18,793.21
Aggregate Payahead Balance 28,442.11
Aggregate Payahead Balance for preceding Distribution Date 25,035.09
Interest Earned on Payahead Balances 325.15
Scheduled Payments due in Collection Period 2,752,053.47
Scheduled Payments collected in Collection Period 2,585,340.58
Aggregate Amount of Realized Losses for preceding Distribution Date 892,524.22
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 305 4,148,000.00
60+ days delinquent 296 4,195,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 8,343,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 1,395,545.68
Receivables during the related Collection
Period.
Delinquency Ratio for second preceding Determination Date 8.38%
Delinquency Ratio for third preceding Determination Date 8.35%
Cumulative Defaults for preceding Determination Date 3,149,817.00
Cumulative Net Losses for preceding Determination Date 568,338.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,080,145.58
Liquidation Proceeds 166,487.54
Recoveries 11,772.60
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,258,405.72
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,148,411.06
Prepayments in full allocable to principal 494,805.00
Principal Balance of Liquidated Receivables 1,059,011.76
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,702,227.82
Class A Principal Distributable Amount
Principal Distributable Amount 2,702,227.82
Times Class A Percentage (95%) 95%
-------------------
2,567,116.43
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,567,116.43
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 86,757,774.06
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 473,552.85
Class B Principal Distributable Amount
Principal Distributable Amount 2,702,227.82
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 135,111.39
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,566,198.63
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 44,368.23
Class B Excess Interest Amount
Total Distribution Amount 3,258,405.72
minus
Class A Principal and Interest Distributable Amount 3,040,669.28
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 44,368.23
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 135,111.39
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,141.55
Standby Servicer distributions 6,088.26
Servicer distributions 170,999.83
Collateral Agent distributions 1,141.55
Reimbursement Obligations 24,555.61
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 6,088.26 3,258,405.72 6,088.26 3,258,405.72
Servicing Fee (2.0%) 152,206.62 3,252,317.46 152,206.62 0.00
Additional Servicing Fee Amounts 18,793.21 3,100,110.84 18,793.21 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,081,317.63 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,081,317.63 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,081,317.63 0.00
(iii) Trustee Fee 1,141.55 3,081,317.63 1,141.55
Trustee's out-of-pocket expenses 0.00 3,080,176.08 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,080,176.08 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 3,080,176.08 0.00
Collection Periods
(iv) Collateral Agent Fee 1,141.55 3,080,176.08 1,141.55
Collateral Agent Expenses 0.00 3,079,034.53 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,079,034.53 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,079,034.53 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 473,552.85 3,079,034.53 473,552.85
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,605,481.68 0.00
Class A Interest Carryover Shortfall 0.00 2,605,481.68 0.00
Interest on Interest Carryover from Prior Months 0.00 2,605,481.68 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,605,481.68 0.00
Class A Interest Distributable Amount 473,552.85 2,605,481.68 473,552.85
(viii)(A)Class B Coupon Interest - Unadjusted 44,368.23 2,131,928.83 44,368.23
Class B Interest Carryover Shortfall - Previous 0.00 2,087,560.60 0.00
Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,087,560.60 0.00
Interest on Interest Carryover from Prior Months 0.00 2,087,560.60 0.00
Current Month Class B Interest Shortfall 0.00 2,087,560.60 0.00
Adjusted Class B Interest Distributable Amount 44,368.23 2,087,560.60 44,368.23
(v)(B) Class A Principal Distributable Amount - 2,567,116.43 2,043,192.37 2,043,192.37 691,289.29
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall (6,002.98) 0.00 (6,002.98)
Withdrawl from Spread Account to Cover 6,002.98
Shortfall
Class A Principal Distribution Amount 2,567,116.43 6,002.98 6,002.98 0.00
(vi) Certificate Insurer Premium 24,555.61 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 135,111.39 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (135,111.39) 0.00 (135,111.39)
Adjusted Class B Principal Distributable Amount 0.00 135,111.39 0.00
(C) Excess Interest Amount for Deposit in Spread Account (30,558.59) 135,111.39 (30,558.59)
165,669.98 165,669.98
Certificate Balance
Class A Beginning of Period Principal Balance 86,757,774.06
Class A Principal Distributions 2,567,116.43
Class A End of Period Principal Balance 84,190,657.63
Class B Beginning of Period Principal Balance 4,566,198.63
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,566,198.63
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,566,198.63
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,258,405.72
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 652,924.04
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,605,481.68
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,605,481.68
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 44,368.23
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,561,113.45
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,561,113.45
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,567,116.43
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 6,002.98
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 24,555.61
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (24,555.61)
Withdrawl from Spread Account to Cover Deficiency 24,555.61
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 135,111.39
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (135,111.39)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (135,111.39)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,343,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 8,343,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 105,564,154.12
Delinquency Ratio 7.90%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.90%
Delinquency Ratio for second preceding Determination Date 8.38%
Delinquency Ratio for third preceding Determination Date 8.35%
-------------------
Average Delinquency Ratio 8.21% 8.21%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 3,149,817.00
Current Period Defaulted Receivables 1,395,545.68
-------------------
Total 4,545,362.68
Cumulative Defaulted Receivables 4,545,362.68
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 4.44%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,059,011.76
Cram Down Losses 0.00
Net Liquidation Proceeds (178,260.14)
-------------------
Net Liquidation Losses 880,751.62
Cumulative Previous Net Losses 568,338.00
-------------------
Cumulative Net Losses 1,449,089.62
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 1.42%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 48.59
Weighted Average Annual Percentage Rate 20.57%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,875,685.63
15% of Outstanding Certificate Balance 13,313,528.44
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,875,685.63
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 88,756,856.26
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 8,875,685.63
Beginning of Period Spread Account Balance 8,798,042.45
Spread Account Deposit (Withdrawal) from Current Distributions (30,558.59)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 108,201.77
Earnings on Spread Account Balance 36,624.44
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 8,804,108.30
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
Distribution Date 11/17/97
Collection Period 10/97
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,632,498.67
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $592,074.00
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,040,424.67
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $23.22
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.22
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $17.99
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $160,998.42
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $53,607.65
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $107,390.77
(j) Scheduled Payments due in such Collection Period $3,304,234.50
(k) Scheduled Payments collected in such
Collection Period $3,149,340.84
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $112,463,600.59
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $110,315,785.15
(c) The Pool factor as of the close of business
on the last day set forth above 0.9809021
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $207,252.79
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,497.57
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.83
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $34,547.11
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $33,628.16
(b) Distributions (to) from Collection Account $7,079.96
for Payaheads
(c) Interest earned on Payahead Balances $122.75
(d) Ending Payahead Account Balance $40,830.87
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,928,420.66
Spread Account Balance $9,339,230.14
(b) The change in the spread account on the Distribution
Date set forth above $778,902.57
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $30,566.67
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $225,719.36
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 324
Aggregate Gross Amount $4,520,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 302
Aggregate Gross Amount $4,195,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.74%
(b) Average Delinquency Ratio 6.39%
(c) Cumulative Default Ratio 1.87%
(d) Cumulative Net Loss Ratio 0.23%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,923,822.00
Lock Box NSF Items: (144,554.31)
Transfers from (to) Payahead Account: (7,079.96)
Collection Account Interest 13,688.66
Payahead Account Interest 122.75
Total Collection Proceeds: 3,785,999.14
For Distribution Date: 11/17/97
For Determination Date: 11/10/97
For Collection Period: 10/97
Collateral Activity Information
Principal
Beginning Principal Balance 112,463,600.59
Principal portion of payments collected (non-prepayments) 1,291,116.05
Prepayments in full allocable to principal 535,180.00
Collections allocable to principal 1,826,296.05
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 61,252.92
Purchase Amounts allocable to principal 34,547.11
-------------------
Total Principal 1,922,096.08
Realized Losses 225,719.36
Cram Down Losses 0.00
Ending Principal Balance 110,315,785.15
Interest
Collections allocable to interest 1,858,224.79
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 5,678.27
-------------------
Total Interest 1,863,903.06
Certificate Information
Beginning of Period Class A Principal Balance 106,840,420.57
Beginning of Period Class B Principal Balance 5,623,180.02
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,560,327.57
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,813.46
Aggregate Payahead Balance 40,708.12
Aggregate Payahead Balance for preceding Distribution Date 33,628.16
Interest Earned on Payahead Balances 122.75
Scheduled Payments due in Collection Period 3,304,234.50
Scheduled Payments collected in Collection Period 3,149,340.84
Aggregate Amount of Realized Losses for preceding Distribution Date 225,719.36
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 324 4,520,000.00
60+ days delinquent 302 4,195,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 34,547.11
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 8,715,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 34,547.11
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 1,273,021.23
Receivables during the related Collection
Period.
Delinquency Ratio for second preceding Determination Date 6.65%
Delinquency Ratio for third preceding Determination Date 5.79%
Cumulative Defaults for preceding Determination Date 962,361.00
Cumulative Net Losses for preceding Determination Date 59,604.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,684,520.84
Liquidation Proceeds 61,252.92
Recoveries 5,678.27
Purchase Amounts 34,547.11
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,785,999.14
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,291,116.05
Prepayments in full allocable to principal 535,180.00
Principal Balance of Liquidated Receivables 286,972.28
Purchase Amounts allocable to principal 34,547.11
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,147,815.44
Class A Principal Distributable Amount
Principal Distributable Amount 2,147,815.44
Times Class A Percentage (95%) 95%
-------------------
2,040,424.67
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,040,424.67
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 106,840,420.57
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class A Interest Distributable Amount 592,074.00
Class B Principal Distributable Amount
Principal Distributable Amount 2,147,815.44
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 107,390.77
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,623,180.02
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 53,607.65
Class B Excess Interest Amount
Total Distribution Amount 3,785,999.14
minus
Class A Principal and Interest Distributable Amount 2,632,498.67
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 53,607.65
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 107,390.77
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,405.80
Standby Servicer distributions 7,497.57
Servicer distributions 207,252.79
Collateral Agent distributions 1,405.80
Reimbursement Obligations 30,566.67
-------------------
744,373.42
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 7,497.57 3,785,999.14 7,497.57 3,785,999.14
Servicing Fee (2.0%) 187,439.33 3,778,501.57 187,439.33 0.00
Additional Servicing Fee Amounts 19,813.46 3,591,062.24 19,813.46 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,571,248.78 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,571,248.78 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,571,248.78 0.00
(iii) Trustee Fee 1,405.80 3,571,248.78 1,405.80
Trustee's out-of-pocket expenses 0.00 3,569,842.98 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,569,842.98 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,569,842.98 0.00
Collection Periods
(iv) Collateral Agent Fee 1,405.80 3,569,842.98 1,405.80
Collateral Agent Expenses 0.00 3,568,437.18 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,568,437.18 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,568,437.18 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 592,074.00 3,568,437.18 592,074.00
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,976,363.18 0.00
Class A Interest Carryover Shortfall 0.00 2,976,363.18 0.00
Interest on Interest Carryover from Prior Months 0.00 2,976,363.18 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,976,363.18 0.00
Class A Interest Distributable Amount 592,074.00 2,976,363.18 592,074.00
(viii)(A)Class B Coupon Interest - Unadjusted 53,607.65 2,384,289.18 53,607.65
Class B Interest Carryover Shortfall - 0.00 2,330,681.53 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 2,330,681.53 0.00
Previous Month(s)
Interest on Interest Carryover from Prior Months 0.00 2,330,681.53 0.00
Current Month Class B Interest Shortfall 0.00 2,330,681.53 0.00
Adjusted Class B Interest Distributable Amount 53,607.65 2,330,681.53 53,607.65
(v)(B) Class A Principal Distributable Amount - 2,040,424.67 2,277,073.88 2,040,424.67 1,745,574.47
Current Month
Class A Principal Carryover Shortfall - 0.00 236,649.21 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 236,649.21 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,040,424.67 236,649.21 236,649.21 0.00
(vi) Certificate Insurer Premium 30,566.67 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to 0.00 0.00 0.00
Certificate Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 107,390.77 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 107,390.77 0.00 0.00
(C) Excess Interest (Shortage) Amount for Deposit to 744,373.42 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 106,840,420.57
Class A Principal Distributions 2,040,424.67
Class A End of Period Principal Balance 104,799,995.90
Class B Beginning of Period Principal Balance 5,623,180.02
Class B Principal Distributable Amount 107,390.77
Class B End of Period Principal Balance BEFORE Spread Account Distributions 5,515,789.25
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 5,515,789.25
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,785,999.14
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 809,635.96
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,976,363.18
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,976,363.18
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 53,607.65
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,922,755.53
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,922,755.53
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,040,424.67
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 882,330.86
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 882,330.86
(vi) Certificate Insurer Premium 30,566.67
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 851,764.20
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 851,764.20
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 107,390.77
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 744,373.42
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 744,373.42
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,715,000.00
Purchased receivables more than 30 days delinquent 34,547.11
-------------------
Total 8,749,547.11
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 129,834,893.10
Delinquency Ratio 6.74%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.74%
Delinquency Ratio for second preceding Determination Date 6.65%
Delinquency Ratio for third preceding Determination Date 5.79%
-------------------
Average Delinquency Ratio 6.39% 6.39%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 962,361.00
Current Period Defaulted Receivables 1,273,021.23
-------------------
Total 2,235,382.23
Cumulative Defaulted Receivables 2,235,382.23
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 1.87%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 286,972.28
Cram Down Losses 0.00
Net Liquidation Proceeds (66,931.19)
-------------------
Net Liquidation Losses 220,041.09
Cumulative Previous Net Losses 59,604.00
-------------------
Cumulative Net Losses 279,645.09
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 0.23%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 51.04
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 9,928,420.66
15% of Outstanding Certificate Balance 16,547,367.77
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 9,928,420.66
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 110,315,785.15
Minimum Floor 100,000.00
--------------
Floor Amount 3,580,860.93
Required Spread Account Amount 9,928,420.66
Beginning of Period Spread Account Balance 8,560,327.57
Spread Account Deposit (Withdrawal) from Current Distributions 744,373.42
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 623,719.67
Earnings on Spread Account Balance 34,529.15
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 9,339,230.14
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-3
6.10% Asset-Backed Notes, Class A-1
6.38% Asset-Backed Notes, Class A-2
10.65% Asset-Backed Notes, Class B
10.65% Asset-Backed Certificates
Distribution Date 11/17/97
Collection Period 10/97
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,459,536.67
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $382,921.03
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,076,615.64
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $30.43
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.74
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $25.69
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $327,868.20
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $327,868.20
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $5.31
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to Class B
Noteholders on the Distribution Date set forth above $87,211.87
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $32,564.09
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $54,647.78
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $87,211.87
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $32,564.09
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $54,647.78
(s) Scheduled Payments due in such Collection Period $4,187,892.31
(t) Scheduled Payments collected in such
Collection Period $4,089,140.98
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $146,767,735.12
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(r) above $142,149,203.71
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i),(o) above $137,041,957.53
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9337335
(e) Aggregate principal amount of Certificates as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(r) above $3,614,545.59
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0246277
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $263,474.23
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,338.39
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.26
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.09
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 15
Aggregate Purchase Amount $225,153.72
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
(f) The amount of the Certificate Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (q) above $0.00
(g) The amount of the Certificate Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (r) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $10,579,743.94
Spread Account Balance $5,299,910.62
(b) The change in the spread account on the Distribution
Date set forth above $22,767.47
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $39,351.70
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $12,298.16
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 355
Aggregate Gross Amount $5,034,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 190
Aggregate Gross Amount $2,705,000.00
7 Performance Triggers
(a) Delinquency Ratio 4.72%
(b) Average Delinquency Ratio 3.47%
(c) Cumulative Default Ratio 0.40%
(d) Cumulative Net Loss Ratio 0.01%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-3
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 4,884,979.33
Lock Box NSF Items: (134,987.15)
Total Collection Proceeds: 4,749,992.18
For Distribution Date: 11/17/97
For Determination Date: 11/10/97
For Collection Period: 10/97
Collateral Activity Information
Principal
Beginning Principal Balance 146,767,735.12
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-----------------------
Aggregate Beginning Principal Balance 146,767,735.12
Principal portion of payments collected (non-prepayments) 1,513,468.11
Prepayments in full allocable to principal 434,347.00
Collections allocable to principal 1,947,815.11
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 644.21
Purchase Amounts allocable to principal 225,153.72
-----------------------
Total Principal 2,173,613.04
Realized Losses 12,298.16
Cram Down Losses 0.00
Ending Principal Balance 144,581,823.92
Prefunding
Original Amount in Prefunding Account 27,084,817.00
Subsequent Loans Sold to the Trust 27,084,817.00
Balance of Prefunding Account 0.00
Interest
Collections allocable to interest 2,575,672.87
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 706.27
-----------------------
Total Interest 2,576,379.14
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 75,328,728.17
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,669,193.37
Beginning of Period Certificate Balance 3,669,193.37
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,277,143.15
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 18,861.34
Scheduled Payments due in Collection Period 4,187,892.31
Scheduled Payments collected in Collection Period 4,089,140.98
Aggregate Amount of Realized Losses for preceding Distribution Date 12,298.16
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 355 5,034,000.00
60+ days delinquent 190 2,705,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
15 225,153.72
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 7,739,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables 225,153.72
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more.
Principal Balance of all Receivables that became Defaulted Receivables 520,781.84
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 3.47%
Delinquency Ratio for third preceding Determination Date 2.22%
Cumulative Defaults for preceding Determination Date 83,225.00
Cumulative Net Losses for preceding Determination Date 0.00
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Requisite Reserve Amount
Weighted Average of the Interest Rates and Pass-Through Rates 6.4510%
minus 2.5% 2.50%
-----------------------
3.9510%
divided by 360 0.0110%
times the prefunded amount 0.00
times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00
-----------------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
Excess in Interest Reserve Account 0.00
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 4,523,487.98
Liquidation Proceeds 644.21
Recoveries 706.27
Purchase Amounts 225,153.72
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Interest Reserve Account 0.00
Investment earnings from Note Distribution Account 583.44
Investment earnings from Prefunding Account 152.49
Investment earnings from Interest Reserve Account 296.44
Investment earnings from Collection Account 16,074.55
-----------------------
Total Distribution Amount 4,767,099.10
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,513,468.11
Prepayments in full allocable to principal 434,347.00
Principal Balance of Liquidated Receivables 12,942.37
Purchase Amounts allocable to principal 225,153.72
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 2,185,911.20
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 144,581,823.92
-----------------------
130,123,641.53 94.98%
-----------------------
Current Target %
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 42.7%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,185,911.20
Times Class A Noteholders' Percentage 95%
-----------------------
2,076,615.64
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 2,076,615.64
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 75,328,728.17
Multiplied by the Note Rate 6.10%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class A Interest Distributable Amount 382,921.03
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,668,000.00
Multiplied by the Note Rate 6.38%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class A Interest Distributable Amount 327,868.20
Class B Noteholders Principal Distributable Amount
Principal Distributable Amount 2,185,911.20
Times Class B Percentage 2.5%
-----------------------
Class B Principal Distributable Amount 54,647.78
Certificate Principal Distributable Amount
Principal Distributable Amount 2,185,911.20
Times Certificate Percentage 2.5%
-----------------------
Certificate Principal Distributable Amount 54,647.78
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,669,193.37
Multiplied by Note Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class B Coupon Interest Amount 32,564.09
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,669,193.37
Multiplied by Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Certificateholders' Interest Amount 32,564.09
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 7,338.39 4,767,099.10 7,338.39
Servicing Fee (2.0%) 244,612.89 4,759,760.71 244,612.89 0.00
Additional Servicing Fee Amounts 18,861.34 4,515,147.82 18,861.34 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior 0.00 4,496,286.48 0.00
Collection Periods
Unpaid Servicing Fee from prior 0.00 4,496,286.48 0.00
Collection Periods
(ii) Transition Expenses to Standby Servicer 0.00 4,496,286.48 0.00
(iii) Indenture Trustee Fee 1,202.79 4,496,286.48 1,202.79
Indenture Trustee's out-of-pocket expenses 0.00 4,495,083.69 0.00
Unpaid Indenture Trustee Fee from prior 0.00 4,495,083.69 0.00
Collection Periods
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 4,495,083.69 0.00
prior Collection Periods
Owner Trustee Fee 0.00 4,495,083.69 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,495,083.69 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,495,083.69 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 4,495,083.69 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,202.79 4,495,083.69 1,202.79
Collateral Agent Expenses 0.00 4,493,880.90 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,493,880.90 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,493,880.90 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 382,921.03
Prior Month(s) Class A-1 Interest Carryover
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 382,921.03 4,493,880.90 382,921.03
(B) Class A-2 Interest Distributable Amount - Current Month 327,868.20
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 327,868.20 4,110,959.87 327,868.20
(vi)(A) Class B Note Interest - Unadjusted 32,564.09
Class B Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 32,564.09 3,783,091.67 32,564.09
(B) Certificate Interest - Unadjusted 32,564.09
Certificate Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on Certificate Interest Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 32,564.09 3,750,527.58 32,564.09
(vii) Class A Principal Distributable Amount - Current Month 2,076,615.64
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 2,076,615.64 3,717,963.49 2,076,615.64 0.00
Class A Principal Distribution Amount to Class A-2 0.00 1,641,347.85 0.00 0.00
(viii) Note Insurer Premium 39,351.70 1,641,347.85 39,351.70
Note Insurer Premium Supplement 0.00 1,601,996.15 0.00
Other Reimbursement Obligations to Note Insurer 0.00 1,601,996.15 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,601,996.15 0.00
(x) Class B Principal Distributable Amount - Current 54,647.78
Month Unadjusted
Class B Principal Carryover Shortfall - 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 54,647.78 1,601,996.15 54,647.78
Certificate Principal Distributable Amount - 54,647.78
Current Month Unadjusted
Certificate Principal Carryover Shortfall - 0.00
Previous Month(s)
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 54,647.78 1,547,348.37 54,647.78
(xi) Until the Target Payment Date, remaining amount to 1,492,700.59 1,492,700.59 1,492,700.59
Class A Noteholders
Amount to Class A-1 Noteholders 1,492,700.59 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. 0.00
Dist. Amount
(xiii) After an Event of Default, Certificateholders' Prin. 0.00
Dist. Amount
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
Securities Balance
Class A-1 Beginning of Period Principal Amount 75,328,728.17
Class A-1 Principal Distributions 2,076,615.64
Class A-1 End of Period Principal Amount (prior to turbo) 73,252,112.53
Additional Principal Distribution 1,492,700.59
Class A-1 End of Period Principal Amount 71,759,411.94
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 61,668,000.00
Class B Beginning of Period Principal Amount 3,669,193.37
Class B Principal Distributable Amount 54,647.78
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,614,545.59
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,614,545.59
Certificate Beginning of Period Principal Amount 3,669,193.37
Certificate Principal Distributable Amount 54,647.78
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,614,545.59
Withdrawl from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,614,545.59
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,739,000.00
Purchased receivables more than 30 days delinquent 225,153.72
-----------------------
Total 7,964,153.72
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 168,705,210.07
Delinquency Ratio 4.72%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.72%
Delinquency Ratio for second preceding Determination Date 3.47%
Delinquency Ratio for third preceding Determination Date 2.22%
-----------------------
Average Delinquency Ratio 3.47% 3.47%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 83,225.00
Current Period Defaulted Receivables 520,781.84
-----------------------
Total 604,006.84
Cumulative Defaulted Receivables 604,006.84
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 0.40%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 12,942.37
Cram Down Losses 0.00
Net Liquidation Proceeds (1,350.48)
-----------------------
Net Liquidation Losses 11,591.89
Cumulative Previous Net Losses 0.00
-----------------------
Cumulative Net Losses 11,591.89
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 0.01%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 53.58
Weighted Average Annual Percentage Rate 20.42%
Spread Account
OC Percent
Aggregate Principal Balance 144,581,823.92
minus the Securities Balance 142,149,203.71
-----------------------
2,432,620.21
divided by the Aggregate Principal Balance 1.68%
Floor OC Percent
Aggregate Principal Balance 144,581,823.92
minus the Securities Balance 142,149,203.71
-----------------------
2,432,620.21
divided by the initial Aggregate Principal Balance 122,915,183.00
-----------------------
1.98%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 142,149,203.71
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 27,084,817.00
--------------
3,000,000.00
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00
(II) initial Aggregate Principal Balance 122,915,183.00
--------------
0.00
Floor Amount 3,000,000.00
Requisite Amount
the greater of
(1)the Floor Amount 3,000,000.00
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 7.3%
if a Trigger Event, 15% minus the OC Percent 13.3%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 28.3%
if an Insurance Agreement Event of Default, unlimited 999%
7%
times the Aggregate Principal Balance 144,581,823.92
-----------------------
10,579,743.94
Requisite Amount 10,579,743.94
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 10,579,743.94
Beginning of Period Spread Account Balance 5,277,143.15
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 5,302,600.79
Earnings on Spread Account Balance 22,767.47
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 5,299,910.62
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-4
6.07% Asset-Backed Notes, Class A-1
6.30% Asset-Backed Notes, Class A-2
10.59% Asset-Backed Certificates
(REVISED)
Distribution Date 11/17/97
Collection Period 10/97
Under the Sale and Servicing Agreement dated as of October 9, 1997 and
amended as of October 17, 1997 (the "Agreement") by and among CPS Receivables
Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner
Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Noteholders and Certificateholders
and the performance of the Trust during the previous month. The information
which is required to be prepared with respect to the Distribution Date and
Collection Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $1,018,434.79
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $265,316.33
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $753,118.46
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $18.77
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.89
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $13.88
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $235,011.06
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $235,011.06
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.81
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $84,791.78
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $45,153.97
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $39,637.81
(p) Scheduled Payments due in such Collection Period $2,974,886.16
(q) Scheduled Payments collected in such
Collection Period $1,868,484.31
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $105,860,630.11
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $105,067,873.84
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $99,313,403.98
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9381524
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $5,253,393.70
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0496256
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $173,664.03
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,116.60
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.20
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.09
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 5
Aggregate Purchase Amount $64,244.90
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,456,108.65
Spread Account Balance $3,710,675.66
(b) The change in the spread account on the Distribution
Date set forth above $5,553.61
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $28,354.48
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 77
Aggregate Gross Amount $1,054,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 0
Aggregate Gross Amount $0.00
7 Performance Triggers
(a) Delinquency Ratio 0.92%
(b) Average Delinquency Ratio 0.92%
(c) Cumulative Default Ratio 0.01%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-4
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,046,611.21
Lock Box NSF Items: (250.00)
Total Collection Proceeds: 2,046,361.21
For Distribution Date: 11/17/97
For Determination Date: 11/10/97
For Collection Period: 10/97
Collateral Activity Information
Principal
Beginning Principal Balance 105,860,630.11
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 105,860,630.11
Principal portion of payments collected (non-prepayments) 614,879.37
Prepayments in full allocable to principal 113,632.00
Collections allocable to principal 728,511.37
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 64,244.90
-----------------------
Total Principal 792,756.27
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 105,067,873.84
Interest
Collections allocable to interest $1,253,604.94
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-----------------------
Total Interest $1,253,604.94
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 54,260,000.00
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 5,293,031.51 5,860,630.11
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,705,122.05
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 3,110.79
Scheduled Payments due in Collection Period 2,974,886.16
Scheduled Payments collected in Collection Period 1,868,484.31
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 77 1,054,000.00
60+ days delinquent 0 0.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
5 64,244.90
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 1,054,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables 64,244.90
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more.
Principal Balance of all Receivables that became Defaulted Receivables 10,855.00
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 0.00
Cumulative Net Losses for preceding Determination Date 0.00
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 1,982,116.31
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 64,244.90
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 1,793.23
-----------------------
Total Distribution Amount 2,048,154.44
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 614,879.37
Prepayments in full allocable to principal 113,632.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 64,244.90
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 792,756.27
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 105,067,873.84
-----------------------
94,561,086.46
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 43.7%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 792,756.27
Times Class A Noteholders' Percentage 95%
-----------------------
753,118.46
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 753,118.46
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 54,260,000.00
Multiplied by the Note Rate 6.07%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0805556
-----------------------
Class A Interest Distributable Amount 265,316.33
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,307,598.60
Multiplied by the Note Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0805556
-----------------------
Class A Interest Distributable Amount 235,011.06
Certificateholders Principal Distributable Amount
Principal Distributable Amount 792,756.27
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 39,637.81
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 5,293,031.51
Multiplied by Note Pass-Through Rate 10.59%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0805556
-----------------------
Certificate Coupon Interest Amount 45,153.97
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,116.60 2,048,154.44 5,116.60
Servicing Fee (2.0%) 170,553.24 2,043,037.84 170,553.24 0.00
Additional Servicing Fee Amounts 3,110.79 1,872,484.60 3,110.79 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 1,869,373.81 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 1,869,373.81 0.00
(ii) Transition Expenses to Standby Servicer 0.00 1,869,373.81 0.00
(iii) Indenture Trustee Fee 852.77 1,869,373.81 852.77
Indenture Trustee's out-of-pocket expenses 0.00 1,868,521.04 0.00
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 1,868,521.04 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 1,868,521.04 0.00
prior Collection Periods
Owner Trustee Fee 0.00 1,868,521.04 0.00
Owner Trustee's out-of-pocket expenses 0.00 1,868,521.04 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 1,868,521.04 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 1,868,521.04 0.00
prior Collection Periods
(iv) Collateral Agent Fee 852.77 1,868,521.04 852.77
Collateral Agent Expenses 0.00 1,867,668.27 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 1,867,668.27 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 1,867,668.27 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month
265,316.33 Prior Month(s) Class A-1 Interest Carryover
Shortfall 0.00 Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00 Current
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 265,316.33 1,867,668.27 265,316.33
(B) Class A-2 Interest Distributable Amount - Current Month 235,011.06
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 235,011.06 1,602,351.94 235,011.06
(vi)(A) Certificate Note Interest - Unadjusted 45,153.97
Certificate Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 45,153.97 1,367,340.88 45,153.97
(vii) Class A Principal Distributable Amount - Current Month 753,118.46
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 753,118.46 1,322,186.91 753,118.46 0.00
Class A Principal Distribution Amount to Class A-2 0.00 569,068.45 0.00 0.00
(viii) Note Insurer Premium 28,354.48 569,068.45 28,354.48
Note Insurer Premium Supplement 0.00 540,713.98 0.00
Other Reimbursement Obligations to Note Insurer 0.00 540,713.98 0.00
(ix) Transition Expenses to successor Servicer 0.00 540,713.98 0.00
(x) Certificate Principal Distributable Amount - 39,637.81
Current Month Unadjusted
Certificate Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 39,637.81 540,713.98 39,637.81
(xi) Until the Target Payment Date, remaining amount to 501,076.17 501,076.17 501,076.17
Class A Noteholders
Amount to Class A-1 Noteholders 501,076.17 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into 0.00 2,048,154.44 Total Disbursements
into Spread Acct. 2,048,154.44 Total Distribution Amt
======================
(0.00)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 54,260,000.00
Class A-1 Principal Distributions 753,118.46
Class A-1 End of Period Principal Amount (prior to turbo) 53,506,881.54
Additional Principal Distribution 501,076.17
Class A-1 End of Period Principal Amount 53,005,805.38
Class A-2 Beginning of Period Principal Amount 46,307,598.60
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 46,307,598.60
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 46,307,598.60
Certificate Beginning of Period Principal Amount 5,293,031.51
Certificate Principal Distributable Amount 39,637.81
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 5,253,393.70
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 5,253,393.70
Adjusted Amount Remaining for Further Distribution/(Deficiency) 736,087.23
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 1,054,000.00
Purchased receivables more than 30 days delinquent 64,244.90
-----------------------
Total 1,118,244.90
Aggregate Gross Principal Balance as of the close of
122,063,989.31 business on the last day of the
Collection Period.
Delinquency Ratio 0.92%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 0.92%
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
-----------------------
Average Delinquency Ratio 0.92% 0.31%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 10,855.00
-----------------------
Total 10,855.00
Cumulative Defaulted Receivables 10,855.00
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 0.01%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-----------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-----------------------
Cumulative Net Losses 0.00
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 55.57
Weighted Average Annual Percentage Rate 20.33%
Spread Account
OC Percent
Aggregate Principal Balance 105,067,873.84
minus the Securities Balance 105,067,873.84
-----------------------
(0.00)
divided by the Aggregate Principal Balance 0.00%
Floor OC Percent
Aggregate Principal Balance 105,067,873.84
minus the Securities Balance 105,067,873.84
-----------------------
0.00
divided by the initial Aggregate Principal Balance 100,567,598.60
-----------------------
0.00%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 105,067,873.84
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 100,567,598.60
(II) balance of all Subsequent Receivables 0.00
--------------
2,011,351.97
(B)the product of
(I) excess of 1% over the Floor OC Percent 1.00%
(II) initial Aggregate Principal Balance 100,567,598.60
---------------
1,005,675.99
Floor Amount 3,017,027.96
Requisite Amount
the greater of
(1)the Floor Amount 3,017,027.96
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 9.0%
if a Trigger Event, 15% minus the OC Percent 15.0%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 30.0%
if an Insurance Agreement Event of Default, unlimited 999%
9%
times the Aggregate Principal Balance 105,067,873.84
-----------------------
9,456,108.65
Requisite Amount 9,456,108.65
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 9,456,108.65
Beginning of Period Spread Account Balance 3,705,122.05
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 5,750,986.60
Earnings on Spread Account Balance 5,553.61
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,710,675.66
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Distribution Date 12/15/97
Collection Period 11/97
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,170,031.22
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $282,071.61
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,887,959.61
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $25.69
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.34
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $22.35
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $23,812.32
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $23,247.22
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $565.10
(j) Scheduled Payments due in such Collection Period $1,930,039.10
(k) Scheduled Payments collected in such
Collection Period $1,594,102.43
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $53,579,094.14
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $51,801,280.61
(c) The Pool factor as of the close of business
on the last day set forth above 0.9668189
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $106,515.04
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,571.94
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.26
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $9,860.69
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $23,987.20
(b) Distributions (to) from Collection Account ($4,538.74)
for Payaheads
(c) Interest earned on Payahead Balances $93.01
(d) Ending Payahead Account Balance $19,541.47
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,770,192.09
Spread Account Balance $7,400,925.27
(b) The change in the spread account on the Distribution
Date set forth above $474,187.29
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $14,295.22
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $506,291.80
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 232
Aggregate Gross Amount $2,579,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 185
Aggregate Gross Amount $2,206,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.99%
(b) Average Delinquency Ratio 7.72%
(c) Cumulative Default Ratio 12.73%
(d) Cumulative Net Loss Ratio 8.17%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,349,993.86
Lock Box NSF Items: (44,971.48)
Transfers from (to) Payahead Account: 4,538.74
Collection Account Interest 9,912.46
Payahead Account Interest 93.01
Total Collection Proceeds: 2,319,566.59
For Distribution Date: 12/15/97
For Determination Date: 12/8/97
For Collection Period: 11/97
Collateral Activity Information
Principal
Beginning Principal Balance 53,579,094.14
Principal portion of payments collected (non-prepayments) 802,472.36
Prepayments in full allocable to principal 443,983.00
Collections allocable to principal 1,246,455.36
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 224,718.05
Purchase Amounts allocable to principal 9,860.69
-------------------
Total Principal 1,481,034.10
Realized Losses 506,291.80
Cram Down Losses 0.00
Ending Principal Balance 51,591,768.24
Interest
Collections allocable to interest 791,630.07
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 46,902.42
-------------------
Total Interest 838,532.49
Certificate Information
Beginning of Period Class A Principal Balance 50,900,139.44
Beginning of Period Class B Principal Balance 2,789,665.87
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,926,737.98
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,216.55
Aggregate Payahead Balance 19,448.46
Aggregate Payahead Balance for preceding Distribution Date 23,987.20
Interest Earned on Payahead Balances 93.01
Scheduled Payments due in Collection Period 1,930,039.10
Scheduled Payments collected in Collection Period 1,594,102.43
Aggregate Amount of Realized Losses for preceding Distribution Date 506,291.80
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 232 2,579,000.00
60+ days delinquent 185 2,206,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 9,860.69
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 4,785,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 9,860.69
Receivables as of the close of business on the last
day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 554,455.97
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.42%
Delinquency Ratio for third preceding Determination Date 7.74%
Cumulative Defaults for preceding Determination Date 10,762,105.00
Cumulative Net Losses for preceding Determination Date 6,806,789.00
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,038,085.43
Liquidation Proceeds 224,718.05
Recoveries 46,902.42
Purchase Amounts 9,860.69
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,319,566.59
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 802,472.36
Prepayments in full allocable to principal 443,983.00
Principal Balance of Liquidated Receivables 731,009.85
Purchase Amounts allocable to principal 9,860.69
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,987,325.90
Class A Principal Distributable Amount
Principal Distributable Amount 1,987,325.90
Times Class A Percentage (95%) 95%
-------------------
1,887,959.61
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,887,959.61
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 50,900,139.44
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 282,071.61
Class B Principal Distributable Amount
Principal Distributable Amount 1,987,325.90
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 99,366.29
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,789,665.87
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 23,247.22
Class B Excess Interest Amount
Total Distribution Amount 2,319,566.59
minus
Class A Principal and Interest Distributable Amount 2,170,031.22
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 23,247.22
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 99,366.29
Class B Principal Carryover Shortfall 110,711.17
Trustee distributions 669.74
Standby Servicer distributions 3,571.94
Servicer distributions 106,515.04
Collateral Agent distributions 671.12
Reimbursement Obligations 14,295.22
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 110,711.17
-------------------
110,711.17
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,571.94 2,319,566.59 3,571.94 2,319,566.59
Servicing Fee (2.0%) 89,298.49 2,315,994.65 89,298.49 0.00
Additional Servicing Fee Amounts 17,216.55 2,226,696.16 17,216.55 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,209,479.61 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,209,479.61 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,209,479.61 0.00
(iii) Trustee Fee 669.74 2,209,479.61 669.74
Trustee's out-of-pocket expenses 0.00 2,208,809.87 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,208,809.87 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 2,208,809.87 0.00
prior Collection Periods
(iv) Collateral Agent Fee 671.12 2,208,809.87 671.12
Collateral Agent Expenses 0.00 2,208,138.75 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,208,138.75 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,208,138.75 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 282,071.61 2,208,138.75 282,071.61
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 1,926,067.14 0.00
Class A Interest Carryover Shortfall 0.00 1,926,067.14 0.00
Interest on Interest Carryover from Prior Months 0.00 1,926,067.14 0.00
Current Month Class A Interest Carryover Shortfall 0.00 1,926,067.14 0.00
Class A Interest Distributable Amount 282,071.61 1,926,067.14 282,071.61
(viii)(A)Class B Coupon Interest - Unadjusted 23,247.22 1,643,995.53 23,247.22
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,620,748.31 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,620,748.31 0.00
Interest on Interest Carryover from Prior Months 0.00 1,620,748.31 0.00
Current Month Class B Interest Shortfall 0.00 1,620,748.31 0.00
Adjusted Class B Interest Distributable Amount 23,247.22 1,620,748.31 23,247.22
(v)(B) Class A Principal Distributable Amount - Current Month 1,887,959.61 1,597,501.09 1,597,501.09 431,606.99
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,887,959.61 0.00 0.00 0.00
(vi) Certificate Insurer Premium 14,295.22 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 99,366.29 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 110,711.17 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (209,512.37) 0.00 (209,512.37)
Adjusted Class B Principal Distributable Amount 565.10 209,512.37 565.10
(C) Excess Interest Amount for Deposit in Spread Account 0.00 208,947.27 0.00
208,947.27 208,947.27
Certificate Balance
Class A Beginning of Period Principal Balance 50,900,139.44
Class A Principal Distributions 1,887,959.61
Class A End of Period Principal Balance 49,012,179.84
Class B Beginning of Period Principal Balance 2,789,665.87
Class B Principal Distributable Amount 565.10
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,789,100.77
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,789,100.77
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,319,566.59
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 393,499.45
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,926,067.14
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,926,067.14
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 23,247.22
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,902,819.92
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,902,819.92
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,887,959.61
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 14,860.32
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 14,860.32
(vi) Certificate Insurer Premium 14,295.22
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 565.10
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 565.10
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 99,366.29
(iii) Prior month(s) carryover shortfalls 110,711.17
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (209,512.37)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (209,512.37)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,785,000.00
Purchased receivables more than 30 days delinquent 9,860.69
-------------------
Total 4,794,860.69
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 60,002,507.68
Delinquency Ratio 7.99%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.99%
Delinquency Ratio for second preceding Determination Date 7.42%
Delinquency Ratio for third preceding Determination Date 7.74%
-------------------
Average Delinquency Ratio 7.72% 7.72%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 10,762,105.00
Current Period Defaulted Receivables 554,455.97
-------------------
Total 11,316,560.97
Cumulative Defaulted Receivables 11,316,560.97
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 12.73%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 731,009.85
Cram Down Losses 0.00
Net Liquidation Proceeds (271,620.47)
-------------------
Net Liquidation Losses 459,389.38
Cumulative Previous Net Losses 6,806,789.00
-------------------
Cumulative Net Losses 7,266,178.38
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 8.17%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 37.68
Weighted Average Annual Percentage Rate 20.42%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,180,128.06
15% of Outstanding Certificate Balance 7,770,192.09
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,770,192.09
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 51,801,280.61
Minimum Floor 100,000.00
--------------
Floor Amount 2,667,022.51
Required Spread Account Amount 7,770,192.09
Beginning of Period Spread Account Balance 6,926,737.98
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 446,635.55
Required addition to/(eligible withdrawal from) Spread Account 396,818.56
Earnings on Spread Account Balance 27,551.74
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,400,925.27
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
Distribution Date 12/15/97
Collection Period 11/97
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,516,497.94
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $341,781.04
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,174,716.90
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $28.75
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.91
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $24.85
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $137,340.18
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $30,338.77
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $107,001.41
(j) Scheduled Payments due in such Collection Period $2,149,296.84
(k) Scheduled Payments collected in such
Collection Period $1,800,100.50
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $64,436,331.77
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $62,261,614.86
(c) The Pool factor as of the close of business
on the last day set forth above 0.9662501
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $122,286.38
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,295.76
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.40
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $8,201.33
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $28,776.97
(b) Distributions (to) from Collection Account ($8,417.27)
for Payaheads
(c) Interest earned on Payahead Balances $112.81
(d) Ending Payahead Account Balance $20,472.51
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,226,161.49
Spread Account Balance $6,226,161.49
(b) The change in the spread account on the Distribution
Date set forth above ($217,471.69)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $17,219.94
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $700,618.26
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 284
Aggregate Gross Amount $3,301,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 234
Aggregate Gross Amount $2,987,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.58%
(b) Average Delinquency Ratio 7.87%
(c) Cumulative Default Ratio 10.49%
(d) Cumulative Net Loss Ratio 5.71%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,600,779.58
Lock Box NSF Items: (54,529.43)
Transfers from (to) Payahead Account: 8,417.27
Collection Account Interest 11,034.65
Payahead Account Interest 112.81
Total Collection Proceeds: 2,565,814.88
For Distribution Date: 12/15/97
For Determination Date: 12/8/97
For Collection Period: 11/97
Collateral Activity Information
Principal
Beginning Principal Balance 64,436,331.77
Principal portion of payments collected (non-prepayments) 902,438.03
Prepayments in full allocable to principal 373,945.00
Collections allocable to principal 1,276,383.03
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 303,973.06
Purchase Amounts allocable to principal 8,201.33
-------------------
Total Principal 1,588,557.42
Realized Losses 700,618.26
Cram Down Losses 0.00
Ending Principal Balance 62,147,156.09
Interest
Collections allocable to interest 897,662.47
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 79,594.99
-------------------
Total Interest 977,257.46
Certificate Information
Beginning of Period Class A Principal Balance 61,214,515.17
Beginning of Period Class B Principal Balance 3,221,816.59
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,443,633.18
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 14,892.49
Aggregate Payahead Balance 20,359.70
Aggregate Payahead Balance for preceding Distribution Date 28,776.97
Interest Earned on Payahead Balances 112.81
Scheduled Payments due in Collection Period 2,149,296.84
Scheduled Payments collected in Collection Period 1,800,100.50
Aggregate Amount of Realized Losses for preceding Distribution Date 700,618.26
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 284 3,301,000.00
60+ days delinquent 234 2,987,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 8,201.33
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,288,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 8,201.33
Receivables as of the close of business on the last
day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 806,691.00
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.42%
Delinquency Ratio for third preceding Determination Date 7.61%
Cumulative Defaults for preceding Determination Date 8,859,394.00
Cumulative Net Losses for preceding Determination Date 4,636,569.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,174,045.50
Liquidation Proceeds 303,973.06
Recoveries 79,594.99
Purchase Amounts 8,201.33
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,565,814.88
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 902,438.03
Prepayments in full allocable to principal 373,945.00
Principal Balance of Liquidated Receivables 1,004,591.32
Purchase Amounts allocable to principal 8,201.33
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,289,175.68
Class A Principal Distributable Amount
Principal Distributable Amount 2,289,175.68
Times Class A Percentage (95%) 95%
-------------------
2,174,716.90
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,174,716.90
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 61,214,515.17
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 341,781.04
Class B Principal Distributable Amount
Principal Distributable Amount 2,289,175.68
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 114,458.78
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,221,816.59
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 30,338.77
Class B Excess Interest Amount
Total Distribution Amount 2,565,814.88
minus
Class A Principal and Interest Distributable Amount 2,516,497.94
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 30,338.77
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 114,458.78
Class B Principal Carryover Shortfall 0.00
Trustee distributions 805.45
Standby Servicer distributions 4,295.76
Servicer distributions 122,286.38
Collateral Agent distributions 805.45
Reimbursement Obligations 17,219.94
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,295.76 0.00 0.00 114,458.78
Servicing Fee (2.0%) 107,393.89 0.00 0.00 0.00
Additional Servicing Fee Amounts 14,892.49 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 805.45 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 0.00 0.00
Collection Periods
(iv) Collateral Agent Fee 805.45 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior 0.00 0.00 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 0.00 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 341,781.04 0.00 0.00
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00
Class A Interest Distributable Amount 341,781.04 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 30,338.77 0.00 0.00
Class B Interest Carryover Shortfall - 0.00 0.00 0.00 114,458.78
Previous Month(s)
Interest on B Interest Shortfall - 0.00 0.00 0.00 114,458.78
Previous Month(s)
Interest on Interest Carryover from 0.00 0.00 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 30,338.77 0.00 0.00
(v)(B) Class A Principal Distributable Amount - 2,174,716.90 0.00 0.00
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall (109,214.87) 0.00 (109,214.87)
Withdrawl from Spread Account to 109,214.87
Cover Shortfall
Class A Principal Distribution Amount 2,174,716.90 109,214.87 109,214.87
(vi) Certificate Insurer Premium 17,219.94 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to 0.00 0.00 0.00
Certificate Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 114,458.78 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (114,458.78) 0.00 (114,458.78)
Adjusted Class B Principal Distributable Amount 0.00 114,458.78 0.00
(C) Excess Interest Amount for Deposit in Spread Account (126,434.81) 114,458.78 (126,434.81)
240,893.59 240,893.59
Certificate Balance
Class A Beginning of Period Principal Balance 61,214,515.17
Class A Principal Distributions 2,174,716.90
Class A End of Period Principal Balance 59,039,798.27
Class B Beginning of Period Principal Balance 3,221,816.59
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,221,816.59
Withdrawl from Spread Account to Cover B Shortfalls 107,001.41
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,114,815.18
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,565,814.88
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 469,974.08
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,095,840.80
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,095,840.80
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 30,338.77
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,065,502.03
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,065,502.03
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,174,716.90
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 109,214.87
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 17,219.94
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (17,219.94)
Withdrawl from Spread Account to Cover Deficiency 17,219.94
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 114,458.78
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (114,458.78)
Withdrawl from Spread Account to B PieceCover Shortfalls (107,001.41)
Adjusted Amount Remaining for Further Distribution/(Deficiency) (7,457.37)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,288,000.00
Purchased receivables more than 30 days delinquent 8,201.33
-------------------
Total 6,296,201.33
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 73,420,771.30
Delinquency Ratio 8.58%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.58%
Delinquency Ratio for second preceding Determination Date 7.42%
Delinquency Ratio for third preceding Determination Date 7.61%
-------------------
Average Delinquency Ratio 7.87% 7.87%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 8,859,394.00
Current Period Defaulted Receivables 806,691.00
-------------------
Total 9,666,085.00
Cumulative Defaulted Receivables 9,666,085.00
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 10.49%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,004,591.32
Cram Down Losses 0.00
Net Liquidation Proceeds (383,568.05)
-------------------
Net Liquidation Losses 621,023.27
Cumulative Previous Net Losses 4,636,569.00
-------------------
Cumulative Net Losses 5,257,592.27
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 5.71%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 41.68
Weighted Average Annual Percentage Rate 20.51%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,226,161.49
15% of Outstanding Certificate Balance 9,339,242.23
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,226,161.49
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 62,261,614.86
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 6,226,161.49
Beginning of Period Spread Account Balance 6,443,633.18
Spread Account Deposit (Withdrawal) from Current Distributions (126,434.81)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (91,036.88)
Earnings on Spread Account Balance 15,964.53
Amount of Spread Account deposit (withdrawal) (107,001.41)
Amount of Withdrawl Allocated to B Piece Shortfalls 107,001.41
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 6,226,161.49
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Distribution Date 12/15/97
Collection Period 11/97
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,600,330.59
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $366,902.80
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,233,427.79
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $29.48
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.16
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $25.32
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $148,660.47
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $31,111.64
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $117,548.83
(j) Scheduled Payments due in such Collection Period $2,330,252.20
(k) Scheduled Payments collected in such
Collection Period $1,991,204.62
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $73,564,470.58
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $71,297,504.46
(c) The Pool factor as of the close of business
on the last day set forth above 0.9691840
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $140,228.49
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,904.30
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.59
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 4
Aggregate Purchase Amount $27,570.56
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $32,813.03
(b) Distributions (to) from Collection Account ($13,267.86)
for Payaheads
(c) Interest earned on Payahead Balances $126.14
(d) Ending Payahead Account Balance $19,671.31
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,129,750.45
Spread Account Balance $7,129,750.45
(b) The change in the spread account on the Distribution
Date set forth above ($239,506.29)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $19,732.07
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $688,521.44
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 304
Aggregate Gross Amount $4,030,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 213
Aggregate Gross Amount $3,024,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.36%
(b) Average Delinquency Ratio 7.77%
(c) Cumulative Default Ratio 7.47%
(d) Cumulative Net Loss Ratio 3.95%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,870,413.98
Lock Box NSF Items: (63,628.82)
Transfers from (to) Payahead Account: 13,267.86
Collection Account Interest 11,505.38
Payahead Account Interest 126.14
Total Collection Proceeds: 2,831,684.54
For Distribution Date: 12/15/97
For Determination Date: 12/8/97
For Collection Period: 11/97
Collateral Activity Information
Principal
Beginning Principal Balance 73,564,470.58
Principal portion of payments collected (non-prepayments) 847,084.41
Prepayments in full allocable to principal 463,678.00
Collections allocable to principal 1,310,762.41
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 324,122.21
Purchase Amounts allocable to principal 27,570.56
-------------------
Total Principal 1,662,455.18
Realized Losses 688,521.44
Cram Down Losses 0.00
Ending Principal Balance 71,213,493.96
Interest
Collections allocable to interest 1,144,120.21
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 25,109.15
-------------------
Total Interest 1,169,229.36
Certificate Information
Beginning of Period Class A Principal Balance 69,886,247.04
Beginning of Period Class B Principal Balance 3,678,223.54
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,369,256.74
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,621.04
Aggregate Payahead Balance 19,545.17
Aggregate Payahead Balance for preceding Distribution Date 32,813.03
Interest Earned on Payahead Balances 126.14
Scheduled Payments due in Collection Period 2,330,252.20
Scheduled Payments collected in Collection Period 1,991,204.62
Aggregate Amount of Realized Losses for preceding Distribution Date 688,521.44
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 304 4,030,000.00
60+ days delinquent 213 3,024,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
4 27,570.56
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 7,054,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 27,570.56
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 794,467.94
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.11%
Delinquency Ratio for third preceding Determination Date 7.85%
Cumulative Defaults for preceding Determination Date 6,145,472.00
Cumulative Net Losses for preceding Determination Date 3,000,096.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,454,882.62
Liquidation Proceeds 324,122.21
Recoveries 25,109.15
Purchase Amounts 27,570.56
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,831,684.54
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 847,084.41
Prepayments in full allocable to principal 463,678.00
Principal Balance of Liquidated Receivables 1,012,643.65
Purchase Amounts allocable to principal 27,570.56
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,350,976.62
Class A Principal Distributable Amount
Principal Distributable Amount 2,350,976.62
Times Class A Percentage (95%) 95%
-------------------
2,233,427.79
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,233,427.79
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 69,886,247.04
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 366,902.80
Class B Principal Distributable Amount
Principal Distributable Amount 2,350,976.62
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 117,548.83
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,678,223.54
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 31,111.64
Class B Excess Interest Amount
Total Distribution Amount 2,831,684.54
minus
Class A Principal and Interest Distributable Amount 2,600,330.59
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 31,111.64
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 117,548.83
Class B Principal Carryover Shortfall 0.00
Trustee distributions 919.56
Standby Servicer distributions 4,904.30
Servicer distributions 140,228.49
Collateral Agent distributions 919.56
Reimbursement Obligations 19,732.07
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,904.30 2,831,684.54 4,904.30 2,831,684.54
Servicing Fee (2.0%) 122,607.45 2,826,780.24 122,607.45 0.00
Additional Servicing Fee Amounts 17,621.04 2,704,172.79 17,621.04 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,686,551.75 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,686,551.75 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,686,551.75 0.00
(iii) Trustee Fee 919.56 2,686,551.75 919.56
Trustee's out-of-pocket expenses 0.00 2,685,632.19 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,685,632.19 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,685,632.19 0.00
Collection Periods
(iv) Collateral Agent Fee 919.56 2,685,632.19 919.56
Collateral Agent Expenses 0.00 2,684,712.63 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,684,712.63 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,684,712.63 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 366,902.80 2,684,712.63 366,902.80
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,317,809.83 0.00
Class A Interest Carryover Shortfall 0.00 2,317,809.83 0.00
Interest on Interest Carryover from Prior Months 0.00 2,317,809.83 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,317,809.83 0.00
Class A Interest Distributable Amount 366,902.80 2,317,809.83 366,902.80
(viii)(A)Class B Coupon Interest - Unadjusted 31,111.64 1,950,907.03 31,111.64
Class B Interest Carryover Shortfall - 0.00 1,919,795.39 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 1,919,795.39 0.00
Previous Month(s)
Interest on Interest Carryover from Prior Months 0.00 1,919,795.39 0.00
Current Month Class B Interest Shortfall 0.00 1,919,795.39 0.00
Adjusted Class B Interest Distributable Amount 31,111.64 1,919,795.39 31,111.64
(v)(B) Class A Principal Distributable Amount - 2,233,427.79 1,888,683.75 1,888,683.75 598,256.75
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,233,427.79 0.00 0.00 0.00
(vi) Certificate Insurer Premium 19,732.07 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 117,548.83 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (84,010.50) 0.00 (84,010.50)
Adjusted Class B Principal Distributable Amount 33,538.33 84,010.50 33,538.33
(C) Excess Interest Amount for Deposit in Spread Account 0.00 50,472.17 0.00
50,472.17 50,472.17
Certificate Balance
Class A Beginning of Period Principal Balance 69,886,247.04
Class A Principal Distributions 2,233,427.79
Class A End of Period Principal Balance 67,652,819.25
Class B Beginning of Period Principal Balance 3,678,223.54
Class B Principal Distributable Amount 33,538.33
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,644,685.21
Withdrawl from Spread Account to Cover B Shortfalls 84,010.50
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,560,674.71
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,831,684.54
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 513,874.71
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,317,809.83
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,317,809.83
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 31,111.64
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,286,698.19
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,286,698.19
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,233,427.79
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 53,270.40
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 53,270.40
(vi) Certificate Insurer Premium 19,732.07
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 33,538.33
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 33,538.33
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 117,548.83
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (84,010.50)
Withdrawl from Spread Account to B PieceCover Shortfalls (84,010.50)
Adjusted Amount Remaining for Further Distribution/(Deficiency) (0.00)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,054,000.00
Purchased receivables more than 30 days delinquent 27,570.56
-------------------
Total 7,081,570.56
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 84,729,707.62
Delinquency Ratio 8.36%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.36%
Delinquency Ratio for second preceding Determination Date 7.11%
Delinquency Ratio for third preceding Determination Date 7.85%
-------------------
Average Delinquency Ratio 7.77% 7.77%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 6,145,472.00
Current Period Defaulted Receivables 794,467.94
-------------------
Total 6,939,939.94
Cumulative Defaulted Receivables 6,939,939.94
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 7.47%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,012,643.65
Cram Down Losses 0.00
Net Liquidation Proceeds (349,231.36)
-------------------
Net Liquidation Losses 663,412.29
Cumulative Previous Net Losses 3,000,096.00
-------------------
Cumulative Net Losses 3,663,508.29
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 3.95%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 44.91
Weighted Average Annual Percentage Rate 20.54%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,129,750.45
15% of Outstanding Certificate Balance 10,694,625.67
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,129,750.45
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 71,297,504.46
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 7,129,750.45
Beginning of Period Spread Account Balance 7,369,256.74
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (173,650.25)
Required addition to/(eligible withdrawal from) Spread Account (65,856.04)
Earnings on Spread Account Balance 18,154.46
Amount of Spread Account deposit (withdrawal) (84,010.50)
Amount of Withdrawl Allocated to B Piece Shortfalls 84,010.50
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,129,750.45
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Distribution Date 12/15/97
Collection Period 11/97
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,773,440.87
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $459,540.67
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,313,900.20
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $28.53
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.73
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $23.80
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $301,263.84
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $44,368.23
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $256,895.61
(j) Scheduled Payments due in such Collection Period $2,705,062.78
(k) Scheduled Payments collected in such
Collection Period $2,254,941.85
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $88,621,744.87
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $86,335,511.46
(c) The Pool factor as of the close of business
on the last day set forth above 0.9742023
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $165,172.70
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,908.12
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.70
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $8,674.59
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $28,767.26
(b) Distributions (to) from Collection Account ($4,106.45)
for Payaheads
(c) Interest earned on Payahead Balances $322.14
(d) Ending Payahead Account Balance $24,982.95
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,633,551.15
Spread Account Balance $8,633,551.15
(b) The change in the spread account on the Distribution
Date set forth above ($170,557.15)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $23,880.72
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $729,202.28
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 367
Aggregate Gross Amount $4,654,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 325
Aggregate Gross Amount $4,606,000.00
8 Performance Triggers
(a) Delinquency Ratio 9.05%
(b) Average Delinquency Ratio 8.44%
(c) Cumulative Default Ratio 5.54%
(d) Cumulative Net Loss Ratio 2.05%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,183,985.94
Lock Box NSF Items: (78,879.68)
Transfers from (to) Payahead Account: 4,106.45
Collection Account Interest 12,897.62
Payahead Account Interest 322.14
Total Collection Proceeds: 3,122,432.47
For Distribution Date: 12/15/97
For Determination Date: 12/8/97
For Collection Period: 11/97
Collateral Activity Information
Principal
Beginning Principal Balance 88,621,744.87
Principal portion of payments collected (non-prepayments) 918,808.67
Prepayments in full allocable to principal 428,020.00
Collections allocable to principal 1,346,828.67
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 350,978.88
Purchase Amounts allocable to principal 8,674.59
-------------------
Total Principal 1,706,482.14
Realized Losses 729,202.28
Cram Down Losses 0.00
Ending Principal Balance 86,186,060.45
Interest
Collections allocable to interest 1,336,133.18
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 79,817.15
-------------------
Total Interest 1,415,950.33
Certificate Information
Beginning of Period Class A Principal Balance 84,190,657.63
Beginning of Period Class B Principal Balance 4,566,198.63
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,804,108.30
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,469.79
Aggregate Payahead Balance 24,660.81
Aggregate Payahead Balance for preceding Distribution Date 28,767.26
Interest Earned on Payahead Balances 322.14
Scheduled Payments due in Collection Period 2,705,062.78
Scheduled Payments collected in Collection Period 2,254,941.85
Aggregate Amount of Realized Losses for preceding Distribution Date 729,202.28
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 367 4,654,000.00
60+ days delinquent 325 4,606,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 8,674.59
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 9,260,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 8,674.59
Receivables as of the close of business on the last
day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 1,126,608.69
Receivables during the related Collection
Period.
Delinquency Ratio for second preceding Determination Date 7.90%
Delinquency Ratio for third preceding Determination Date 8.38%
Cumulative Defaults for preceding Determination Date 4,545,362.00
Cumulative Net Losses for preceding Determination Date 1,449,090.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,682,961.85
Liquidation Proceeds 350,978.88
Recoveries 79,817.15
Purchase Amounts 8,674.59
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,122,432.47
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 918,808.67
Prepayments in full allocable to principal 428,020.00
Principal Balance of Liquidated Receivables 1,080,181.16
Purchase Amounts allocable to principal 8,674.59
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,435,684.42
Class A Principal Distributable Amount
Principal Distributable Amount 2,435,684.42
Times Class A Percentage (95%) 95%
-------------------
2,313,900.20
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,313,900.20
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 84,190,657.63
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 459,540.67
Class B Principal Distributable Amount
Principal Distributable Amount 2,435,684.42
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 121,784.22
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,566,198.63
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 44,368.23
Class B Excess Interest Amount
Total Distribution Amount 3,122,432.47
minus
Class A Principal and Interest Distributable Amount 2,773,440.87
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 44,368.23
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 121,784.22
Class B Principal Carryover Shortfall 135,111.39
Trustee distributions 1,107.77
Standby Servicer distributions 5,908.12
Servicer distributions 165,172.70
Collateral Agent distributions 1,109.46
Reimbursement Obligations 23,880.72
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 135,111.39
-------------------
135,111.39
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,908.12 3,122,432.47 5,908.12 3,122,432.47
Servicing Fee (2.0%) 147,702.91 3,116,524.35 147,702.91 0.00
Additional Servicing Fee Amounts 17,469.79 2,968,821.44 17,469.79 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,951,351.65 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,951,351.65 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,951,351.65 0.00
(iii) Trustee Fee 1,107.77 2,951,351.65 1,107.77
Trustee's out-of-pocket expenses 0.00 2,950,243.88 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,950,243.88 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 2,950,243.88 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,109.46 2,950,243.88 1,109.46
Collateral Agent Expenses 0.00 2,949,134.42 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,949,134.42 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,949,134.42 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 459,540.67 2,949,134.42 459,540.67
Prior Month(s) Class A Carryover Shortfall 0.00 2,489,593.75 0.00
Class A Interest Carryover Shortfall 0.00 2,489,593.75 0.00
Interest on Interest Carryover from Prior Months 0.00 2,489,593.75 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,489,593.75 0.00
Class A Interest Distributable Amount 459,540.67 2,489,593.75 459,540.67
(viii)(A)Class B Coupon Interest - Unadjusted 44,368.23 2,030,053.08 44,368.23
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,985,684.85 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,985,684.85 0.00
Interest on Interest Carryover from Prior Months 0.00 1,985,684.85 0.00
Current Month Class B Interest Shortfall 0.00 1,985,684.85 0.00
Adjusted Class B Interest Distributable Amount 44,368.23 1,985,684.85 44,368.23
(v)(B) Class A Principal Distributable Amount - Current Month 2,313,900.20 1,941,316.62 1,941,316.62 808,532.27
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,313,900.20 0.00 0.00 0.00
(vi) Certificate Insurer Premium 23,880.72 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 121,784.22 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 135,111.39 0.00 0.00
Current Month Class B Principal Shortfall (149,451.01) 0.00 (149,451.01)
Adjusted Class B Principal Distributable Amount 107,444.60 149,451.01 107,444.60
(C) Excess Interest Amount for Deposit in Spread Account 0.00 42,006.41 0.00
42,006.41 42,006.41
Certificate Balance
Class A Beginning of Period Principal Balance 84,190,657.63
Class A Principal Distributions 2,313,900.20
Class A End of Period Principal Balance 81,876,757.43
Class B Beginning of Period Principal Balance 4,566,198.63
Class B Principal Distributable Amount 107,444.60
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,458,754.03
Withdrawl from Spread Account to Cover B Shortfalls 149,451.01
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,309,303.02
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,122,432.47
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 632,838.72
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,489,593.75
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,489,593.75
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 44,368.23
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,445,225.52
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,445,225.52
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,313,900.20
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 131,325.32
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 131,325.32
(vi) Certificate Insurer Premium 23,880.72
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 107,444.60
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 107,444.60
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 121,784.22
(iii) Prior month(s) carryover shortfalls 135,111.39
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (149,451.01)
Withdrawl from Spread Account to B PieceCover Shortfalls (149,451.01)
Adjusted Amount Remaining for Further Distribution/(Deficiency) (0.00)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 9,260,000.00
Purchased receivables more than 30 days delinquent 8,674.59
-------------------
Total 9,268,674.59
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 102,405,186.11
Delinquency Ratio 9.05%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 9.05%
Delinquency Ratio for second preceding Determination Date 7.90%
Delinquency Ratio for third preceding Determination Date 8.38%
-------------------
Average Delinquency Ratio 8.44% 8.44%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 4,545,362.00
Current Period Defaulted Receivables 1,126,608.69
-------------------
Total 5,671,970.69
Cumulative Defaulted Receivables 5,671,970.69
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 5.54%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,080,181.16
Cram Down Losses 0.00
Net Liquidation Proceeds (430,796.03)
-------------------
Net Liquidation Losses 649,385.13
Cumulative Previous Net Losses 1,449,090.00
-------------------
Cumulative Net Losses 2,098,475.13
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 2.05%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 47.74
Weighted Average Annual Percentage Rate 20.58%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,633,551.15
15% of Outstanding Certificate Balance 12,950,326.72
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,633,551.15
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 86,335,511.46
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 8,633,551.15
Beginning of Period Spread Account Balance 8,804,108.30
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (42,083.38)
Required addition to/(eligible withdrawal from) Spread Account (128,473.77)
Earnings on Spread Account Balance 20,977.24
Amount of Spread Account deposit (withdrawal) (149,451.01)
Amount of Withdrawl Allocated to B Piece Shortfalls 149,451.01
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 8,633,551.15
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
Distribution Date 12/15/97
Collection Period 11/97
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,754,929.15
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $580,766.64
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,174,162.51
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $24.30
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.12
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $19.17
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $167,013.47
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $52,583.86
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $114,429.61
(j) Scheduled Payments due in such Collection Period $3,268,921.48
(k) Scheduled Payments collected in such
Collection Period $2,855,267.51
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $110,315,785.15
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $108,027,193.03
(c) The Pool factor as of the close of business
on the last day set forth above 0.9792542
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $203,472.86
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,354.39
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.79
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $41,245.64
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $40,830.87
(b) Distributions (to) from Collection Account ($18,842.00)
for Payaheads
(c) Interest earned on Payahead Balances $154.58
(d) Ending Payahead Account Balance $22,143.45
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,722,447.37
Spread Account Balance $9,694,902.42
(b) The change in the spread account on the Distribution
Date set forth above $355,672.28
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $29,932.53
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $457,633.83
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 452
Aggregate Gross Amount $6,058,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 315
Aggregate Gross Amount $4,431,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.31%
(b) Average Delinquency Ratio 7.23%
(c) Cumulative Default Ratio 2.80%
(d) Cumulative Net Loss Ratio 0.60%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,571,732.89
Lock Box NSF Items: (105,528.50)
Transfers from (to) Payahead Account: 18,842.00
Collection Account Interest 14,162.13
Payahead Account Interest 154.58
Total Collection Proceeds: 3,499,363.10
For Distribution Date: 12/15/97
For Determination Date: 12/8/97
For Collection Period: 11/97
Collateral Activity Information
Principal
Beginning Principal Balance 110,315,785.15
Principal portion of payments collected (non-prepayments) 1,206,541.13
Prepayments in full allocable to principal 382,577.00
Collections allocable to principal 1,589,118.13
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 200,594.52
Purchase Amounts allocable to principal 41,245.64
-------------------
Total Principal 1,830,958.29
Realized Losses 457,633.83
Cram Down Losses 0.00
Ending Principal Balance 108,027,193.03
Interest
Collections allocable to interest 1,648,726.38
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 19,678.43
-------------------
Total Interest 1,668,404.81
Certificate Information
Beginning of Period Class A Principal Balance 104,799,995.90
Beginning of Period Class B Principal Balance 5,515,789.25
Miscellaneous Balances
Beginning of Period Spread Account Balance 9,339,230.14
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,613.22
Aggregate Payahead Balance 21,988.87
Aggregate Payahead Balance for preceding Distribution Date 40,830.87
Interest Earned on Payahead Balances 154.58
Scheduled Payments due in Collection Period 3,268,921.48
Scheduled Payments collected in Collection Period 2,855,267.51
Aggregate Amount of Realized Losses for preceding Distribution Date 457,633.83
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 452 6,058,000.00
60+ days delinquent 315 4,431,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 41,245.64
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 10,489,000.00
of the close of business on the last day of
the related Collection Period.
Principal Balance of all Receivables that became Purchased 41,245.64
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 1,103,441.36
Receivables during the related Collection
Period.
Delinquency Ratio for second preceding Determination Date 6.74%
Delinquency Ratio for third preceding Determination Date 6.65%
Cumulative Defaults for preceding Determination Date 2,235,382.00
Cumulative Net Losses for preceding Determination Date 279,645.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,237,844.51
Liquidation Proceeds 200,594.52
Recoveries 19,678.43
Purchase Amounts 41,245.64
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,499,363.10
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,206,541.13
Prepayments in full allocable to principal 382,577.00
Principal Balance of Liquidated Receivables 658,228.35
Purchase Amounts allocable to principal 41,245.64
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,288,592.12
Class A Principal Distributable Amount
Principal Distributable Amount 2,288,592.12
Times Class A Percentage (95%) 95%
-------------------
2,174,162.51
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,174,162.51
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 104,799,995.90
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class A Interest Distributable Amount 580,766.64
Class B Principal Distributable Amount
Principal Distributable Amount 2,288,592.12
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 114,429.61
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,515,789.25
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 52,583.86
Class B Excess Interest Amount
Total Distribution Amount 3,499,363.10
minus
Class A Principal and Interest Distributable Amount 2,754,929.15
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 52,583.86
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 114,429.61
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,378.95
Standby Servicer distributions 7,354.39
Servicer distributions 203,472.86
Collateral Agent distributions 1,378.95
Reimbursement Obligations 29,932.53
-------------------
333,902.80
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 7,354.39 3,499,363.10 7,354.39 3,499,363.10
Servicing Fee (2.0%) 183,859.64 3,492,008.71 183,859.64 0.00
Additional Servicing Fee Amounts 19,613.22 3,308,149.07 19,613.22 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,288,535.85 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,288,535.85 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,288,535.85 0.00
(iii) Trustee Fee 1,378.95 3,288,535.85 1,378.95
Trustee's out-of-pocket expenses 0.00 3,287,156.90 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,287,156.90 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,287,156.90 0.00
Collection Periods
(iv) Collateral Agent Fee 1,378.95 3,287,156.90 1,378.95
Collateral Agent Expenses 0.00 3,285,777.95 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,285,777.95 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,285,777.95 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 580,766.64 3,285,777.95 580,766.64
Prior Month(s) Class A Carryover Shortfall 0.00 2,705,011.31 0.00
Class A Interest Carryover Shortfall 0.00 2,705,011.31 0.00
Interest on Interest Carryover from Prior Months 0.00 2,705,011.31 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,705,011.31 0.00
Class A Interest Distributable Amount 580,766.64 2,705,011.31 580,766.64
(viii)(A)Class B Coupon Interest - Unadjusted 52,583.86 2,124,244.67 52,583.86
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,071,660.81 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,071,660.81 0.00
Interest on Interest Carryover from Prior Months 0.00 2,071,660.81 0.00
Current Month Class B Interest Shortfall 0.00 2,071,660.81 0.00
Adjusted Class B Interest Distributable Amount 52,583.86 2,071,660.81 52,583.86
(v) (B) Class A Principal Distributable Amount - Current Month 2,174,162.51 2,019,076.95 2,019,076.95 1,325,200.59
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,174,162.51 0.00 0.00 0.00
(vi) Certificate Insurer Premium 29,932.53 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current 114,429.61 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 114,429.61 0.00 0.00
(C) Excess Interest (Shortage) Amount for Deposit 333,902.80 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 104,799,995.90
Class A Principal Distributions 2,174,162.51
Class A End of Period Principal Balance 102,625,833.39
Class B Beginning of Period Principal Balance 5,515,789.25
Class B Principal Distributable Amount 114,429.61
Class B End of Period Principal Balance BEFORE Spread Account Distributions 5,401,359.64
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 5,401,359.64
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,499,363.10
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 794,351.79
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,705,011.31
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,705,011.31
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 52,583.86
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,652,427.45
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,652,427.45
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,174,162.51
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 478,264.94
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 478,264.94
(vi) Certificate Insurer Premium 29,932.53
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 448,332.40
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 448,332.40
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 114,429.61
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 333,902.80
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 333,902.80
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 10,489,000.00
Purchased receivables more than 30 days delinquent 41,245.64
-------------------
Total 10,530,245.64
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 126,752,227.58
Delinquency Ratio 8.31%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.31%
Delinquency Ratio for second preceding Determination Date 6.74%
Delinquency Ratio for third preceding Determination Date 6.65%
-------------------
Average Delinquency Ratio 7.23% 7.23%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 2,235,382.00
Current Period Defaulted Receivables 1,103,441.36
-------------------
Total 3,338,823.36
Cumulative Defaulted Receivables 3,338,823.36
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 2.80%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 658,228.35
Cram Down Losses 0.00
Net Liquidation Proceeds (220,272.95)
-------------------
Net Liquidation Losses 437,955.40
Cumulative Previous Net Losses 279,645.00
-------------------
Cumulative Net Losses 717,600.40
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 0.60%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 50.21
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 9,722,447.37
15% of Outstanding Certificate Balance 16,204,078.95
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 9,722,447.37
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 108,027,193.03
Minimum Floor 100,000.00
--------------
Floor Amount 3,580,860.93
Required Spread Account Amount 9,722,447.37
Beginning of Period Spread Account Balance 9,339,230.14
Spread Account Deposit (Withdrawal) from Current Distributions 333,902.80
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 49,314.43
Earnings on Spread Account Balance 21,769.48
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 9,694,902.42
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-3
6.10% Asset-Backed Notes, Class A-1
6.38% Asset-Backed Notes, Class A-2
10.65% Asset-Backed Notes, Class B
10.65% Asset-Backed Certificates
Distribution Date 12/15/97
Collection Period 11/97
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $3,493,543.38
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $364,777.01
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,128,766.37
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $43.22
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.51
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $38.71
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $327,868.20
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $327,868.20
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $5.31
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to Class B
Noteholders on the Distribution Date set forth above $81,506.50
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $32,079.09
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $49,427.41
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $81,506.50
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $32,079.09
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $49,427.41
(s) Scheduled Payments due in such Collection Period $4,169,736.25
(t) Scheduled Payments collected in such
Collection Period $3,743,085.05
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $144,581,823.92
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(r) above $138,679,406.64
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i),(o) above $133,863,763.75
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9258686
(e) Aggregate principal amount of Certificates as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(r) above $3,565,118.18
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0246581
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $260,891.01
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,229.09
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.23
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.09
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 11
Aggregate Purchase Amount $143,676.81
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
(f) The amount of the Certificate Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (q) above $0.00
(g) The amount of the Certificate Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (r) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,909,104.67
Spread Account Balance $5,312,499.32
(b) The change in the spread account on the Distribution
Date set forth above $12,588.70
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $38,368.51
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $94,146.30
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 430
Aggregate Gross Amount $5,869,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 307
Aggregate Gross Amount $4,438,000.00
7 Performance Triggers
(a) Delinquency Ratio 6.30%
(b) Average Delinquency Ratio 4.83%
(c) Cumulative Default Ratio 0.83%
(d) Cumulative Net Loss Ratio 0.07%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-3
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 4,341,707.89
Lock Box NSF Items: (135,424.30)
Total Collection Proceeds: 4,206,283.59
For Distribution Date: 12/15/97
For Determination Date: 12/8/97
For Collection Period: 11/97
Collateral Activity Information
Principal
Beginning Principal Balance 144,581,823.92
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-----------------------
Aggregate Beginning Principal Balance 144,581,823.92
Principal portion of payments collected (non-prepayments) 1,428,499.37
Prepayments in full allocable to principal 260,721.00
Collections allocable to principal 1,689,220.37
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 50,053.00
Purchase Amounts allocable to principal 143,676.81
-----------------------
Total Principal 1,882,950.18
Realized Losses 94,146.30
Cram Down Losses 0.00
Ending Principal Balance 142,604,727.44
Prefunding
Original Amount in Prefunding Account 27,084,817.00
Subsequent Loans Sold to the Trust 27,084,817.00
Balance of Prefunding Account 0.00
Interest
Collections allocable to interest 2,314,585.68
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 8,747.73
-----------------------
Total Interest 2,323,333.41
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 71,759,411.94
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,614,545.59
Beginning of Period Certificate Balance 3,614,545.59
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,299,910.62
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,921.30
Scheduled Payments due in Collection Period 4,169,736.25
Scheduled Payments collected in Collection Period 3,743,085.05
Aggregate Amount of Realized Losses for preceding Distribution Date 94,146.30
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 430 5,869,000.00
60+ days delinquent 307 4,438,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
11 143,676.81
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 10,307,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables 143,676.81
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more.
Principal Balance of all Receivables that became Defaulted Receivables 588,595.71
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 4.72%
Delinquency Ratio for third preceding Determination Date 3.47%
Cumulative Defaults for preceding Determination Date 651,477.00
Cumulative Net Losses for preceding Determination Date 12,774.00
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Requisite Reserve Amount
Weighted Average of the Interest Rates and Pass-Through Rates 6.4566%
minus 2.5% 2.50%
-----------------------
3.9566%
divided by 360 0.0110%
times the prefunded amount 0.00
times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00
-----------------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
Excess in Interest Reserve Account 0.00
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 4,003,806.05
Liquidation Proceeds 50,053.00
Recoveries 8,747.73
Purchase Amounts 143,676.81
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 68,720.05
Investment earnings from Note Distribution Account 426.32
Investment earnings from Prefunding Account 68.85
Investment earnings from Interest Reserve Account 289.17
Investment earnings from Collection Account 17,502.20
-----------------------
Total Distribution Amount 4,293,290.18
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,428,499.37
Prepayments in full allocable to principal 260,721.00
Principal Balance of Liquidated Receivables 144,199.30
Purchase Amounts allocable to principal 143,676.81
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,977,096.48
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 142,604,727.44
-----------------------
128,344,254.70 96.19%
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 43.8%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,977,096.48
Times Class A Noteholders' Percentage 95%
-----------------------
1,878,241.66
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,878,241.66
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 71,759,411.94
Multiplied by the Note Rate 6.10%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class A Interest Distributable Amount 364,777.01
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,668,000.00
Multiplied by the Note Rate 6.38%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class A Interest Distributable Amount 327,868.20
Class B Noteholders Principal Distributable Amount
Principal Distributable Amount 1,977,096.48
Times Class B Percentage 2.5%
-----------------------
Class B Principal Distributable Amount 49,427.41
Certificate Principal Distributable Amount
Principal Distributable Amount 1,977,096.48
Times Certificate Percentage 2.5%
-----------------------
Certificate Principal Distributable Amount 49,427.41
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,614,545.59
Multiplied by Note Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class B Coupon Interest Amount 32,079.09
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,614,545.59
Multiplied by Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Certificateholders' Interest Amount 32,079.09
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 7,229.09 4,293,290.18 7,229.09
Servicing Fee (2.0%) 240,969.71 4,286,061.09 240,969.71 0.00
Additional Servicing Fee Amounts 19,921.30 4,045,091.38 19,921.30 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,025,170.08 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,025,170.08 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,025,170.08 0.00
(iii) Indenture Trustee Fee 1,204.85 4,025,170.08 1,204.85
Indenture Trustee's out-of-pocket expenses 0.00 4,023,965.23 0.00
Unpaid Indenture Trustee Fee from prior 0.00 4,023,965.23 0.00
Collection Periods
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 4,023,965.23 0.00
prior Collection Periods
Owner Trustee Fee 0.00 4,023,965.23 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,023,965.23 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,023,965.23 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior 0.00 4,023,965.23 0.00
Collection Periods
(iv) Collateral Agent Fee 1,172.14 4,023,965.23 1,172.14
Collateral Agent Expenses 0.00 4,022,793.09 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,022,793.09 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,022,793.09 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 364,777.01
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall 0.00 Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 364,777.01 4,022,793.09 364,777.01
(B) Class A-2 Interest Distributable Amount - Current Month 327,868.20
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 327,868.20 3,658,016.08 327,868.20
(vi) (A) Class B Note Interest - Unadjusted 32,079.09
Class B Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 32,079.09 3,330,147.88 32,079.09
(B) Certificate Interest - Unadjusted 32,079.09
Certificate Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 32,079.09 3,298,068.79 32,079.09
(vii) Class A Principal Distributable Amount - Current Month 1,878,241.66
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 1,878,241.66 3,265,989.70 1,878,241.66 0.00
Class A Principal Distribution Amount to Class A-2 0.00 1,387,748.04 0.00 0.00
(viii) Note Insurer Premium 38,368.51 1,387,748.04 38,368.51
Note Insurer Premium Supplement 0.00 1,349,379.54 0.00
Other Reimbursement Obligations to Note Insurer 0.00 1,349,379.54 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,349,379.54 0.00
(x) Class B Principal Distributable Amount - Current 49,427.41
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 49,427.41 1,349,379.54 49,427.41
Certificate Principal Distributable Amount - Current 49,427.41
Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 49,427.41 1,299,952.13 49,427.41
(xi) Until the Target Payment Date, remaining amount to 1,250,524.72 1,250,524.72 1,250,524.72
Class A Noteholders
Amount to Class A-1 Noteholders 1,250,524.72 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. Amount 0.00
(xiii) After an Event of Default, Certificateholders' Prin. Dist. Amount 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
Securities Balance
Class A-1 Beginning of Period Principal Amount 71,759,411.94
Class A-1 Principal Distributions 1,878,241.66
Class A-1 End of Period Principal Amount (prior to turbo) 69,881,170.28
Additional Principal Distribution 1,250,524.72
Class A-1 End of Period Principal Amount 68,630,645.57
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 61,668,000.00
Class B Beginning of Period Principal Amount 3,614,545.59
Class B Principal Distributable Amount 49,427.41
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,565,118.18
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,565,118.18
Certificate Beginning of Period Principal Amount 3,614,545.59
Certificate Principal Distributable Amount 49,427.41
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,565,118.18
Withdrawl from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,565,118.18
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 10,307,000.00
Purchased receivables more than 30 days delinquent 143,676.81
-----------------------
Total 10,450,676.81
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 165,966,961.75
Delinquency Ratio 6.30%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.30%
Delinquency Ratio for second preceding Determination Date 4.72%
Delinquency Ratio for third preceding Determination Date 3.47%
-----------------------
Average Delinquency Ratio 4.83% 4.83%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 651,477.00
Current Period Defaulted Receivables 588,595.71
-----------------------
Total 1,240,072.71
Cumulative Defaulted Receivables 1,240,072.71
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 0.83%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 144,199.30
Cram Down Losses 0.00
Net Liquidation Proceeds (58,800.73)
-----------------------
Net Liquidation Losses 85,398.57
Cumulative Previous Net Losses 12,774.00
-----------------------
Cumulative Net Losses 98,172.57
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 0.07%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 52.76
Weighted Average Annual Percentage Rate 20.42%
Spread Account
OC Percent
Aggregate Principal Balance 142,604,727.44
minus the Securities Balance 138,679,406.64
-----------------------
3,925,320.80
divided by the Aggregate Principal Balance 2.75%
Floor OC Percent
Aggregate Principal Balance 142,604,727.44
minus the Securities Balance 138,679,406.64
-----------------------
3,925,320.80
divided by the initial Aggregate Principal Balance 122,915,183.00
-----------------------
3.19%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 138,679,406.64
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 27,084,817.00
--------------
3,000,000.00
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00
(II) initial Aggregate Principal Balance 122,915,183.00
---------------
0.00
Floor Amount 3,000,000.00
Requisite Amount
the greater of
(1)the Floor Amount 3,000,000.00
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 6.25%
if a Trigger Event, 15% minus the OC Percent 12.25%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 27.25%
if an Insurance Agreement Event of Default, unlimited 999.00%
6.25%
times the Aggregate Principal Balance 142,604,727.44
-----------------------
8,909,104.67
Requisite Amount 8,909,104.67
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 8,909,104.67
Beginning of Period Spread Account Balance 5,299,910.62
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 3,609,194.05
Earnings on Spread Account Balance 12,588.70
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 5,312,499.32
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-4
6.07% Asset-Backed Notes, Class A-1
6.30% Asset-Backed Notes, Class A-2
10.59% Asset-Backed Certificates
Distribution Date 12/15/97
Collection Period 11/97
Under the Sale and Servicing Agreement dated as of October 9, 1997 and
amended as of October 17, 1997 (the "Agreement") by and among CPS Receivables
Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner
Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Noteholders and Certificateholders
and the performance of the Trust during the previous month. The information
which is required to be prepared with respect to the Distribution Date and
Collection Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,355,610.52
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $268,121.03
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,087,489.49
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $43.41
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.94
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $38.47
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $243,114.89
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $243,114.89
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.94
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $104,164.84
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $46,361.20
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $57,803.64
(p) Scheduled Payments due in such Collection Period $2,966,512.47
(q) Scheduled Payments collected in such
Collection Period $2,645,997.72
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $105,067,873.84
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $103,410,724.79
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $97,225,914.49
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9253629
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $5,195,590.06
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0494498
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $182,528.84
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,253.39
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.36
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.10
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 7
Aggregate Purchase Amount $92,024.73
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,850,985.93
Spread Account Balance $3,719,498.04
(b) The change in the spread account on the Distribution
Date set forth above $8,822.38
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $28,646.08
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 149
Aggregate Gross Amount $2,289,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 35
Aggregate Gross Amount $433,000.00
7 Performance Triggers
(a) Delinquency Ratio 2.34%
(b) Average Delinquency Ratio 1.63%
(c) Cumulative Default Ratio 0.07%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-4
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,945,177.87
Lock Box NSF Items: (33,634.42)
Total Collection Proceeds: 2,911,543.45
For Distribution Date: 12/15/97
For Determination Date: 12/8/97
For Collection Period: 11/97
Collateral Activity Information
Principal
Beginning Principal Balance 105,067,873.84
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 105,067,873.84
Principal portion of payments collected (non-prepayments) 890,527.16
Prepayments in full allocable to principal 173,521.00
Collections allocable to principal 1,064,048.16
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 92,024.73
-----------------------
Total Principal 1,156,072.89
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 103,911,800.95
Interest
Collections allocable to interest $1,755,470.56
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-----------------------
Total Interest $1,755,470.56
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 53,005,805.38
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 5,253,393.70 104,566,797.68
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,710,675.66
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 7,415.72
Scheduled Payments due in Collection Period 2,966,512.47
Scheduled Payments collected in Collection Period 2,645,997.72
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 149 2,289,000.00
60+ days delinquent 35 433,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
7 92,024.73
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 2,722,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables 92,024.73
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more.
Principal Balance of all Receivables that became Defaulted Receivables 66,888.42
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 0.92%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 10,855.00
Cumulative Net Losses for preceding Determination Date 0.00
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,819,518.72
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 92,024.73
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 9,522.07
-----------------------
Total Distribution Amount 2,921,065.52
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 890,527.16
Prepayments in full allocable to principal 173,521.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 92,024.73
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,156,072.89
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 103,911,800.95
-----------------------
93,520,620.86
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 44.3%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,156,072.89
Times Class A Noteholders' Percentage 95%
-----------------------
1,098,269.25
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,098,269.25
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 53,005,805.38
Multiplied by the Note Rate 6.07%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 268,121.03
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,307,598.60
Multiplied by the Note Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 243,114.89
Certificateholders Principal Distributable Amount
Principal Distributable Amount 1,156,072.89
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 57,803.64
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 5,253,393.70
Multiplied by Note Pass-Through Rate 10.59%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 46,361.20
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,253.39 2,921,065.52 5,253.39
Servicing Fee (2.0%) 175,113.12 2,915,812.13 175,113.12 0.00
Additional Servicing Fee Amounts 7,415.72 2,740,699.01 7,415.72 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,733,283.29 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,733,283.29 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,733,283.29 0.00
(iii) Indenture Trustee Fee 875.57 2,733,283.29 875.57
Indenture Trustee's out-of-pocket expenses 0.00 2,732,407.72 0.00
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 2,732,407.72 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 2,732,407.72 0.00
prior Collection Collection Periods
Owner Trustee Fee 0.00 2,732,407.72 0.00
Owner Trustee's out-of-pocket expenses 0.00 2,732,407.72 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 2,732,407.72 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior 0.00 2,732,407.72 0.00
Collection Periods
(iv) Collateral Agent Fee 871.39 2,732,407.72 871.39
Collateral Agent Expenses 0.00 2,731,536.33 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,731,536.33 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,731,536.33 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month
268,121.03 Prior Month(s) Class A-1 Interest Carryover
Shortfall 0.00 Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00 Current
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 268,121.03 2,731,536.33 268,121.03
(B) Class A-2 Interest Distributable Amount - Current Month 243,114.89
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 243,114.89 2,463,415.30 243,114.89
(vi)(A) Certificate Note Interest - Unadjusted 46,361.20
Certificate Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 46,361.20 2,220,300.41 46,361.20
(vii) Class A Principal Distributable Amount - Current Month 1,098,269.25
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 1,098,269.25 2,173,939.21 1,098,269.25 0.00
Class A Principal Distribution Amount to Class A-2 0.00 1,075,669.96 0.00 0.00
(viii) Note Insurer Premium 28,646.08 1,075,669.96 28,646.08
Note Insurer Premium Supplement 0.00 1,047,023.88 0.00
Other Reimbursement Obligations to Note Insurer 0.00 1,047,023.88 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,047,023.88 0.00
(x) Certificate Principal Distributable Amount - 57,803.64
Current Month Unadjusted
Certificate Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 57,803.64 1,047,023.88 57,803.64
(xi) Until the Target Payment Date, remaining amount to 989,220.24 989,220.24 989,220.24
Class A Noteholders
Amount to Class A-1 Noteholders 989,220.24 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount 0.00 2,921,065.52 Total Disbursements
into Spread Acct. 2,921,065.52 Total Distribution Amt
======================
0.00 Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 53,005,805.38
Class A-1 Principal Distributions 1,098,269.25
Class A-1 End of Period Principal Amount (prior to turbo) 51,907,536.13
Additional Principal Distribution 989,220.24
Class A-1 End of Period Principal Amount 50,918,315.89
Class A-2 Beginning of Period Principal Amount 46,307,598.60
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 46,307,598.60
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 46,307,598.60
Certificate Beginning of Period Principal Amount 5,253,393.70
Certificate Principal Distributable Amount 57,803.64
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 5,195,590.06
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 5,195,590.06
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,232,335.13
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,722,000.00
Purchased receivables more than 30 days delinquent 92,024.73
-----------------------
Total 2,814,024.73
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 120,431,772.10
Delinquency Ratio 2.34%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 2.34%
Delinquency Ratio for second preceding Determination Date 0.92%
Delinquency Ratio for third preceding Determination Date 0.00%
-----------------------
Average Delinquency Ratio 1.63% 1.09%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 10,855.00
Current Period Defaulted Receivables 66,888.42
-----------------------
Total 77,743.42
Cumulative Defaulted Receivables 77,743.42
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 0.07%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-----------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-----------------------
Cumulative Net Losses 0.00
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 54.77
Weighted Average Annual Percentage Rate 20.33%
Spread Account
OC Percent
Aggregate Principal Balance 103,911,800.95
minus the Securities Balance 103,410,724.79
-----------------------
501,076.16
divided by the Aggregate Principal Balance 0.48%
Floor OC Percent
Aggregate Principal Balance 103,911,800.95
minus the Securities Balance 103,410,724.79
-----------------------
501,076.16
divided by the initial Aggregate Principal Balance 105,860,630.11
-----------------------
0.47%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 103,410,724.79
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 105,860,630.11
(II) balance of all Subsequent Receivables 0.00
--------------
2,117,212.60
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.53%
(II) initial Aggregate Principal Balance 105,860,630.11
---------------
557,530.15
Floor Amount 2,674,742.75
Requisite Amount
the greater of
(1)the Floor Amount 2,674,742.75
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 8.52%
if a Trigger Event, 15% minus the OC Percent 14.52%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 29.52%
if an Insurance Agreement Event of Default, unlimited 999.00%
8.52%
times the Aggregate Principal Balance 103,911,800.95
-----------------------
8,850,985.93
Requisite Amount 8,850,985.93
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 8,850,985.93
Beginning of Period Spread Account Balance 3,710,675.66
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 5,140,310.27
Earnings on Spread Account Balance 8,822.38
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,719,498.04
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-5
6.26% Asset-Backed Notes, Class A-1
6.40% Asset-Backed Notes, Class A-2
10.55% Asset-Backed Certificates
Distribution Date 12/15/97
Collection Period 11/97
Under the Sale and Servicing Agreement dated as of December 1, 1997, (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $728,692.41
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $38,777.22
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $689,915.19
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $13.07
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $0.70
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $12.38
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $25,013.33
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $25,013.33
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $0.41
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $12,418.75
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $5,604.75
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $6,814.00
(p) Scheduled Payments due in such Collection Period $2,692,329.90
(q) Scheduled Payments collected in such
Collection Period $729,801.56
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $95,706,307.00
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $95,570,026.95
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $90,235,084.80
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9428332
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $4,774,493.00
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0498869
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $21,592.61
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $638.04
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $0.39
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.01
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $32,504.20
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,601,302.43
Spread Account Balance $3,349,821.00
(b) The change in the spread account on the Distribution
Date set forth above $0.00
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $3,530.94
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 4
Aggregate Gross Amount $82,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 0
Aggregate Gross Amount $0.00
7 Performance Triggers
(a) Delinquency Ratio 0.11%
(b) Average Delinquency Ratio 0.11%
(c) Cumulative Default Ratio 0.00%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-5
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 796,546.40
Lock Box NSF Items: (4,447.64)
Total Collection Proceeds: 792,098.76
For Distribution Date: 12/15/97
For Determination Date: 12/8/97
For Collection Period: 11/97
Collateral Activity Information
Principal
Beginning Principal Balance 95,706,307.00
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 95,706,307.00
Principal portion of payments collected (non-prepayments) 73,982.85
Prepayments in full allocable to principal 29,793.00
Collections allocable to principal 103,775.85
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 32,504.20
-----------------------
Total Principal 136,280.05
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 95,570,026.95
Interest
Collections allocable to interest $655,818.71
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-----------------------
Total Interest $655,818.71
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 55,750,000.00
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 4,781,307.00 95,706,307.00
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,349,821.00
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 324.54
Scheduled Payments due in Collection Period 2,692,329.90
Scheduled Payments collected in Collection Period 729,801.56
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 4 82,000.00
60+ days delinquent 0 0.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 32,504.20
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 82,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables 32,504.20
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more.
Principal Balance of all Receivables that became Defaulted Receivables 0.00
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 0.00
Cumulative Net Losses for preceding Determination Date 0.00
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 759,594.56
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 32,504.20
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
-----------------------
Total Distribution Amount 792,098.76
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 73,982.85
Prepayments in full allocable to principal 29,793.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 32,504.20
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 136,280.05
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 95,570,026.95
-----------------------
86,013,024.26
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 36.8%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 136,280.05
Times Class A Noteholders' Percentage 95%
-----------------------
129,466.05
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 129,466.05
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 55,750,000.00
Multiplied by the Note Rate 6.26%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0111111
-----------------------
Class A Interest Distributable Amount 38,777.22
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 35,175,000.00
Multiplied by the Note Rate 6.40%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0111111
-----------------------
Class A Interest Distributable Amount 25,013.33
Certificateholders Principal Distributable Amount
Principal Distributable Amount 136,280.05
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 6,814.00
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,781,307.00
Multiplied by Note Pass-Through Rate 10.55%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0111111
-----------------------
Certificate Coupon Interest Amount 5,604.75
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 638.04 792,098.76 638.04
Servicing Fee (2.0%) 21,268.07 791,460.72 21,268.07 0.00
Additional Servicing Fee Amounts 324.54 770,192.65 324.54 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 769,868.11 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 769,868.11 0.00
(ii) Transition Expenses to Standby Servicer 0.00 769,868.11 0.00
(iii) Indenture Trustee Fee 106.34 769,868.11 106.34
Indenture Trustee's out-of-pocket expenses 0.00 769,761.77 0.00
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 769,761.77 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 769,761.77 0.00
prior Collection Periods
Owner Trustee Fee 0.00 769,761.77 0.00
Owner Trustee's out-of-pocket expenses 0.00 769,761.77 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 769,761.77 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 769,761.77 0.00
prior Collection Periods
(iv) Collateral Agent Fee 106.34 769,761.77 106.34
Collateral Agent Expenses 0.00 769,655.43 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 769,655.43 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 769,655.43 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 38,777.22
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 38,777.22 769,655.43 38,777.22
(B) Class A-2 Interest Distributable Amount - Current Month 25,013.33
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 25,013.33 730,878.21 25,013.33
(vi) (A) Certificate Note Interest - Unadjusted 5,604.75
Certificate Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 5,604.75 705,864.88 5,604.75
(vii) Class A Principal Distributable Amount - Current Month 129,466.05
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 129,466.05 700,260.13 129,466.05 0.00
Class A Principal Distribution Amount to Class A-2 0.00 570,794.08 0.00 0.00
(viii) Note Insurer Premium 3,530.94 570,794.08 3,530.94
Note Insurer Premium Supplement 0.00 567,263.15 0.00
Other Reimbursement Obligations to Note Insurer 0.00 567,263.15 0.00
(ix) Transition Expenses to successor Servicer 0.00 567,263.15 0.00
(x) Certificate Principal Distributable Amount - 6,814.00
Current Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 6,814.00 567,263.15 6,814.00
(xi) Until the Target Payment Date, remaining amount to 560,449.15 560,449.15 560,449.15
Class A Noteholders
Amount to Class A-1 Noteholders 560,449.15 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount 0.00 792,098.76 Total Disbursements
into Spread Acct. 792,098.76 Total Distribution Amt
======================
0.00 Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 55,750,000.00
Class A-1 Principal Distributions 129,466.05
Class A-1 End of Period Principal Amount (prior to turbo) 55,620,533.95
Additional Principal Distribution 560,449.15
Class A-1 End of Period Principal Amount 55,060,084.80
Class A-2 Beginning of Period Principal Amount 35,175,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 35,175,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 35,175,000.00
Certificate Beginning of Period Principal Amount 4,781,307.00
Certificate Principal Distributable Amount 6,814.00
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,774,493.00
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,774,493.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 585,462.48
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 82,000.00
Purchased receivables more than 30 days delinquent 32,504.20
-----------------------
Total 114,504.20
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 108,960,193.46
Delinquency Ratio 0.11%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 0.11%
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
-----------------------
Average Delinquency Ratio 0.11% 0.04%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 0.00
-----------------------
Total 0.00
Cumulative Defaulted Receivables 0.00
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 0.00%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-----------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-----------------------
Cumulative Net Losses 0.00
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 56.00
Weighted Average Annual Percentage Rate 20.28%
Spread Account
OC Percent
Aggregate Principal Balance 95,570,026.95
minus the Securities Balance 95,570,026.95
-----------------------
(0.00)
divided by the Aggregate Principal Balance 0.00%
Floor OC Percent
Aggregate Principal Balance 95,570,026.95
minus the Securities Balance 95,570,026.95
-----------------------
0.00
divided by the initial Aggregate Principal Balance 95,706,307.00
-----------------------
0.00%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 95,570,026.95
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 95,706,307.00
(II) balance of all Subsequent Receivables 0.00
--------------
1,914,126.14
(B)the product of
(I) excess of 1% over the Floor OC Percent 1.00%
(II) initial Aggregate Principal Balance 95,706,307.00
--------------
957,063.07
Floor Amount 2,871,189.21
Requisite Amount
the greater of
(1)the Floor Amount 2,871,189.21
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 9.0%
if a Trigger Event, 15% minus the OC Percent 15.0%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 30.0%
if an Insurance Agreement Event of Default, unlimited 999%
9%
times the Aggregate Principal Balance 95,570,026.95
-----------------------
8,601,302.43
Requisite Amount 8,601,302.43
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 8,601,302.43
Beginning of Period Spread Account Balance 3,349,821.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 5,251,481.43
Earnings on Spread Account Balance 0.00
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,349,821.00
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
</TABLE>
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Distribution Date 1/15/98
Collection Period 12/97
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,313,061.54
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $271,609.16
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,041,452.38
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $27.39
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.22
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $24.17
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $91,749.47
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $23,242.51
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $68,506.96
(j) Scheduled Payments due in such Collection Period $1,886,357.69
(k) Scheduled Payments collected in such
Collection Period $1,822,999.28
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $51,591,768.24
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $49,691,321.27
(c) The Pool factor as of the close of business
on the last day set forth above 0.9631638
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $101,981.50
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,439.45
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.21
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $19,541.47
(b) Distributions (to) from Collection Account $5,176.51
for Payaheads
(c) Interest earned on Payahead Balances $95.04
(d) Ending Payahead Account Balance $24,813.02
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,453,698.19
Spread Account Balance $7,453,698.19
(b) The change in the spread account on the Distribution
Date set forth above $52,772.92
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $13,699.80
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $571,144.52
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 217
Aggregate Gross Amount $2,449,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 230
Aggregate Gross Amount $2,664,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.93%
(b) Average Delinquency Ratio 8.11%
(c) Cumulative Default Ratio 13.37%
(d) Cumulative Net Loss Ratio 8.75%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,564,890.10
Lock Box NSF Items: (43,494.55)
Transfers from (to) Payahead Account: (5,176.51)
Collection Account Interest 9,260.09
Payahead Account Interest 95.04
Total Collection Proceeds: 2,525,574.17
For Distribution Date: 1/15/98
For Determination Date: 1/8/98
For Collection Period: 12/97
Collateral Activity Information
Principal
Beginning Principal Balance 51,591,768.24
Principal portion of payments collected (non-prepayments) 929,790.49
Prepayments in full allocable to principal 335,676.00
Collections allocable to principal 1,265,466.49
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 312,286.23
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,577,752.72
Realized Losses 571,144.52
Cram Down Losses 0.00
Ending Principal Balance 49,442,871.00
Interest
Collections allocable to interest 893,208.79
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 54,612.66
-------------------
Total Interest 947,821.45
Certificate Information
Beginning of Period Class A Principal Balance 49,012,179.83
Beginning of Period Class B Principal Balance 2,789,100.77
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,400,925.27
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 15,995.22
Aggregate Payahead Balance 24,717.98
Aggregate Payahead Balance for preceding Distribution Date 19,541.47
Interest Earned on Payahead Balances 95.04
Scheduled Payments due in Collection Period 1,886,357.69
Scheduled Payments collected in Collection Period 1,822,999.28
Aggregate Amount of Realized Losses for preceding Distribution Date 571,144.52
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 350.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 217 2,449,000.00
60+ days delinquent 230 2,664,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,113,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 568,973.17
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.99%
Delinquency Ratio for third preceding Determination Date 7.42%
Cumulative Defaults for preceding Determination Date 11,316,560.97
Cumulative Net Losses for preceding Determination Date 7,266,178.38
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,158,675.28
Liquidation Proceeds 312,286.23
Recoveries 54,612.66
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,525,574.17
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 929,790.49
Prepayments in full allocable to principal 335,676.00
Principal Balance of Liquidated Receivables 883,430.75
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,148,897.24
Class A Principal Distributable Amount
Principal Distributable Amount 2,148,897.24
Times Class A Percentage (95%) 95%
-------------------
2,041,452.38
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,041,452.38
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 49,012,179.83
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 271,609.16
Class B Principal Distributable Amount
Principal Distributable Amount 2,148,897.24
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 107,444.86
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,789,100.77
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 23,242.51
Class B Excess Interest Amount
Total Distribution Amount 2,525,574.17
minus
Class A Principal and Interest Distributable Amount 2,313,061.54
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 23,242.51
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 107,444.86
Class B Principal Carryover Shortfall 209,512.37
Trustee distributions 994.90
Standby Servicer distributions 3,439.45
Servicer distributions 101,981.50
Collateral Agent distributions 647.52
Reimbursement Obligations 13,699.80
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 209,512.37
-------------------
209,512.37
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,439.45 2,525,574.17 3,439.45 2,525,574.17
Servicing Fee (2.0%) 85,986.28 2,522,134.72 85,986.28 0.00
Additional Servicing Fee Amounts 15,995.22 2,436,148.44 15,995.22 0.00
(late fees,prepayment charges, etc.
Unpaid Standby Fee from prior Collection Periods 0.00 2,420,153.22 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,420,153.22 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,420,153.22 0.00
(iii) Trustee Fee 644.90 2,420,153.22 644.90
Trustee's out-of-pocket expenses 350.00 2,419,508.32 350.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,419,158.32 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 2,419,158.32 0.00
prior Collection Periods
(iv) Collateral Agent Fee 647.52 2,419,158.32 647.52
Collateral Agent Expenses 0.00 2,418,510.80 0.00
Unpaid Collateral Agent Fee from prior Collection 0.00 2,418,510.80 0.00
Periods
Unpaid Collateral Agent Expenses from prior Collection 0.00 2,418,510.80 0.00
Periods
(v)(A) Class A Interest Distributable Amount - Current Month 271,609.16 2,418,510.80 271,609.16
Prior Month(s) Class A Carryover Shortfall 0.00 2,146,901.64 0.00
Class A Interest Carryover Shortfall 0.00 2,146,901.64 0.00
Interest on Interest Carryover from Prior Months 0.00 2,146,901.64 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,146,901.64 0.00
Class A Interest Distributable Amount 271,609.16 2,146,901.64 271,609.16
(viii)(A)Class B Coupon Interest - Unadjusted 23,242.51 1,875,292.48 23,242.51
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,852,049.97 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,852,049.97 0.00
Interest on Interest Carryover from Prior Months 0.00 1,852,049.97 0.00
Current Month Class B Interest Shortfall 0.00 1,852,049.97 0.00
Adjusted Class B Interest Distributable Amount 23,242.51 1,852,049.97 23,242.51
(v) (B) Class A Principal Distributable Amount - Current Month 2,041,452.38 1,828,807.46 1,828,807.46 484,121.79
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,041,452.38 0.00 0.00 0.00
(vi) Certificate Insurer Premium 13,699.80 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 107,444.86 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous 209,512.37 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (248,450.28) 0.00 (248,450.28)
Adjusted Class B Principal Distributable Amount 68,506.96 248,450.28 68,506.96
(C) Excess Interest Amount for Deposit in Spread Account 0.00 179,943.32 0.00
179,943.32 179,943.32
Certificate Balance
Class A Beginning of Period Principal Balance 49,012,179.83
Class A Principal Distributions 2,041,452.38
Class A End of Period Principal Balance 46,970,727.45
Class B Beginning of Period Principal Balance 2,789,100.77
Class B Principal Distributable Amount 68,506.96
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,720,593.81
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,720,593.81
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,525,574.17
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 378,672.53
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,146,901.64
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,146,901.64
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 23,242.51
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,123,659.13
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,123,659.13
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,041,452.38
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 82,206.75
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 82,206.75
(vi) Certificate Insurer Premium 13,699.80
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 68,506.96
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 68,506.96
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 107,444.86
(iii) Prior month(s) carryover shortfalls 209,512.37
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (248,450.28)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (248,450.28)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,113,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 5,113,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 57,282,630.24
Delinquency Ratio 8.93%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.93%
Delinquency Ratio for second preceding Determination Date 7.99%
Delinquency Ratio for third preceding Determination Date 7.42%
-------------------
Average Delinquency Ratio 8.11% 8.11%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 11,316,560.97
Current Period Defaulted Receivables 568,973.17
-------------------
Total 11,885,534.14
Cumulative Defaulted Receivables 11,885,534.14
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 13.37%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 883,430.75
Cram Down Losses 0.00
Net Liquidation Proceeds (366,898.89)
-------------------
Net Liquidation Losses 516,531.86
Cumulative Previous Net Losses 7,266,178.38
-------------------
Cumulative Net Losses 7,782,710.24
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 8.75%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 36.81
Weighted Average Annual Percentage Rate 20.42%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,969,132.13
15% of Outstanding Certificate Balance 7,453,698.19
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,453,698.19
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 49,691,321.27
Minimum Floor 100,000.00
-------------
Floor Amount 2,667,022.51
Required Spread Account Amount 7,453,698.19
Beginning of Period Spread Account Balance 7,400,925.27
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 37,119.69
Required addition to/(eligible withdrawal from) Spread Account 15,653.23
Earnings on Spread Account Balance 15,653.23
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,453,698.19
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: James L. Stock
Title: Controller
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
Distribution Date 1/15/98
Collection Period 12/97
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,642,467.33
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $329,638.87
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,312,828.46
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $30.19
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.77
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $26.43
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $158,516.37
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $29,331.18
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $129,185.19
(j) Scheduled Payments due in such Collection Period $2,098,848.39
(k) Scheduled Payments collected in such
Collection Period $2,077,114.78
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $62,147,156.09
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $59,715,371.61
(c) The Pool factor as of the close of business
on the last day set forth above 0.9608705
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $123,957.17
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,143.14
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.42
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $20,472.51
(b) Distributions (to) from Collection Account $8,665.95
for Payaheads
(c) Interest earned on Payahead Balances $107.27
(d) Ending Payahead Account Balance $29,245.73
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $5,971,537.16
Spread Account Balance $5,971,537.16
(b) The change in the spread account on the Distribution
Date set forth above ($254,624.33)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $16,545.37
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $655,114.63
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 257
Aggregate Gross Amount $3,077,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 265
Aggregate Gross Amount $3,392,000.00
8 Performance Triggers
(a) Delinquency Ratio 9.21%
(b) Average Delinquency Ratio 8.40%
(c) Cumulative Default Ratio 11.30%
(d) Cumulative Net Loss Ratio 6.36%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,986,411.27
Lock Box NSF Items: (43,249.51)
Transfers from (to) Payahead Account: (8,665.95)
Collection Account Interest 10,600.33
Payahead Account Interest 107.27
Total Collection Proceeds: 2,945,203.41
For Distribution Date: 1/15/98
For Determination Date: 1/8/98
For Collection Period: 12/97
Collateral Activity Information
Principal
Beginning Principal Balance 62,147,156.09
Principal portion of payments collected (non-prepayments) 961,364.05
Prepayments in full allocable to principal 470,728.00
Collections allocable to principal 1,432,092.05
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 347,349.59
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,779,441.64
Realized Losses 655,114.63
Cram Down Losses 0.00
Ending Principal Balance 59,712,599.82
Interest
Collections allocable to interest 1,115,750.73
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 50,011.04
-------------------
Total Interest 1,165,761.77
Certificate Information
Beginning of Period Class A Principal Balance 59,039,798.27
Beginning of Period Class B Principal Balance 3,114,815.18
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,226,161.49
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 20,378.58
Aggregate Payahead Balance 29,138.46
Aggregate Payahead Balance for preceding Distribution Date 20,472.51
Interest Earned on Payahead Balances 107.27
Scheduled Payments due in Collection Period 2,098,848.39
Scheduled Payments collected in Collection Period 2,077,114.78
Aggregate Amount of Realized Losses for preceding Distribution Date 655,114.63
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 792.07
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 257 3,077,000.00
60+ days delinquent 265 3,392,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,469,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 743,222.09
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 8.58%
Delinquency Ratio for third preceding Determination Date 7.42%
Cumulative Defaults for preceding Determination Date 9,666,085.00
Cumulative Net Losses for preceding Determination Date 5,257,592.27
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,547,842.78
Liquidation Proceeds 347,349.59
Recoveries 50,011.04
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,945,203.41
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 961,364.05
Prepayments in full allocable to principal 470,728.00
Principal Balance of Liquidated Receivables 1,002,464.22
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,434,556.27
Class A Principal Distributable Amount
Principal Distributable Amount 2,434,556.27
Times Class A Percentage (95%) 95%
-------------------
2,312,828.46
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,312,828.46
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 59,039,798.27
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 329,638.87
Class B Principal Distributable Amount
Principal Distributable Amount 2,434,556.27
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 121,727.82
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,114,815.18
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 29,331.18
Class B Excess Interest Amount
Total Distribution Amount 2,945,203.41
minus
Class A Principal and Interest Distributable Amount 2,642,467.33
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 29,331.18
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 121,727.82
Class B Principal Carryover Shortfall 7,457.37
Trustee distributions 1,568.91
Standby Servicer distributions 4,143.14
Servicer distributions 123,957.17
Collateral Agent distributions 776.93
Reimbursement Obligations 16,545.37
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 7,457.37
-------------------
7,457.37
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,143.14 0.00 0.00 121,727.82
Servicing Fee (2.0%) 103,578.59 0.00 0.00 0.00
Additional Servicing Fee Amounts 20,378.58 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 776.84 0.00 0.00
Trustee's out-of-pocket expenses 792.07 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 0.00 0.00
prior Collection Periods
(iv) Collateral Agent Fee 776.93 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior 0.00 0.00 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 0.00 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 329,638.87 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00
Class A Interest Distributable Amount 329,638.87 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 29,331.18 0.00 0.00
Class B Interest Carryover Shortfall - 0.00 0.00 0.00 121,727.82
Previous Month(s)
Interest on B Interest Shortfall - 0.00 0.00 0.00 121,727.82
Previous Month(s)
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 29,331.18 0.00 0.00
(v)(B) Class A Principal Distributable Amount - 2,312,828.46 0.00 0.00
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,312,828.46 0.00 0.00
(vi) Certificate Insurer Premium 16,545.37 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 121,727.82 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 7,457.37 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (2,771.81) 0.00 (2,771.81)
Adjusted Class B Principal Distributable Amount 126,413.39 2,771.81 2,771.81
(C) Excess Interest Amount for Deposit in Spread Account 0.00 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 59,039,798.27
Class A Principal Distributions 2,312,828.46
Class A End of Period Principal Balance 56,726,969.81
Class B Beginning of Period Principal Balance 3,114,815.18
Class B Principal Distributable Amount 126,413.39
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,988,401.79
Withdrawl from Spread Account to Cover B Shortfalls 2,771.81
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,985,629.99
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,945,203.41
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 460,085.02
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,485,118.39
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,485,118.39
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 29,331.18
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,455,787.21
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,455,787.21
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,312,828.46
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 142,958.75
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 142,958.75
(vi) Certificate Insurer Premium 16,545.37
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 126,413.39
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 126,413.39
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 121,727.82
(iii) Prior month(s) carryover shortfalls 7,457.37
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (2,771.81)
Withdrawl from Spread Account to B PieceCover Shortfalls (2,771.81)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,469,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 6,469,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 70,250,265.40
Delinquency Ratio 9.21%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 9.21%
Delinquency Ratio for second preceding Determination Date 8.58%
Delinquency Ratio for third preceding Determination Date 7.42%
-------------------
Average Delinquency Ratio 8.40% 8.40%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 9,666,085.00
Current Period Defaulted Receivables 743,222.09
-------------------
Total 10,409,307.09
Cumulative Defaulted Receivables 10,409,307.09
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 11.30%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,002,464.22
Cram Down Losses 0.00
Net Liquidation Proceeds (397,360.63)
-------------------
Net Liquidation Losses 605,103.59
Cumulative Previous Net Losses 5,257,592.27
-------------------
Cumulative Net Losses 5,862,695.86
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 6.36%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 40.79
Weighted Average Annual Percentage Rate 20.50%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,971,537.16
15% of Outstanding Certificate Balance 8,957,305.74
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 5,971,537.16
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 59,715,371.61
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 5,971,537.16
Beginning of Period Spread Account Balance 6,226,161.49
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (4,570.97)
Required addition to/(eligible withdrawal from) Spread Account (250,053.36)
Earnings on Spread Account Balance 28,778.79
Amount of Spread Account deposit (withdrawal) (278,832.15)
Amount of Withdrawl Allocated to B Piece Shortfalls 2,771.81
Net Spread Account Withdrawl to Seller (276,060.34)
Ending Spread Account Balance 5,971,537.16
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: James L. Stock
Title: Controller
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Distribution Date 1/15/98
Collection Period 12/97
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,534,825.83
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $355,177.30
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,179,648.53
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $28.73
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.03
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $24.71
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $144,835.71
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $30,117.37
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $114,718.34
(j) Scheduled Payments due in such Collection Period $2,288,104.79
(k) Scheduled Payments collected in such
Collection Period $2,154,565.67
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $71,213,493.96
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $68,919,127.09
(c) The Pool factor as of the close of business
on the last day set forth above 0.9677819
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $135,178.22
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,747.57
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.53
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $19,671.31
(b) Distributions (to) from Collection Account $8,550.19
for Payaheads
(c) Interest earned on Payahead Balances $113.96
(d) Ending Payahead Account Balance $28,335.46
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,891,912.71
Spread Account Balance $6,891,912.71
(b) The change in the spread account on the Distribution
Date set forth above ($237,837.74)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $19,096.34
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $647,001.76
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 271
Aggregate Gross Amount $3,415,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 263
Aggregate Gross Amount $3,846,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.89%
(b) Average Delinquency Ratio 8.12%
(c) Cumulative Default Ratio 8.21%
(d) Cumulative Net Loss Ratio 4.60%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,902,843.82
Lock Box NSF Items: (53,421.37)
Transfers from (to) Payahead Account: (8,550.19)
Collection Account Interest 10,978.86
Payahead Account Interest 113.96
Total Collection Proceeds: 2,851,965.08
For Distribution Date: 1/15/98
For Determination Date: 1/8/98
For Collection Period: 12/97
Collateral Activity Information
Principal
Beginning Principal Balance 71,213,493.96
Principal portion of payments collected (non-prepayments) 993,253.83
Prepayments in full allocable to principal 291,800.00
Collections allocable to principal 1,285,053.83
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 362,311.28
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,647,365.11
Realized Losses 647,001.76
Cram Down Losses 0.00
Ending Principal Balance 68,919,127.09
Interest
Collections allocable to interest 1,161,311.84
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 43,288.13
-------------------
Total Interest 1,204,599.97
Certificate Information
Beginning of Period Class A Principal Balance 67,652,819.25
Beginning of Period Class B Principal Balance 3,560,674.71
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,129,750.45
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 16,489.06
Aggregate Payahead Balance 28,221.50
Aggregate Payahead Balance for preceding Distribution Date 19,671.31
Interest Earned on Payahead Balances 113.96
Scheduled Payments due in Collection Period 2,288,104.79
Scheduled Payments collected in Collection Period 2,154,565.67
Aggregate Amount of Realized Losses for preceding Distribution Date 647,001.76
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 852.75
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 271 3,415,000.00
60+ days delinquent 263 3,846,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 7,261,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 688,090.65
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 8.36%
Delinquency Ratio for third preceding Determination Date 7.11%
Cumulative Defaults for preceding Determination Date 6,939,939.94
Cumulative Net Losses for preceding Determination Date 3,663,508.29
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,446,365.67
Liquidation Proceeds 362,311.28
Recoveries 43,288.13
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,851,965.08
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 993,253.83
Prepayments in full allocable to principal 291,800.00
Principal Balance of Liquidated Receivables 1,009,313.04
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,294,366.87
Class A Principal Distributable Amount
Principal Distributable Amount 2,294,366.87
Times Class A Percentage (95%) 95%
-------------------
2,179,648.53
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,179,648.53
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 67,652,819.25
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 355,177.30
Class B Principal Distributable Amount
Principal Distributable Amount 2,294,366.87
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 114,718.34
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,560,674.71
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 30,117.37
Class B Excess Interest Amount
Total Distribution Amount 2,851,965.08
minus
Class A Principal and Interest Distributable Amount 2,534,825.83
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 30,117.37
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 114,718.34
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,742.92
Standby Servicer distributions 4,747.57
Servicer distributions 135,178.22
Collateral Agent distributions 890.17
Reimbursement Obligations 19,096.34
-------------------
10,648.32
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,747.57 2,851,965.08 4,747.57 2,851,965.08
Servicing Fee (2.0%) 118,689.16 2,847,217.51 118,689.16 0.00
Additional Servicing Fee Amounts 16,489.06 2,728,528.35 16,489.06 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,712,039.29 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,712,039.29 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,712,039.29 0.00
(iii) Trustee Fee 890.17 2,712,039.29 890.17
Trustee's out-of-pocket expenses 852.75 2,711,149.12 852.75
Unpaid Trustee Fee from prior Collection Periods 0.00 2,710,296.37 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,710,296.37 0.00
Collection Periods
(iv) Collateral Agent Fee 890.17 2,710,296.37 890.17
Collateral Agent Expenses 0.00 2,709,406.20 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,709,406.20 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,709,406.20 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 355,177.30 2,709,406.20 355,177.30
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,354,228.90 0.00
Class A Interest Carryover Shortfall 0.00 2,354,228.90 0.00
Interest on Interest Carryover from Prior Months 0.00 2,354,228.90 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,354,228.90 0.00
Class A Interest Distributable Amount 355,177.30 2,354,228.90 355,177.30
(viii)(A)Class B Coupon Interest - Unadjusted 30,117.37 1,999,051.60 30,117.37
Class B Interest Carryover Shortfall - 0.00 1,968,934.23 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 1,968,934.23 0.00
Previous Month(s)
Interest on Interest Carryover from 0.00 1,968,934.23 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 1,968,934.23 0.00
Adjusted Class B Interest Distributable Amount 30,117.37 1,968,934.23 30,117.37
(v)(B) Class A Principal Distributable Amount - Current Month 2,179,648.53 1,938,816.86 1,938,816.86 672,316.55
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,179,648.53 0.00 0.00 0.00
(vi) Certificate Insurer Premium 19,096.34 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 114,718.34 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 114,718.34 0.00 0.00
(C) Excess Interest Amount for Deposit in Spread Account 10,648.32 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 67,652,819.25
Class A Principal Distributions 2,179,648.53
Class A End of Period Principal Balance 65,473,170.72
Class B Beginning of Period Principal Balance 3,560,674.71
Class B Principal Distributable Amount 114,718.34
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,445,956.37
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,445,956.37
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,851,965.08
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 497,736.18
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,354,228.90
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,354,228.90
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 30,117.37
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,324,111.53
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,324,111.53
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,179,648.53
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 144,463.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 144,463.00
(vi) Certificate Insurer Premium 19,096.34
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 125,366.66
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 125,366.66
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 114,718.34
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 10,648.32
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 10,648.32
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,261,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 7,261,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 81,652,856.26
Delinquency Ratio 8.89%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.89%
Delinquency Ratio for second preceding Determination Date 8.36%
Delinquency Ratio for third preceding Determination Date 7.11%
-------------------
Average Delinquency Ratio 8.12% 8.12%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 6,939,939.94
Current Period Defaulted Receivables 688,090.65
-------------------
Total 7,628,030.59
Cumulative Defaulted Receivables 7,628,030.59
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 8.21%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,009,313.04
Cram Down Losses 0.00
Net Liquidation Proceeds (405,599.41)
-------------------
Net Liquidation Losses 603,713.63
Cumulative Previous Net Losses 3,663,508.29
-------------------
Cumulative Net Losses 4,267,221.92
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 4.60%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 44.00
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,891,912.71
15% of Outstanding Certificate Balance 10,337,869.06
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,891,912.71
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 68,919,127.09
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 6,891,912.71
Beginning of Period Spread Account Balance 7,129,750.45
Spread Account Deposit (Withdrawal) from Current Distributions 10,648.32
Transfer (to) from Cross-Collateralized Spread Accounts (4,592.42)
Required addition to/(eligible withdrawal from) Spread Account (243,893.64)
Earnings on Spread Account Balance 33,462.14
Amount of Spread Account deposit (withdrawal) (277,355.78)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (277,355.78)
Ending Spread Account Balance 6,891,912.71
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: James L. Stock
Title: Controller
Current month excess servicing fee #REF!
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Distribution Date 1/15/98
Collection Period 12/97
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,145,163.22
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $446,910.63
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,698,252.59
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $32.35
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.60
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $27.76
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $183,885.35
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $41,872.06
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $142,013.29
(j) Scheduled Payments due in such Collection Period $2,648,301.05
(k) Scheduled Payments collected in such
Collection Period $2,455,916.94
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $86,186,060.45
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $83,437,750.09
(c) The Pool factor as of the close of business
on the last day set forth above 0.9681119
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $162,154.58
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,745.74
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.67
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $24,982.95
(b) Distributions (to) from Collection Account $8,580.90
for Payaheads
(c) Interest earned on Payahead Balances $336.28
(d) Ending Payahead Account Balance $33,900.13
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,343,775.01
Spread Account Balance $8,343,775.01
(b) The change in the spread account on the Distribution
Date set forth above ($289,776.14)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $23,093.73
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $888,463.21
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 340
Aggregate Gross Amount $4,477,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 364
Aggregate Gross Amount $4,975,000.00
8 Performance Triggers
(a) Delinquency Ratio 9.58%
(b) Average Delinquency Ratio 8.84%
(c) Cumulative Default Ratio 6.62%
(d) Cumulative Net Loss Ratio 2.88%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,496,349.57
Lock Box NSF Items: (69,679.33)
Transfers from (to) Payahead Account: (8,580.90)
Collection Account Interest 12,747.08
Payahead Account Interest 336.28
Total Collection Proceeds: 3,431,172.70
For Distribution Date: 1/15/98
For Determination Date: 1/8/98
For Collection Period: 12/97
Collateral Activity Information
Principal
Beginning Principal Balance 86,186,060.45
Principal portion of payments collected (non-prepayments) 1,013,602.78
Prepayments in full allocable to principal 412,086.00
Collections allocable to principal 1,425,688.78
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 526,113.89
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,951,802.67
Realized Losses 888,463.21
Cram Down Losses 0.00
Ending Principal Balance 83,345,794.57
Interest
Collections allocable to interest 1,442,314.16
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 37,055.87
-------------------
Total Interest 1,479,370.03
Certificate Information
Beginning of Period Class A Principal Balance 81,876,757.43
Beginning of Period Class B Principal Balance 4,309,303.02
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,633,551.15
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 18,511.15
Aggregate Payahead Balance 33,563.85
Aggregate Payahead Balance for preceding Distribution Date 24,982.95
Interest Earned on Payahead Balances 336.28
Scheduled Payments due in Collection Period 2,648,301.05
Scheduled Payments collected in Collection Period 2,455,916.94
Aggregate Amount of Realized Losses for preceding Distribution Date 888,463.21
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 930.94
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 340 4,477,000.00
60+ days delinquent 364 4,975,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 9,452,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 1,102,158.20
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 9.05%
Delinquency Ratio for third preceding Determination Date 7.90%
Cumulative Defaults for preceding Determination Date 5,671,970.69
Cumulative Net Losses for preceding Determination Date 2,098,475.13
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,868,002.94
Liquidation Proceeds 526,113.89
Recoveries 37,055.87
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,431,172.70
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,013,602.78
Prepayments in full allocable to principal 412,086.00
Principal Balance of Liquidated Receivables 1,414,577.10
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,840,265.88
Class A Principal Distributable Amount
Principal Distributable Amount 2,840,265.88
Times Class A Percentage (95%) 95%
-------------------
2,698,252.59
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,698,252.59
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 81,876,757.43
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 446,910.63
Class B Principal Distributable Amount
Principal Distributable Amount 2,840,265.88
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 142,013.29
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,309,303.02
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 41,872.06
Class B Excess Interest Amount
Total Distribution Amount 3,431,172.70
minus
Class A Principal and Interest Distributable Amount 3,145,163.22
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 41,872.06
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 142,013.29
Class B Principal Carryover Shortfall 0.00
Trustee distributions 2,008.27
Standby Servicer distributions 5,745.74
Servicer distributions 162,154.58
Collateral Agent distributions 1,077.33
Reimbursement Obligations 23,093.73
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,745.74 3,431,172.70 5,745.74 3,431,172.70
Servicing Fee (2.0%) 143,643.43 3,425,426.96 143,643.43 0.00
Additional Servicing Fee Amounts 18,511.15 3,281,783.53 18,511.15 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,263,272.38 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,263,272.38 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,263,272.38 0.00
(iii) Trustee Fee 1,077.33 3,263,272.38 1,077.33
Trustee's out-of-pocket expenses 930.94 3,262,195.05 930.94
Unpaid Trustee Fee from prior Collection Periods 0.00 3,261,264.11 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,261,264.11 0.00
Collection Periods
(iv) Collateral Agent Fee 1,077.33 3,261,264.11 1,077.33
Collateral Agent Expenses 0.00 3,260,186.78 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,260,186.78 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,260,186.78 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 446,910.63 3,260,186.78 446,910.63
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,813,276.15 0.00
Class A Interest Carryover Shortfall 0.00 2,813,276.15 0.00
Interest on Interest Carryover from Prior Months 0.00 2,813,276.15 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,813,276.15 0.00
Class A Interest Distributable Amount 446,910.63 2,813,276.15 446,910.63
(viii)(A)Class B Coupon Interest - Unadjusted 41,872.06 2,366,365.52 41,872.06
Class B Interest Carryover Shortfall - 0.00 2,324,493.46 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 2,324,493.46 0.00
Previous Month(s)
Interest on Interest Carryover from Prior 0.00 2,324,493.46 0.00
Months
Current Month Class B Interest Shortfall 0.00 2,324,493.46 0.00
Adjusted Class B Interest Distributable Amount 41,872.06 2,324,493.46 41,872.06
(v)(B) Class A Principal Distributable Amount - 2,698,252.59 2,282,621.40 2,282,621.40 732,920.11
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,698,252.59 0.00 0.00 0.00
(vi) Certificate Insurer Premium 23,093.73 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 142,013.29 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (91,955.52) 0.00 (91,955.52)
Adjusted Class B Principal Distributable Amount 50,057.77 91,955.52 50,057.77
(C) Excess Interest Amount for Deposit in Spread (0.00) 41,897.75 (0.00)
Account 41,897.75 41,897.75
Certificate Balance
Class A Beginning of Period Principal Balance 81,876,757.43
Class A Principal Distributions 2,698,252.59
Class A End of Period Principal Balance 79,178,504.84
Class B Beginning of Period Principal Balance 4,309,303.02
Class B Principal Distributable Amount 50,057.77
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,259,245.25
Withdrawl from Spread Account to Cover B Shortfalls 91,955.52
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,167,289.73
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,431,172.70
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 617,896.55
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,813,276.15
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,813,276.15
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 41,872.06
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,771,404.09
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,771,404.09
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,698,252.59
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 73,151.50
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 73,151.50
(vi) Certificate Insurer Premium 23,093.73
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 50,057.77
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 50,057.77
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 142,013.29
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (91,955.52)
Withdrawl from Spread Account to B PieceCover Shortfalls (91,955.52)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 9,452,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 9,452,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 98,652,272.29
Delinquency Ratio 9.58%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 9.58%
Delinquency Ratio for second preceding Determination Date 9.05%
Delinquency Ratio for third preceding Determination Date 7.90%
-------------------
Average Delinquency Ratio 8.84% 8.84%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 5,671,970.69
Current Period Defaulted Receivables 1,102,158.20
-------------------
Total 6,774,128.89
Cumulative Defaulted Receivables 6,774,128.89
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 6.62%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,414,577.10
Cram Down Losses 0.00
Net Liquidation Proceeds (563,169.76)
-------------------
Net Liquidation Losses 851,407.34
Cumulative Previous Net Losses 2,098,475.13
-------------------
Cumulative Net Losses 2,949,882.47
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 2.88%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 46.86
Weighted Average Annual Percentage Rate 20.57%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,343,775.01
15% of Outstanding Certificate Balance 12,515,662.51
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,343,775.01
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 83,437,750.09
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 8,343,775.01
Beginning of Period Spread Account Balance 8,633,551.15
Spread Account Deposit (Withdrawal) from Current Distributions (0.00)
Transfer (to) from Cross-Collateralized Spread Accounts (3,868.88)
Required addition to/(eligible withdrawal from) Spread Account (285,907.26)
Earnings on Spread Account Balance 39,706.39
Amount of Spread Account deposit (withdrawal) (325,613.65)
Amount of Withdrawl Allocated to B Piece Shortfalls 91,955.52
Net Spread Account Withdrawl to Seller (233,658.13)
Ending Spread Account Balance 8,343,775.01
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: James L. Stock
Title: Controller
</TABLE>
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
Distribution Date 1/15/98
Collection Period 12/97
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,915,604.24
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $568,718.16
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,346,886.08
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $25.71
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.02
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $20.70
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $175,013.28
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $51,492.96
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $123,520.32
(j) Scheduled Payments due in such Collection Period $2,904,892.24
(k) Scheduled Payments collected in such
Collection Period $3,098,113.73
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $108,027,193.03
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $105,556,786.63
(c) The Pool factor as of the close of business
on the last day set forth above 0.9771316
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $201,834.38
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,201.81
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.78
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $22,143.45
(b) Distributions (to) from Collection Account $11,710.65
for Payaheads
(c) Interest earned on Payahead Balances $136.49
(d) Ending Payahead Account Balance $33,990.59
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,500,110.80
Spread Account Balance $9,500,110.80
(b) The change in the spread account on the Distribution
Date set forth above ($194,791.62)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $29,248.03
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $507,774.11
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 418
Aggregate Gross Amount $5,678,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 415
Aggregate Gross Amount $5,663,000.00
8 Performance Triggers
(a) Delinquency Ratio 9.19%
(b) Average Delinquency Ratio 8.08%
(c) Cumulative Default Ratio 3.58%
(d) Cumulative Net Loss Ratio 1.01%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,891,117.12
Lock Box NSF Items: (88,638.55)
Transfers from (to) Payahead Account: (11,710.65)
Collection Account Interest 13,589.64
Payahead Account Interest 136.49
Total Collection Proceeds: 3,804,494.05
For Distribution Date: 1/15/98
For Determination Date: 1/8/98
For Collection Period: 12/97
Collateral Activity Information
Principal
Beginning Principal Balance 108,027,193.03
Principal portion of payments collected (non-prepayments) 1,280,708.03
Prepayments in full allocable to principal 335,073.00
Collections allocable to principal 1,615,781.03
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 346,851.26
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,962,632.29
Realized Losses 507,774.11
Cram Down Losses 0.00
Ending Principal Balance 105,556,786.63
Interest
Collections allocable to interest 1,817,405.70
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 24,456.06
-------------------
Total Interest 1,841,861.76
Certificate Information
Beginning of Period Class A Principal Balance 102,625,833.39
Beginning of Period Class B Principal Balance 5,401,359.64
Miscellaneous Balances
Beginning of Period Spread Account Balance 9,694,902.42
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 21,789.06
Aggregate Payahead Balance 33,854.10
Aggregate Payahead Balance for preceding Distribution Date 22,143.45
Interest Earned on Payahead Balances 136.49
Scheduled Payments due in Collection Period 2,904,892.24
Scheduled Payments collected in Collection Period 3,098,113.73
Aggregate Amount of Realized Losses for preceding Distribution Date 507,774.11
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 915.04
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 418 5,678,000.00
60+ days delinquent 415 5,663,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 11,341,000.00
of the close of business on the last day of
the related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 930,872.09
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 8.31%
Delinquency Ratio for third preceding Determination Date 6.74%
Cumulative Defaults for preceding Determination Date 3,338,823.36
Cumulative Net Losses for preceding Determination Date 717,600.40
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,433,186.73
Liquidation Proceeds 346,851.26
Recoveries 24,456.06
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,804,494.05
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,280,708.03
Prepayments in full allocable to principal 335,073.00
Principal Balance of Liquidated Receivables 854,625.37
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,470,406.40
Class A Principal Distributable Amount
Principal Distributable Amount 2,470,406.40
Times Class A Percentage (95%) 95%
-------------------
2,346,886.08
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,346,886.08
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 102,625,833.39
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class A Interest Distributable Amount 568,718.16
Class B Principal Distributable Amount
Principal Distributable Amount 2,470,406.40
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 123,520.32
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,401,359.64
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 51,492.96
Class B Excess Interest Amount
Total Distribution Amount 3,804,494.05
minus
Class A Principal and Interest Distributable Amount 2,915,604.24
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 51,492.96
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 123,520.32
Class B Principal Carryover Shortfall 0.00
Trustee distributions 2,265.38
Standby Servicer distributions 7,201.81
Servicer distributions 201,834.38
Collateral Agent distributions 1,350.34
Reimbursement Obligations 29,248.03
-------------------
471,976.59
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 7,201.81 3,804,494.05 7,201.81 3,804,494.05
Servicing Fee (2.0%) 180,045.32 3,797,292.24 180,045.32 0.00
Additional Servicing Fee Amounts 21,789.06 3,617,246.92 21,789.06 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,595,457.86 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,595,457.86 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,595,457.86 0.00
(iii) Trustee Fee 1,350.34 3,595,457.86 1,350.34
Trustee's out-of-pocket expenses 915.04 3,594,107.52 915.04
Unpaid Trustee Fee from prior Collection Periods 0.00 3,593,192.48 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,593,192.48 0.00
Collection Periods
(iv) Collateral Agent Fee 1,350.34 3,593,192.48 1,350.34
Collateral Agent Expenses 0.00 3,591,842.14 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,591,842.14 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,591,842.14 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 568,718.16 3,591,842.14 568,718.16
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 3,023,123.98 0.00
Class A Interest Carryover Shortfall 0.00 3,023,123.98 0.00
Interest on Interest Carryover from Prior 0.00 3,023,123.98 0.00
Months
Current Month Class A Interest Carryover 0.00 3,023,123.98 0.00
Shortfall
Class A Interest Distributable Amount 568,718.16 3,023,123.98 568,718.16
(viii)(A)Class B Coupon Interest - Unadjusted 51,492.96 2,454,405.82 51,492.96
Class B Interest Carryover Shortfall - 0.00 2,402,912.86 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 2,402,912.86 0.00
Previous Month(s)
Interest on Interest Carryover from Prior 0.00 2,402,912.86 0.00
Months
Current Month Class B Interest 0.00 2,402,912.86 0.00
Shortfall
Adjusted Class B Interest Distributable 51,492.96 2,402,912.86 51,492.96
Amount
(v)(B) Class A Principal Distributable Amount - 2,346,886.08 2,351,419.90 2,346,886.08 1,457,607.97
Current Month
Class A Principal Carryover Shortfall - 0.00 4,533.82 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 4,533.82 0.00
Withdrawl from Spread Account to 0.00
Cover Shortfall
Class A Principal Distribution Amount 2,346,886.08 4,533.82 4,533.82 0.00
(vi) Certificate Insurer Premium 29,248.03 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to 0.00 0.00 0.00
Certificate Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - 123,520.32 0.00 0.00
(B) Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 123,520.32 0.00 0.00
(C) Excess Interest (Shortage) Amount for Deposit 471,976.59 0.00 0.00
to (withdrawl from) Spread Account 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 102,625,833.39
Class A Principal Distributions 2,346,886.08
Class A End of Period Principal Balance 100,278,947.31
Class B Beginning of Period Principal Balance 5,401,359.64
Class B Principal Distributable Amount 123,520.32
Class B End of Period Principal Balance BEFORE Spread Account Distributions 5,277,839.32
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 5,277,839.32
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,804,494.05
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 781,370.07
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,023,123.98
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,023,123.98
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 51,492.96
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,971,631.02
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,971,631.02
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,346,886.08
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 624,744.94
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 624,744.94
(vi) Certificate Insurer Premium 29,248.03
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 595,496.91
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 595,496.91
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 123,520.32
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 471,976.59
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 471,976.59
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 11,341,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 11,341,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 123,429,171.94
Delinquency Ratio 9.19%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 9.19%
Delinquency Ratio for second preceding Determination Date 8.31%
Delinquency Ratio for third preceding Determination Date 6.74%
-------------------
Average Delinquency Ratio 8.08% 8.08%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 3,338,823.36
Current Period Defaulted Receivables 930,872.09
-------------------
Total 4,269,695.45
Cumulative Defaulted Receivables 4,269,695.45
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 3.58%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 854,625.37
Cram Down Losses 0.00
Net Liquidation Proceeds (371,307.32)
-------------------
Net Liquidation Losses 483,318.05
Cumulative Previous Net Losses 717,600.40
-------------------
Cumulative Net Losses 1,200,918.45
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 1.01%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 49.34
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 9,500,110.80
15% of Outstanding Certificate Balance 15,833,517.99
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 9,500,110.80
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 105,556,786.63
Minimum Floor 100,000.00
--------------
Floor Amount 3,580,860.93
Required Spread Account Amount 9,500,110.80
Beginning of Period Spread Account Balance 9,694,902.42
Spread Account Deposit (Withdrawal) from Current Distributions 471,976.59
Transfer (to) from Cross-Collateralized Spread Accounts (11,513.65)
Required addition to/(eligible withdrawal from) Spread Account (655,254.56)
Earnings on Spread Account Balance 40,102.92
Amount of Spread Account deposit (withdrawal) (695,357.48)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (695,357.48)
Ending Spread Account Balance 9,500,110.80
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: James L. Stock
Title: Controller
</TABLE>
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-3
6.10% Asset-Backed Notes, Class A-1
6.38% Asset-Backed Notes, Class A-2
10.65% Asset-Backed Notes, Class B
10.65% Asset-Backed Certificates
Distribution Date 1/15/98
Collection Period 12/97
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $3,815,131.91
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $348,872.45
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,466,259.46
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $47.20
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.32
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $42.88
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $327,868.20
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $327,868.20
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $5.31
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to Class B
Noteholders on the Distribution Date set forth above $95,729.03
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $31,640.42
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $64,088.61
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $95,729.03
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $31,640.42
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $64,088.61
(s) Scheduled Payments due in such Collection Period $4,136,858.54
(t) Scheduled Payments collected in such
Collection Period $3,950,646.86
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $142,604,727.44
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(r) above $134,865,337.70
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i),(o) above $130,333,415.68
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9139488
(e) Aggregate principal amount of Certificates as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(r) above $3,501,029.57
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0245506
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $259,350.11
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,130.24
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.21
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.09
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $31,152.58
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
(f) The amount of the Certificate Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (q) above $0.00
(g) The amount of the Certificate Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (r) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,427,860.97
Spread Account Balance $5,336,165.04
(b) The change in the spread account on the Distribution
Date set forth above $23,665.72
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $37,293.46
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $330,920.03
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 461
Aggregate Gross Amount $6,465,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 392
Aggregate Gross Amount $5,557,000.00
7 Performance Triggers
(a) Delinquency Ratio 7.42%
(b) Average Delinquency Ratio 6.15%
(c) Cumulative Default Ratio 1.52%
(d) Cumulative Net Loss Ratio 0.28%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-3
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 4,748,034.27
Lock Box NSF Items: (120,203.34)
Total Collection Proceeds: 4,627,830.93
For Distribution Date: 1/15/98
For Determination Date: 1/8/98
For Collection Period: 12/97
Collateral Activity Information
Principal
Beginning Principal Balance 142,604,727.44
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-----------------------
Aggregate Beginning Principal Balance 142,604,727.44
Principal portion of payments collected (non-prepayments) 1,558,092.12
Prepayments in full allocable to principal 419,757.00
Collections allocable to principal 1,977,849.12
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 223,622.49
Purchase Amounts allocable to principal 31,152.58
-----------------------
Total Principal 2,232,624.19
Realized Losses 330,920.03
Cram Down Losses 0.00
Ending Principal Balance 140,041,183.22
Prefunding
Original Amount in Prefunding Account 27,084,817.00
Subsequent Loans Sold to the Trust 27,084,817.00
Balance of Prefunding Account 0.00
Interest
Collections allocable to interest 2,392,554.74
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 2,652.00
-----------------------
Total Interest 2,395,206.74
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 68,630,645.57
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,565,118.18
Beginning of Period Certificate Balance 3,565,118.18
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,312,499.32
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 21,675.56
Scheduled Payments due in Collection Period 4,136,858.54
Scheduled Payments collected in Collection Period 3,950,646.86
Aggregate Amount of Realized Losses for preceding Distribution Date 330,920.03
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 4,464.90
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 461 6,465,000.00
60+ days delinquent 392 5,557,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 31,152.58
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 12,022,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables 31,152.58
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more.
Principal Balance of all Receivables that became Defaulted Receivables 1,041,876.38
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.30%
Delinquency Ratio for third preceding Determination Date 4.72%
Cumulative Defaults for preceding Determination Date 1,240,072.71
Cumulative Net Losses for preceding Determination Date 96,990.00
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Requisite Reserve Amount
Weighted Average of the Interest Rates and Pass-Through Rates 6.4617%
minus 2.5% 2.50%
-----------------------
3.9617%
divided by 360 0.0110%
times the prefunded amount 0.00
times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00
-----------------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
Excess in Interest Reserve Account 0.00
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 4,370,403.86
Liquidation Proceeds 223,622.49
Recoveries 2,652.00
Purchase Amounts 31,152.58
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 0.00
Investment earnings from Note Distribution Account 443.89
Investment earnings from Prefunding Account 0.13
Investment earnings from Interest Reserve Account 301.28
Investment earnings from Collection Account 16,454.26
-----------------------
Total Distribution Amount 4,645,030.49
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,558,092.12
Prepayments in full allocable to principal 419,757.00
Principal Balance of Liquidated Receivables 554,542.52
Purchase Amounts allocable to principal 31,152.58
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 2,563,544.22
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 140,041,183.22
-----------------------
126,037,064.90 96.73%
-----------------------
Current Target %
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 44.9%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,563,544.22
Times Class A Noteholders' Percentage 95%
-----------------------
2,435,367.01
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 2,435,367.01
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 68,630,645.57
Multiplied by the Note Rate 6.10%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class A Interest Distributable Amount 348,872.45
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,668,000.00
Multiplied by the Note Rate 6.38%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class A Interest Distributable Amount 327,868.20
Class B Noteholders Principal Distributable Amount
Principal Distributable Amount 2,563,544.22
Times Class B Percentage 2.5%
-----------------------
Class B Principal Distributable Amount 64,088.61
Certificate Principal Distributable Amount
Principal Distributable Amount 2,563,544.22
Times Certificate Percentage 2.5%
-----------------------
Certificate Principal Distributable Amount 64,088.61
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,565,118.18
Multiplied by Note Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class B Coupon Interest Amount 31,640.42
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,565,118.18
Multiplied by Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Certificateholders' Interest Amount 31,640.42
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 7,130.24 4,645,030.49 7,130.24
Servicing Fee (2.0%) 237,674.55 4,637,900.25 237,674.55 0.00
Additional Servicing Fee Amounts 21,675.56 4,400,225.70 21,675.56 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,378,550.14 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,378,550.14 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,378,550.14 0.00
(iii) Indenture Trustee Fee 1,188.37 4,378,550.14 1,188.37
Indenture Trustee's out-of-pocket expenses 4,464.90 4,377,361.77 4,464.90
Unpaid Indenture Trustee Fee from prior 0.00 4,372,896.87 0.00
Collection Periods
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 4,372,896.87 0.00
prior Collection Periods
Owner Trustee Fee 0.00 4,372,896.87 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,372,896.87 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,372,896.87 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 4,372,896.87 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,145.24 4,372,896.87 1,145.24
Collateral Agent Expenses 0.00 4,371,751.63 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,371,751.63 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,371,751.63 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 348,872.45
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall 0.00 Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 348,872.45 4,371,751.63 348,872.45
(B) Class A-2 Interest Distributable Amount - Current Month 327,868.20
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 327,868.20 4,022,879.18 327,868.20
(vi)(A) Class B Note Interest - Unadjusted 31,640.42
Class B Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 31,640.42 3,695,010.98 31,640.42
(B) Certificate Interest - Unadjusted 31,640.42
Certificate Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 31,640.42 3,663,370.56 31,640.42
(vii) Class A Principal Distributable Amount - Current Month 2,435,367.01
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 2,435,367.01 3,631,730.14 2,435,367.01 0.00
Class A Principal Distribution Amount to Class A-2 0.00 1,196,363.13 0.00 0.00
(viii) Note Insurer Premium 37,293.46 1,196,363.13 37,293.46
Note Insurer Premium Supplement 0.00 1,159,069.67 0.00
Other Reimbursement Obligations to Note Insurer 0.00 1,159,069.67 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,159,069.67 0.00
(x) Class B Principal Distributable Amount - Current 64,088.61
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 64,088.61 1,159,069.67 64,088.61
Certificate Principal Distributable Amount - Current 64,088.61
Month Unadjusted
Certificate Principal Carryover Shortfall - Previous 0.00
Month(s)
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 64,088.61 1,094,981.06 64,088.61
(xi) Until the Target Payment Date, remaining amount to 1,030,892.45 1,030,892.45 1,030,892.45
Class A Noteholders
Amount to Class A-1 Noteholders 1,030,892.45 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. 0.00
Dist. Amount
(xiii) After an Event of Default, Certificateholders' Prin. 0.00
Dist. Amount
(xiv) After the Target Pmt. Date, remaining amount into 0.00
Spread Acct.
Securities Balance
Class A-1 Beginning of Period Principal Amount 68,630,645.57
Class A-1 Principal Distributions 2,435,367.01
Class A-1 End of Period Principal Amount (prior to turbo) 66,195,278.56
Additional Principal Distribution 1,030,892.45
Class A-1 End of Period Principal Amount 65,164,386.11
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 61,668,000.00
Class B Beginning of Period Principal Amount 3,565,118.18
Class B Principal Distributable Amount 64,088.61
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,501,029.57
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,501,029.57
Certificate Beginning of Period Principal Amount 3,565,118.18
Certificate Principal Distributable Amount 64,088.61
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,501,029.57
Withdrawl from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,501,029.57
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 12,022,000.00
Purchased receivables more than 30 days delinquent 31,152.58
-----------------------
Total 12,053,152.58
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 162,512,637.26
Delinquency Ratio 7.42%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.42%
Delinquency Ratio for second preceding Determination Date 6.30%
Delinquency Ratio for third preceding Determination Date 4.72%
-----------------------
Average Delinquency Ratio 6.15% 6.15%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 1,240,072.71
Current Period Defaulted Receivables 1,041,876.38
-----------------------
Total 2,281,949.09
Cumulative Defaulted Receivables 2,281,949.09
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 1.52%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 554,542.52
Cram Down Losses 0.00
Net Liquidation Proceeds (226,274.49)
-----------------------
Net Liquidation Losses 328,268.03
Cumulative Previous Net Losses 96,990.00
-----------------------
Cumulative Net Losses 425,258.03
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 0.28%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 51.90
Weighted Average Annual Percentage Rate 20.41%
Spread Account
OC Percent
Aggregate Principal Balance 140,041,183.22
minus the Securities Balance 134,865,337.70
-----------------------
5,175,845.52
divided by the Aggregate Principal Balance 3.70%
Floor OC Percent
Aggregate Principal Balance 140,041,183.22
minus the Securities Balance 134,865,337.70
-----------------------
5,175,845.52
divided by the initial Aggregate Principal Balance 122,915,183.00
-----------------------
4.21%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 134,865,337.70
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 27,084,817.00
--------------
3,000,000.00
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 122,915,183.00
--------------
0.00
Floor Amount 3,000,000.00
Requisite Amount
the greater of
(1)the Floor Amount 3,000,000.00
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 5.30%
if a Trigger Event, 15% minus the OC Percent 11.30%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 26.30%
if an Insurance Agreement Event of Default, unlimited 999.00%
5.30%
times the Aggregate Principal Balance 140,041,183.22
-----------------------
7,427,860.97
Requisite Amount 7,427,860.97
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 7,427,860.97
Beginning of Period Spread Account Balance 5,312,499.32
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 2,115,361.65
Earnings on Spread Account Balance 23,665.72
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 5,336,165.04
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: James L. Stock
Title: Controller
</TABLE>
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-4
6.07% Asset-Backed Notes, Class A-1
6.30% Asset-Backed Notes, Class A-2
10.59% Asset-Backed Certificates
Distribution Date 1/15/98
Collection Period 12/97
Under the Sale and Servicing Agreement dated as of October 9, 1997 and
amended as of October 17, 1997 (the "Agreement") by and among CPS Receivables
Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner
Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Noteholders and Certificateholders
and the performance of the Trust during the previous month. The information
which is required to be prepared with respect to the Distribution Date and
Collection Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,654,484.50
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $257,561.81
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,396,922.69
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $48.92
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.75
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $44.17
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $243,114.89
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $243,114.89
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.94
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $120,405.74
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $45,851.08
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $74,554.66
(p) Scheduled Payments due in such Collection Period $2,951,856.75
(q) Scheduled Payments collected in such
Collection Period $2,744,535.50
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $103,911,800.95
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $100,930,411.36
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $94,828,991.80
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9125912
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $5,121,035.40
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0492825
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $185,452.32
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,195.59
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.42
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.10
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 12
Aggregate Purchase Amount $166,847.21
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,727,567.30
Spread Account Balance $3,736,104.14
(b) The change in the spread account on the Distribution
Date set forth above $16,606.10
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $27,944.40
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $2,359.90
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 206
Aggregate Gross Amount $2,741,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 92
Aggregate Gross Amount $1,382,000.00
7 Performance Triggers
(a) Delinquency Ratio 3.62%
(b) Average Delinquency Ratio 1.99%
(c) Cumulative Default Ratio 0.31%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-4
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,284,137.72
Lock Box NSF Items: (57,411.01)
Total Collection Proceeds: 3,226,726.71
For Distribution Date: 1/15/98
For Determination Date: 1/8/98
For Collection Period: 12/97
Collateral Activity Information
Principal
Beginning Principal Balance 103,911,800.95
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 103,911,800.95
Principal portion of payments collected (non-prepayments) 1,006,542.08
Prepayments in full allocable to principal 315,344.00
Collections allocable to principal 1,321,886.08
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 166,847.21
-----------------------
Total Principal 1,488,733.29
Realized Losses 2,359.90
Cram Down Losses 0.00
Ending Principal Balance 102,420,707.76
Interest
Collections allocable to interest $1,737,993.42
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-----------------------
Total Interest $1,737,993.42
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 50,918,315.89
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 5,195,590.06 102,421,504.55
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,719,498.04
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 12,265.99
Scheduled Payments due in Collection Period 2,951,856.75
Scheduled Payments collected in Collection Period 2,744,535.50
Aggregate Amount of Realized Losses for preceding Distribution Date 2,359.90
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 243.97
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 206 2,741,000.00
60+ days delinquent 92 1,382,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
12 166,847.21
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 4,123,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables 166,847.21
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more.
Principal Balance of all Receivables that became Defaulted Receivables 246,901.32
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 2.34%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 77,743.42
Cumulative Net Losses for preceding Determination Date 0.00
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,059,879.50
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 166,847.21
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,834.14
-----------------------
Total Distribution Amount 3,238,560.85
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,006,542.08
Prepayments in full allocable to principal 315,344.00
Principal Balance of Liquidated Receivables 2,359.90
Purchase Amounts allocable to principal 166,847.21
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,491,093.19
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 102,420,707.76
-----------------------
92,178,636.98
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 45.2%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,491,093.19
Times Class A Noteholders' Percentage 95%
-----------------------
1,416,538.53
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,416,538.53
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 50,918,315.89
Multiplied by the Note Rate 6.07%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 257,561.81
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,307,598.60
Multiplied by the Note Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 243,114.89
Certificateholders Principal Distributable Amount
Principal Distributable Amount 1,491,093.19
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 74,554.66
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 5,195,590.06
Multiplied by Note Pass-Through Rate 10.59%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 45,851.08
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,195.59 3,238,560.85 5,195.59
Servicing Fee (2.0%) 173,186.33 3,233,365.26 173,186.33 0.00
Additional Servicing Fee Amounts 12,265.99 3,060,178.93 12,265.99 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,047,912.94 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,047,912.94 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,047,912.94 0.00
(iii) Indenture Trustee Fee 865.93 3,047,912.94 865.93
Indenture Trustee's out-of-pocket expenses 243.97 3,047,047.01 243.97
Unpaid Indenture Trustee Fee from 0.00 3,046,803.04 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 3,046,803.04 0.00
prior Collection Periods
Owner Trustee Fee 0.00 3,046,803.04 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,046,803.04 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,046,803.04 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 3,046,803.04 0.00
prior Collection Periods
(iv) Collateral Agent Fee 853.51 3,046,803.04 853.51
Collateral Agent Expenses 0.00 3,045,949.53 0.00
Unpaid Collateral Agent Fee from 0.00 3,045,949.53 0.00
prior Collection Periods
Unpaid Collateral Agent Expenses from 0.00 3,045,949.53 0.00
prior Collection Periods
(v)(A) Class A-1 Interest Distributable Amount -
Current Month
Prior Month(s) Class A-1 Interest Carryover 257,561.81
Shortfall 0.00 Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 257,561.81 3,045,949.53 257,561.81
(B) Class A-2 Interest Distributable Amount - Current Month 243,114.89
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 243,114.89 2,788,387.72 243,114.89
(vi)(A) Certificate Note Interest - Unadjusted 45,851.08
Certificate Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 45,851.08 2,545,272.83 45,851.08
(vii) Class A Principal Distributable Amount - Current Month 1,416,538.53
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 1,416,538.53 2,499,421.75 1,416,538.53 0.00
Class A Principal Distribution Amount to Class A-2 0.00 1,082,883.22 0.00 0.00
(viii) Note Insurer Premium 27,944.40 1,082,883.22 27,944.40
Note Insurer Premium Supplement 0.00 1,054,938.82 0.00
Other Reimbursement Obligations to Note Insurer 0.00 1,054,938.82 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,054,938.82 0.00
(x) Certificate Principal Distributable Amount - 74,554.66
Current Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Previous Month(s)
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 74,554.66 1,054,938.82 74,554.66
(xi) Until the Target Payment Date, remaining amount to 980,384.16 980,384.16 980,384.16
Class A Noteholders
Amount to Class A-1 Noteholders 980,384.16 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount 0.00 3,238,316.88 Total Disbursements
into Spread Acct. 3,238,560.85 Total Distribution Amt
======================
(243.97)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 50,918,315.89
Class A-1 Principal Distributions 1,416,538.53
Class A-1 End of Period Principal Amount (prior to turbo) 49,501,777.36
Additional Principal Distribution 980,384.16
Class A-1 End of Period Principal Amount 48,521,393.20
Class A-2 Beginning of Period Principal Amount 46,307,598.60
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 46,307,598.60
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 46,307,598.60
Certificate Beginning of Period Principal Amount 5,195,590.06
Certificate Principal Distributable Amount 74,554.66
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 5,121,035.40
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 5,121,035.40
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,223,499.05
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,123,000.00
Purchased receivables more than 30 days delinquent 166,847.21
-----------------------
Total 4,289,847.21
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 118,344,717.72
Delinquency Ratio 3.62%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 3.62%
Delinquency Ratio for second preceding Determination Date 2.34%
Delinquency Ratio for third preceding Determination Date 0.00%
-----------------------
Average Delinquency Ratio 1.99% 1.99%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 77,743.42
Current Period Defaulted Receivables 246,901.32
-----------------------
Total 324,644.74
Cumulative Defaulted Receivables 324,644.74
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 0.31%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,359.90
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-----------------------
Net Liquidation Losses 2,359.90
Cumulative Previous Net Losses 0.00
-----------------------
Cumulative Net Losses 2,359.90
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 53.90
Weighted Average Annual Percentage Rate 20.32%
Spread Account
OC Percent
Aggregate Principal Balance 102,420,707.76
minus the Securities Balance 100,930,411.36
-----------------------
1,490,296.40
divided by the Aggregate Principal Balance 1.46%
Floor OC Percent
Aggregate Principal Balance 102,420,707.76
minus the Securities Balance 100,930,411.36
-----------------------
1,490,296.40
divided by the initial Aggregate Principal Balance 105,860,630.11
-----------------------
1.41%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 100,930,411.36
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 105,860,630.11
(II) balance of all Subsequent Receivables 0.00
--------------
2,117,212.60
(B)the product of
(I) excess of 1% over the Floor OC Percent
(II) initial Aggregate Principal Balance 105,860,630.11
--------------
0.00
Floor Amount 2,117,212.60
Requisite Amount
the greater of
(1)the Floor Amount 2,117,212.60
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 7.54%
if a Trigger Event, 15% minus the OC Percent 13.54%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 28.54%
if an Insurance Agreement Event of Default, unlimited 999.00%
7.54%
times the Aggregate Principal Balance 102,420,707.76
-----------------------
7,727,567.30
Requisite Amount 7,727,567.30
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 7,727,567.30
Beginning of Period Spread Account Balance 3,719,498.04
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 4,008,069.26
Earnings on Spread Account Balance 16,606.10
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,736,104.14
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: James L. Stock
Title: Controller
</TABLE>
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-5
6.26% Asset-Backed Notes, Class A-1
6.40% Asset-Backed Notes, Class A-2
10.55% Asset-Backed Certificates
(REVISED)
Distribution Date 1/15/98
Collection Period 12/97
Under the Sale and Servicing Agreement dated as of December 1, 1997, (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $1,852,560.91
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $287,230.11
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,565,330.80
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $33.23
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $5.15
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $28.08
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $187,600.00
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $187,600.00
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.04
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $104,187.08
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $41,975.75
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $62,211.33
(p) Scheduled Payments due in such Collection Period $2,679,552.95
(q) Scheduled Payments collected in such
Collection Period $1,928,617.10
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $95,570,026.95
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments allocated to principal in
paragraph A.1.(c),(i),(o) above $93,765,351.23
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $88,669,754.00
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9277988
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect to payments allocated to principal in
paragraph A.1.(o) above $4,712,281.67
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0493071
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $162,912.44
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,778.50
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.92
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.09
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 15
Aggregate Purchase Amount $178,606.30
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,928,872.88
Spread Account Balance $3,352,075.26
(b) The change in the spread account on the Distribution
Date set forth above $2,354.26
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $54,919.86
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,315.65
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 86
Aggregate Gross Amount $1,285,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 5
Aggregate Gross Amount $71,000.00
7 Performance Triggers
(a) Delinquency Ratio 1.43%
(b) Average Delinquency Ratio 0.77%
(c) Cumulative Default Ratio 0.03%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-5
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,369,491.36
Lock Box NSF Items: (2,544.96)
Total Collection Proceeds: 2,366,946.40
For Distribution Date: 1/15/98
For Determination Date: 1/8/98
For Collection Period: 12/97
Collateral Activity Information
Principal
Beginning Principal Balance 95,570,026.95
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 95,570,026.95
Principal portion of payments collected (non-prepayments) 804,581.62
Prepayments in full allocable to principal 259,723.00
Collections allocable to principal 1,064,304.62
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 178,606.30
-----------------------
Total Principal 1,242,910.92
Realized Losses 1,315.65
Cram Down Losses 0.00
Ending Principal Balance 94,325,800.38
Interest
Collections allocable to interest $1,124,035.48
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-----------------------
Total Interest $1,124,035.48
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 55,060,084.80
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 4,774,493.00 95,009,577.80
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,349,721.00
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 3,629.06
Scheduled Payments due in Collection Period 2,679,552.95
Scheduled Payments collected in Collection Period 1,928,617.10
Aggregate Amount of Realized Losses for preceding Distribution Date 1,315.65
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 2,175.60
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 86 1,285,000.00
60+ days delinquent 5 71,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
15 178,606.30
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 1,356,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables 178,606.30
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more.
Principal Balance of all Receivables that became Defaulted Receivables 28,184.58
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 0.11%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 0.00
Cumulative Net Losses for preceding Determination Date 0.00
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,188,340.10
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 178,606.30
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 3,776.16
-----------------------
Total Distribution Amount 2,370,722.56
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 804,581.62
Prepayments in full allocable to principal 259,723.00
Principal Balance of Liquidated Receivables 1,315.65
Purchase Amounts allocable to principal 178,606.30
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,244,226.57
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 94,325,800.38
-----------------------
84,893,220.34
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 37.0%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,244,226.57
Times Class A Noteholders' Percentage 95%
-----------------------
1,182,015.24
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,182,015.24
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 55,060,084.80
Multiplied by the Note Rate 6.26%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 287,230.11
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 35,175,000.00
Multiplied by the Note Rate 6.40%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 187,600.00
Certificateholders Principal Distributable Amount
Principal Distributable Amount 1,244,226.57
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 62,211.33
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,774,493.00
Multiplied by Note Pass-Through Rate 10.55%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 41,975.75
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,778.50 2,370,722.56 4,778.50
Servicing Fee (2.0%) 159,283.38 2,365,944.06 159,283.38 0.00
Additional Servicing Fee Amounts 3,629.06 2,206,660.68 3,629.06 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,203,031.62 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,203,031.62 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,203,031.62 0.00
(iii) Indenture Trustee Fee 796.42 2,203,031.62 796.42
Indenture Trustee's out-of-pocket expenses 2,175.60 2,202,235.20 2,175.60
Unpaid Indenture Trustee Fee from prior 0.00 2,200,059.60 0.00
Collection Periods
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 2,200,059.60 0.00
prior Collection Periods
Owner Trustee Fee 0.00 2,200,059.60 0.00
Owner Trustee's out-of-pocket expenses 0.00 2,200,059.60 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 2,200,059.60 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior 0.00 2,200,059.60 0.00
Collection Periods
(iv) Collateral Agent Fee 791.75 2,200,059.60 791.75
Collateral Agent Expenses 0.00 2,199,267.85 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,199,267.85 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,199,267.85 0.00
Collection Periods
(v) (A) Class A-1 Interest Distributable Amount - Current Month 287,230.11
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 287,230.11 2,199,267.85 287,230.11
(B) Class A-2 Interest Distributable Amount - Current Month 187,600.00
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 187,600.00 1,912,037.74 187,600.00
(vi) (A) Certificate Note Interest - Unadjusted 41,975.75
Certificate Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 41,975.75 1,724,437.74 41,975.75
(vii) Class A Principal Distributable Amount - Current Month 1,182,015.24
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 1,182,015.24 1,682,461.99 1,182,015.24 0.00
Class A Principal Distribution Amount to Class A-2 0.00 500,446.75 0.00 0.00
(viii) Note Insurer Premium 54,919.86 500,446.75 54,919.86
Note Insurer Premium Supplement 0.00 445,526.89 0.00
Other Reimbursement Obligations to Note Insurer 0.00 445,526.89 0.00
(ix) Transition Expenses to successor Servicer 0.00 445,526.89 0.00
(x) Certificate Principal Distributable Amount - 62,211.33
Current Month Unadjusted
Certificate Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 62,211.33 445,526.89 62,211.33
(xi) Until the Target Payment Date, remaining amount to 383,315.56 383,315.56 383,315.56
Class A Noteholders
Amount to Class A-1 Noteholders 383,315.56 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into 0.00 2,368,546.96 Total Disbursements
Spread Acct. 2,370,722.56 Total Distribution Amt
======================
(2,175.60)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 55,060,084.80
Class A-1 Principal Distributions 1,182,015.24
Class A-1 End of Period Principal Amount (prior to turbo) 53,878,069.56
Additional Principal Distribution 383,315.56
Class A-1 End of Period Principal Amount 53,494,754.00
Class A-2 Beginning of Period Principal Amount 35,175,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 35,175,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 35,175,000.00
Certificate Beginning of Period Principal Amount 4,774,493.00
Certificate Principal Distributable Amount 62,211.33
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,712,281.67
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,712,281.67
Adjusted Amount Remaining for Further Distribution/(Deficiency) 570,915.56
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 1,356,000.00
Purchased receivables more than 30 days delinquent 178,606.30
-----------------------
Total 1,534,606.30
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 107,265,088.22
Delinquency Ratio 1.43%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 1.43%
Delinquency Ratio for second preceding Determination Date 0.11%
Delinquency Ratio for third preceding Determination Date 0.00%
-----------------------
Average Delinquency Ratio 0.77% 0.51%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 28,184.58
-----------------------
Total 28,184.58
Cumulative Defaulted Receivables 28,184.58
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 0.03%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,315.65
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-----------------------
Net Liquidation Losses 1,315.65
Cumulative Previous Net Losses 0.00
-----------------------
Cumulative Net Losses 1,315.65
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 56.00
Weighted Average Annual Percentage Rate 20.28%
Spread Account
OC Percent
Aggregate Principal Balance 94,325,800.38
minus the Securities Balance 93,765,351.23
-----------------------
560,449.15
divided by the Aggregate Principal Balance 0.59%
Floor OC Percent
Aggregate Principal Balance 94,325,800.38
minus the Securities Balance 93,765,351.23
-----------------------
560,449.15
divided by the initial Aggregate Principal Balance 95,706,307.00
-----------------------
0.59%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 93,765,351.23
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 95,706,307.00
(II) balance of all Subsequent Receivables 0.00
--------------
1,914,126.14
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.41$
(II) initial Aggregate Principal Balance 95,706,307.00
--------------
396,613.92
Floor Amount 2,310,740.06
Requisite Amount
the greater of
(1)the Floor Amount 2,310,740.06
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 8.4%
if a Trigger Event, 15% minus the OC Percent 14.4%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 29.4%
if an Insurance Agreement Event of Default, unlimited 999%
8%
times the Aggregate Principal Balance 94,325,800.38
-----------------------
7,928,872.88
Requisite Amount 7,928,872.88
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 7,928,872.88
Beginning of Period Spread Account Balance 3,349,721.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 4,579,151.88
Earnings on Spread Account Balance 2,354.26
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,352,075.26
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: James L. Stock
Title: Controller
</TABLE>
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Distribution Date 2/17/98
Collection Period 1/98
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,112,726.02
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $260,296.11
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,852,429.91
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $25.02
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.08
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $21.93
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $304,637.25
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $22,671.62
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $281,965.63
(j) Scheduled Payments due in such Collection Period $1,847,831.81
(k) Scheduled Payments collected in such
Collection Period $1,737,484.56
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $49,442,871.00
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $47,838,891.35
(c) The Pool factor as of the close of business
on the last day set forth above 0.9675589
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $100,280.32
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,296.19
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.19
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $24,813.02
(b) Distributions (to) from Collection Account $4,144.82
for Payaheads
(c) Interest earned on Payahead Balances $97.07
(d) Ending Payahead Account Balance $29,054.91
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,175,833.70
Spread Account Balance $7,175,833.70
(b) The change in the spread account on the Distribution
Date set forth above ($277,864.49)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $13,159.50
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $620,872.59
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 173
Aggregate Gross Amount $1,812,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 181
Aggregate Gross Amount $2,066,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.07%
(b) Average Delinquency Ratio 8.00%
(c) Cumulative Default Ratio 14.07%
(d) Cumulative Net Loss Ratio 9.37%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,280,687.17
Lock Box NSF Items: (65,464.54)
Transfers from (to) Payahead Account: (4,144.82)
Collection Account Interest 8,663.72
Payahead Account Interest 97.07
Total Collection Proceeds: 2,219,838.60
For Distribution Date: 2/17/98
For Determination Date: 2/9/98
For Collection Period: 1/98
Collateral Activity Information
Principal
Beginning Principal Balance 49,442,871.00
Principal portion of payments collected (non-prepayments) 919,443.57
Prepayments in full allocable to principal 296,766.00
Collections allocable to principal 1,216,209.57
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 112,844.06
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,329,053.63
Realized Losses 620,872.59
Cram Down Losses 0.00
Ending Principal Balance 47,492,944.78
Interest
Collections allocable to interest 818,040.99
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 72,743.98
-------------------
Total Interest 890,784.97
Certificate Information
Beginning of Period Class A Principal Balance 46,970,727.45
Beginning of Period Class B Principal Balance 2,720,593.81
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,453,698.19
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,875.53
Aggregate Payahead Balance 28,957.84
Aggregate Payahead Balance for preceding Distribution Date 24,813.02
Interest Earned on Payahead Balances 97.07
Scheduled Payments due in Collection Period 1,847,831.81
Scheduled Payments collected in Collection Period 1,737,484.56
Aggregate Amount of Realized Losses for preceding Distribution Date 620,872.59
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 173 1,812,000.00
60+ days delinquent 181 2,066,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
0 0.00
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 3,878,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 622,253.81
Delinquency Ratio for second preceding Determination Date 8.93%
Delinquency Ratio for third preceding Determination Date 7.99%
Cumulative Defaults for preceding Determination Date 11,885,534.14
Cumulative Net Losses for preceding Determination Date 7,782,710.24
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,034,250.56
Liquidation Proceeds 112,844.06
Recoveries 72,743.98
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,219,838.60
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 919,443.57
Prepayments in full allocable to principal 296,766.00
Principal Balance of Liquidated Receivables 733,716.65
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,949,926.22
Class A Principal Distributable Amount
Principal Distributable Amount 1,949,926.22
Times Class A Percentage (95%) 95%
-------------------
1,852,429.91
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,852,429.91
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 46,970,727.45
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 260,296.11
Class B Principal Distributable Amount
Principal Distributable Amount 1,949,926.22
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 97,496.31
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,720,593.81
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 22,671.62
Class B Excess Interest Amount
Total Distribution Amount 2,219,838.60
minus
Class A Principal and Interest Distributable Amount 2,112,726.02
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 22,671.62
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 97,496.31
Class B Principal Carryover Shortfall 248,450.28
Trustee distributions 618.04
Standby Servicer distributions 3,296.19
Servicer distributions 100,280.32
Collateral Agent distributions 621.14
Reimbursement Obligations 13,159.50
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 248,450.28
-------------------
248,450.28
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,296.19 2,219,838.60 3,296.19 2,219,838.60
Servicing Fee (2.0%) 82,404.79 2,216,542.41 82,404.79 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,875.53 2,134,137.62 17,875.53 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,116,262.09 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,116,262.09 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,116,262.09 0.00
(iii) Trustee Fee 618.04 2,116,262.09 618.04
Trustee's out-of-pocket expenses 0.00 2,115,644.05 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,115,644.05 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,115,644.05 0.00
(iv) Collateral Agent Fee 621.14 2,115,644.05 621.14
Collateral Agent Expenses 0.00 2,115,022.91 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,115,022.91 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,115,022.91 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 260,296.11 2,115,022.91 260,296.11
Prior Month(s) Class A Carryover Shortfall 0.00 1,854,726.80 0.00
Class A Interest Carryover Shortfall 0.00 1,854,726.80 0.00
Interest on Interest Carryover from Prior Months 0.00 1,854,726.80 0.00
Current Month Class A Interest Carryover Shortfall 0.00 1,854,726.80 0.00
Class A Interest Distributable Amount 260,296.11 1,854,726.80 260,296.11
(viii)(A)Class B Coupon Interest - Unadjusted 22,671.62 1,594,430.69 22,671.62
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,571,759.07 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,571,759.07 0.00
Interest on Interest Carryover from Prior Months 0.00 1,571,759.07 0.00
Current Month Class B Interest Shortfall 0.00 1,571,759.07 0.00
Adjusted Class B Interest Distributable Amount 22,671.62 1,571,759.07 22,671.62
(v) (B) Class A Principal Distributable Amount - Current Month 1,852,429.91 1,549,087.45 1,549,087.45 367,408.69
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (20,374.73) 0.00 (20,374.73)
Withdrawl from Spread Account to Cover Shortfall 20,374.73
Class A Principal Distribution Amount 1,852,429.91 20,374.73 20,374.73 0.00
(vi) Certificate Insurer Premium 13,159.50 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current Month Unadjusted 97,496.31 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 248,450.28 0.00 0.00
Current Month Class B Principal Shortfall (345,946.59) 0.00 (345,946.59)
Adjusted Class B Principal Distributable Amount 0.00 345,946.59 0.00
(C) Excess Interest Amount for Deposit in Spread Account (33,534.23) 345,946.59 (33,534.23)
379,480.82 379,480.82
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 46,970,727.45
Class A Principal Distributions 1,852,429.91
Class A End of Period Principal Balance 45,118,297.54
Class B Beginning of Period Principal Balance 2,720,593.81
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,720,593.81
Withdrawl from Spread Account to Cover B Shortfalls 281,965.63
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,438,628.18
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,219,838.60
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 365,111.80
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,854,726.80
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,854,726.80
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 22,671.62
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,832,055.18
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,832,055.18
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,852,429.91
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 20,374.73
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 13,159.50
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (13,159.50)
Withdrawl from Spread Account to Cover Deficiency 13,159.50
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 97,496.31
(iii) Prior month(s) carryover shortfalls 248,450.28
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (345,946.59)
Withdrawl from Spread Account to B PieceCover Shortfalls (281,965.63)
Adjusted Amount Remaining for Further Distribution/(Deficiency) (63,980.96)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,878,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 3,878,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 54,827,860.64
Delinquency Ratio 7.07%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.07%
Delinquency Ratio for second preceding Determination Date 8.93%
Delinquency Ratio for third preceding Determination Date 7.99%
-------------------
Average Delinquency Ratio 8.00% 8.00%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 11,885,534.14
Current Period Defaulted Receivables 622,253.81
-------------------
Total 12,507,787.95
Cumulative Defaulted Receivables 12,507,787.95
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 14.07%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 733,716.65
Cram Down Losses 0.00
Net Liquidation Proceeds (185,588.04)
-------------------
Net Liquidation Losses 548,128.61
Cumulative Previous Net Losses 7,782,710.24
-------------------
Cumulative Net Losses 8,330,838.85
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 9.37%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 35.85
Weighted Average Annual Percentage Rate 20.40%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,783,889.14
15% of Outstanding Certificate Balance 7,175,833.70
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
---------------
Cap Amount 7,175,833.70
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 47,838,891.35
Minimum Floor 100,000.00
---------------
Floor Amount 2,667,022.51
Required Spread Account Amount 7,175,833.70
Beginning of Period Spread Account Balance 7,453,698.19
Spread Account Deposit (Withdrawal) from Current Distributions (33,534.23)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (244,330.26)
Earnings on Spread Account Balance 37,635.37
Amount of Spread Account deposit (withdrawal) (281,965.63)
Amount of Withdrawl Allocated to B Piece Shortfalls 281,965.63
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,175,833.70
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
Distribution Date 2/17/98
Collection Period 1/98
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,477,110.61
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $316,725.58
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,160,385.03
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $28.30
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.62
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $24.68
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $141,819.16
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $28,114.68
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $113,704.48
(j) Scheduled Payments due in such Collection Period $2,051,380.71
(k) Scheduled Payments collected in such
Collection Period $1,934,818.23
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $59,712,599.82
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $57,552,214.77
(c) The Pool factor as of the close of business
on the last day set forth above 0.9638203
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $119,422.14
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,980.84
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.36
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $13,883.15
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $29,245.73
(b) Distributions (to) from Collection Account $10,795.61
for Payaheads
(c) Interest earned on Payahead Balances $108.96
(d) Ending Payahead Account Balance $40,150.30
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $5,755,221.48
Spread Account Balance $5,755,221.48
(b) The change in the spread account on the Distribution
Date set forth above ($216,315.68)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $15,915.25
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $713,180.57
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 191
Aggregate Gross Amount $2,206,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 225
Aggregate Gross Amount $2,894,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.59%
(b) Average Delinquency Ratio 8.46%
(c) Cumulative Default Ratio 12.14%
(d) Cumulative Net Loss Ratio 7.08%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,676,138.62
Lock Box NSF Items: (113,089.29)
Transfers from (to) Payahead Account: (10,795.61)
Collection Account Interest 9,962.70
Payahead Account Interest 108.96
Total Collection Proceeds: 2,562,325.38
For Distribution Date: 2/17/98
For Determination Date: 2/9/98
For Collection Period: 1/98
Collateral Activity Information
Principal
Beginning Principal Balance 59,712,599.82
Principal portion of payments collected (non-prepayments) 989,678.23
Prepayments in full allocable to principal 376,927.00
Collections allocable to principal 1,366,605.23
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 180,420.55
Purchase Amounts allocable to principal 13,883.15
-------------------
Total Principal 1,560,908.93
Realized Losses 713,180.57
Cram Down Losses 0.00
Ending Principal Balance 57,438,510.32
Interest
Collections allocable to interest 945,140.00
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 56,276.45
-------------------
Total Interest 1,001,416.45
Certificate Information
Beginning of Period Class A Principal Balance 56,726,969.81
Beginning of Period Class B Principal Balance 2,985,629.99
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,971,537.16
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,901.14
Aggregate Payahead Balance 40,041.34
Aggregate Payahead Balance for preceding Distribution Date 29,245.73
Interest Earned on Payahead Balances 108.96
Scheduled Payments due in Collection Period 2,051,380.71
Scheduled Payments collected in Collection Period 1,934,818.23
Aggregate Amount of Realized Losses for preceding Distribution Date 713,180.57
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 191 2,206,000.00
60+ days delinquent 225 2,894,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
1 13,883.15
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,100,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 13,883.15
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 772,121.92
Delinquency Ratio for second preceding Determination Date 9.21%
Delinquency Ratio for third preceding Determination Date 8.58%
Cumulative Defaults for preceding Determination Date 10,409,307.09
Cumulative Net Losses for preceding Determination Date 5,862,695.86
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,311,745.23
Liquidation Proceeds 180,420.55
Recoveries 56,276.45
Purchase Amounts 13,883.15
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,562,325.38
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 989,678.23
Prepayments in full allocable to principal 376,927.00
Principal Balance of Liquidated Receivables 893,601.12
Purchase Amounts allocable to principal 13,883.15
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,274,089.50
Class A Principal Distributable Amount
Principal Distributable Amount 2,274,089.50
Times Class A Percentage (95%) 95%
-------------------
2,160,385.03
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,160,385.03
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 56,726,969.81
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 316,725.58
Class B Principal Distributable Amount
Principal Distributable Amount 2,274,089.50
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 113,704.48
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,985,629.99
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 28,114.68
Class B Excess Interest Amount
Total Distribution Amount 2,562,325.38
minus
Class A Principal and Interest Distributable Amount 2,477,110.61
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 28,114.68
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 113,704.48
Class B Principal Carryover Shortfall 0.00
Trustee distributions 746.41
Standby Servicer distributions 3,980.84
Servicer distributions 119,422.14
Collateral Agent distributions 746.41
Reimbursement Obligations 15,915.25
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,980.84 0.00 0.00
Servicing Fee (2.0%) 99,521.00 0.00 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,901.14 0.00 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00 113,704.48
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00 0.00
(iii) Trustee Fee 746.41 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 0.00 0.00
(iv) Collateral Agent Fee 746.41 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 0.00 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 316,725.58 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00
Class A Interest Distributable Amount 316,725.58 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 28,114.68 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00 113,704.48
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00 113,704.48
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 28,114.68 0.00 0.00
(v) (B) Class A Principal Distributable Amount - Current Month 2,160,385.03 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (67,795.70) 0.00 (67,795.70)
Withdrawl from Spread Account to Cover Shortfall 67,795.70
Class A Principal Distribution Amount 2,160,385.03 67,795.70 67,795.70
(vi) Certificate Insurer Premium 15,915.25 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 113,704.48 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (113,704.48) 0.00 (113,704.48)
Adjusted Class B Principal Distributable Amount 0.00 113,704.48 0.00
Excess Interest Amount for Deposit in Spread Account (83,710.96) 113,704.48 (83,710.96)
197,415.43 197,415.43
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 56,726,969.81
Class A Principal Distributions 2,160,385.03
Class A End of Period Principal Balance 54,566,584.78
Class B Beginning of Period Principal Balance 2,985,629.99
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,985,629.99
Withdrawl from Spread Account to Cover B Shortfalls 113,704.48
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,871,925.51
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,562,325.38
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 441,621.38
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,120,704.00
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,120,704.00
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 28,114.68
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,092,589.32
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,092,589.32
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,160,385.03
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 67,795.70 If (i) is
less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 15,915.25
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (15,915.25)
Withdrawl from Spread Account to Cover Deficiency 15,915.25
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 113,704.48
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (113,704.48)
Withdrawl from Spread Account to B PieceCover Shortfalls (113,704.48)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,100,000.00
Purchased receivables more than 30 days delinquent 13,883.15
-------------------
Total 5,113,883.15
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 67,390,377.91
Delinquency Ratio 7.59%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.59%
Delinquency Ratio for second preceding Determination Date 9.21%
Delinquency Ratio for third preceding Determination Date 8.58%
-------------------
Average Delinquency Ratio 8.46% 8.46%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 10,409,307.09
Current Period Defaulted Receivables 772,121.92
-------------------
Total 11,181,429.01
Cumulative Defaulted Receivables 11,181,429.01
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 12.14%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 893,601.12
Cram Down Losses 0.00
Net Liquidation Proceeds (236,697.00)
-------------------
Net Liquidation Losses 656,904.12
Cumulative Previous Net Losses 5,862,695.86
-------------------
Cumulative Net Losses 6,519,599.98
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 7.08%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 39.84
Weighted Average Annual Percentage Rate 20.51%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,755,221.48
15% of Outstanding Certificate Balance 8,632,832.21
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
---------------
Cap Amount 5,755,221.48
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 57,552,214.77
Minimum Floor 100,000.00
---------------
Floor Amount 2,763,878.99
Required Spread Account Amount 5,755,221.48
Beginning of Period Spread Account Balance 5,971,537.16
Spread Account Deposit (Withdrawal) from Current Distributions (83,710.96)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (132,604.72)
Earnings on Spread Account Balance 31,686.92
Amount of Spread Account deposit (withdrawal) (164,291.64)
Amount of Withdrawl Allocated to B Piece Shortfalls 113,704.48
Net Spread Account Withdrawl to Seller (50,587.17)
Ending Spread Account Balance 5,755,221.48
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Distribution Date 2/17/98
Collection Period 1/98
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,533,499.82
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $343,734.15
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,189,765.67
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $28.72
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.90
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $24.82
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $144,397.87
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $29,147.05
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $115,250.82
(j) Scheduled Payments due in such Collection Period $2,242,039.36
(k) Scheduled Payments collected in such
Collection Period $2,073,005.89
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $68,919,127.09
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $66,729,361.42
(c) The Pool factor as of the close of business
on the last day set forth above 0.9682270
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $136,161.29
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,594.61
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.54
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $1,085.38
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $28,335.46
(b) Distributions (to) from Collection Account $15,353.13
for Payaheads
(c) Interest earned on Payahead Balances $105.22
(d) Ending Payahead Account Balance $43,793.81
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,672,936.14
Spread Account Balance $6,672,936.14
(b) The change in the spread account on the Distribution
Date set forth above ($218,976.57)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $18,457.66
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $782,987.06
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 232
Aggregate Gross Amount $3,041,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 246
Aggregate Gross Amount $3,345,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.12%
(b) Average Delinquency Ratio 8.46%
(c) Cumulative Default Ratio 9.22%
(d) Cumulative Net Loss Ratio 5.37%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,834,211.97
Lock Box NSF Items: (113,285.47)
Transfers from (to) Payahead Account: (15,353.13)
Collection Account Interest 10,031.71
Payahead Account Interest 105.22
Total Collection Proceeds: 2,715,710.30
For Distribution Date: 2/17/98
For Determination Date: 2/9/98
For Collection Period: 1/98
Collateral Activity Information
Principal
Beginning Principal Balance 68,919,127.09
Principal portion of payments collected (non-prepayments) 945,536.13
Prepayments in full allocable to principal 374,554.00
Collections allocable to principal 1,320,090.13
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 200,853.92
Purchase Amounts allocable to principal 1,085.38
-------------------
Total Principal 1,522,029.43
Realized Losses 782,987.06
Cram Down Losses 0.00
Ending Principal Balance 66,614,110.60
Interest
Collections allocable to interest 1,127,469.76
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 66,211.11
-------------------
Total Interest 1,193,680.87
Certificate Information
Beginning of Period Class A Principal Balance 65,473,170.72
Beginning of Period Class B Principal Balance 3,445,956.37
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,891,912.71
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 21,296.08
Aggregate Payahead Balance 43,688.59
Aggregate Payahead Balance for preceding Distribution Date 28,335.46
Interest Earned on Payahead Balances 105.22
Scheduled Payments due in Collection Period 2,242,039.36
Scheduled Payments collected in Collection Period 2,073,005.89
Aggregate Amount of Realized Losses for preceding Distribution Date 782,987.06
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 232 3,041,000.00
60+ days delinquent 246 3,345,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
1 1,085.38
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 6,386,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 1,085.38
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 937,411.00
Delinquency Ratio for second preceding Determination Date 8.89%
Delinquency Ratio for third preceding Determination Date 8.36%
Cumulative Defaults for preceding Determination Date 7,628,030.59
Cumulative Net Losses for preceding Determination Date 4,267,221.92
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,447,559.89
Liquidation Proceeds 200,853.92
Recoveries 66,211.11
Purchase Amounts 1,085.38
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,715,710.30
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 945,536.13
Prepayments in full allocable to principal 374,554.00
Principal Balance of Liquidated Receivables 983,840.98
Purchase Amounts allocable to principal 1,085.38
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,305,016.49
Class A Principal Distributable Amount
Principal Distributable Amount 2,305,016.49
Times Class A Percentage (95%) 95%
-------------------
2,189,765.67
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,189,765.67
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 65,473,170.72
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 343,734.15
Class B Principal Distributable Amount
Principal Distributable Amount 2,305,016.49
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 115,250.82
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,445,956.37
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 29,147.05
Class B Excess Interest Amount
Total Distribution Amount 2,715,710.30
minus
Class A Principal and Interest Distributable Amount 2,533,499.82
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 29,147.05
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 115,250.82
Class B Principal Carryover Shortfall 0.00
Trustee distributions 861.49
Standby Servicer distributions 4,594.61
Servicer distributions 136,161.29
Collateral Agent distributions 861.49
Reimbursement Obligations 18,457.66
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,594.61 2,715,710.30 4,594.61 2,715,710.30
Servicing Fee (2.0%) 114,865.21 2,711,115.69 114,865.21 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 21,296.08 2,596,250.48 21,296.08 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,574,954.40 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,574,954.40 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,574,954.40 0.00
(iii) Trustee Fee 861.49 2,574,954.40 861.49
Trustee's out-of-pocket expenses 0.00 2,574,092.91 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,574,092.91 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,574,092.91 0.00
(iv) Collateral Agent Fee 861.49 2,574,092.91 861.49
Collateral Agent Expenses 0.00 2,573,231.42 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,573,231.42 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,573,231.42 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 343,734.15 2,573,231.42 343,734.15
Prior Month(s) Class A Carryover Shortfall 0.00 2,229,497.27 0.00
Class A Interest Carryover Shortfall 0.00 2,229,497.27 0.00
Interest on Interest Carryover from Prior Months 0.00 2,229,497.27 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,229,497.27 0.00
Class A Interest Distributable Amount 343,734.15 2,229,497.27 343,734.15
(viii)(A)Class B Coupon Interest - Unadjusted 29,147.05 1,885,763.12 29,147.05
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,856,616.07 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,856,616.07 0.00
Interest on Interest Carryover from Prior Months 0.00 1,856,616.07 0.00
Current Month Class B Interest Shortfall 0.00 1,856,616.07 0.00
Adjusted Class B Interest Distributable Amount 29,147.05 1,856,616.07 29,147.05
(v) (B) Class A Principal Distributable Amount - Current Month 2,189,765.67 1,827,469.02 1,827,469.02 525,944.63
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,189,765.67 0.00 0.00 0.00
(vi) Certificate Insurer Premium 18,457.66 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 115,250.82 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (115,250.82) 0.00 (115,250.82)
Adjusted Class B Principal Distributable Amount 0.00 115,250.82 0.00
Excess Interest Amount for Deposit in Spread Account (7,873.11) 115,250.82 (7,873.11)
123,123.93 123,123.93
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 65,473,170.72
Class A Principal Distributions 2,189,765.67
Class A End of Period Principal Balance 63,283,405.05
Class B Beginning of Period Principal Balance 3,445,956.37
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,445,956.37
Withdrawl from Spread Account to Cover B Shortfalls 115,250.82
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,330,705.55
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,715,710.30
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 486,213.03
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,229,497.27
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,229,497.27
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 29,147.05
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,200,350.22
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,200,350.22
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,189,765.67
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 10,584.55
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 10,584.55
(vi) Certificate Insurer Premium 18,457.66
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (7,873.11)
Withdrawl from Spread Account to Cover Deficiency 7,873.11
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency ) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 115,250.82
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (115,250.82)
Withdrawl from Spread Account to B PieceCover Shortfalls (115,250.82)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,386,000.00
Purchased receivables more than 30 days delinquent 1,085.38
-------------------
Total 6,387,085.38
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 78,623,514.12
Delinquency Ratio 8.12%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.12%
Delinquency Ratio for second preceding Determination Date 8.89%
Delinquency Ratio for third preceding Determination Date 8.36%
-------------------
Average Delinquency Ratio 8.46% 8.46%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 7,628,030.59
Current Period Defaulted Receivables 937,411.00
-------------------
Total 8,565,441.59
Cumulative Defaulted Receivables 8,565,441.59
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 9.22%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 983,840.98
Cram Down Losses 0.00
Net Liquidation Proceeds (267,065.03)
-------------------
Net Liquidation Losses 716,775.95
Cumulative Previous Net Losses 4,267,221.92
-------------------
Cumulative Net Losses 4,983,997.87
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 5.37%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 43.10
Weighted Average Annual Percentage Rate 20.54%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,672,936.14
15% of Outstanding Certificate Balance 10,009,404.21
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
-------------
Cap Amount 6,672,936.14
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 66,729,361.42
Minimum Floor 100,000.00
----------
Floor Amount 2,785,734.33
Required Spread Account Amount 6,672,936.14
Beginning of Period Spread Account Balance 6,891,912.71
Spread Account Deposit (Withdrawal) from Current Distributions (7,873.11)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (211,103.46)
Earnings on Spread Account Balance 36,794.55
Amount of Spread Account deposit (withdrawal) (247,898.01)
Amount of Withdrawl Allocated to B Piece Shortfalls 115,250.82
Net Spread Account Withdrawl to Seller (132,647.19)
Ending Spread Account Balance 6,672,936.14
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
Current month excess servicing fee #REF!
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Distribution Date 2/17/98
Collection Period 1/98
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,101,130.34
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $432,182.67
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,668,947.67
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $31.90
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.45
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $27.46
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $180,963.10
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $40,492.17
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $140,470.93
(j) Scheduled Payments due in such Collection Period $2,591,933.43
(k) Scheduled Payments collected in such
Collection Period $2,404,034.58
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $83,345,794.57
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $80,676,846.90
(c) The Pool factor as of the close of business
on the last day set forth above 0.9679774
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $162,922.84
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,556.39
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.68
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $11,526.76
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $33,900.13
(b) Distributions (to) from Collection Account $2,016.20
for Payaheads
(c) Interest earned on Payahead Balances $346.72
(d) Ending Payahead Account Balance $36,263.05
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,067,684.69
Spread Account Balance $8,067,684.69
(b) The change in the spread account on the Distribution
Date set forth above ($276,090.32)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $22,315.29
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,040,693.10
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 290
Aggregate Gross Amount $3,800,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 327
Aggregate Gross Amount $4,088,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.31%
(b) Average Delinquency Ratio 8.98%
(c) Cumulative Default Ratio 7.60%
(d) Cumulative Net Loss Ratio 3.86%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,286,082.90
Lock Box NSF Items: (126,100.07)
Transfers from (to) Payahead Account: (2,016.20)
Collection Account Interest 12,053.81
Payahead Account Interest 346.72
Total Collection Proceeds: 3,170,367.16
For Distribution Date: 2/17/98
For Determination Date: 2/9/98
For Collection Period: 1/98
Collateral Activity Information
Principal
Beginning Principal Balance 83,345,794.57
Principal portion of payments collected (non-prepayments) 1,043,107.60
Prepayments in full allocable to principal 470,482.00
Collections allocable to principal 1,513,589.60
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 243,609.14
Purchase Amounts allocable to principal 11,526.76
-------------------
Total Principal 1,768,725.50
Realized Losses 1,040,693.10
Cram Down Losses 0.00
Ending Principal Balance 80,536,375.97
Interest
Collections allocable to interest 1,360,926.98
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 40,714.68
-------------------
Total Interest 1,401,641.66
Certificate Information
Beginning of Period Class A Principal Balance 79,178,504.84
Beginning of Period Class B Principal Balance 4,167,289.73
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,343,775.01
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 24,013.18
Aggregate Payahead Balance 35,916.33
Aggregate Payahead Balance for preceding Distribution Date 33,900.13
Interest Earned on Payahead Balances 346.72
Scheduled Payments due in Collection Period 2,591,933.43
Scheduled Payments collected in Collection Period 2,404,034.58
Aggregate Amount of Realized Losses for preceding Distribution Date 1,040,693.10
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 290 3,800,000.00
60+ days delinquent 327 4,088,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
1 11,526.76
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 7,888,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 11,526.76
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection
Period. 1,005,085.12
Delinquency Ratio for second preceding Determination Date 9.58%
Delinquency Ratio for third preceding Determination Date 9.05%
Cumulative Defaults for preceding Determination Date 6,774,128.89
Cumulative Net Losses for preceding Determination Date 2,949,882.47
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,874,516.58
Liquidation Proceeds 243,609.14
Recoveries 40,714.68
Purchase Amounts 11,526.76
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,170,367.16
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,043,107.60
Prepayments in full allocable to principal 470,482.00
Principal Balance of Liquidated Receivables 1,284,302.24
Purchase Amounts allocable to principal 11,526.76
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,809,418.60
Class A Principal Distributable Amount
Principal Distributable Amount 2,809,418.60
Times Class A Percentage (95%) 95%
-------------------
2,668,947.67
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,668,947.67
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 79,178,504.84
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 432,182.67
Class B Principal Distributable Amount
Principal Distributable Amount 2,809,418.60
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 140,470.93
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,167,289.73
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 40,492.17
Class B Excess Interest Amount
Total Distribution Amount 3,170,367.16
minus
Class A Principal and Interest Distributable Amount 3,101,130.34
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 40,492.17
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 140,470.93
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,041.82
Standby Servicer distributions 5,556.39
Servicer distributions 162,922.84
Collateral Agent distributions 1,041.82
Reimbursement Obligations 22,315.29
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,556.39 3,170,367.16 5,556.39 3,170,367.16
Servicing Fee (2.0%) 138,909.66 3,164,810.77 138,909.66 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 24,013.18 3,025,901.11 24,013.18 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 3,001,887.93 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,001,887.93 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,001,887.93 0.00
(iii) Trustee Fee 1,041.82 3,001,887.93 1,041.82
Trustee's out-of-pocket expenses 0.00 3,000,846.11 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,000,846.11 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 3,000,846.11 0.00
(iv) Collateral Agent Fee 1,041.82 3,000,846.11 1,041.82
Collateral Agent Expenses 0.00 2,999,804.29 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,999,804.29 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,999,804.29 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 432,182.67 2,999,804.29 432,182.67
Prior Month(s) Class A Carryover Shortfall 0.00 2,567,621.62 0.00
Class A Interest Carryover Shortfall 0.00 2,567,621.62 0.00
Interest on Interest Carryover from Prior Months 0.00 2,567,621.62 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,567,621.62 0.00
Class A Interest Distributable Amount 432,182.67 2,567,621.62 432,182.67
(viii) (AClass B Coupon Interest - Unadjusted 40,492.17 2,135,438.95 40,492.17
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,094,946.78 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,094,946.78 0.00
Interest on Interest Carryover from Prior Months 0.00 2,094,946.78 0.00
Current Month Class B Interest Shortfall 0.00 2,094,946.78 0.00
Adjusted Class B Interest Distributable Amount 40,492.17 2,094,946.78 40,492.17
(v) (B) Class A Principal Distributable Amount - Current Month 2,668,947.67 2,054,454.61 2,054,454.61 501,419.49
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (141,818.22) 0.00 (141,818.22)
Withdrawl from Spread Account to Cover Shortfall 141,818.22
Class A Principal Distribution Amount 2,668,947.67 141,818.22 141,818.22 0.00
(vi) Certificate Insurer Premium 22,315.29 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 140,470.93 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (140,470.93) 0.00 (140,470.93)
Adjusted Class B Principal Distributable Amount 0.00 140,470.93 0.00
Excess Interest Amount for Deposit in Spread Account (164,133.51) 140,470.93 (164,133.51)
304,604.44 304,604.44
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 79,178,504.84
Class A Principal Distributions 2,668,947.67
Class A End of Period Principal Balance 76,509,557.17
Class B Beginning of Period Principal Balance 4,167,289.73
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,167,289.73
Withdrawl from Spread Account to Cover B Shortfalls 140,470.93
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,026,818.80
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,170,367.16
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 602,745.54
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,567,621.62
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,567,621.62
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 40,492.17
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,527,129.45
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,527,129.45
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,668,947.67
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 141,818.22
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 22,315.29
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (22,315.29)
Withdrawl from Spread Account to Cover Deficiency 22,315.29
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 140,470.93
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (140,470.93)
Withdrawl from Spread Account to B PieceCover Shortfalls (140,470.93)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,888,000.00
Purchased receivables more than 30 days delinquent 11,526.76
-------------------
Total 7,899,526.76
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 95,063,237.95
Delinquency Ratio 8.31%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.31%
Delinquency Ratio for second preceding Determination Date 9.58%
Delinquency Ratio for third preceding Determination Date 9.05%
-------------------
Average Delinquency Ratio 8.98% 8.98%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 6,774,128.89
Current Period Defaulted Receivables 1,005,085.12
-------------------
Total 7,779,214.01
Cumulative Defaulted Receivables 7,779,214.01
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 7.60%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,284,302.24
Cram Down Losses 0.00
Net Liquidation Proceeds (284,323.82)
-------------------
Net Liquidation Losses 999,978.42
Cumulative Previous Net Losses 2,949,882.47
-------------------
Cumulative Net Losses 3,949,860.89
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 3.86%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 45.95
Weighted Average Annual Percentage Rate 20.57%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,067,684.69
15% of Outstanding Certificate Balance 12,101,527.04
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,067,684.69
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 80,676,846.90
Minimum Floor 100,000.00
-------------
Floor Amount 3,069,810.29
Required Spread Account Amount 8,067,684.69
Beginning of Period Spread Account Balance 8,343,775.01
Spread Account Deposit (Withdrawal) from Current Distributions (164,133.51)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (111,956.81)
Earnings on Spread Account Balance 43,407.13
Amount of Spread Account deposit (withdrawal) (155,363.94)
Amount of Withdrawl Allocated to B Piece Shortfalls 140,470.93
Net Spread Account Withdrawl to Seller (14,893.01)
Ending Spread Account Balance 8,067,684.69
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
Distribution Date 2/17/98
Collection Period 1/98
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
<TABLE>
<CAPTION>
A. Information Regarding the Current Monthly Distribution:
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,030,981.17
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $555,712.50
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,475,268.67
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $26.73
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.90
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $21.83
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $180,592.70
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $50,315.40
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $130,277.30
(j) Scheduled Payments due in such Collection Period $3,188,061.47
(k) Scheduled Payments collected in such
Collection Period $3,048,975.76
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $105,556,786.63
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $102,951,240.66
(c) The Pool factor as of the close of business
on the last day set forth above 0.9753162
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $202,830.19
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,037.12
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.79
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $33,990.59
(b) Distributions (to) from Collection Account $14,057.22
for Payaheads
(c) Interest earned on Payahead Balances $123.10
(d) Ending Payahead Account Balance $48,170.91
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,265,611.66
Spread Account Balance $9,265,611.66
(b) The change in the spread account on the Distribution
Date set forth above ($234,499.14)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $28,526.07
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $808,513.39
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 343
Aggregate Gross Amount $4,575,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 389
Aggregate Gross Amount $5,438,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.34%
(b) Average Delinquency Ratio 8.61%
(c) Cumulative Default Ratio 4.66%
(d) Cumulative Net Loss Ratio 1.67%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,801,776.09
Lock Box NSF Items: (168,893.76)
Transfers from (to) Payahead Account: (14,057.22)
Collection Account Interest 13,138.57
Payahead Account Interest 123.10
Total Collection Proceeds: 3,632,086.78
For Distribution Date: 2/17/98
For Determination Date: 2/9/98
For Collection Period: 1/98
Collateral Activity Information
Principal
Beginning Principal Balance 105,556,786.63
Principal portion of payments collected (non-prepayments) 1,235,365.11
Prepayments in full allocable to principal 383,626.00
Collections allocable to principal 1,618,991.11
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 178,041.47
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,797,032.58
Realized Losses 808,513.39
Cram Down Losses 0.00
Ending Principal Balance 102,951,240.66
Interest
Collections allocable to interest 1,813,610.65
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 21,443.55
-------------------
Total Interest 1,835,054.20
Certificate Information
Beginning of Period Class A Principal Balance 100,278,947.31
Beginning of Period Class B Principal Balance 5,277,839.32
Miscellaneous Balances
Beginning of Period Spread Account Balance 9,500,110.80
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 26,902.21
Aggregate Payahead Balance 48,047.81
Aggregate Payahead Balance for preceding Distribution Date 33,990.59
Interest Earned on Payahead Balances 123.10
Scheduled Payments due in Collection Period 3,188,061.47
Scheduled Payments collected in Collection Period 3,048,975.76
Aggregate Amount of Realized Losses for preceding Distribution Date 808,513.39
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 343 4,575,000.00
60+ days delinquent 389 5,438,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of
the related Collection Period. 10,013,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection
Period. 1,288,697.09
Delinquency Ratio for second preceding Determination Date 9.19%
Delinquency Ratio for third preceding Determination Date 8.31%
Cumulative Defaults for preceding Determination Date 4,269,695.45
Cumulative Net Losses for preceding Determination Date 1,200,918.45
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,432,601.76
Liquidation Proceeds 178,041.47
Recoveries 21,443.55
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,632,086.78
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,235,365.11
Prepayments in full allocable to principal 383,626.00
Principal Balance of Liquidated Receivables 986,554.86
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,605,545.97
Class A Principal Distributable Amount
Principal Distributable Amount 2,605,545.97
Times Class A Percentage (95%) 95%
-------------------
2,475,268.67
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,475,268.67
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 100,278,947.31
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class A Interest Distributable Amount 555,712.50
Class B Principal Distributable Amount
Principal Distributable Amount 2,605,545.97
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 130,277.30
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,277,839.32
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 50,315.40
Class B Excess Interest Amount
Total Distribution Amount 3,632,086.78
minus
Class A Principal and Interest Distributable Amount 3,030,981.17
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 50,315.40
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 130,277.30
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,319.46
Standby Servicer distributions 7,037.12
Servicer distributions 202,830.19
Collateral Agent distributions 1,319.46
Reimbursement Obligations 28,526.07
-------------------
179,480.61
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
<TABLE>
<CAPTION>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 7,037.12 3,632,086.78 7,037.12 3,632,086.78
Servicing Fee (2.0%) 175,927.98 3,625,049.66 175,927.98 0.00
Additional Servicing Fee Amounts 26,902.21 3,449,121.68 26,902.21 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,422,219.47 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,422,219.47 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,422,219.47 0.00
(iii) Trustee Fee 1,319.46 3,422,219.47 1,319.46
Trustee's out-of-pocket expenses 0.00 3,420,900.01 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,420,900.01 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,420,900.01 0.00
Collection Periods
(iv) Collateral Agent Fee 1,319.46 3,420,900.01 1,319.46
Collateral Agent Expenses 0.00 3,419,580.55 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,419,580.55 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,419,580.55 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 555,712.50 3,419,580.55 555,712.50
Prior Month(s) Class A Carryover Shortfall 0.00 2,863,868.05 0.00
Class A Interest Carryover Shortfall 0.00 2,863,868.05 0.00
Interest on Interest Carryover from Prior Months 0.00 2,863,868.05 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,863,868.05 0.00
Class A Interest Distributable Amount 555,712.50 2,863,868.05 555,712.50
(viii)(A)Class B Coupon Interest - Unadjusted 50,315.40 2,308,155.55 50,315.40
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,257,840.15 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,257,840.15 0.00
Interest on Interest Carryover from Prior Months 0.00 2,257,840.15 0.00
Current Month Class B Interest Shortfall 0.00 2,257,840.15 0.00
Adjusted Class B Interest Distributable Amount 50,315.40 2,257,840.15 50,315.40
(v) (B) Class A Principal Distributable Amount - Current Month 2,475,268.67 2,207,524.75 2,207,524.75 1,156,818.11
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,475,268.67 0.00 0.00 0.00
(vi) Certificate Insurer Premium 28,526.07 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month 130,277.30 0.00 0.00
Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 130,277.30 0.00 0.00
Excess Interest (Shortage) Amount for Deposit to (withdrawl 179,480.61 0.00 0.00
from ) Spread Account 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 100,278,947.31
Class A Principal Distributions 2,475,268.67
Class A End of Period Principal Balance 97,803,678.64
Class B Beginning of Period Principal Balance 5,277,839.32
Class B Principal Distributable Amount 130,277.30
Class B End of Period Principal Balance BEFORE Spread Account Distributions 5,147,562.02
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 5,147,562.02
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,632,086.78
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 768,218.73
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,863,868.05
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,863,868.05
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 50,315.40
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,813,552.65
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,813,552.65
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,475,268.67
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 338,283.98
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 338,283.98
(vi) Certificate Insurer Premium 28,526.07
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 309,757.91
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 309,757.91
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 130,277.30
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 179,480.61
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 179,480.61
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 10,013,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 10,013,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 120,110,922.29
Delinquency Ratio 8.34%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.34%
Delinquency Ratio for second preceding Determination Date 9.19%
Delinquency Ratio for third preceding Determination Date 8.31%
-------------------
Average Delinquency Ratio 8.61% 8.61%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 4,269,695.45
Current Period Defaulted Receivables 1,288,697.09
-------------------
Total 5,558,392.54
Cumulative Defaulted Receivables 5,558,392.54
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 4.66%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 986,554.86
Cram Down Losses 0.00
Net Liquidation Proceeds (199,485.02)
-------------------
Net Liquidation Losses 787,069.84
Cumulative Previous Net Losses 1,200,918.45
-------------------
Cumulative Net Losses 1,987,988.29
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 1.67%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 48.45
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 9,265,611.66
15% of Outstanding Certificate Balance 15,442,686.10
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 9,265,611.66
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 102,951,240.66
Minimum Floor 100,000.00
Floor Amount 3,580,860.93
Required Spread Account Amount 9,265,611.66
Beginning of Period Spread Account Balance 9,500,110.80
Spread Account Deposit (Withdrawal) from Current Distributions 179,480.61
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (413,979.75)
Earnings on Spread Account Balance 49,281.25
Amount of Spread Account deposit (withdrawal) (463,261.00)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (463,261.00)
Ending Spread Account Balance 9,265,611.66
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: James L. Stock
Title: Vice President
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-3
6.10% Asset-Backed Notes, Class A-1
6.38% Asset-Backed Notes, Class A-2
10.65% Asset-Backed Notes, Class B
10.65% Asset-Backed Certificates
Distribution Date 2/17/98
Collection Period 1/98
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $3,778,920.59
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $331,252.30
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,447,668.29
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $46.75
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.10
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $42.65
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $327,868.20
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $327,868.20
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $5.31
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to Class B
Noteholders on the Distribution Date set forth above $88,653.79
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $31,071.64
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $57,582.15
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $88,653.79
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $31,071.64
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $57,582.15
(s) Scheduled Payments due in such Collection Period $4,106,937.13
(t) Scheduled Payments collected in such
Collection Period $3,960,228.03
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $140,041,183.22
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(r) above $131,531,159.14
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i),(o) above $126,828,165.24
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9056491
(e) Aggregate principal amount of Certificates as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(r) above $3,443,447.42
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0245888
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $261,955.42
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,002.06
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.24
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.09
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 6
Aggregate Purchase Amount $68,075.20
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
(f) The amount of the Certificate Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (q) above $0.00
(g) The amount of the Certificate Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (r) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $4,930,126.30
Spread Account Balance $4,930,126.30
(b) The change in the spread account on the Distribution
Date set forth above ($406,038.74)
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $36,354.58
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $226,849.94
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 401
Aggregate Gross Amount $5,606,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 457
Aggregate Gross Amount $6,646,000.00
7 Performance Triggers
(a) Delinquency Ratio 7.73%
(b) Average Delinquency Ratio 7.15%
(c) Cumulative Default Ratio 2.36%
(d) Cumulative Net Loss Ratio 0.42%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-3
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 4,780,154.53
Lock Box NSF Items: (204,912.78)
Total Collection Proceeds: 4,575,241.75
For Distribution Date: 2/17/98
For Determination Date: 2/9/98
For Collection Period: 1/98
Collateral Activity Information
Principal
Beginning Principal Balance 140,041,183.22
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-----------------------
Aggregate Beginning Principal Balance 140,041,183.22
Principal portion of payments collected (non-prepayments) 1,482,251.05
Prepayments in full allocable to principal 474,505.00
Collections allocable to principal 1,956,756.05
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 51,604.93
Purchase Amounts allocable to principal 68,075.20
-----------------------
Total Principal 2,076,436.18
Realized Losses 226,849.94
Cram Down Losses 0.00
Ending Principal Balance 137,737,897.10
Prefunding
Original Amount in Prefunding Account 27,084,817.00
Subsequent Loans Sold to the Trust 27,084,817.00
Balance of Prefunding Account 0.00
Interest
Collections allocable to interest 2,477,976.98
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 20,828.59
-----------------------
Total Interest 2,498,805.57
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 65,164,386.11
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,501,029.57
Beginning of Period Certificate Balance 3,501,029.57
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,336,165.04
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 28,553.45
Scheduled Payments due in Collection Period 4,106,937.13
Scheduled Payments collected in Collection Period 3,960,228.03
Aggregate Amount of Realized Losses for preceding Distribution Date 226,849.94
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 401 5,606,000.00
60+ days delinquent 457 6,646,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
6 68,075.20
<TABLE>
<CAPTION>
<S> <C> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 12,252,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 68,075.20
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 1,265,272.32
Delinquency Ratio for second preceding Determination Date 7.42%
Delinquency Ratio for third preceding Determination Date 6.30%
Cumulative Defaults for preceding Determination Date 2,281,949.09
Cumulative Net Losses for preceding Determination Date 425,258.03
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Requisite Reserve Amount
Weighted Average of the Interest Rates and Pass-Through Rates 6.4671%
minus 2.5% 2.50%
-----------------------
3.9671%
divided by 360 0.0110%
times the prefunded amount 0.00
times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00
-----------------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
Excess in Interest Reserve Account 0.00
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 4,434,733.03
Liquidation Proceeds 51,604.93
Recoveries 20,828.59
Purchase Amounts 68,075.20
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 0.00
Investment earnings from Note Distribution Account 442.85
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 300.58
Investment earnings from Collection Account 15,705.55
-----------------------
Total Distribution Amount 4,591,690.73
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,482,251.05
Prepayments in full allocable to principal 474,505.00
Principal Balance of Liquidated Receivables 278,454.87
Purchase Amounts allocable to principal 68,075.20
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 2,303,286.12
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 137,737,897.10
-----------------------
------------
123,964,107.39 97.74%
------------
Current Target %
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 46.1%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,303,286.12
Times Class A Noteholders' Percentage 95%
-----------------------
2,188,121.81
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 2,188,121.81
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 65,164,386.11
Multiplied by the Note Rate 6.10%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class A Interest Distributable Amount 331,252.30
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,668,000.00
Multiplied by the Note Rate 6.38%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class A Interest Distributable Amount 327,868.20
Class B Noteholders Principal Distributable Amount
Principal Distributable Amount 2,303,286.12
Times Class B Percentage 2.5%
-----------------------
Class B Principal Distributable Amount 57,582.15
Certificate Principal Distributable Amount
Principal Distributable Amount 2,303,286.12
Times Certificate Percentage 2.5%
-----------------------
Certificate Principal Distributable Amount 57,582.15
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,501,029.57
Multiplied by Note Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class B Coupon Interest Amount 31,071.64
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,501,029.57
Multiplied by Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Certificateholders' Interest Amount 31,071.64
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 7,002.06 4,591,690.73 7,002.06 4,591,690.73
Servicing Fee (2.0%) 233,401.97 4,584,688.67 233,401.97 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 28,553.45 4,351,286.70 28,553.45 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 4,322,733.25 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,322,733.25 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,322,733.25 0.00
(iii) Indenture Trustee Fee 1,167.01 4,322,733.25 1,167.01
Indenture Trustee's out-of-pocket expenses 0.00 4,321,566.24 0.00
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 4,321,566.24 0.00
Unpaid Indenture Trustee's out-of-pocket exp.
- prior Collection Periods 0.00 4,321,566.24 0.00
Owner Trustee Fee 0.00 4,321,566.24 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,321,566.24 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,321,566.24 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 4,321,566.24 0.00
(iv) Collateral Agent Fee 1,115.29 4,321,566.24 1,115.29
Collateral Agent Expenses 0.00 4,320,450.95 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,320,450.95 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,320,450.95 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 331,252.30
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 331,252.30 4,320,450.95 331,252.30
(B) Class A-2 Interest Distributable Amount - Current Month 327,868.20
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 327,868.20 3,989,198.65 327,868.20
(vi) (A) Class B Note Interest - Unadjusted 31,071.64
Class B Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 31,071.64 3,661,330.45 31,071.64
(B) Certificate Interest - Unadjusted 31,071.64
Certificate Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 31,071.64 3,630,258.81 31,071.64
(vii) Class A Principal Distributable Amount - Current Month 2,188,121.81
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 2,188,121.81 3,599,187.17 2,188,121.81 0.00
Class A Principal Distribution Amount to Class A-2 0.00 1,411,065.36 0.00 0.00
(viii) Note Insurer Premium 36,354.58 1,411,065.36 36,354.58
Note Insurer Premium Supplement 0.00 1,374,710.78 0.00
Other Reimbursement Obligations to Note Insurer 0.00 1,374,710.78 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,374,710.78 0.00
(x) Class B Principal Distributable Amount - Current Month Unadjusted 57,582.15
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 57,582.15 1,374,710.78 57,582.15
Certificate Principal Distributable Amount - Current Month Unadjusted 57,582.15
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 57,582.15 1,317,128.63 57,582.15
(xi) Until the Target Payment Date, remaining amount to Class A Noteholders1,259,546.48 1,259,546.48 1,259,546.48
Amount to Class A-1 Noteholders 1,259,546.48 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. Amount 0.00
(xiii) After an Event of Default, Certificateholders' Prin. Dist. Amount 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Securities Balance
Class A-1 Beginning of Period Principal Amount 65,164,386.11
Class A-1 Principal Distributions 2,188,121.81
Class A-1 End of Period Principal Amount (prior to turbo) 62,976,264.30
Additional Principal Distribution 1,259,546.48
Class A-1 End of Period Principal Amount 61,716,717.82
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 61,668,000.00
Class B Beginning of Period Principal Amount 3,501,029.57
Class B Principal Distributable Amount 57,582.15
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,443,447.42
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,443,447.42
Certificate Beginning of Period Principal Amount 3,501,029.57
Certificate Principal Distributable Amount 57,582.15
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,443,447.42
Withdrawl from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,443,447.42
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 12,252,000.00
Purchased receivables more than 30 days delinquent 68,075.20
-----------------------
Total 12,320,075.20
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 159,367,652.69
Delinquency Ratio 7.73%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.73%
Delinquency Ratio for second preceding Determination Date 7.42%
Delinquency Ratio for third preceding Determination Date 6.30%
-----------------------
Average Delinquency Ratio 7.15% 7.15%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 2,281,949.09
Current Period Defaulted Receivables 1,265,272.32
-----------------------
Total 3,547,221.41
Cumulative Defaulted Receivables 3,547,221.41
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 2.36%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 278,454.87
Cram Down Losses 0.00
Net Liquidation Proceeds (72,433.52)
-----------------------
Net Liquidation Losses 206,021.35
Cumulative Previous Net Losses 425,258.03
-----------------------
Cumulative Net Losses 631,279.38
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 0.42%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 51.03
Weighted Average Annual Percentage Rate 20.41%
Spread Account
OC Percent
Aggregate Principal Balance 137,737,897.10
minus the Securities Balance 130,271,612.66
-----------------------
7,466,284.44
divided by the Aggregate Principal Balance 5.42%
Floor OC Percent
Aggregate Principal Balance 137,737,897.10
minus the Securities Balance 130,271,612.66
-----------------------
7,466,284.44
divided by the initial Aggregate Principal Balance 150,000,000.00
-----------------------
4.98%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 130,271,612.66
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 27,084,817.00
---------------
3,000,000.00
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 150,000,000.00
---------------
0.00
Floor Amount 3,000,000.00
Requisite Amount
the greater of
(1)the Floor Amount 3,000,000.00
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 3.58%
if a Trigger Event, 15% minus the OC Percent 9.58%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 24.58%
if an Insurance Agreement Event of Default, unlimited 999.00%
3.58%
times the Aggregate Principal Balance 137,737,897.10
-----------------------
4,930,126.30
Requisite Amount 4,930,126.30
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 4,930,126.30
Beginning of Period Spread Account Balance 5,336,165.04
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (406,038.74)
Earnings on Spread Account Balance 27,095.77
Amount of Spread Account deposit (withdrawal) (433,134.51)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (433,134.51)
Ending Spread Account Balance 4,930,126.30
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Note as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-4
6.07% Asset-Backed Notes, Class A-1
6.30% Asset-Backed Notes, Class A-2
10.59% Asset-Backed Certificates
Distribution Date 2/17/98
Collection Period 1/98
Under the Sale and Servicing Agreement dated as of October 9, 1997 and
amended as of October 17, 1997 (the "Agreement") by and among CPS Receivables
Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner
Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Noteholders and Certificateholders
and the performance of the Trust during the previous month. The information
which is required to be prepared with respect to the Distribution Date and
Collection Period listed above is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per Note, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,776,888.38
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $245,437.38
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,531,451.00
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $51.18
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.52
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $46.65
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $243,114.89
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $243,114.89
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.94
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $125,303.78
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $45,193.14
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $80,110.64
(p) Scheduled Payments due in such Collection Period $2,933,931.93
(q) Scheduled Payments collected in such
Collection Period $2,930,601.40
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $102,420,707.76
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $98,347,814.41
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $92,297,540.79
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9011609
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $5,040,924.76
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0492178
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $187,061.24
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,121.04
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.45
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.09
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 7
Aggregate Purchase Amount $83,127.46
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,602,983.99
Spread Account Balance $3,755,045.85
(b) The change in the spread account on the Distribution
Date set forth above $18,941.71
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $27,214.51
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $81,229.92
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 240
Aggregate Gross Amount $3,397,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 151
Aggregate Gross Amount $2,159,000.00
7 Performance Triggers
(a) Delinquency Ratio 4.86%
(b) Average Delinquency Ratio 3.61%
(c) Cumulative Default Ratio 0.66%
(d) Cumulative Net Loss Ratio 0.08%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-4
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,468,583.88
Lock Box NSF Items: (114,019.52)
Total Collection Proceeds: 3,354,564.36
For Distribution Date: 2/17/98
For Determination Date: 2/9/98
For Collection Period: 1/98
Collateral Activity Information
Principal
Beginning Principal Balance 102,420,707.76
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 102,420,707.76
Principal portion of payments collected (non-prepayments) 1,097,019.91
Prepayments in full allocable to principal 337,448.00
Collections allocable to principal 1,434,467.91
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 3,387.50
Purchase Amounts allocable to principal 83,127.46
-----------------------
Total Principal 1,520,982.87
Realized Losses 81,229.92
Cram Down Losses 0.00
Ending Principal Balance 100,818,494.97
Interest
Collections allocable to interest $1,833,581.49
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-----------------------
Total Interest $1,833,581.49
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 48,521,393.20
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 5,121,035.40 99,950,027.20
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,736,104.14
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 16,360.06
Scheduled Payments due in Collection Period 2,933,931.93
Scheduled Payments collected in Collection Period 2,930,601.40
Aggregate Amount of Realized Losses for preceding Distribution Date 81,229.92
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 240 3,397,000.00
60+ days delinquent 151 2,159,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
7 83,127.46
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,556,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 83,127.46
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 378,790.65
Delinquency Ratio for second preceding Determination Date 3.62%
Delinquency Ratio for third preceding Determination Date 2.34%
Cumulative Defaults for preceding Determination Date 324,644.74
Cumulative Net Losses for preceding Determination Date 2,359.90
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,268,049.40
Liquidation Proceeds 3,387.50
Recoveries 0.00
Purchase Amounts 83,127.46
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,825.91
-----------------------
Total Distribution Amount 3,366,390.27
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,097,019.91
Prepayments in full allocable to principal 337,448.00
Principal Balance of Liquidated Receivables 84,617.42
Purchase Amounts allocable to principal 83,127.46
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,602,212.79
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 100,818,494.97
-----------------------
90,736,645.47
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 46.3%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,602,212.79
Times Class A Noteholders' Percentage 95%
-----------------------
1,522,102.15
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,522,102.15
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 48,521,393.20
Multiplied by the Note Rate 6.07%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 245,437.38
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,307,598.60
Multiplied by the Note Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 243,114.89
Certificateholders Principal Distributable Amount
Principal Distributable Amount 1,602,212.79
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 80,110.64
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 5,121,035.40
Multiplied by Note Pass-Through Rate 10.59%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 45,193.14
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,121.04 3,366,390.27 5,121.04 3,366,390.27
Servicing Fee (2.0%) 170,701.18 3,361,269.23 170,701.18 0.00
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 16,360.06 3,190,568.05 16,360.06 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 3,174,207.99 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,174,207.99 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,174,207.99 0.00
(iii) Indenture Trustee Fee 853.51 3,174,207.99 853.51
Indenture Trustee's out-of-pocket expenses 0.00 3,173,354.48 0.00
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 3,173,354.48 0.00
Unpaid Indenture Trustee's out-of-pocket exp.
- prior Collection Periods 0.00 3,173,354.48 0.00
Owner Trustee Fee 0.00 3,173,354.48 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,173,354.48 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,173,354.48 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 3,173,354.48 0.00
(iv) Collateral Agent Fee 832.92 3,173,354.48 832.92
Collateral Agent Expenses 0.00 3,172,521.56 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,172,521.56 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,172,521.56 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 245,437.38
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 245,437.38 3,172,521.56 245,437.38
(BClass A-2 Interest Distributable Amount - Current Month 243,114.89
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 243,114.89 2,927,084.18 243,114.89
(vi) (A) Certificate Note Interest - Unadjusted 45,193.14
Certificate Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 45,193.14 2,683,969.29 45,193.14
(vii) Class A Principal Distributable Amount - Current Month 1,522,102.15
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 1,522,102.15 2,638,776.15 1,522,102.15 0.00
Class A Principal Distribution Amount to Class A-2 0.00 1,116,674.00 0.00 0.00
(viii) Note Insurer Premium 27,214.51 1,116,674.00 27,214.51
Note Insurer Premium Supplement 0.00 1,089,459.49 0.00
Other Reimbursement Obligations to Note Insurer 0.00 1,089,459.49 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,089,459.49 0.00
(x) Certificate Principal Distributable Amount - Current Month Unadjusted 80,110.64
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 80,110.64 1,089,459.49 80,110.64
(xi) Until the Target Payment Date, remaining amount to Class A Noteholders 1,009,348.85 1,009,348.85 1,009,348.85
Amount to Class A-1 Noteholders 1,009,348.85 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00 3,366,390.27 Total Disbursements
3,366,390.27 Total Distribution Amt
=============
0.00 Shortage (Over)
=============
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Securities Balance
Class A-1 Beginning of Period Principal Amount 48,521,393.20
Class A-1 Principal Distributions 1,522,102.15
Class A-1 End of Period Principal Amount (prior to turbo) 46,999,291.05
Additional Principal Distribution 1,009,348.85
Class A-1 End of Period Principal Amount 45,989,942.19
Class A-2 Beginning of Period Principal Amount 46,307,598.60
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 46,307,598.60
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 46,307,598.60
Certificate Beginning of Period Principal Amount 5,121,035.40
Certificate Principal Distributable Amount 80,110.64
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 5,040,924.76
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 5,040,924.76
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,252,463.74
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,556,000.00
Purchased receivables more than 30 days delinquent 83,127.46
-----------------------
Total 5,639,127.46
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 116,143,570.87
Delinquency Ratio 4.86%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.86%
Delinquency Ratio for second preceding Determination Date 3.62%
Delinquency Ratio for third preceding Determination Date 2.34%
-----------------------
Average Delinquency Ratio 3.61% 3.61%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 324,644.74
Current Period Defaulted Receivables 378,790.65
-----------------------
Total 703,435.39
Cumulative Defaulted Receivables 703,435.39
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 0.66%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 84,617.42
Cram Down Losses 0.00
Net Liquidation Proceeds (3,387.50)
-----------------------
Net Liquidation Losses 81,229.92
Cumulative Previous Net Losses 2,359.90
-----------------------
Cumulative Net Losses 83,589.82
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 0.08%
Additional Pool Information:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 53.02
Weighted Average Annual Percentage Rate 20.32%
Spread Account
OC Percent
Aggregate Principal Balance 100,818,494.97
minus the Securities Balance 98,347,814.41
-----------------------
2,470,680.56
divided by the Aggregate Principal Balance 2.45%
Floor OC Percent
Aggregate Principal Balance 100,818,494.97
minus the Securities Balance 98,347,814.41
-----------------------
2,470,680.56
divided by the initial Aggregate Principal Balance 105,860,630.11
-----------------------
2.33%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 98,347,814.41
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 105,860,630.11
(II) balance of all Subsequent Receivables 0.00
-------------
2,117,212.60
(B)the product of
(I) excess of 1% over the Floor OC Percent
0.00% (II) initial Aggregate Principal Balance
105,860,630.11
-------------
0.00
Floor Amount 2,117,212.60
Requisite Amount
the greater of
(1)the Floor Amount 2,117,212.60
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 6.55%
if a Trigger Event, 15% minus the OC Percent 12.55%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 27.55%
if an Insurance Agreement Event of Default, unlimited 999.00%
6.55%
times the Aggregate Principal Balance 100,818,494.97
-----------------------
6,602,983.99
Requisite Amount 6,602,983.99
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 6,602,983.99
Beginning of Period Spread Account Balance 3,736,104.14
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 2,866,879.85
Earnings on Spread Account Balance 18,941.71
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,755,045.85
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Note as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-5
6.26% Asset-Backed Notes, Class A-1
6.40% Asset-Backed Notes, Class A-2
10.55% Asset-Backed Certificates
Distribution Date 2/17/98
Collection Period 1/98
Under the Sale and Servicing Agreement dated as of December 1, 1997, (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,294,856.87
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $279,064.30
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,015,792.57
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $41.16
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $5.01
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $36.16
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $187,600.00
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $187,600.00
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.04
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $97,933.96
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $41,428.81
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $56,505.15
(p) Scheduled Payments due in such Collection Period $2,670,407.49
(q) Scheduled Payments collected in such
Collection Period $2,446,259.82
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $94,325,800.38
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $92,251,932.66
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $86,653,961.43
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9186666
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $4,655,776.52
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0493585
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $168,154.85
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,716.29
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.02
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.08
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 11
Aggregate Purchase Amount $151,826.48
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,443,848.05
Spread Account Balance $3,369,093.83
(b) The change in the spread account on the Distribution
Date set forth above $17,018.57
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $28,468.75
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 157
Aggregate Gross Amount $2,133,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 49
Aggregate Gross Amount $721,000.00
7 Performance Triggers
(a) Delinquency Ratio 2.84%
(b) Average Delinquency Ratio 1.46%
(c) Cumulative Default Ratio 0.12%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-5
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,845,315.47
Lock Box NSF Items: (65,846.17)
Total Collection Proceeds: 2,779,469.30
For Distribution Date: 2/17/98
For Determination Date: 2/9/98
For Collection Period: 1/98
Collateral Activity Information
Principal
Beginning Principal Balance 94,325,800.38
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 94,325,800.38
Principal portion of payments collected (non-prepayments) 796,893.53
Prepayments in full allocable to principal 181,383.00
Collections allocable to principal 978,276.53
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 151,826.48
-----------------------
Total Principal 1,130,103.01
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 93,195,697.37
Interest
Collections allocable to interest $1,649,366.29
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-----------------------
Total Interest $1,649,366.29
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 53,494,754.00
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 4,712,281.67 93,382,035.67
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,352,075.26
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 10,945.18
Scheduled Payments due in Collection Period 2,670,407.49
Scheduled Payments collected in Collection Period 2,446,259.82
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 157 2,133,000.00
60+ days delinquent 49 721,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
11 151,826.48
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 2,854,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 151,826.48
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 90,631.69
Delinquency Ratio for second preceding Determination Date 1.43%
Delinquency Ratio for third preceding Determination Date 0.11%
Cumulative Defaults for preceding Determination Date 28,184.58
Cumulative Net Losses for preceding Determination Date 1,315.65
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,627,642.82
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 151,826.48
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 9,325.65
-----------------------
Total Distribution Amount 2,788,794.95
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 796,893.53
Prepayments in full allocable to principal 181,383.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 151,826.48
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,130,103.01
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 93,195,697.37
-----------------------
83,876,127.63
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 37.7%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,130,103.01
Times Class A Noteholders' Percentage 95%
-----------------------
1,073,597.86
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,073,597.86
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 53,494,754.00
Multiplied by the Note Rate 6.26%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 279,064.30
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 35,175,000.00
Multiplied by the Note Rate 6.40%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 187,600.00
Certificateholders Principal Distributable Amount
Principal Distributable Amount 1,130,103.01
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 56,505.15
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,712,281.67
Multiplied by Note Pass-Through Rate 10.55%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 41,428.81
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,716.29 2,788,794.95 4,716.29 2,788,794.95
Servicing Fee (2.0%) 157,209.67 2,784,078.66 157,209.67 0.00
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 10,945.18 2,626,868.99 10,945.18 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,615,923.81 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,615,923.81 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,615,923.81 0.00
(iii) Indenture Trustee Fee 786.05 2,615,923.81 786.05
Indenture Trustee's out-of-pocket expenses 0.00 2,615,137.76 0.00
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 2,615,137.76 0.00
Unpaid Indenture Trustee's out-of-pocket exp.
- prior Collection Periods 0.00 2,615,137.76 0.00
Owner Trustee Fee 5,500.00 2,615,137.76 5,500.00
Owner Trustee's out-of-pocket expenses 0.00 2,609,637.76 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 2,609,637.76 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 2,609,637.76 0.00
(iv) Collateral Agent Fee 778.18 2,609,637.76 778.18
Collateral Agent Expenses 0.00 2,608,859.58 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,608,859.58 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,608,859.58 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 279,064.30
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 279,064.30 2,608,859.58 279,064.30
(BClass A-2 Interest Distributable Amount - Current Month 187,600.00
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 187,600.00 2,329,795.28 187,600.00
(vi) (A) Certificate Note Interest - Unadjusted 41,428.81
Certificate Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 41,428.81 2,142,195.28 41,428.81
(vii) Class A Principal Distributable Amount - Current Month 1,073,597.86
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 1,073,597.86 2,100,766.47 1,073,597.86 0.00
Class A Principal Distribution Amount to Class A-2 0.00 1,027,168.61 0.00 0.00
(viii) Note Insurer Premium 28,468.75 1,027,168.61 28,468.75
Note Insurer Premium Supplement 0.00 998,699.86 0.00
Other Reimbursement Obligations to Note Insurer 0.00 998,699.86 0.00
(ix) Transition Expenses to successor Servicer 0.00 998,699.86 0.00
(x) Certificate Principal Distributable Amount - Current Month Unadjusted 56,505.15
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 56,505.15 998,699.86 56,505.15
(xi) Until the Target Payment Date, remaining amount to Class A Noteholders 942,194.71 942,194.71 942,194.71
Amount to Class A-1 Noteholders 942,194.71 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00 2,783,294.95 Total Disbursements
2,788,794.95 Total Distribution Amt
=============
(5,500.00)Shortage (Over)
===============
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Securities Balance
Class A-1 Beginning of Period Principal Amount 53,494,754.00
Class A-1 Principal Distributions 1,073,597.86
Class A-1 End of Period Principal Amount (prior to turbo) 52,421,156.14
Additional Principal Distribution 942,194.71
Class A-1 End of Period Principal Amount 51,478,961.43
Class A-2 Beginning of Period Principal Amount 35,175,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 35,175,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 35,175,000.00
Certificate Beginning of Period Principal Amount 4,712,281.67
Certificate Principal Distributable Amount 56,505.15
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,655,776.52
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,655,776.52
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,129,794.71
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,854,000.00
Purchased receivables more than 30 days delinquent 151,826.48
-----------------------
Total 3,005,826.48
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 105,735,003.57
Delinquency Ratio 2.84%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 2.84%
Delinquency Ratio for second preceding Determination Date 1.43%
Delinquency Ratio for third preceding Determination Date 0.11%
-----------------------
Average Delinquency Ratio 1.46% 1.46%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 28,184.58
Current Period Defaulted Receivables 90,631.69
-----------------------
Total 118,816.27
Cumulative Defaulted Receivables 118,816.27
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 0.12%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-----------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 1,315.65
-----------------------
Cumulative Net Losses 1,315.65
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 56.00
Weighted Average Annual Percentage Rate 20.28%
Spread Account
OC Percent
Aggregate Principal Balance 93,195,697.37
minus the Securities Balance 92,251,932.66
-----------------------
943,764.71
divided by the Aggregate Principal Balance 1.01%
Floor OC Percent
Aggregate Principal Balance 93,195,697.37
minus the Securities Balance 92,251,932.66
-----------------------
943,764.71
divided by the initial Aggregate Principal Balance 95,706,307.00
-----------------------
0.99%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 92,251,932.66
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 95,706,307.00
(II) balance of all Subsequent Receivables 0.00
-------------
1,914,126.14
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 95,706,307.00
-------------
13,298.36
Floor Amount 1,927,424.50
Requisite Amount
the greater of
(1)the Floor Amount 1,927,424.50
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 8.0%
if a Trigger Event, 15% minus the OC Percent 14.0%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 29.0%
if an Insurance Agreement Event of Default, unlimited 999%
8%
times the Aggregate Principal Balance 93,195,697.37
-----------------------
7,443,848.05
Requisite Amount 7,443,848.05
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 7,443,848.05
Beginning of Period Spread Account Balance 3,352,075.26
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 4,091,772.79
Earnings on Spread Account Balance 17,018.57
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,369,093.83
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Note as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Distribution Date 3/16/98
Collection Period 2/98
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,315,861.02
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $250,030.57
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,065,830.45
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $27.42
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.96
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $24.46
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $193,030.78
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $20,321.90
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $172,708.88
(j) Scheduled Payments due in such Collection Period $1,800,864.84
(k) Scheduled Payments collected in such
Collection Period $1,800,574.44
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $47,492,944.78
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $45,449,689.73
(c) The Pool factor as of the close of business
on the last day set forth above 0.9569777
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $102,509.76
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,166.20
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.21
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $29,054.91
(b) Distributions (to) from Collection Account ($10,948.64)
for Payaheads
(c) Interest earned on Payahead Balances $103.41
(d) Ending Payahead Account Balance $18,209.68
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,817,453.46
Spread Account Balance $6,817,453.46
(b) The change in the spread account on the Distribution
Date set forth above ($358,379.72)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $12,556.97
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $570,216.66
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 167
Aggregate Gross Amount $1,723,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 149
Aggregate Gross Amount $1,648,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.47%
(b) Average Delinquency Ratio 7.49%
(c) Cumulative Default Ratio 14.61%
(d) Cumulative Net Loss Ratio 9.93%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,553,114.06
Lock Box NSF Items: (74,351.47)
Transfers from (to) Payahead Account: 10,948.64
Collection Account Interest 8,630.08
Payahead Account Interest 103.41
Total Collection Proceeds: 2,498,444.72
For Distribution Date: 3/16/98
For Determination Date: 3/9/98
For Collection Period: 2/98
Collateral Activity Information
Principal
Beginning Principal Balance 47,492,944.78
Principal portion of payments collected (non-prepayments) 981,802.56
Prepayments in full allocable to principal 454,527.00
Collections allocable to principal 1,436,329.56
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 168,012.15
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,604,341.71
Realized Losses 570,216.66
Cram Down Losses 0.00
Ending Principal Balance 45,318,386.41
Interest
Collections allocable to interest 818,771.88
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 75,331.13
-------------------
Total Interest 894,103.01
Certificate Information
Beginning of Period Class A Principal Balance 45,118,297.54
Beginning of Period Class B Principal Balance 2,438,628.18
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,175,833.18
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 23,354.85
Aggregate Payahead Balance 18,106.27
Aggregate Payahead Balance for preceding Distribution Date 29,054.91
Interest Earned on Payahead Balances 103.41
Scheduled Payments due in Collection Period 1,800,864.84
Scheduled Payments collected in Collection Period 1,800,574.44
Aggregate Amount of Realized Losses for preceding Distribution Date 570,216.66
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 1,435.21
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 167 1,723,000.00
60+ days delinquent 149 1,648,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
0 0.00
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 3,371,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 479,132.98
Delinquency Ratio for second preceding Determination Date 7.07%
Delinquency Ratio for third preceding Determination Date 8.93%
Cumulative Defaults for preceding Determination Date 12,507,787.95
Cumulative Net Losses for preceding Determination Date 8,330,838.85
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,255,101.44
Liquidation Proceeds 168,012.15
Recoveries 75,331.13
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,498,444.72
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 981,802.56
Prepayments in full allocable to principal 454,527.00
Principal Balance of Liquidated Receivables 738,228.81
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,174,558.37
Class A Principal Distributable Amount
Principal Distributable Amount 2,174,558.37
Times Class A Percentage (95%) 95%
-------------------
2,065,830.45
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,065,830.45
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 45,118,297.54
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 250,030.57
Class B Principal Distributable Amount
Principal Distributable Amount 2,174,558.37
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 108,727.92
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,438,628.18
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 20,321.90
Class B Excess Interest Amount
Total Distribution Amount 2,498,444.72
minus
Class A Principal and Interest Distributable Amount 2,315,861.02
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 20,321.90
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 108,727.92
Class B Principal Carryover Shortfall 63,980.96
Trustee distributions 2,028.87
Standby Servicer distributions 3,166.20
Servicer distributions 102,509.76
Collateral Agent distributions 594.46
Reimbursement Obligations 12,556.97
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 63,980.96
-------------------
63,980.96
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,166.20 2,498,444.72 3,166.20 2,498,444.72
Servicing Fee (2.0%) 79,154.91 2,495,278.52 79,154.91 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 23,354.85 2,416,123.61 23,354.85 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,392,768.76 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,392,768.76 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,392,768.76 0.00
(iii) Trustee Fee 593.66 2,392,768.76 593.66
Trustee's out-of-pocket expenses 1,435.21 2,392,175.10 1,435.21
Unpaid Trustee Fee from prior Collection Periods 0.00 2,390,739.89 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,390,739.89 0.00
(iv) Collateral Agent Fee 594.46 2,390,739.89 594.46
Collateral Agent Expenses 0.00 2,390,145.43 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,390,145.43 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,390,145.43 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 250,030.57 2,390,145.43 250,030.57
Prior Month(s) Class A Carryover Shortfall 0.00 2,140,114.86 0.00
Class A Interest Carryover Shortfall 0.00 2,140,114.86 0.00
Interest on Interest Carryover from Prior Months 0.00 2,140,114.86 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,140,114.86 0.00
Class A Interest Distributable Amount 250,030.57 2,140,114.86 250,030.57
(viii) (AClass B Coupon Interest - Unadjusted 20,321.90 1,890,084.29 20,321.90
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,869,762.39 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,869,762.39 0.00
Interest on Interest Carryover from Prior Months 0.00 1,869,762.39 0.00
Current Month Class B Interest Shortfall 0.00 1,869,762.39 0.00
Adjusted Class B Interest Distributable Amount 20,321.90 1,869,762.39 20,321.90
(v) (B) Class A Principal Distributable Amount - Current Month 2,065,830.45 1,849,440.49 1,849,440.49 432,614.27
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,065,830.45 0.00 0.00 0.00
(vi) Certificate Insurer Premium 12,556.97 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 108,727.92 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 63,980.96 0.00 0.00
Current Month Class B Principal Shortfall (131,303.34) 0.00 (131,303.34)
Adjusted Class B Principal Distributable Amount 41,405.54 131,303.34 41,405.54
Excess Interest Amount for Deposit in Spread Account 0.00 89,897.80 0.00
89,897.80 89,897.80
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 45,118,297.54
Class A Principal Distributions 2,065,830.45
Class A End of Period Principal Balance 43,052,467.09
Class B Beginning of Period Principal Balance 2,438,628.18
Class B Principal Distributable Amount 41,405.54
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,397,222.64
Withdrawl from Spread Account to Cover B Shortfalls 131,303.34
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,265,919.30
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,498,444.72
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 358,329.86
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,140,114.86
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,140,114.86
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 20,321.90
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,119,792.96
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,119,792.96
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,065,830.45
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 53,962.51
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 53,962.51
(vi) Certificate Insurer Premium 12,556.97
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 41,405.54
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 41,405.54
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 108,727.92
(iii) Prior month(s) carryover shortfalls 63,980.96
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (131,303.34)
Withdrawl from Spread Account to B PieceCover Shortfalls (131,303.34)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,371,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 3,371,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 52,116,343.56
Delinquency Ratio 6.47%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.47%
Delinquency Ratio for second preceding Determination Date 7.07%
Delinquency Ratio for third preceding Determination Date 8.93%
-------------------
Average Delinquency Ratio 7.49% 7.49%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 12,507,787.95
Current Period Defaulted Receivables 479,132.98
-------------------
Total 12,986,920.93
Cumulative Defaulted Receivables 12,986,920.93
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 14.61%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 738,228.81
Cram Down Losses 0.00
Net Liquidation Proceeds (243,343.28)
-------------------
Net Liquidation Losses 494,885.53
Cumulative Previous Net Losses 8,330,838.85
-------------------
Cumulative Net Losses 8,825,724.38
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 9.93%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 34.97
Weighted Average Annual Percentage Rate 20.39%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,544,968.97
15% of Outstanding Certificate Balance 6,817,453.46
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,817,453.46
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 45,449,689.73
Minimum Floor 100,000.00
--------------
Floor Amount 2,667,022.51
Required Spread Account Amount 6,817,453.46
Beginning of Period Spread Account Balance 7,175,833.18
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (358,379.72)
Earnings on Spread Account Balance 37,225.96
Amount of Spread Account deposit (withdrawal) (395,605.68)
Amount of Withdrawl Allocated to B Piece Shortfalls 131,303.34
Net Spread Account Withdrawl to Seller (264,302.34)
Ending Spread Account Balance 6,817,453.46
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
Distribution Date 3/16/98
Collection Period 2/98
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,750,377.08
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $304,663.43
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,445,713.65
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $31.42
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.48
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $27.94
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $155,765.74
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $27,043.97
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $128,721.77
(j) Scheduled Payments due in such Collection Period $1,996,764.69
(k) Scheduled Payments collected in such
Collection Period $1,968,133.42
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $57,438,510.32
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $54,969,344.92
(c) The Pool factor as of the close of business
on the last day set forth above 0.9570120
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $117,116.75
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,829.23
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.34
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $40,150.30
(b) Distributions (to) from Collection Account ($18,754.91)
for Payaheads
(c) Interest earned on Payahead Balances $130.99
(d) Ending Payahead Account Balance $21,526.38
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $5,496,934.49
Spread Account Balance $5,496,934.49
(b) The change in the spread account on the Distribution
Date set forth above ($258,286.99)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $15,201.92
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $644,371.71
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 189
Aggregate Gross Amount $2,271,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 199
Aggregate Gross Amount $2,461,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.37%
(b) Average Delinquency Ratio 8.06%
(c) Cumulative Default Ratio 12.78%
(d) Cumulative Net Loss Ratio 7.71%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,973,945.87
Lock Box NSF Items: (63,423.04)
Transfers from (to) Payahead Account: 18,754.91
Collection Account Interest 10,218.54
Payahead Account Interest 130.99
Total Collection Proceeds: 2,939,627.27
For Distribution Date: 3/16/98
For Determination Date: 3/9/98
For Collection Period: 2/98
Collateral Activity Information
Principal
Beginning Principal Balance 57,438,510.32
Principal portion of payments collected (non-prepayments) 1,021,928.27
Prepayments in full allocable to principal 618,531.00
Collections allocable to principal 1,640,459.27
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 289,604.44
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,930,063.71
Realized Losses 644,371.71
Cram Down Losses 0.00
Ending Principal Balance 54,864,074.90
Interest
Collections allocable to interest 946,205.15
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 63,358.41
-------------------
Total Interest 1,009,563.56
Certificate Information
Beginning of Period Class A Principal Balance 54,566,584.78
Beginning of Period Class B Principal Balance 2,871,925.51
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,755,221.48
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 21,385.90
Aggregate Payahead Balance 21,395.39
Aggregate Payahead Balance for preceding Distribution Date 40,150.30
Interest Earned on Payahead Balances 130.99
Scheduled Payments due in Collection Period 1,996,764.69
Scheduled Payments collected in Collection Period 1,968,133.42
Aggregate Amount of Realized Losses for preceding Distribution Date 644,371.71
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 1,170.65
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 189 2,271,000.00
60+ days delinquent 199 2,461,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
0 0.00
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 4,732,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 591,800.11
Delinquency Ratio for second preceding Determination Date 7.59%
Delinquency Ratio for third preceding Determination Date 9.21%
Cumulative Defaults for preceding Determination Date 11,181,429.01
Cumulative Net Losses for preceding Determination Date 6,519,599.98
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,586,664.42
Liquidation Proceeds 289,604.44
Recoveries 63,358.41
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,939,627.27
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,021,928.27
Prepayments in full allocable to principal 618,531.00
Principal Balance of Liquidated Receivables 933,976.15
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,574,435.42
Class A Principal Distributable Amount
Principal Distributable Amount 2,574,435.42
Times Class A Percentage (95%) 95%
-------------------
2,445,713.65
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,445,713.65
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 54,566,584.78
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 304,663.43
Class B Principal Distributable Amount
Principal Distributable Amount 2,574,435.42
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 128,721.77
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,871,925.51
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 27,043.97
Class B Excess Interest Amount
Total Distribution Amount 2,939,627.27
minus
Class A Principal and Interest Distributable Amount 2,750,377.08
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 27,043.97
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 128,721.77
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,888.63
Standby Servicer distributions 3,829.23
Servicer distributions 117,116.75
Collateral Agent distributions 717.98
Reimbursement Obligations 15,201.92
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,829.23 0.00 0.00
Servicing Fee (2.0%) 95,730.85 0.00 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 21,385.90 0.00 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00 128,721.77
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00 0.00
(iii) Trustee Fee 717.98 0.00 0.00
Trustee's out-of-pocket expenses 1,170.65 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 0.00 0.00
(iv) Collateral Agent Fee 717.98 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 0.00 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 304,663.43 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00
Class A Interest Distributable Amount 304,663.43 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 27,043.97 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00 128,721.77
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00 128,721.77
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 27,043.97 0.00 0.00
(v) (B) Class A Principal Distributable Amount - Current Month 2,445,713.65 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,445,713.65 0.00 0.00
(vi) Certificate Insurer Premium 15,201.92 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 128,721.77 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (105,270.06) 0.00 (105,270.06)
Adjusted Class B Principal Distributable Amount 23,451.71 105,270.06 23,451.71
Excess Interest Amount for Deposit in Spread Account 0.00 81,818.35 0.00
81,818.35 81,818.35
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 54,566,584.78
Class A Principal Distributions 2,445,713.65
Class A End of Period Principal Balance 52,120,871.12
Class B Beginning of Period Principal Balance 2,871,925.51
Class B Principal Distributable Amount 23,451.71
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,848,473.80
Withdrawl from Spread Account to Cover B Shortfalls 105,270.06
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,743,203.73
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,939,627.27
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 428,216.02
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,511,411.25
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,511,411.25
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 27,043.97
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,484,367.28
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,484,367.28
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,445,713.65
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00 If (i) is less
than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 38,653.63
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 38,653.63
(vi) Certificate Insurer Premium 15,201.92
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 23,451.71
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 23,451.71
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 128,721.77
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (105,270.06)
Withdrawl from Spread Account to B PieceCover Shortfalls (105,270.06)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,732,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 4,732,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 64,173,690.24
Delinquency Ratio 7.37%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.37%
Delinquency Ratio for second preceding Determination Date 7.59%
Delinquency Ratio for third preceding Determination Date 9.21%
-------------------
Average Delinquency Ratio 8.06% 8.06%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 11,181,429.01
Current Period Defaulted Receivables 591,800.11
-------------------
Total 11,773,229.12
Cumulative Defaulted Receivables 11,773,229.12
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 12.78%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 933,976.15
Cram Down Losses 0.00
Net Liquidation Proceeds (352,962.85)
-------------------
Net Liquidation Losses 581,013.30
Cumulative Previous Net Losses 6,519,599.98
-------------------
Cumulative Net Losses 7,100,613.28
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 7.71%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 38.93
Weighted Average Annual Percentage Rate 20.51%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,496,934.49
15% of Outstanding Certificate Balance 8,245,401.74
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 5,496,934.49
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 54,969,344.92
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 5,496,934.49
Beginning of Period Spread Account Balance 5,755,221.48
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (258,286.99)
Earnings on Spread Account Balance 29,826.79
Amount of Spread Account deposit (withdrawal) (288,113.78)
Amount of Withdrawl Allocated to B Piece Shortfalls 105,270.06
Net Spread Account Withdrawl to Seller (182,843.72)
Ending Spread Account Balance 5,496,934.49
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Distribution Date 3/16/98
Collection Period 2/98
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,787,477.57
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $332,237.88
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,455,239.69
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $31.60
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.77
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $27.83
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $157,395.36
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $28,172.22
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $129,223.14
(j) Scheduled Payments due in such Collection Period $2,190,686.53
(k) Scheduled Payments collected in such
Collection Period $2,174,684.38
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $66,614,110.60
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $64,054,722.62
(c) The Pool factor as of the close of business
on the last day set forth above 0.9615789
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $132,588.70
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,440.94
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.50
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $43,793.81
(b) Distributions (to) from Collection Account ($20,838.52)
for Payaheads
(c) Interest earned on Payahead Balances $134.37
(d) Ending Payahead Account Balance $23,089.66
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,405,472.26
Spread Account Balance $6,405,472.26
(b) The change in the spread account on the Distribution
Date set forth above ($267,463.88)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $17,741.55
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $676,696.48
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 187
Aggregate Gross Amount $2,381,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 235
Aggregate Gross Amount $3,122,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.31%
(b) Average Delinquency Ratio 8.11%
(c) Cumulative Default Ratio 9.95%
(d) Cumulative Net Loss Ratio 6.05%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,141,394.89
Lock Box NSF Items: (95,521.50)
Transfers from (to) Payahead Account: 20,838.52
Collection Account Interest 10,746.50
Payahead Account Interest 134.37
Total Collection Proceeds: 3,077,592.78
For Distribution Date: 3/16/98
For Determination Date: 3/9/98
For Collection Period: 2/98
Collateral Activity Information
Principal
Beginning Principal Balance 66,614,110.60
Principal portion of payments collected (non-prepayments) 1,047,311.24
Prepayments in full allocable to principal 577,767.00
Collections allocable to principal 1,625,078.24
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 282,688.11
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,907,766.35
Realized Losses 676,696.48
Cram Down Losses 0.00
Ending Principal Balance 64,029,647.77
Interest
Collections allocable to interest 1,127,373.14
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 42,453.29
-------------------
Total Interest 1,169,826.43
Certificate Information
Beginning of Period Class A Principal Balance 63,283,405.05
Beginning of Period Class B Principal Balance 3,330,705.55
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,672,936.14
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 21,565.18
Aggregate Payahead Balance 22,955.29
Aggregate Payahead Balance for preceding Distribution Date 43,793.81
Interest Earned on Payahead Balances 134.37
Scheduled Payments due in Collection Period 2,190,686.53
Scheduled Payments collected in Collection Period 2,174,684.38
Aggregate Amount of Realized Losses for preceding Distribution Date 676,696.48
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 1,358.15
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 187 2,381,000.00
60+ days delinquent 235 3,122,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
0 0.00
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,503,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection Period. 677,770.19
Delinquency Ratio for second preceding Determination Date 8.12%
Delinquency Ratio for third preceding Determination Date 8.89%
Cumulative Defaults for preceding Determination Date 8,565,441.59
Cumulative Net Losses for preceding Determination Date 4,983,997.87
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,752,451.38
Liquidation Proceeds 282,688.11
Recoveries 42,453.29
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,077,592.78
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,047,311.24
Prepayments in full allocable to principal 577,767.00
Principal Balance of Liquidated Receivables 959,384.59
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,584,462.83
Class A Principal Distributable Amount
Principal Distributable Amount 2,584,462.83
Times Class A Percentage (95%) 95%
-------------------
2,455,239.69
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,455,239.69
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 63,283,405.05
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 332,237.88
Class B Principal Distributable Amount
Principal Distributable Amount 2,584,462.83
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 129,223.14
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,330,705.55
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 28,172.22
Class B Excess Interest Amount
Total Distribution Amount 3,077,592.78
minus
Class A Principal and Interest Distributable Amount 2,787,477.57
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 28,172.22
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 129,223.14
Class B Principal Carryover Shortfall 0.00
Trustee distributions 2,190.83
Standby Servicer distributions 4,440.94
Servicer distributions 132,588.70
Collateral Agent distributions 832.68
Reimbursement Obligations 17,741.55
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,440.94 3,077,592.78 4,440.94 3,077,592.78
Servicing Fee (2.0%) 111,023.52 3,073,151.84 111,023.52 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 21,565.18 2,962,128.32 21,565.18 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,940,563.14 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,940,563.14 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,940,563.14 0.00
(iii) Trustee Fee 832.68 2,940,563.14 832.68
Trustee's out-of-pocket expenses 1,358.15 2,939,730.46 1,358.15
Unpaid Trustee Fee from prior Collection Periods 0.00 2,938,372.31 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,938,372.31 0.00
(iv) Collateral Agent Fee 832.68 2,938,372.31 832.68
Collateral Agent Expenses 0.00 2,937,539.63 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,937,539.63 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,937,539.63 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 332,237.88 2,937,539.63 332,237.88
Prior Month(s) Class A Carryover Shortfall 0.00 2,605,301.75 0.00
Class A Interest Carryover Shortfall 0.00 2,605,301.75 0.00
Interest on Interest Carryover from Prior Months 0.00 2,605,301.75 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,605,301.75 0.00
Class A Interest Distributable Amount 332,237.88 2,605,301.75 332,237.88
(viii)(A)Class B Coupon Interest - Unadjusted 28,172.22 2,273,063.87 28,172.22
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,244,891.65 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,244,891.65 0.00
Interest on Interest Carryover from Prior Months 0.00 2,244,891.65 0.00
Current Month Class B Interest Shortfall 0.00 2,244,891.65 0.00
Adjusted Class B Interest Distributable Amount 28,172.22 2,244,891.65 28,172.22
(v) (B) Class A Principal Distributable Amount - Current Month 2,455,239.69 2,216,719.43 2,216,719.43 622,353.09
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,455,239.69 0.00 0.00 0.00
(vi) Certificate Insurer Premium 17,741.55 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 129,223.14 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (25,074.85) 0.00 (25,074.85)
Adjusted Class B Principal Distributable Amount 104,148.29 25,074.85 25,074.85
Excess Interest Amount for Deposit in Spread Account 0.00 0.00 0.00
0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 63,283,405.05
Class A Principal Distributions 2,455,239.69
Class A End of Period Principal Balance 60,828,165.36
Class B Beginning of Period Principal Balance 3,330,705.55
Class B Principal Distributable Amount 104,148.29
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,226,557.26
Withdrawl from Spread Account to Cover B Shortfalls 25,074.85
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,201,482.41
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,077,592.78
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 472,291.03
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,605,301.75
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,605,301.75
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 28,172.22
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,577,129.53
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,577,129.53
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,455,239.69
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00 If (i) is less
than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 121,889.84
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 121,889.84
(vi) Certificate Insurer Premium 17,741.55
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 104,148.29
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 104,148.29
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 129,223.14
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (25,074.85)
Withdrawl from Spread Account to B PieceCover Shortfalls (25,074.85)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,503,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 5,503,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 75,321,474.01
Delinquency Ratio 7.31%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.31%
Delinquency Ratio for second preceding Determination Date 8.12%
Delinquency Ratio for third preceding Determination Date 8.89%
-------------------
Average Delinquency Ratio 8.11% 8.11%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 8,565,441.59
Current Period Defaulted Receivables 677,770.19
-------------------
Total 9,243,211.78
Cumulative Defaulted Receivables 9,243,211.78
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 9.95%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 959,384.59
Cram Down Losses 0.00
Net Liquidation Proceeds (325,141.40)
-------------------
Net Liquidation Losses 634,243.19
Cumulative Previous Net Losses 4,983,997.87
-------------------
Cumulative Net Losses 5,618,241.06
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 6.05%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 42.18
Weighted Average Annual Percentage Rate 20.52%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,405,472.26
15% of Outstanding Certificate Balance 9,608,208.39
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,405,472.26
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 64,054,722.62
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 6,405,472.26
Beginning of Period Spread Account Balance 6,672,936.14
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (267,463.88)
Earnings on Spread Account Balance 34,437.31
Amount of Spread Account deposit (withdrawal) (301,901.19)
Amount of Withdrawl Allocated to B Piece Shortfalls 25,074.85
Net Spread Account Withdrawl to Seller (276,826.34)
Ending Spread Account Balance 6,405,472.26
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
Current month excess servicing fee #REF!
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Distribution Date 3/16/98
Collection Period 2/98
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,027,358.36
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $417,614.67
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,609,743.69
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $31.14
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.30
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $26.85
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $176,482.19
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $39,127.26
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $137,354.93
(j) Scheduled Payments due in such Collection Period $2,540,347.73
(k) Scheduled Payments collected in such
Collection Period $2,379,454.98
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $80,536,375.97
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $77,926,632.28
(c) The Pool factor as of the close of business
on the last day set forth above 0.9675955
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $160,376.51
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,369.09
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.65
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $36,263.05
(b) Distributions (to) from Collection Account ($9,183.90)
for Payaheads
(c) Interest earned on Payahead Balances $330.89
(d) Ending Payahead Account Balance $27,410.04
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,792,663.23
Spread Account Balance $7,792,663.23
(b) The change in the spread account on the Distribution
Date set forth above ($275,021.46)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $21,554.11
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $889,126.16
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 241
Aggregate Gross Amount $3,070,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 306
Aggregate Gross Amount $4,117,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.86%
(b) Average Delinquency Ratio 8.58%
(c) Cumulative Default Ratio 8.43%
(d) Cumulative Net Loss Ratio 4.68%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,248,183.62
Lock Box NSF Items: (84,510.56)
Transfers from (to) Payahead Account: 9,183.90
Collection Account Interest 11,965.12
Payahead Account Interest 330.89
Total Collection Proceeds: 3,185,152.97
For Distribution Date: 3/16/98
For Determination Date: 3/9/98
For Collection Period: 2/98
Collateral Activity Information
Principal
Beginning Principal Balance 80,536,375.97
Principal portion of payments collected (non-prepayments) 1,101,855.53
Prepayments in full allocable to principal 402,900.00
Collections allocable to principal 1,504,755.53
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 353,216.93
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,857,972.46
Realized Losses 889,126.16
Cram Down Losses 0.00
Ending Principal Balance 77,789,277.35
Interest
Collections allocable to interest 1,277,599.45
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 49,581.06
-------------------
Total Interest 1,327,180.51
Certificate Information
Beginning of Period Class A Principal Balance 76,509,557.17
Beginning of Period Class B Principal Balance 4,026,818.80
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,067,684.69
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 26,149.22
Aggregate Payahead Balance 27,079.15
Aggregate Payahead Balance for preceding Distribution Date 36,263.05
Interest Earned on Payahead Balances 330.89
Scheduled Payments due in Collection Period 2,540,347.73
Scheduled Payments collected in Collection Period 2,379,454.98
Aggregate Amount of Realized Losses for preceding Distribution Date 889,126.16
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 1,621.93
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 241 3,070,000.00
60+ days delinquent 306 4,117,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
0 0.00
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 7,187,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 847,324.15
Delinquency Ratio for second preceding Determination Date 8.31%
Delinquency Ratio for third preceding Determination Date 9.58%
Cumulative Defaults for preceding Determination Date 7,779,214.01
Cumulative Net Losses for preceding Determination Date 3,949,860.89
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,782,354.98
Liquidation Proceeds 353,216.93
Recoveries 49,581.06
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,185,152.97
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,101,855.53
Prepayments in full allocable to principal 402,900.00
Principal Balance of Liquidated Receivables 1,242,343.09
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,747,098.62
Class A Principal Distributable Amount
Principal Distributable Amount 2,747,098.62
Times Class A Percentage (95%) 95%
-------------------
2,609,743.69
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,609,743.69
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 76,509,557.17
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 417,614.67
Class B Principal Distributable Amount
Principal Distributable Amount 2,747,098.62
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 137,354.93
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,026,818.80
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 39,127.26
Class B Excess Interest Amount
Total Distribution Amount 3,185,152.97
minus
Class A Principal and Interest Distributable Amount 3,027,358.36
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 39,127.26
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 137,354.93
Class B Principal Carryover Shortfall 0.00
Trustee distributions 2,628.63
Standby Servicer distributions 5,369.09
Servicer distributions 160,376.51
Collateral Agent distributions 1,006.70
Reimbursement Obligations 21,554.11
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,369.09 3,185,152.97 5,369.09 3,185,152.97
Servicing Fee (2.0%) 134,227.29 3,179,783.88 134,227.29 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 26,149.22 3,045,556.59 26,149.22 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 3,019,407.37 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,019,407.37 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,019,407.37 0.00
(iii) Trustee Fee 1,006.70 3,019,407.37 1,006.70
Trustee's out-of-pocket expenses 1,621.93 3,018,400.67 1,621.93
Unpaid Trustee Fee from prior Collection Periods 0.00 3,016,778.74 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 3,016,778.74 0.00
(iv) Collateral Agent Fee 1,006.70 3,016,778.74 1,006.70
Collateral Agent Expenses 0.00 3,015,772.04 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,015,772.04 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,015,772.04 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 417,614.67 3,015,772.04 417,614.67
Prior Month(s) Class A Carryover Shortfall 0.00 2,598,157.37 0.00
Class A Interest Carryover Shortfall 0.00 2,598,157.37 0.00
Interest on Interest Carryover from Prior Months 0.00 2,598,157.37 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,598,157.37 0.00
Class A Interest Distributable Amount 417,614.67 2,598,157.37 417,614.67
(viii)(A)Class B Coupon Interest - Unadjusted 39,127.26 2,180,542.70 39,127.26
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,141,415.44 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,141,415.44 0.00
Interest on Interest Carryover from Prior Months 0.00 2,141,415.44 0.00
Current Month Class B Interest Shortfall 0.00 2,141,415.44 0.00
Adjusted Class B Interest Distributable Amount 39,127.26 2,141,415.44 39,127.26
(v) (B) Class A Principal Distributable Amount - Current Month 2,609,743.69 2,102,288.18 2,102,288.18 575,409.28
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (50,713.58) 0.00 (50,713.58)
Withdrawl from Spread Account to Cover Shortfall 50,713.58
Class A Principal Distribution Amount 2,609,743.69 50,713.58 50,713.58 0.00
(vi) Certificate Insurer Premium 21,554.11 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 137,354.93 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (137,354.93) 0.00 (137,354.93)
Adjusted Class B Principal Distributable Amount 0.00 137,354.93 0.00
Excess Interest Amount for Deposit in Spread Account (72,267.69) 137,354.93 (72,267.69)
209,622.62 209,622.62
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 76,509,557.17
Class A Principal Distributions 2,609,743.69
Class A End of Period Principal Balance 73,899,813.48
Class B Beginning of Period Principal Balance 4,026,818.80
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,026,818.80
Withdrawl from Spread Account to Cover B Shortfalls 137,354.93
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,889,463.87
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,185,152.97
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 586,995.60
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,598,157.37
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,598,157.37
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 39,127.26
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,559,030.11
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,559,030.11
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,609,743.69
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 50,713.58
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 21,554.11
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (21,554.11)
Withdrawl from Spread Account to Cover Deficiency 21,554.11
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 137,354.93
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (137,354.93)
Withdrawl from Spread Account to B PieceCover Shortfalls (137,354.93)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,187,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 7,187,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 91,482,170.78
Delinquency Ratio 7.86%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.86%
Delinquency Ratio for second preceding Determination Date 8.31%
Delinquency Ratio for third preceding Determination Date 9.58%
-------------------
Average Delinquency Ratio 8.58% 8.58%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 7,779,214.01
Current Period Defaulted Receivables 847,324.15
-------------------
Total 8,626,538.16
Cumulative Defaulted Receivables 8,626,538.16
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 8.43%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,242,343.09
Cram Down Losses 0.00
Net Liquidation Proceeds (402,797.99)
-------------------
Net Liquidation Losses 839,545.10
Cumulative Previous Net Losses 3,949,860.89
-------------------
Cumulative Net Losses 4,789,405.99
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 4.68%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 45.05
Weighted Average Annual Percentage Rate 20.57%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,792,663.23
15% of Outstanding Certificate Balance 11,688,994.84
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,792,663.23
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 77,926,632.28
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 7,792,663.23
Beginning of Period Spread Account Balance 8,067,684.69
Spread Account Deposit (Withdrawal) from Current Distributions (72,267.69)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (202,753.77)
Earnings on Spread Account Balance 41,683.03
Amount of Spread Account deposit (withdrawal) (244,436.80)
Amount of Withdrawl Allocated to B Piece Shortfalls 137,354.93
Net Spread Account Withdrawl to Seller (107,081.87)
Ending Spread Account Balance 7,792,663.23
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
Distribution Date 3/16/98
Collection Period 2/98
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,779,838.11
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $541,995.39
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,237,842.72
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $33.33
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.78
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $28.55
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $219,486.19
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $49,073.42
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $170,412.77
(j) Scheduled Payments due in such Collection Period $3,122,914.86
(k) Scheduled Payments collected in such
Collection Period $2,968,420.31
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $102,951,240.66
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $99,550,338.88
(c) The Pool factor as of the close of business
on the last day set forth above 0.9669659
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $201,171.90
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,863.42
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.77
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $48,170.91
(b) Distributions (to) from Collection Account ($19,329.66)
for Payaheads
(c) Interest earned on Payahead Balances $154.50
(d) Ending Payahead Account Balance $28,995.75
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,959,530.50
Spread Account Balance $8,959,530.50
(b) The change in the spread account on the Distribution
Date set forth above ($306,081.16)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $27,581.70
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $899,104.84
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 293
Aggregate Gross Amount $3,848,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 341
Aggregate Gross Amount $4,674,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.36%
(b) Average Delinquency Ratio 8.30%
(c) Cumulative Default Ratio 5.78%
(d) Cumulative Net Loss Ratio 2.37%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 4,308,701.94
Lock Box NSF Items: (110,206.90)
Transfers from (to) Payahead Account: 19,329.66
Collection Account Interest 14,038.42
Payahead Account Interest 154.50
Total Collection Proceeds: 4,232,017.62
For Distribution Date: 3/16/98
For Determination Date: 3/9/98
For Collection Period: 2/98
Collateral Activity Information
Principal
Beginning Principal Balance 102,951,240.66
Principal portion of payments collected (non-prepayments) 1,300,559.17
Prepayments in full allocable to principal 749,830.00
Collections allocable to principal 2,050,389.17
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 458,761.48
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 2,509,150.65
Realized Losses 899,104.84
Cram Down Losses 0.00
Ending Principal Balance 99,542,985.17
Interest
Collections allocable to interest 1,667,861.14
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 55,005.83
-------------------
Total Interest 1,722,866.97
Certificate Information
Beginning of Period Class A Principal Balance 97,803,678.64
Beginning of Period Class B Principal Balance 5,147,562.02
Miscellaneous Balances
Beginning of Period Spread Account Balance 9,265,611.66
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 29,586.50
Aggregate Payahead Balance 28,841.25
Aggregate Payahead Balance for preceding Distribution Date 48,170.91
Interest Earned on Payahead Balances 154.50
Scheduled Payments due in Collection Period 3,122,914.86
Scheduled Payments collected in Collection Period 2,968,420.31
Aggregate Amount of Realized Losses for preceding Distribution Date 899,104.84
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 1,856.23
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 293 3,848,000.00
60+ days delinquent 341 4,674,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
0 0.00
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 8,522,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection
Period. 1,336,817.90
Delinquency Ratio for second preceding Determination Date 8.34%
Delinquency Ratio for third preceding Determination Date 9.19%
Cumulative Defaults for preceding Determination Date 5,558,392.54
Cumulative Net Losses for preceding Determination Date 1,987,988.29
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,718,250.31
Liquidation Proceeds 458,761.48
Recoveries 55,005.83
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 4,232,017.62
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,300,559.17
Prepayments in full allocable to principal 749,830.00
Principal Balance of Liquidated Receivables 1,357,866.32
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 3,408,255.49
Class A Principal Distributable Amount
Principal Distributable Amount 3,408,255.49
Times Class A Percentage (95%) 95%
-------------------
3,237,842.72
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,237,842.72
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 97,803,678.64
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class A Interest Distributable Amount 541,995.39
Class B Principal Distributable Amount
Principal Distributable Amount 3,408,255.49
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 170,412.77
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,147,562.02
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 49,073.42
Class B Excess Interest Amount
Total Distribution Amount 4,232,017.62
minus
Class A Principal and Interest Distributable Amount 3,779,838.11
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 49,073.42
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 170,412.77
Class B Principal Carryover Shortfall 0.00
Trustee distributions 3,143.12
Standby Servicer distributions 6,863.42
Servicer distributions 201,171.90
Collateral Agent distributions 1,286.89
Reimbursement Obligations 27,581.70
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 6,863.42 4,232,017.62 6,863.42 4,232,017.62
Servicing Fee (2.0%) 171,585.40 4,225,154.20 171,585.40 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 29,586.50 4,053,568.80 29,586.50 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 4,023,982.30 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,023,982.30 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,023,982.30 0.00
(iii) Trustee Fee 1,286.89 4,023,982.30 1,286.89
Trustee's out-of-pocket expenses 1,856.23 4,022,695.41 1,856.23
Unpaid Trustee Fee from prior Collection Periods 0.00 4,020,839.18 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 4,020,839.18 0.00
(iv) Collateral Agent Fee 1,286.89 4,020,839.18 1,286.89
Collateral Agent Expenses 0.00 4,019,552.29 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,019,552.29 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,019,552.29 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 541,995.39 4,019,552.29 541,995.39
Prior Month(s) Class A Carryover Shortfall 0.00 3,477,556.90 0.00
Class A Interest Carryover Shortfall 0.00 3,477,556.90 0.00
Interest on Interest Carryover from Prior Months 0.00 3,477,556.90 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,477,556.90 0.00
Class A Interest Distributable Amount 541,995.39 3,477,556.90 541,995.39
(viii)(A)Class B Coupon Interest - Unadjusted 49,073.42 2,935,561.51 49,073.42
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,886,488.09 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,886,488.09 0.00
Interest on Interest Carryover from Prior Months 0.00 2,886,488.09 0.00
Current Month Class B Interest Shortfall 0.00 2,886,488.09 0.00
Adjusted Class B Interest Distributable Amount 49,073.42 2,886,488.09 49,073.42
(v) (B) Class A Principal Distributable Amount - Current Month 3,237,842.72 2,837,414.67 2,837,414.67 994,174.90
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 3,237,842.72 0.00 0.00 0.00
(vi) Certificate Insurer Premium 27,581.70 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 170,412.77 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (7,353.71) 0.00 (7,353.71)
Adjusted Class B Principal Distributable Amount 163,059.06 7,353.71 7,353.71
Excess Interest (Shortage) Amount for Deposit to
(withdrawl from) Spread Account 0.00 0.00 0.00
0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 97,803,678.64
Class A Principal Distributions 3,237,842.72
Class A End of Period Principal Balance 94,565,835.92
Class B Beginning of Period Principal Balance 5,147,562.02
Class B Principal Distributable Amount 163,059.06
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,984,502.96
Withdrawl from Spread Account to Cover B Shortfalls 7,353.71
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,977,149.25
Class A Deficiency - Interest
(i) Total Distribution Amount Available 4,232,017.62
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 754,460.72
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,477,556.90
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,477,556.90
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 49,073.42
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,428,483.48
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,428,483.48
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,237,842.72
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 190,640.76
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 190,640.76
(vi) Certificate Insurer Premium 27,581.70
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 163,059.06
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 163,059.06
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 170,412.77
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (7,353.71)
Withdrawl from Spread Account to B PieceCover Shortfalls (7,353.71)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,522,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 8,522,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 115,789,463.98
Delinquency Ratio 7.36%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.36%
Delinquency Ratio for second preceding Determination Date 8.34%
Delinquency Ratio for third preceding Determination Date 9.19%
-------------------
Average Delinquency Ratio 8.30% 8.30%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 5,558,392.54
Current Period Defaulted Receivables 1,336,817.90
-------------------
Total 6,895,210.44
Cumulative Defaulted Receivables 6,895,210.44
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 5.78%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,357,866.32
Cram Down Losses 0.00
Net Liquidation Proceeds (513,767.31)
-------------------
Net Liquidation Losses 844,099.01
Cumulative Previous Net Losses 1,987,988.29
-------------------
Cumulative Net Losses 2,832,087.30
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 2.37%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 47.56
Weighted Average Annual Percentage Rate 20.52%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 8,959,530.50
15% of Outstanding Certificate Balance 14,932,550.83
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
-------------
Cap Amount 8,959,530.50
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 99,550,338.88
Minimum Floor 100,000.00
-------------
Floor Amount 3,580,860.93
Required Spread Account Amount 8,959,530.50
Beginning of Period Spread Account Balance 9,265,611.66
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (306,081.16)
Earnings on Spread Account Balance 47,479.86
Amount of Spread Account deposit (withdrawal) (353,561.02)
Amount of Withdrawl Allocated to B Piece Shortfalls 7,353.71
Net Spread Account Withdrawl to Seller (346,207.31)
Ending Spread Account Balance 8,959,530.50
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-3
6.10% Asset-Backed Notes, Class A-1
6.38% Asset-Backed Notes, Class A-2
10.65% Asset-Backed Notes, Class B
10.65% Asset-Backed Certificates
Distribution Date 3/16/98
Collection Period 2/98
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $3,926,659.19
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $313,726.65
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,612,932.54
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $48.58
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.88
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $44.70
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $327,868.20
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $327,868.20
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $5.31
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to Class B
Noteholders on the Distribution Date set forth above $115,462.50
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $30,560.60
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $84,901.90
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $115,462.50
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $30,560.60
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $84,901.90
(s) Scheduled Payments due in such Collection Period $4,055,073.88
(t) Scheduled Payments collected in such
Collection Period $3,779,949.58
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $137,737,897.10
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(r) above $127,011,379.86
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i),(o) above $123,130,330.80
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8939466
(e) Aggregate principal amount of Certificates as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(r) above $3,358,545.52
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0243836
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $260,819.48
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,886.89
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.23
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.09
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $16,600.10
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
(f) The amount of the Certificate Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (q) above $0.00
(g) The amount of the Certificate Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (r) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $4,237,818.96
Spread Account Balance $4,237,818.96
(b) The change in the spread account on the Distribution
Date set forth above ($692,307.34)
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $35,085.83
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $687,552.25
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 350
Aggregate Gross Amount $4,703,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 404
Aggregate Gross Amount $5,803,000.00
7 Performance Triggers
(a) Delinquency Ratio 6.78%
(b) Average Delinquency Ratio 7.31%
(c) Cumulative Default Ratio 3.40%
(d) Cumulative Net Loss Ratio 0.87%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-3
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 4,936,758.65
Lock Box NSF Items: (162,723.55)
Total Collection Proceeds: 4,774,035.10
For Distribution Date: 3/16/98
For Determination Date: 3/9/98
For Collection Period: 2/98
Collateral Activity Information
Principal
Beginning Principal Balance 137,737,897.10
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-----------------------
Aggregate Beginning Principal Balance 137,737,897.10
Principal portion of payments collected (non-prepayments) 1,731,051.15
Prepayments in full allocable to principal 642,103.00
Collections allocable to principal 2,373,154.15
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 318,769.32
Purchase Amounts allocable to principal 16,600.10
-----------------------
Total Principal 2,708,523.57
Realized Losses 687,552.25
Cram Down Losses 0.00
Ending Principal Balance 134,341,821.28
Prefunding
Original Amount in Prefunding Account 27,084,817.00
Subsequent Loans Sold to the Trust 27,084,817.00
Balance of Prefunding Account 0.00
Interest
Collections allocable to interest 2,048,898.43
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 16,613.10
-----------------------
Total Interest 2,065,511.53
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 61,716,717.82
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,443,447.42
Beginning of Period Certificate Balance 3,443,447.42
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,930,126.30
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 31,256.32
Scheduled Payments due in Collection Period 4,055,073.88
Scheduled Payments collected in Collection Period 3,779,949.58
Aggregate Amount of Realized Losses for preceding Distribution Date 687,552.25
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 1,016.04
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 350 4,703,000.00
60+ days delinquent 404 5,803,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
1 16,600.10
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 10,506,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 16,600.10
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 1,551,041.17
Delinquency Ratio for second preceding Determination Date 7.73%
Delinquency Ratio for third preceding Determination Date 7.42%
Cumulative Defaults for preceding Determination Date 3,547,221.41
Cumulative Net Losses for preceding Determination Date 631,279.38
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Requisite Reserve Amount
Weighted Average of the Interest Rates and Pass-Through Rates 6.4731%
minus 2.5% 2.50%
-----------------------
3.9731%
divided by 360 0.0110%
times the prefunded amount 0.00
times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00
-----------------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
Excess in Interest Reserve Account 0.00
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 4,422,052.58
Liquidation Proceeds 318,769.32
Recoveries 16,613.10
Purchase Amounts 16,600.10
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 0.00
Investment earnings from Note Distribution Account 397.83
Investment earnings from Prefunding Account 0.13
Investment earnings from Interest Reserve Account 270.03
Investment earnings from Collection Account 16,790.96
-----------------------
Total Distribution Amount 4,791,494.05
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,731,051.15
Prepayments in full allocable to principal 642,103.00
Principal Balance of Liquidated Receivables 1,006,321.57
Purchase Amounts allocable to principal 16,600.10
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 3,396,075.82
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 134,341,821.28
-----------------------
------------
120,907,639.15 97.99%
------------
Current Target %
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 47.3%
-----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 3,396,075.82
Times Class A Noteholders' Percentage 91%
-----------------------
3,090,429.00
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 3,090,429.00
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,716,717.82
Multiplied by the Note Rate 6.10%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class A Interest Distributable Amount 313,726.65
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,668,000.00
Multiplied by the Note Rate 6.38%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class A Interest Distributable Amount 327,868.20
Class B Noteholders Principal Distributable Amount
Principal Distributable Amount 3,396,075.82
Times Class B Percentage 2.5%
-----------------------
Class B Principal Distributable Amount 84,901.90
Certificate Principal Distributable Amount
Principal Distributable Amount 3,396,075.82
Times Certificate Percentage 2.5%
-----------------------
Certificate Principal Distributable Amount 84,901.90
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,443,447.42
Multiplied by Note Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class B Coupon Interest Amount 30,560.60
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,443,447.42
Multiplied by Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Certificateholders' Interest Amount 30,560.60
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 6,886.89 4,791,494.05 6,886.89 4,794,494.05
Servicing Fee (2.0%) 229,563.16 4,784,607.16 229,563.16 0.00
Additional Servicing Fee Amounts
(late fees,prepayment charges, etc.) 31,256.32 4,555,044.00 31,256.32 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 4,523,787.68 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,523,787.68 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,523,787.68 0.00
(iii) Indenture Trustee Fee 1,147.82 4,523,787.68 1,147.82
Indenture Trustee's out-of-pocket expenses 1,016.04 4,522,639.86 1,016.04
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 4,521,623.82 0.00
Unpaid Indenture Trustee's out-of-pocket exp.
- prior Collection Periods 0.00 4,521,623.82 0.00
Owner Trustee Fee 0.00 4,521,623.82 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,521,623.82 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,521,623.82 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 4,521,623.82 0.00
(iv) Collateral Agent Fee 1,085.60 4,521,623.82 1,085.60
Collateral Agent Expenses 0.00 4,520,538.22 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,520,538.22 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,520,538.22 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 313,726.65
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 313,726.65 4,520,538.22 313,726.65
(B) Class A-2 Interest Distributable Amount - Current Month 327,868.20
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 327,868.20 4,206,811.57 327,868.20
(vi) (A) Class B Note Interest - Unadjusted 30,560.60
Class B Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 30,560.60 3,878,943.37 30,560.60
(B) Certificate Interest - Unadjusted 30,560.60
Certificate Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 30,560.60 3,848,382.77 30,560.60
(vii) Class A Principal Distributable Amount - Current Month 3,090,429.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 3,090,429.00 3,817,822.17 3,090,429.00 0.00
Class A Principal Distribution Amount to Class A-2 0.00 727,393.17 0.00 0.00
(viii) Note Insurer Premium 35,085.83 727,393.17 35,085.83
Note Insurer Premium Supplement 0.00 692,307.34 0.00
Other Reimbursement Obligations to Note Insurer 0.00 692,307.34 0.00
(ix) Transition Expenses to successor Servicer 0.00 692,307.34 0.00
(x) Class B Principal Distributable Amount - Current Month Unadjusted 84,901.90
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 84,901.90 692,307.34 84,901.90
Certificate Principal Distributable Amount - Current Month Unadjusted 84,901.90
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 84,901.90 607,405.44 84,901.90
(xi) Until the Target Payment Date, remaining amount to Class A Noteholders 522,503.54 522,503.54 522,503.54
Amount to Class A-1 Noteholders 522,503.54 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. Amount 0.00
(xiii) After an Event of Default, Certificateholders' Prin. Dist. Amount 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Securities Balance
Class A-1 Beginning of Period Principal Amount 61,716,717.82
Class A-1 Principal Distributions 3,090,429.00
Class A-1 End of Period Principal Amount (prior to turbo) 58,626,288.82
Additional Principal Distribution 522,503.54
Class A-1 End of Period Principal Amount 58,103,785.28
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 61,668,000.00
Class B Beginning of Period Principal Amount 3,443,447.42
Class B Principal Distributable Amount 84,901.90
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,358,545.52
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,358,545.52
Certificate Beginning of Period Principal Amount 3,443,447.42
Certificate Principal Distributable Amount 84,901.90
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,358,545.52
Withdrawl from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,358,545.52
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 10,506,000.00
Purchased receivables more than 30 days delinquent 16,600.10
-----------------------
Total 10,522,600.10
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 155,106,048.83
Delinquency Ratio 6.78%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.78%
Delinquency Ratio for second preceding Determination Date 7.73%
Delinquency Ratio for third preceding Determination Date 7.42%
-----------------------
Average Delinquency Ratio 7.31% 7.31%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 3,547,221.41
Current Period Defaulted Receivables 1,551,041.17
-----------------------
Total 5,098,262.58
Cumulative Defaulted Receivables 5,098,262.58
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 3.40%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,006,321.57
Cram Down Losses 0.00
Net Liquidation Proceeds (335,382.42)
-----------------------
Net Liquidation Losses 670,939.15
Cumulative Previous Net Losses 631,279.38
-----------------------
Cumulative Net Losses 1,302,218.53
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 0.87%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 50.14
Weighted Average Annual Percentage Rate 20.41%
Spread Account
OC Percent
Aggregate Principal Balance 134,341,821.28
minus the Securities Balance 126,488,876.32
-----------------------
7,852,944.96
divided by the Aggregate Principal Balance 5.85%
Floor OC Percent
Aggregate Principal Balance 134,341,821.28
minus the Securities Balance 126,488,876.32
-----------------------
7,852,944.96
divided by the initial Aggregate Principal Balance 150,000,000.00
-----------------------
5.24%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 126,488,876.32
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 27,084,817.00
-------------
3,000,000.00
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 150,000,000.00
-------------
0.00
Floor Amount 3,000,000.00
Requisite Amount
the greater of
(1)the Floor Amount 3,000,000.00
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 3.15%
if a Trigger Event, 15% minus the OC Percent 9.15%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 24.15%
if an Insurance Agreement Event of Default, unlimited 999.00%
3.15%
times the Aggregate Principal Balance 134,341,821.28
-----------------------
4,237,818.96
Requisite Amount 4,237,818.96
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 4,237,818.96
Beginning of Period Spread Account Balance 4,930,126.30
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (692,307.34)
Earnings on Spread Account Balance 26,610.31
Amount of Spread Account deposit (withdrawal) (718,917.65)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (718,917.65)
Ending Spread Account Balance 4,237,818.96
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Note as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-4
6.07% Asset-Backed Notes, Class A-1
6.30% Asset-Backed Notes, Class A-2
10.59% Asset-Backed Certificates
Distribution Date 3/16/98
Collection Period 2/98
Under the Sale and Servicing Agreement dated as of October 9, 1997 and
amended as of October 17, 1997 (the "Agreement") by and among CPS Receivables
Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner
Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Noteholders and Certificateholders
and the performance of the Trust during the previous month. The information
which is required to be prepared with respect to the Distribution Date and
Collection Period listed above is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per Note, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,733,415.47
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $232,632.46
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,500,783.01
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $50.38
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.29
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $46.09
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $243,114.89
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $243,114.89
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.94
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $134,879.35
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $44,486.16
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $90,393.19
(p) Scheduled Payments due in such Collection Period $2,913,056.26
(q) Scheduled Payments collected in such
Collection Period $2,785,662.56
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $100,818,494.97
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $95,530,601.67
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $89,796,757.77
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8906774
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $4,950,531.57
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0491034
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $187,806.31
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,040.92
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.46
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.09
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 11
Aggregate Purchase Amount $129,781.36
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $5,430,927.38
Spread Account Balance $3,774,954.39
(b) The change in the spread account on the Distribution
Date set forth above $18,677.90
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $26,419.19
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $116,076.03
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 247
Aggregate Gross Amount $3,407,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 206
Aggregate Gross Amount $2,980,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.73%
(b) Average Delinquency Ratio 4.74%
(c) Cumulative Default Ratio 1.18%
(d) Cumulative Net Loss Ratio 0.19%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-4
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,413,437.22
Lock Box NSF Items: (93,084.24)
Total Collection Proceeds: 3,320,352.98
For Distribution Date: 3/16/98
For Determination Date: 3/9/98
For Collection Period: 2/98
Collateral Activity Information
Principal
Beginning Principal Balance 100,818,494.97
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 100,818,494.97
Principal portion of payments collected (non-prepayments) 1,160,466.50
Prepayments in full allocable to principal 336,907.00
Collections allocable to principal 1,497,373.50
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 64,632.99
Purchase Amounts allocable to principal 129,781.36
-----------------------
Total Principal 1,691,787.85
Realized Losses 116,076.03
Cram Down Losses 0.00
Ending Principal Balance 99,010,631.09
Interest
Collections allocable to interest $1,625,196.06
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 3,369.07
-----------------------
Total Interest $1,628,565.13
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 45,989,942.19
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 5,040,924.76 97,338,465.55
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,756,276.49
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 19,775.49
Scheduled Payments due in Collection Period 2,913,056.26
Scheduled Payments collected in Collection Period 2,785,662.56
Aggregate Amount of Realized Losses for preceding Distribution Date 116,076.03
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 730.36
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 247 3,407,000.00
60+ days delinquent 206 2,980,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
11 129,781.36
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 6,387,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 129,781.36
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 541,322.08
Delinquency Ratio for second preceding Determination Date 4.86%
Delinquency Ratio for third preceding Determination Date 3.62%
Cumulative Defaults for preceding Determination Date 703,435.39
Cumulative Net Losses for preceding Determination Date 83,589.82
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,122,569.56
Liquidation Proceeds 64,632.99
Recoveries 3,369.07
Purchase Amounts 129,781.36
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 12,704.81
-----------------------
Total Distribution Amount 3,333,057.79
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,160,466.50
Prepayments in full allocable to principal 336,907.00
Principal Balance of Liquidated Receivables 180,709.02
Purchase Amounts allocable to principal 129,781.36
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,807,863.88
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 99,010,631.09
-----------------------
89,109,567.98
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 47.6%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,807,863.88
Times Class A Noteholders' Percentage 95%
-----------------------
1,717,470.69
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,717,470.69
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 45,989,942.19
Multiplied by the Note Rate 6.07%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 232,632.46
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,307,598.60
Multiplied by the Note Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 243,114.89
Certificateholders Principal Distributable Amount
Principal Distributable Amount 1,807,863.88
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 90,393.19
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 5,040,924.76
Multiplied by Note Pass-Through Rate 10.59%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 44,486.16
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,040.92 3,333,057.79 5,040.92 3,333,057.79
Servicing Fee (2.0%) 168,030.82 3,328,016.87 168,030.82 0.00
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 19,775.49 3,159,986.05 19,775.49 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 3,140,210.56 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,140,210.56 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,140,210.56 0.00
(iii) Indenture Trustee Fee 840.15 3,140,210.56 840.15
Indenture Trustee's out-of-pocket expenses 730.36 3,139,370.41 730.36
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 3,138,640.05 0.00
Unpaid Indenture Trustee's out-of-pocket exp.
- prior Collection Periods 0.00 3,138,640.05 0.00
Owner Trustee Fee 0.00 3,138,640.05 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,138,640.05 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,138,640.05 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 3,138,640.05 0.00
(iv) Collateral Agent Fee 811.15 3,138,640.05 811.15
Collateral Agent Expenses 0.00 3,137,828.90 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,137,828.90 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,137,828.90 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 232,632.46
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 232,632.46 3,137,828.90 232,632.46
(B) Class A-2 Interest Distributable Amount - Current Month 243,114.89
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 243,114.89 2,905,196.44 243,114.89
(vi) (A) Certificate Note Interest - Unadjusted 44,486.16
Certificate Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 44,486.16 2,662,081.55 44,486.16
(vii) Class A Principal Distributable Amount - Current Month 1,717,470.69
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 1,717,470.69 2,617,595.39 1,717,470.69 0.00
Class A Principal Distribution Amount to Class A-2 0.00 900,124.70 0.00 0.00
(viii) Note Insurer Premium 26,419.19 900,124.70 26,419.19
Note Insurer Premium Supplement 0.00 873,705.52 0.00
Other Reimbursement Obligations to Note Insurer 0.00 873,705.52 0.00
(ix) Transition Expenses to successor Servicer 0.00 873,705.52 0.00
(x) Certificate Principal Distributable Amount - Current Month Unadjusted 90,393.19
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 90,393.19 873,705.52 90,393.19
(xi) Until the Target Payment Date, remaining amount to Class A Noteholders 783,312.33 783,312.33 783,312.33
Amount to Class A-1 Noteholders 783,312.33 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00 3,332,327.43 Total Disbursements
3,333,057.79 Total Distribution Amt
==============
(730.36) Shortage (Over)
======================
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Securities Balance
Class A-1 Beginning of Period Principal Amount 45,989,942.19
Class A-1 Principal Distributions 1,717,470.69
Class A-1 End of Period Principal Amount (prior to turbo) 44,272,471.50
Additional Principal Distribution 783,312.33
Class A-1 End of Period Principal Amount 43,489,159.17
Class A-2 Beginning of Period Principal Amount 46,307,598.60
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 46,307,598.60
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 46,307,598.60
Certificate Beginning of Period Principal Amount 5,040,924.76
Certificate Principal Distributable Amount 90,393.19
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,950,531.57
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,950,531.57
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,026,427.22
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,387,000.00
Purchased receivables more than 30 days delinquent 129,781.36
-----------------------
Total 6,516,781.36
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 113,798,702.37
Delinquency Ratio 5.73%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.73%
Delinquency Ratio for second preceding Determination Date 4.86%
Delinquency Ratio for third preceding Determination Date 3.62%
-----------------------
Average Delinquency Ratio 4.74% 4.74%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 703,435.39
Current Period Defaulted Receivables 541,322.08
-----------------------
Total 1,244,757.47
Cumulative Defaulted Receivables 1,244,757.47
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 1.18%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 180,709.02
Cram Down Losses 0.00
Net Liquidation Proceeds (68,002.06)
-----------------------
Net Liquidation Losses 112,706.96
Cumulative Previous Net Losses 83,589.82
-----------------------
Cumulative Net Losses 196,296.78
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 0.19%
Additional Pool Information:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 52.15
Weighted Average Annual Percentage Rate 20.32%
Spread Account
OC Percent
Aggregate Principal Balance 99,010,631.09
minus the Securities Balance 95,530,601.67
-----------------------
3,480,029.42
divided by the Aggregate Principal Balance 3.51%
Floor OC Percent
Aggregate Principal Balance 99,010,631.09
minus the Securities Balance 95,530,601.67
-----------------------
3,480,029.42
divided by the initial Aggregate Principal Balance 105,860,630.11
-----------------------
3.29%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 95,530,601.67
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 105,860,630.11
(II) balance of all Subsequent Receivables 0.00
-------------
2,117,212.60
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 105,860,630.11
-------------
0.00
Floor Amount 2,117,212.60
Requisite Amount
the greater of
(1)the Floor Amount 2,117,212.60
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 5.49%
if a Trigger Event, 15% minus the OC Percent 11.49%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 26.49%
if an Insurance Agreement Event of Default, unlimited 999.00%
5.49%
times the Aggregate Principal Balance 99,010,631.09
-----------------------
5,430,927.38
Requisite Amount 5,430,927.38
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 5,430,927.38
Beginning of Period Spread Account Balance 3,756,276.49
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 1,674,650.89
Earnings on Spread Account Balance 18,677.90
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,774,954.39
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Note as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-5
6.26% Asset-Backed Notes, Class A-1
6.40% Asset-Backed Notes, Class A-2
10.55% Asset-Backed Certificates
Distribution Date 3/16/98
Collection Period 2/98
Under the Sale and Servicing Agreement dated as of December 1, 1997, (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,479,462.71
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $268,548.58
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,210,914.13
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $44.47
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.82
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $39.66
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $187,600.00
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $187,600.00
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.04
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $117,491.24
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $40,932.04
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $76,559.20
(p) Scheduled Payments due in such Collection Period $2,656,244.73
(q) Scheduled Payments collected in such
Collection Period $2,547,709.10
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $93,195,697.37
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $89,778,554.01
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $84,443,047.30
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9060831
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $4,579,217.32
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0491355
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $169,008.67
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,659.78
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.03
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.08
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 10
Aggregate Purchase Amount $135,247.62
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,363,846.79
Spread Account Balance $3,385,849.21
(b) The change in the spread account on the Distribution
Date set forth above $16,755.38
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $27,689.78
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $13,894.73
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 161
Aggregate Gross Amount $2,310,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 111
Aggregate Gross Amount $1,472,000.00
7 Performance Triggers
(a) Delinquency Ratio 3.78%
(b) Average Delinquency Ratio 2.68%
(c) Cumulative Default Ratio 0.28%
(d) Cumulative Net Loss Ratio 0.01%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-5
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,051,106.73
Lock Box NSF Items: (68,298.15)
Total Collection Proceeds: 2,982,808.58
For Distribution Date: 3/16/98
For Determination Date: 3/9/98
For Collection Period: 2/98
Collateral Activity Information
Principal
Beginning Principal Balance 93,195,697.37
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 93,195,697.37
Principal portion of payments collected (non-prepayments) 1,084,873.93
Prepayments in full allocable to principal 289,510.00
Collections allocable to principal 1,374,383.93
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 7,657.66
Purchase Amounts allocable to principal 135,247.62
-----------------------
Total Principal 1,517,289.21
Realized Losses 13,894.73
Cram Down Losses 0.00
Ending Principal Balance 91,664,513.43
Interest
Collections allocable to interest $1,462,835.17
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 2,684.20
-----------------------
Total Interest $1,465,519.37
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 51,478,961.43
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 4,655,776.52 91,309,737.95
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,369,093.83
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 13,682.51
Scheduled Payments due in Collection Period 2,656,244.73
Scheduled Payments collected in Collection Period 2,547,709.10
Aggregate Amount of Realized Losses for preceding Distribution Date 13,894.73
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 655.97
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 161 2,310,000.00
60+ days delinquent 111 1,472,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
10 135,247.62
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 3,782,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 135,247.62
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
PrincipalBalance of all Receivables that became Defaulted Receivables
during the related Collection Period. 151,718.38
Delinquency Ratio for second preceding Determination Date 2.84%
Delinquency Ratio for third preceding Determination Date 1.43%
Cumulative Defaults for preceding Determination Date 118,816.27
Cumulative Net Losses for preceding Determination Date 1,315.65
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,837,219.10
Liquidation Proceeds 7,657.66
Recoveries 2,684.20
Purchase Amounts 135,247.62
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 10,797.11
-----------------------
Total Distribution Amount 2,993,605.69
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,084,873.93
Prepayments in full allocable to principal 289,510.00
Principal Balance of Liquidated Receivables 21,552.39
Purchase Amounts allocable to principal 135,247.62
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,531,183.94
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 91,664,513.43
-----------------------
82,498,062.09
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 38.5%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,531,183.94
Times Class A Noteholders' Percentage 95%
-----------------------
1,454,624.74
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,454,624.74
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 51,478,961.43
Multiplied by the Note Rate 6.26%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 268,548.58
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 35,175,000.00
Multiplied by the Note Rate 6.40%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 187,600.00
Certificateholders Principal Distributable Amount
Principal Distributable Amount 1,531,183.94
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 76,559.20
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,655,776.52
Multiplied by Note Pass-Through Rate 10.55%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 40,932.04
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,659.78 2,993,605.69 4,659.78 1,993,605.69
Servicing Fee (2.0%) 155,326.16 2,988,945.91 155,326.16 0.00
Additional Servicing Fee Amounts (late fees,
prepayment charges, etc.) 13,682.51 2,833,619.75 13,682.51 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,819,937.24 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,819,937.24 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,819,937.24 0.00
(iii) Indenture Trustee Fee 776.63 2,819,937.24 776.63
Indenture Trustee's out-of-pocket expenses 655.97 2,819,160.61 655.97
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 2,818,504.64 0.00
Unpaid Indenture Trustee's out-of-pocket exp.
- prior Collection Periods 0.00 2,818,504.64 0.00
Owner Trustee Fee 5,500.00 2,818,504.64 5,500.00
Owner Trustee's out-of-pocket expenses 0.00 2,813,004.64 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 2,813,004.64 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 2,813,004.64 0.00
(iv) Collateral Agent Fee 760.91 2,813,004.64 760.91
Collateral Agent Expenses 0.00 2,812,243.73 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,812,243.73 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,812,243.73 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 268,548.58
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 268,548.58 2,812,243.73 268,548.58
(B) Class A-2 Interest Distributable Amount - Current Month 187,600.00
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 187,600.00 2,543,695.15 187,600.00
(vi) (A) Certificate Note Interest - Unadjusted 40,932.04
Certificate Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 40,932.04 2,356,095.15 40,932.04
(vii) Class A Principal Distributable Amount - Current Month 1,454,624.74
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 1,454,624.74 2,315,163.11 1,454,624.74 0.00
Class A Principal Distribution Amount to Class A-2 0.00 860,538.37 0.00 0.00
(viii) Note Insurer Premium 27,689.78 860,538.37 27,689.78
Note Insurer Premium Supplement 0.00 832,848.58 0.00
Other Reimbursement Obligations to Note Insurer 0.00 832,848.58 0.00
(ix) Transition Expenses to successor Servicer 0.00 832,848.58 0.00
(x) Certificate Principal Distributable Amount
- Current Month Unadjusted 76,559.20
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 76,559.20 832,848.58 76,559.20
(xi) Until the Target Payment Date, remaining
amount to Class A Noteholders 756,289.38 756,289.38 756,289.38
Amount to Class A-1 Noteholders 756,289.38 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount
into Spread Acct. 0.00 2,987,449.72 Total Disbursements
2,993,605.69 Total Distribution Amt
==============
(6,155.97)Shortage (Over)
====================
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Securities Balance
Class A-1 Beginning of Period Principal Amount 51,478,961.43
Class A-1 Principal Distributions 1,454,624.74
Class A-1 End of Period Principal Amount (prior to turbo) 50,024,336.69
Additional Principal Distribution 756,289.38
Class A-1 End of Period Principal Amount 49,268,047.30
Class A-2 Beginning of Period Principal Amount 35,175,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 35,175,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 35,175,000.00
Certificate Beginning of Period Principal Amount 4,655,776.52
Certificate Principal Distributable Amount 76,559.20
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,579,217.32
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,579,217.32
Adjusted Amount Remaining for Further Distribution/(Deficiency) 943,889.38
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,782,000.00
Purchased receivables more than 30 days delinquent 135,247.62
-----------------------
Total 3,917,247.62
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 103,753,491.34
Delinquency Ratio 3.78%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 3.78%
Delinquency Ratio for second preceding Determination Date 2.84%
Delinquency Ratio for third preceding Determination Date 1.43%
-----------------------
Average Delinquency Ratio 2.68% 2.68%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 118,816.27
Current Period Defaulted Receivables 151,718.38
-----------------------
Total 270,534.65
Cumulative Defaulted Receivables 270,534.65
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 0.28%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 21,552.39
Cram Down Losses 0.00
Net Liquidation Proceeds (10,341.86)
-----------------------
Net Liquidation Losses 11,210.53
Cumulative Previous Net Losses 1,315.65
-----------------------
Cumulative Net Losses 12,526.18
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 0.01%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 53.32
Weighted Average Annual Percentage Rate 20.23%
Spread Account
OC Percent
Aggregate Principal Balance 91,664,513.43
minus the Securities Balance 89,778,554.01
-----------------------
1,885,959.42
divided by the Aggregate Principal Balance 2.06%
Floor OC Percent
Aggregate Principal Balance 91,664,513.43
minus the Securities Balance 89,778,554.01
-----------------------
1,885,959.42
divided by the initial Aggregate Principal Balance 95,706,307.00
-----------------------
1.97%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 89,778,554.01
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 95,706,307.00
(II) balance of all Subsequent Receivables 0.00
-------------
1,914,126.14
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 95,706,307.00
-------------
0.00
Floor Amount 1,914,126.14
Requisite Amount
the greater of
(1)the Floor Amount 1,914,126.14
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 6.9%
if a Trigger Event, 15% minus the OC Percent 12.9%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 27.9%
if an Insurance Agreement Event of Default, unlimited 999%
7%
times the Aggregate Principal Balance 91,664,513.43
-----------------------
6,363,846.79
Requisite Amount 6,363,846.79
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 6,363,846.79
Beginning of Period Spread Account Balance 3,369,093.83
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 2,994,752.96
Earnings on Spread Account Balance 16,755.38
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,385,849.21
</TABLE>
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Note as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
REVISED
Distribution Date 4/15/98
Collection Period 3/98
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,549,836.80
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $238,582.42
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,311,254.38
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $30.19
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.82
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $27.37
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $140,527.62
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $18,882.66
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $121,644.96
(j) Scheduled Payments due in such Collection Period $1,744,864.69
(k) Scheduled Payments collected in such
Collection Period $1,809,725.19
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $45,318,386.41
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $42,933,375.63
(c) The Pool factor as of the close of business
on the last day set forth above 0.9473721
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $107,541.68
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,021.23
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.27
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $18,209.68
(b) Distributions (to) from Collection Account $5,803.12
for Payaheads
(c) Interest earned on Payahead Balances $101.83
(d) Ending Payahead Account Balance $24,114.63
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,440,006.35
Spread Account Balance $6,440,006.35
(b) The change in the spread account on the Distribution
Date set forth above ($377,447.11)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $11,882.85
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $584,504.89
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 115
Aggregate Gross Amount $1,134,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 162
Aggregate Gross Amount $1,787,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.94%
(b) Average Delinquency Ratio 6.49%
(c) Cumulative Default Ratio 15.12%
(d) Cumulative Net Loss Ratio 10.50%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,823,227.05
Lock Box NSF Items: (61,497.90)
Transfers from (to) Payahead Account: (5,803.12)
Collection Account Interest 10,026.71
Payahead Account Interest 101.83
Total Collection Proceeds: 2,766,054.57
For Distribution Date: 4/15/98
For Determination Date: 4/8/98
For Collection Period: 3/98
Collateral Activity Information
Principal
Beginning Principal Balance 45,318,386.41
Principal portion of payments collected (non-prepayments) 964,805.29
Prepayments in full allocable to principal 519,649.00
Collections allocable to principal 1,484,454.29
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 363,940.17
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,848,394.46
Realized Losses 584,504.89
Cram Down Losses 0.00
Ending Principal Balance 42,885,487.06
Interest
Collections allocable to interest 844,919.90
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 72,740.21
-------------------
Total Interest 917,660.11
Certificate Information
Beginning of Period Class A Principal Balance 43,052,467.09
Beginning of Period Class B Principal Balance 2,265,919.31
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,817,453.46
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 32,011.04
Aggregate Payahead Balance 24,012.80
Aggregate Payahead Balance for preceding Distribution Date 18,209.68
Interest Earned on Payahead Balances 101.83
Scheduled Payments due in Collection Period 1,744,864.69
Scheduled Payments collected in Collection Period 1,809,725.19
Aggregate Amount of Realized Losses for preceding Distribution Date 584,504.89
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 115 1,134,000.00
60+ days delinquent 162 1,787,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 2,921,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 458,525.85
Delinquency Ratio for second preceding Determination Date 6.47%
Delinquency Ratio for third preceding Determination Date 7.07%
Cumulative Defaults for preceding Determination Date 12,986,920.93
Cumulative Net Losses for preceding Determination Date 8,825,724.38
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,329,374.19
Liquidation Proceeds 363,940.17
Recoveries 72,740.21
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,766,054.57
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 964,805.29
Prepayments in full allocable to principal 519,649.00
Principal Balance of Liquidated Receivables 948,445.06
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,432,899.35
Class A Principal Distributable Amount
Principal Distributable Amount 2,432,899.35
Times Class A Percentage (95%) 95%
-------------------
2,311,254.38
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,311,254.38
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 43,052,467.09
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 238,582.42
Class B Principal Distributable Amount
Principal Distributable Amount 2,432,899.35
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 121,644.97
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,265,919.31
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 18,882.66
Class B Excess Interest Amount
Total Distribution Amount 2,766,054.57
minus
Class A Principal and Interest Distributable Amount 2,549,836.80
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 18,882.66
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 121,644.97
Class B Principal Carryover Shortfall 0.00
Trustee distributions 566.48
Standby Servicer distributions 3,021.23
Servicer distributions 107,541.68
Collateral Agent distributions 566.48
Reimbursement Obligations 11,882.85
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,021.23 2,766,054.57 3,021.23 2,766,054.57
Servicing Fee (2.0%) 75,530.64 2,763,033.34 75,530.64 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 32,011.04 2,687,502.70 32,011.04 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,655,491.66 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,655,491.66 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,655,491.66 0.00
(iii) Trustee Fee 566.48 2,655,491.66 566.48
Trustee's out-of-pocket expenses 0.00 2,654,925.18 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,654,925.18 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,654,925.18 0.00
(iv) Collateral Agent Fee 566.48 2,654,925.18 566.48
Collateral Agent Expenses 0.00 2,654,358.70 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,654,358.70 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,654,358.70 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 238,582.42 2,654,358.70 238,582.42
Prior Month(s) Class A Carryover Shortfall 0.00 2,415,776.28 0.00
Class A Interest Carryover Shortfall 0.00 2,415,776.28 0.00
Interest on Interest Carryover from Prior Months 0.00 2,415,776.28 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,415,776.28 0.00
Class A Interest Distributable Amount 238,582.42 2,415,776.28 238,582.42
(viii)(A)Class B Coupon Interest - Unadjusted 18,882.66 2,177,193.86 18,882.66
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,158,311.20 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,158,311.20 0.00
Interest on Interest Carryover from Prior Months 0.00 2,158,311.20 0.00
Current Month Class B Interest Shortfall 0.00 2,158,311.20 0.00
Adjusted Class B Interest Distributable Amount 18,882.66 2,158,311.20 18,882.66
(v) (B) Class A Principal Distributable Amount - Current Month 2,311,254.38 2,139,428.54 2,139,428.54 454,800.19
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,311,254.38 0.00 0.00 0.00
(vi) Certificate Insurer Premium 11,882.85 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 121,644.97 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (47,888.58) 0.00 (47,888.58)
Adjusted Class B Principal Distributable Amount 73,756.38 47,888.58 47,888.58
Excess Interest Amount for Deposit in Spread Account 0.00 0.00 0.00
0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 43,052,467.09
Class A Principal Distributions 2,311,254.38
Class A End of Period Principal Balance 40,741,212.71
Class B Beginning of Period Principal Balance 2,265,919.31
Class B Principal Distributable Amount 73,756.38
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,192,162.93
Withdrawl from Spread Account to Cover B Shortfalls 47,888.58
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,144,274.34
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,766,054.57
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 350,278.29
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,415,776.28
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,415,776.28
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 18,882.66
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,396,893.62
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,396,893.62
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,311,254.38
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 85,639.24
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 85,639.24
(vi) Certificate Insurer Premium 11,882.85
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 73,756.38
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 73,756.38
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 121,644.97
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (47,888.58)
Withdrawl from Spread Account to B PieceCover Shortfalls (47,888.58)
Adjusted Amount Remaining for Further Distribution/(Deficiency ) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,921,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 2,921,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 49,155,904.95
Delinquency Ratio 5.94%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.94%
Delinquency Ratio for second preceding Determination Date 6.47%
Delinquency Ratio for third preceding Determination Date 7.07%
-------------------
Average Delinquency Ratio 6.49% 6.49%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 12,986,920.93
Current Period Defaulted Receivables 458,525.85
-------------------
Total 13,445,446.78
Cumulative Defaulted Receivables 13,445,446.78
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 15.12%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 948,445.06
Cram Down Losses 0.00
Net Liquidation Proceeds (436,680.38)
-------------------
Net Liquidation Losses 511,764.68
Cumulative Previous Net Losses 8,825,724.38
-------------------
Cumulative Net Losses 9,337,489.06
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 10.50%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 34.00
Weighted Average Annual Percentage Rate 20.38%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,293,337.56
15% of Outstanding Certificate Balance 6,440,006.35
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,440,006.35
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 42,933,375.63
Minimum Floor 100,000.00
--------------
Floor Amount 2,667,022.51
Required Spread Account Amount 6,440,006.35
Beginning of Period Spread Account Balance 6,817,453.46
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (2,524.58)
Required addition to/(eligible withdrawal from) Spread Account (374,922.53)
Earnings on Spread Account Balance 29,481.95
Amount of Spread Account deposit (withdrawal) (404,404.48)
Amount of Withdrawl Allocated to B Piece Shortfalls 47,888.58
Net Spread Account Withdrawl to Seller (356,515.90)
Ending Spread Account Balance 6,440,006.35
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
REVISED
Distribution Date 4/15/98
Collection Period 3/98
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,938,693.03
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $291,008.20
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,647,684.83
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $33.58
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.32
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $30.25
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $165,183.67
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $25,831.84
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $139,351.83
(j) Scheduled Payments due in such Collection Period $1,935,348.89
(k) Scheduled Payments collected in such
Collection Period $2,095,491.65
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $54,864,074.90
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $52,216,390.04
(c) The Pool factor as of the close of business
on the last day set forth above 0.9517410
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $119,064.46
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,657.60
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.36
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $21,526.38
(b) Distributions (to) from Collection Account $5,592.43
for Payaheads
(c) Interest earned on Payahead Balances $133.18
(d) Ending Payahead Account Balance $27,251.99
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $5,221,639.00
Spread Account Balance $5,221,639.00
(b) The change in the spread account on the Distribution
Date set forth above ($275,295.49)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $14,429.68
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $789,537.73
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 147
Aggregate Gross Amount $1,717,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 186
Aggregate Gross Amount $2,362,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.72%
(b) Average Delinquency Ratio 7.23%
(c) Cumulative Default Ratio 13.36%
(d) Cumulative Net Loss Ratio 8.50%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,062,475.98
Lock Box NSF Items: (50,331.36)
Transfers from (to) Payahead Account: (5,592.43)
Collection Account Interest 11,320.76
Payahead Account Interest 133.18
Total Collection Proceeds: 3,018,006.13
For Distribution Date: 4/15/98
For Determination Date: 4/8/98
For Collection Period: 3/98
Collateral Activity Information
Principal
Beginning Principal Balance 54,864,074.90
Principal portion of payments collected (non-prepayments) 1,129,692.56
Prepayments in full allocable to principal 475,311.00
Collections allocable to principal 1,605,003.56
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 392,495.37
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,997,498.93
Realized Losses 789,537.73
Cram Down Losses 0.00
Ending Principal Balance 52,077,038.24
Interest
Collections allocable to interest 965,799.09
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 54,708.11
-------------------
Total Interest 1,020,507.20
Certificate Information
Beginning of Period Class A Principal Balance 52,120,871.13
Beginning of Period Class B Principal Balance 2,743,203.74
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,496,934.49
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 27,624.34
Aggregate Payahead Balance 27,118.81
Aggregate Payahead Balance for preceding Distribution Date 21,526.38
Interest Earned on Payahead Balances 133.18
Scheduled Payments due in Collection Period 1,935,348.89
Scheduled Payments collected in Collection Period 2,095,491.65
Aggregate Amount of Realized Losses for preceding Distribution Date 789,537.73
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 147 1,717,000.00
60+ days delinquent 186 2,362,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
0 0.00
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 4,079,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 535,678.92
Delinquency Ratio for second preceding Determination Date 7.37%
Delinquency Ratio for third preceding Determination Date 7.59%
Cumulative Defaults for preceding Determination Date 11,773,229.12
Cumulative Net Losses for preceding Determination Date 7,100,613.28
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,570,802.65
Liquidation Proceeds 392,495.37
Recoveries 54,708.11
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,018,006.13
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,129,692.56
Prepayments in full allocable to principal 475,311.00
Principal Balance of Liquidated Receivables 1,182,033.10
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,787,036.66
Class A Principal Distributable Amount
Principal Distributable Amount 2,787,036.66
Times Class A Percentage (95%) 95%
-------------------
2,647,684.83
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,647,684.83
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 52,120,871.13
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 291,008.20
Class B Principal Distributable Amount
Principal Distributable Amount 2,787,036.66
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 139,351.83
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,743,203.74
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 25,831.84
Class B Excess Interest Amount
Total Distribution Amount 3,018,006.13
minus
Class A Principal and Interest Distributable Amount 2,938,693.03
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 25,831.84
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 139,351.83
Class B Principal Carryover Shortfall 0.00
Trustee distributions 685.80
Standby Servicer distributions 3,657.60
Servicer distributions 119,064.46
Collateral Agent distributions 685.80
Reimbursement Obligations 14,429.68
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,657.60 0.00 0.00
Servicing Fee (2.0%) 91,440.12 0.00 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 27,624.34 0.00 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00 139,351.83
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00 0.00
(iii) Trustee Fee 685.80 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 0.00 0.00
(iv) Collateral Agent Fee 685.80 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 0.00 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 291,008.20 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00
Class A Interest Distributable Amount 291,008.20 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 25,831.84 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00 139,351.83
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00 139,351.83
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 25,831.84 0.00 0.00
(v) (B) Class A Principal Distributable Amount - Current Month 2,647,684.83 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (70,612.40) 0.00 (70,612.40)
Withdrawl from Spread Account to Cover Shortfall 70,612.40
Class A Principal Distribution Amount 2,647,684.83 70,612.40 70,612.40
(vi) Certificate Insurer Premium 14,429.68 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 139,351.83 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (139,351.83) 0.00 (139,351.83)
Adjusted Class B Principal Distributable Amount 0.00 139,351.83 0.00
Excess Interest Amount for Deposit in Spread Account (85,042.08) 139,351.83 (85,042.08)
224,393.91 224,393.91
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 52,120,871.13
Class A Principal Distributions 2,647,684.83
Class A End of Period Principal Balance 49,473,186.30
Class B Beginning of Period Principal Balance 2,743,203.74
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,743,203.74
Withdrawl from Spread Account to Cover B Shortfalls 139,351.83
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,603,851.91
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,018,006.13
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 415,101.86
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,602,904.27
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,602,904.27
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 25,831.84
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,577,072.43
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,577,072.43
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,647,684.83
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 70,612.40
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 14,429.68
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (14,429.68)
Withdrawl from Spread Account to Cover Deficiency 14,429.68
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 139,351.83
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (139,351.83)
Withdrawl from Spread Account to B PieceCover Shortfalls (139,351.83)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,079,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 4,079,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 60,661,505.32
Delinquency Ratio 6.72%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.72%
Delinquency Ratio for second preceding Determination Date 7.37%
Delinquency Ratio for third preceding Determination Date 7.59%
-------------------
Average Delinquency Ratio 7.23% 7.23%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 11,773,229.12
Current Period Defaulted Receivables 535,678.92
-------------------
Total 12,308,908.04
Cumulative Defaulted Receivables 12,308,908.04
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 13.36%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,182,033.10
Cram Down Losses 0.00
Net Liquidation Proceeds (447,203.48)
-------------------
Net Liquidation Losses 734,829.62
Cumulative Previous Net Losses 7,100,613.28
-------------------
Cumulative Net Losses 7,835,442.90
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 8.50%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 37.89
Weighted Average Annual Percentage Rate 20.50%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,221,639.00
15% of Outstanding Certificate Balance 7,832,458.51
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 5,221,639.00
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 52,216,390.04
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 5,221,639.00
Beginning of Period Spread Account Balance 5,496,934.49
Spread Account Deposit (Withdrawal) from Current Distributions (85,042.08)
Transfer (to) from Cross-Collateralized Spread Accounts (524.17)
Required addition to/(eligible withdrawal from) Spread Account (189,729.24)
Earnings on Spread Account Balance 23,644.73
Amount of Spread Account deposit (withdrawal) (213,373.97)
Amount of Withdrawl Allocated to B Piece Shortfalls 139,351.83
Net Spread Account Withdrawl to Seller (74,022.14)
Ending Spread Account Balance 5,221,639.00
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
REVISED
Distribution Date 4/15/98
Collection Period 3/98
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,060,967.97
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $319,347.87
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,741,620.10
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $34.70
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.62
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $31.08
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $171,375.01
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $27,079.21
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $144,295.80
(j) Scheduled Payments due in such Collection Period $2,130,437.09
(k) Scheduled Payments collected in such
Collection Period $2,226,035.22
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $64,029,647.77
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $61,212,997.79
(c) The Pool factor as of the close of business
on the last day set forth above 0.9560102
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $140,299.29
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,268.64
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.59
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $23,089.66
(b) Distributions (to) from Collection Account $8,083.19
for Payaheads
(c) Interest earned on Payahead Balances $144.42
(d) Ending Payahead Account Balance $31,317.27
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,121,299.78
Spread Account Balance $6,121,299.78
(b) The change in the spread account on the Distribution
Date set forth above ($284,172.48)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $16,941.91
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $750,537.22
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 172
Aggregate Gross Amount $2,231,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 215
Aggregate Gross Amount $2,868,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.11%
(b) Average Delinquency Ratio 7.51%
(c) Cumulative Default Ratio 10.59%
(d) Cumulative Net Loss Ratio 6.76%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,401,989.26
Lock Box NSF Items: (80,142.75)
Transfers from (to) Payahead Account: (8,083.19)
Collection Account Interest 12,279.90
Payahead Account Interest 144.42
Total Collection Proceeds: 3,326,187.64
For Distribution Date: 4/15/98
For Determination Date: 4/8/98
For Collection Period: 3/98
Collateral Activity Information
Principal
Beginning Principal Balance 64,029,647.77
Principal portion of payments collected (non-prepayments) 1,130,381.31
Prepayments in full allocable to principal 537,166.00
Collections allocable to principal 1,667,547.31
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 467,831.36
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 2,135,378.67
Realized Losses 750,537.22
Cram Down Losses 0.00
Ending Principal Balance 61,143,731.88
Interest
Collections allocable to interest 1,095,653.91
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 95,155.06
-------------------
Total Interest 1,190,808.97
Certificate Information
Beginning of Period Class A Principal Balance 60,828,165.36
Beginning of Period Class B Principal Balance 3,201,482.41
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,405,472.26
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 33,583.21
Aggregate Payahead Balance 31,172.85
Aggregate Payahead Balance for preceding Distribution Date 23,089.66
Interest Earned on Payahead Balances 144.42
Scheduled Payments due in Collection Period 2,130,437.09
Scheduled Payments collected in Collection Period 2,226,035.22
Aggregate Amount of Realized Losses for preceding Distribution Date 750,537.22
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 172 2,231,000.00
60+ days delinquent 215 2,868,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
0 0.00
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
PrincipalBalance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,099,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection Period. 591,986.89
Delinquency Ratio for second preceding Determination Date 7.31%
Delinquency Ratio for third preceding Determination Date 8.12%
Cumulative Defaults for preceding Determination Date 9,243,211.78
Cumulative Net Losses for preceding Determination Date 5,618,241.06
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,763,201.22
Liquidation Proceeds 467,831.36
Recoveries 95,155.06
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,326,187.64
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,130,381.31
Prepayments in full allocable to principal 537,166.00
Principal Balance of Liquidated Receivables 1,218,368.58
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,885,915.89
Class A Principal Distributable Amount
Principal Distributable Amount 2,885,915.89
Times Class A Percentage (95%) 95%
-------------------
2,741,620.10
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,741,620.10
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 60,828,165.36
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 319,347.87
Class B Principal Distributable Amount
Principal Distributable Amount 2,885,915.89
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 144,295.79
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,201,482.41
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 27,079.21
Class B Excess Interest Amount
Total Distribution Amount 3,326,187.64
minus
Class A Principal and Interest Distributable Amount 3,060,967.97
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 27,079.21
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 144,295.79
Class B Principal Carryover Shortfall 0.00
Trustee distributions 800.37
Standby Servicer distributions 4,268.64
Servicer distributions 140,299.29
Collateral Agent distributions 800.37
Reimbursement Obligations 16,941.91
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,268.64 3,326,187.64 4,268.64 3,326,187.64
Servicing Fee (2.0%) 106,716.08 3,321,919.00 106,716.08 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 33,583.21 3,215,202.92 33,583.21 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 3,181,619.71 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,181,619.71 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,181,619.71 0.00
(iii) Trustee Fee 800.37 3,181,619.71 800.37
Trustee's out-of-pocket expenses 0.00 3,180,819.34 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,180,819.34 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 3,180,819.34 0.00
(iv) Collateral Agent Fee 800.37 3,180,819.34 800.37
Collateral Agent Expenses 0.00 3,180,018.97 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,180,018.97 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,180,018.97 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 319,347.87 3,180,018.97 319,347.87
Prior Month(s) Class A Carryover Shortfall 0.00 2,860,671.10 0.00
Class A Interest Carryover Shortfall 0.00 2,860,671.10 0.00
Interest on Interest Carryover from Prior Months 0.00 2,860,671.10 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,860,671.10 0.00
Class A Interest Distributable Amount 319,347.87 2,860,671.10 319,347.87
(viii)(A)Class B Coupon Interest - Unadjusted 27,079.21 2,541,323.23 27,079.21
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,514,244.02 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,514,244.02 0.00
Interest on Interest Carryover from Prior Months 0.00 2,514,244.02 0.00
Current Month Class B Interest Shortfall 0.00 2,514,244.02 0.00
Adjusted Class B Interest Distributable Amount 27,079.21 2,514,244.02 27,079.21
(v) (B) Class A Principal Distributable Amount - Current Month 2,741,620.10 2,487,164.81 2,487,164.81 584,567.54
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,741,620.10 0.00 0.00 0.00
(vi) Certificate Insurer Premium 16,941.91 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 144,295.79 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (69,265.91) 0.00 (69,265.91)
Adjusted Class B Principal Distributable Amount 75,029.89 69,265.91 69,265.91
Excess Interest Amount for Deposit in Spread Account 0.00 0.00 0.00
0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 60,828,165.36
Class A Principal Distributions 2,741,620.10
Class A End of Period Principal Balance 58,086,545.26
Class B Beginning of Period Principal Balance 3,201,482.41
Class B Principal Distributable Amount 75,029.89
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,126,452.52
Withdrawl from Spread Account to Cover B Shortfalls 69,265.91
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,057,186.61
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,326,187.64
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 465,516.54
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,860,671.10
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,860,671.10
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 27,079.21
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,833,591.89
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,833,591.89
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,741,620.10
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 91,971.79
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 91,971.79
(vi) Certificate Insurer Premium 16,941.91
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 75,029.89
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 75,029.89
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 144,295.79
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (69,265.91)
Withdrawl from Spread Account to B PieceCover Shortfalls (69,265.91)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,099,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 5,099,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 71,710,918.19
Delinquency Ratio 7.11%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.11%
Delinquency Ratio for second preceding Determination Date 7.31%
Delinquency Ratio for third preceding Determination Date 8.12%
-------------------
Average Delinquency Ratio 7.51% 7.51%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 9,243,211.78
Current Period Defaulted Receivables 591,986.89
-------------------
Total 9,835,198.67
Cumulative Defaulted Receivables 9,835,198.67
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 10.59%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,218,368.58
Cram Down Losses 0.00
Net Liquidation Proceeds (562,986.42)
-------------------
Net Liquidation Losses 655,382.16
Cumulative Previous Net Losses 5,618,241.06
-------------------
Cumulative Net Losses 6,273,623.22
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 6.76%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 41.16
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,121,299.78
15% of Outstanding Certificate Balance 9,181,949.67
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,121,299.78
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 61,212,997.79
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 6,121,299.78
Beginning of Period Spread Account Balance 6,405,472.26
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (1,704.32)
Required addition to/(eligible withdrawal from) Spread Account (282,468.16)
Earnings on Spread Account Balance 27,478.43
Amount of Spread Account deposit (withdrawal) (309,946.59)
Amount of Withdrawl Allocated to B Piece Shortfalls 69,265.91
Net Spread Account Withdrawl to Seller (240,680.68)
Ending Spread Account Balance 6,121,299.78
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
Current month excess servicing fee #REF!
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
REVISED
Distribution Date 4/15/98
Collection Period 3/98
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,658,192.68
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $403,369.82
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,254,822.86
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $37.63
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.15
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $33.48
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $209,099.09
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $37,792.62
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $171,306.47
(j) Scheduled Payments due in such Collection Period $2,468,465.26
(k) Scheduled Payments collected in such
Collection Period $2,638,572.66
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $77,789,277.35
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $74,508,767.65
(c) The Pool factor as of the close of business
on the last day set forth above 0.9578283
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $166,961.09
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,185.95
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.72
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $27,410.04
(b) Distributions (to) from Collection Account $8,173.41
for Payaheads
(c) Interest earned on Payahead Balances $350.22
(d) Ending Payahead Account Balance $35,933.67
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,450,876.76
Spread Account Balance $7,450,876.76
(b) The change in the spread account on the Distribution
Date set forth above ($341,786.47)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $20,604.79
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $960,340.54
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 196
Aggregate Gross Amount $2,539,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 267
Aggregate Gross Amount $3,574,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.02%
(b) Average Delinquency Ratio 7.73%
(c) Cumulative Default Ratio 9.56%
(d) Cumulative Net Loss Ratio 5.57%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 4,011,463.90
Lock Box NSF Items: (101,251.93)
Transfers from (to) Payahead Account: (8,173.41)
Collection Account Interest 13,979.93
Payahead Account Interest 350.22
Total Collection Proceeds: 3,916,368.71
For Distribution Date: 4/15/98
For Determination Date: 4/8/98
For Collection Period: 3/98
Collateral Activity Information
Principal
Beginning Principal Balance 77,789,277.35
Principal portion of payments collected (non-prepayments) 1,240,071.85
Prepayments in full allocable to principal 692,803.00
Collections allocable to principal 1,932,874.85
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 532,913.94
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 2,465,788.79
Realized Losses 960,340.54
Cram Down Losses 0.00
Ending Principal Balance 74,363,148.02
Interest
Collections allocable to interest 1,398,500.81
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 52,079.11
-------------------
Total Interest 1,450,579.92
Certificate Information
Beginning of Period Class A Principal Balance 73,899,813.48
Beginning of Period Class B Principal Balance 3,889,463.87
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,792,663.23
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 37,312.29
Aggregate Payahead Balance 35,583.45
Aggregate Payahead Balance for preceding Distribution Date 27,410.04
Interest Earned on Payahead Balances 350.22
Scheduled Payments due in Collection Period 2,468,465.26
Scheduled Payments collected in Collection Period 2,638,572.66
Aggregate Amount of Realized Losses for preceding Distribution Date 960,340.54
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 196 2,539,000.00
60+ days delinquent 267 3,574,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
0 0.00
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
PrincipalBalance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 6,113,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection
Period. 1,155,836.09
Delinquency Ratio for second preceding Determination Date 7.86%
Delinquency Ratio for third preceding Determination Date 8.31%
Cumulative Defaults for preceding Determination Date 8,626,538.16
Cumulative Net Losses for preceding Determination Date 4,789,405.99
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,331,375.66
Liquidation Proceeds 532,913.94
Recoveries 52,079.11
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,916,368.71
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,240,071.85
Prepayments in full allocable to principal 692,803.00
Principal Balance of Liquidated Receivables 1,493,254.48
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 3,426,129.33
Class A Principal Distributable Amount
Principal Distributable Amount 3,426,129.33
Times Class A Percentage (95%) 95%
-------------------
3,254,822.86
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,254,822.86
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 73,899,813.48
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 403,369.82
Class B Principal Distributable Amount
Principal Distributable Amount 3,426,129.33
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 171,306.47
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,889,463.87
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 37,792.62
Class B Excess Interest Amount
Total Distribution Amount 3,916,368.71
minus
Class A Principal and Interest Distributable Amount 3,658,192.68
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 37,792.62
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 171,306.47
Class B Principal Carryover Shortfall 0.00
Trustee distributions 972.37
Standby Servicer distributions 5,185.95
Servicer distributions 166,961.09
Collateral Agent distributions 972.37
Reimbursement Obligations 20,604.79
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,185.95 3,916,368.71 5,185.95 3,916,368.71
Servicing Fee (2.0%) 129,648.80 3,911,182.76 129,648.80 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 37,312.29 3,781,533.96 37,312.29 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 3,744,221.67 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,744,221.67 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,744,221.67 0.00
(iii) Trustee Fee 972.37 3,744,221.67 972.37
Trustee's out-of-pocket expenses 0.00 3,743,249.30 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,743,249.30 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 3,743,249.30 0.00
(iv) Collateral Agent Fee 972.37 3,743,249.30 972.37
Collateral Agent Expenses 0.00 3,742,276.93 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,742,276.93 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,742,276.93 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 403,369.82 3,742,276.93 403,369.82
Prior Month(s) Class A Carryover Shortfall 0.00 3,338,907.11 0.00
Class A Interest Carryover Shortfall 0.00 3,338,907.11 0.00
Interest on Interest Carryover from Prior Months 0.00 3,338,907.11 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,338,907.11 0.00
Class A Interest Distributable Amount 403,369.82 3,338,907.11 403,369.82
(viii)(A)Class B Coupon Interest - Unadjusted 37,792.62 2,935,537.29 37,792.62
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,897,744.67 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,897,744.67 0.00
Interest on Interest Carryover from Prior Months 0.00 2,897,744.67 0.00
Current Month Class B Interest Shortfall 0.00 2,897,744.67 0.00
Adjusted Class B Interest Distributable Amount 37,792.62 2,897,744.67 37,792.62
(v) (B) Class A Principal Distributable Amount - Current Month 3,254,822.86 2,859,952.05 2,859,952.05 661,545.85
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 3,254,822.86 0.00 0.00 0.00
(vi) Certificate Insurer Premium 20,604.79 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 171,306.47 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (145,619.63) 0.00 (145,619.63)
Adjusted Class B Principal Distributable Amount 25,686.84 145,619.63 25,686.84
Excess Interest Amount for Deposit in Spread Account 0.00 119,932.79 0.00
119,932.79 119,932.79
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 73,899,813.48
Class A Principal Distributions 3,254,822.86
Class A End of Period Principal Balance 70,644,990.62
Class B Beginning of Period Principal Balance 3,889,463.87
Class B Principal Distributable Amount 25,686.84
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,863,777.03
Withdrawl from Spread Account to Cover B Shortfalls 145,619.63
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,718,157.40
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,916,368.71
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 577,461.60
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,338,907.11
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,338,907.11
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 37,792.62
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,301,114.49
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,301,114.49
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,254,822.86
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 46,291.63
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 46,291.63
(vi) Certificate Insurer Premium 20,604.79
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 25,686.84
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 25,686.84
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 171,306.47
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (145,619.63)
Withdrawl from Spread Account to B PieceCover Shortfalls (145,619.63)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,113,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 6,113,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 87,139,912.83
Delinquency Ratio 7.02%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.02%
Delinquency Ratio for second preceding Determination Date 7.86%
Delinquency Ratio for third preceding Determination Date 8.31%
-------------------
Average Delinquency Ratio 7.73% 7.73%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 8,626,538.16
Current Period Defaulted Receivables 1,155,836.09
-------------------
Total 9,782,374.25
Cumulative Defaulted Receivables 9,782,374.25
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 9.56%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,493,254.48
Cram Down Losses 0.00
Net Liquidation Proceeds (584,993.05)
-------------------
Net Liquidation Losses 908,261.43
Cumulative Previous Net Losses 4,789,405.99
-------------------
Cumulative Net Losses 5,697,667.42
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 5.57%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 44.05
Weighted Average Annual Percentage Rate 20.57%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,450,876.76
15% of Outstanding Certificate Balance 11,176,315.15
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,450,876.76
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 74,508,767.65
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 7,450,876.76
Beginning of Period Spread Account Balance 7,792,663.23
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (1,612.59)
Required addition to/(eligible withdrawal from) Spread Account (340,173.88)
Earnings on Spread Account Balance 33,172.16
Amount of Spread Account deposit (withdrawal) (373,346.04)
Amount of Withdrawl Allocated to B Piece Shortfalls 145,619.63
Net Spread Account Withdrawl to Seller (227,726.41)
Ending Spread Account Balance 7,450,876.76
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
REVISED
Distribution Date 4/15/98
Collection Period 3/98
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $4,009,992.13
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $524,052.34
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,485,939.79
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $35.36
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.62
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $30.74
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $230,919.34
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $47,448.82
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $183,470.52
(j) Scheduled Payments due in such Collection Period $3,050,250.94
(k) Scheduled Payments collected in such
Collection Period $3,198,830.68
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $99,542,985.17
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $95,873,574.86
(c) The Pool factor as of the close of business
on the last day set forth above 0.9631374
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $205,312.47
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,636.20
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.81
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $28,995.75
(b) Distributions (to) from Collection Account $5,254.95
for Payaheads
(c) Interest earned on Payahead Balances $166.32
(d) Ending Payahead Account Balance $34,417.02
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,628,621.74
Spread Account Balance $8,628,621.74
(b) The change in the spread account on the Distribution
Date set forth above ($330,908.76)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $26,564.97
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $975,601.19
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 210
Aggregate Gross Amount $2,732,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 320
Aggregate Gross Amount $4,352,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.37%
(b) Average Delinquency Ratio 7.36%
(c) Cumulative Default Ratio 6.74%
(d) Cumulative Net Loss Ratio 3.16%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 4,572,197.58
Lock Box NSF Items: (77,640.57)
Transfers from (to) Payahead Account: (5,254.95)
Collection Account Interest 16,492.94
Payahead Account Interest 166.32
Total Collection Proceeds: 4,505,961.32
For Distribution Date: 4/15/98
For Determination Date: 4/8/98
For Collection Period: 3/98
Collateral Activity Information
Principal
Beginning Principal Balance 99,542,985.17
Principal portion of payments collected (non-prepayments) 1,424,144.77
Prepayments in full allocable to principal 744,472.00
Collections allocable to principal 2,168,616.77
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 525,192.35
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 2,693,809.12
Realized Losses 975,601.19
Cram Down Losses 0.00
Ending Principal Balance 95,873,574.86
Interest
Collections allocable to interest 1,774,685.91
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 37,466.29
-------------------
Total Interest 1,812,152.20
Certificate Information
Beginning of Period Class A Principal Balance 94,565,835.92
Beginning of Period Class B Principal Balance 4,977,149.25
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,959,530.50
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 39,407.49
Aggregate Payahead Balance 34,250.70
Aggregate Payahead Balance for preceding Distribution Date 28,995.75
Interest Earned on Payahead Balances 166.32
Scheduled Payments due in Collection Period 3,050,250.94
Scheduled Payments collected in Collection Period 3,198,830.68
Aggregate Amount of Realized Losses for preceding Distribution Date 975,601.19
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 210 2,732,000.00
60+ days delinquent 320 4,352,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
0 0.00
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
PrincipalBalance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 7,084,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection
Period. 1,147,990.98
Delinquency Ratio for second preceding Determination Date 7.36%
Delinquency Ratio for third preceding Determination Date 8.34%
Cumulative Defaults for preceding Determination Date 6,895,210.44
Cumulative Net Losses for preceding Determination Date 2,832,087.30
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,943,302.68
Liquidation Proceeds 525,192.35
Recoveries 37,466.29
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 4,505,961.32
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,424,144.77
Prepayments in full allocable to principal 744,472.00
Principal Balance of Liquidated Receivables 1,500,793.54
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 3,669,410.31
Class A Principal Distributable Amount
Principal Distributable Amount 3,669,410.31
Times Class A Percentage (95%) 95%
-------------------
3,485,939.79
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,485,939.79
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 94,565,835.92
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class A Interest Distributable Amount 524,052.34
Class B Principal Distributable Amount
Principal Distributable Amount 3,669,410.31
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 183,470.52
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,977,149.25
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 47,448.82
Class B Excess Interest Amount
Total Distribution Amount 4,505,961.32
minus
Class A Principal and Interest Distributable Amount 4,009,992.13
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 47,448.82
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 183,470.52
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,244.29
Standby Servicer distributions 6,636.20
Servicer distributions 205,312.47
Collateral Agent distributions 1,244.29
Reimbursement Obligations 26,564.97
-------------------
24,047.63
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 6,636.20 4,505,961.32 6,636.20 4,505,961.32
Servicing Fee (2.0%) 165,904.98 4,499,325.12 165,904.98 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 39,407.49 4,333,420.14 39,407.49 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 4,294,012.65 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,294,012.65 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,294,012.65 0.00
(iii) Trustee Fee 1,244.29 4,294,012.65 1,244.29
Trustee's out-of-pocket expenses 0.00 4,292,768.36 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 4,292,768.36 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 4,292,768.36 0.00
(iv) Collateral Agent Fee 1,244.29 4,292,768.36 1,244.29
Collateral Agent Expenses 0.00 4,291,524.07 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,291,524.07 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,291,524.07 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 524,052.34 4,291,524.07 524,052.34
Prior Month(s) Class A Carryover Shortfall 0.00 3,767,471.73 0.00
Class A Interest Carryover Shortfall 0.00 3,767,471.73 0.00
Interest on Interest Carryover from Prior Months 0.00 3,767,471.73 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,767,471.73 0.00
Class A Interest Distributable Amount 524,052.34 3,767,471.73 524,052.34
(viii) (AClass B Coupon Interest - Unadjusted 47,448.82 3,243,419.39 47,448.82
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 3,195,970.57 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 3,195,970.57 0.00
Interest on Interest Carryover from Prior Months 0.00 3,195,970.57 0.00
Current Month Class B Interest Shortfall 0.00 3,195,970.57 0.00
Adjusted Class B Interest Distributable Amount 47,448.82 3,195,970.57 47,448.82
(v) (B) Class A Principal Distributable Amount - Current Month 3,485,939.79 3,148,521.75 3,148,521.75 1,020,021.53
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 3,485,939.79 0.00 0.00 0.00
(vi) Certificate Insurer Premium 26,564.97 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 183,470.52 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 183,470.52 0.00 0.00
Excess Interest (Shortage) Amount for Deposit to
(withdrawl from) Spread Account 24,047.63 0.00 0.00
0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 94,565,835.92
Class A Principal Distributions 3,485,939.79
Class A End of Period Principal Balance 91,079,896.13
Class B Beginning of Period Principal Balance 4,977,149.25
Class B Principal Distributable Amount 183,470.52
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,793,678.73
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,793,678.73
Class A Deficiency - Interest
(i) Total Distribution Amount Available 4,505,961.32
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 738,489.59
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,767,471.73
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,767,471.73
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 47,448.82
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,720,022.91
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,720,022.91
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,485,939.79
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 234,083.12
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 234,083.12
(vi) Certificate Insurer Premium 26,564.97
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 207,518.15
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 207,518.15
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 183,470.52
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 24,047.63
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 24,047.63
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,084,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 7,084,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 111,246,266.34
Delinquency Ratio 6.37%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.37%
Delinquency Ratio for second preceding Determination Date 7.36%
Delinquency Ratio for third preceding Determination Date 8.34%
-------------------
Average Delinquency Ratio 7.36% 7.36%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 6,895,210.44
Current Period Defaulted Receivables 1,147,990.98
-------------------
Total 8,043,201.42
Cumulative Defaulted Receivables 8,043,201.42
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 6.74%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,500,793.54
Cram Down Losses 0.00
Net Liquidation Proceeds (562,658.64)
-------------------
Net Liquidation Losses 938,134.90
Cumulative Previous Net Losses 2,832,087.30
-------------------
Cumulative Net Losses 3,770,222.20
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 3.16%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 46.57
Weighted Average Annual Percentage Rate 20.52%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 8,628,621.74
15% of Outstanding Certificate Balance 14,381,036.23
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,628,621.74
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 95,873,574.86
Minimum Floor 100,000.00
--------------
Floor Amount 3,580,860.93
Required Spread Account Amount 8,628,621.74
Beginning of Period Spread Account Balance 8,959,530.50
Spread Account Deposit (Withdrawal) from Current Distributions 24,047.63
Transfer (to) from Cross-Collateralized Spread Accounts (2,763.72)
Required addition to/(eligible withdrawal from) Spread Account (352,192.67)
Earnings on Spread Account Balance 38,094.59
Amount of Spread Account deposit (withdrawal) (390,287.26)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (390,287.26)
Ending Spread Account Balance 8,628,621.74
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-3
6.10% Asset-Backed Notes, Class A-1
6.38% Asset-Backed Notes, Class A-2
10.65% Asset-Backed Notes, Class B
10.65% Asset-Backed Certificates
REVISED
Distribution Date 4/15/98
Collection Period 3/98
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $4,584,965.44
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $295,360.91
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $4,289,604.53
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $56.72
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.65
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $53.07
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $327,868.20
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $327,868.20
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $5.31
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to Class B
Noteholders on the Distribution Date set forth above $130,258.84
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $29,807.09
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $100,451.75
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $130,258.84
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $29,807.09
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $100,451.75
(s) Scheduled Payments due in such Collection Period $3,986,860.84
(t) Scheduled Payments collected in such
Collection Period $4,132,051.21
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $134,341,821.28
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(r) above $122,631,528.97
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i),(o) above $118,740,274.52
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8838668
(e) Aggregate principal amount of Certificates as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(r) above $3,258,093.77
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0242523
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $267,009.03
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,717.09
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.30
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.08
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $15,388.41
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
(f) The amount of the Certificate Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (q) above $0.00
(g) The amount of the Certificate Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (r) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $3,403,754.78
Spread Account Balance $3,403,754.78
(b) The change in the spread account on the Distribution
Date set forth above ($834,064.18)
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $33,866.97
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $846,879.20
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 284
Aggregate Gross Amount $3,789,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 409
Aggregate Gross Amount $5,810,000.00
7 Performance Triggers
(a) Delinquency Ratio 6.41%
(b) Average Delinquency Ratio 6.97%
(c) Cumulative Default Ratio 4.33%
(d) Cumulative Net Loss Ratio 1.42%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-3
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 5,595,542.14
Lock Box NSF Items: (132,277.04)
Total Collection Proceeds: 5,463,265.10
For Distribution Date: 4/15/98
For Determination Date: 4/8/98
For Collection Period: 3/98
Collateral Activity Information
Principal
Beginning Principal Balance 134,341,821.28
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-----------------------
Aggregate Beginning Principal Balance 134,341,821.28
Principal portion of payments collected (non-prepayments) 1,861,874.32
Prepayments in full allocable to principal 753,934.00
Collections allocable to principal 2,615,808.32
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 539,994.23
Purchase Amounts allocable to principal 15,388.41
-----------------------
Total Principal 3,171,190.96
Realized Losses 846,879.20
Cram Down Losses 0.00
Ending Principal Balance 130,323,751.12
Prefunding
Original Amount in Prefunding Account 27,084,817.00
Subsequent Loans Sold to the Trust 27,084,817.00
Balance of Prefunding Account 0.00
Interest
Collections allocable to interest 2,270,176.89
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 21,897.25
-----------------------
Total Interest 2,292,074.14
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 58,103,785.28
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,358,545.52
Beginning of Period Certificate Balance 3,358,545.52
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,237,818.96
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 43,105.99
Scheduled Payments due in Collection Period 3,986,860.84
Scheduled Payments collected in Collection Period 4,132,051.21
Aggregate Amount of Realized Losses for preceding Distribution Date 846,879.20
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 284 3,789,000.00
60+ days delinquent 409 5,810,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
1 15,388.41
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 9,599,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 15,388.41
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 1,398,721.94
Delinquency Ratio for second preceding Determination Date 6.78%
Delinquency Ratio for third preceding Determination Date 7.73%
Cumulative Defaults for preceding Determination Date 5,098,262.58
Cumulative Net Losses for preceding Determination Date 1,302,218.53
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Requisite Reserve Amount
Weighted Average of the Interest Rates and Pass-Through Rates 6.4781%
minus 2.5% 2.50%
-----------------------
3.9781%
divided by 360 0.0111%
times the prefunded amount 0.00
times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00
-----------------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
Excess in Interest Reserve Account 0.00
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 4,885,985.21
Liquidation Proceeds 539,994.23
Recoveries 21,897.25
Purchase Amounts 15,388.41
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 0.00
Investment earnings from Note Distribution Account 437.61
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 297.00
Investment earnings from Collection Account 19,118.29
-----------------------
Total Distribution Amount 5,483,118.00
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,861,874.32
Prepayments in full allocable to principal 753,934.00
Principal Balance of Liquidated Receivables 1,386,873.43
Purchase Amounts allocable to principal 15,388.41
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 4,018,070.16
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 130,323,751.12
-----------------------
-------------
117,291,376.01 97.93%
-------------
Current Target %
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 48.8%
-----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 4,018,070.16
Times Class A Noteholders' Percentage 91%
-----------------------
3,656,443.85
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 3,656,443.85
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 58,103,785.28
Multiplied by the Note Rate 6.10%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class A Interest Distributable Amount 295,360.91
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,668,000.00
Multiplied by the Note Rate 6.38%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class A Interest Distributable Amount 327,868.20
Class B Noteholders Principal Distributable Amount
Principal Distributable Amount 4,018,070.16
Times Class B Percentage 2.5%
-----------------------
Class B Principal Distributable Amount 100,451.75
Certificate Principal Distributable Amount
Principal Distributable Amount 4,018,070.16
Times Certificate Percentage 2.5%
-----------------------
Certificate Principal Distributable Amount 100,451.75
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,358,545.52
Multiplied by Note Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class B Coupon Interest Amount 29,807.09
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,358,545.52
Multiplied by Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Certificateholders' Interest Amount 29,807.09
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 6,717.09 5,483,118.00 6,717.09 5,483,118
Servicing Fee (2.0%) 223,903.04 5,476,400.91 223,903.04 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 43,105.99 5,252,497.87 43,105.99 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 5,209,391.88 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 5,209,391.88 0.00
(ii) Transition Expenses to Standby Servicer 0.00 5,209,391.88 0.00
(iii) Indenture Trustee Fee 1,119.52 5,209,391.88 1,119.52
Indenture Trustee's out-of-pocket expenses 0.00 5,208,272.36 0.00
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 5,208,272.36 0.00
Unpaid Indenture Trustee's out-of-pocket exp.
- prior Collection Periods 0.00 5,208,272.36 0.00
Owner Trustee Fee 0.00 5,208,272.36 0.00
Owner Trustee's out-of-pocket expenses 0.00 5,208,272.36 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 5,208,272.36 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 5,208,272.36 0.00
(iv) Collateral Agent Fee 1,054.07 5,208,272.36 1,054.07
Collateral Agent Expenses 0.00 5,207,218.29 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 5,207,218.29 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 5,207,218.29 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 295,360.91
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 295,360.91 5,207,218.29 295,360.91
(B) Class A-2 Interest Distributable Amount - Current Month 327,868.20
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 327,868.20 4,911,857.38 327,868.20
(vi) (A) Class B Note Interest - Unadjusted 29,807.09
Class B Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 29,807.09 4,583,989.18 29,807.09
(B) Certificate Interest - Unadjusted 29,807.09
Certificate Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 29,807.09 4,554,182.09 29,807.09
(vii) Class A Principal Distributable Amount - Current Month 3,656,443.85
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 3,656,443.85 4,524,375.00 3,656,443.85 0.00
Class A Principal Distribution Amount to Class A-2 0.00 867,931.15 0.00 0.00
(viii) Note Insurer Premium 33,866.97 867,931.15 33,866.97
Note Insurer Premium Supplement 0.00 834,064.18 0.00
Other Reimbursement Obligations to Note Insurer 0.00 834,064.18 0.00
(ix) Transition Expenses to successor Servicer 0.00 834,064.18 0.00
(x) Class B Principal Distributable Amount - Current Month Unadjusted 100,451.75
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 100,451.75 834,064.18 100,451.75
Certificate Principal Distributable Amount - Current Month Unadjusted 100,451.75
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 100,451.75 733,612.43 100,451.75
(xi) Until the Target Payment Date, remaining amount to Class A Noteholders 633,160.68 633,160.68 633,160.68
Amount to Class A-1 Noteholders 633,160.68 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. Amount 0.00
(xiii) After an Event of Default, Certificateholders' Prin. Dist. Amount 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Securities Balance
Class A-1 Beginning of Period Principal Amount 58,103,785.28
Class A-1 Principal Distributions 3,656,443.85
Class A-1 End of Period Principal Amount (prior to turbo) 54,447,341.43
Additional Principal Distribution 633,160.68
Class A-1 End of Period Principal Amount 53,814,180.75
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 61,668,000.00
Class B Beginning of Period Principal Amount 3,358,545.52
Class B Principal Distributable Amount 100,451.75
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,258,093.77
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,258,093.77
Certificate Beginning of Period Principal Amount 3,358,545.52
Certificate Principal Distributable Amount 100,451.75
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,258,093.77
Withdrawl from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,258,093.77
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 9,599,000.00
Purchased receivables more than 30 days delinquent 15,388.41
-----------------------
Total 9,614,388.41
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 150,067,185.97
Delinquency Ratio 6.41%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.41%
Delinquency Ratio for second preceding Determination Date 6.78%
Delinquency Ratio for third preceding Determination Date 7.73%
-----------------------
Average Delinquency Ratio 6.97% 6.97%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 5,098,262.58
Current Period Defaulted Receivables 1,398,721.94
-----------------------
Total 6,496,984.52
Cumulative Defaulted Receivables 6,496,984.52
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 4.33%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,386,873.43
Cram Down Losses 0.00
Net Liquidation Proceeds (561,891.48)
-----------------------
Net Liquidation Losses 824,981.95
Cumulative Previous Net Losses 1,302,218.53
-----------------------
Cumulative Net Losses 2,127,200.48
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 1.42%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 49.19
Weighted Average Annual Percentage Rate 20.41%
Spread Account
OC Percent
Aggregate Principal Balance 130,323,751.12
minus the Securities Balance 121,998,368.29
-----------------------
8,325,382.83
divided by the Aggregate Principal Balance 6.39%
Floor OC Percent
Aggregate Principal Balance 130,323,751.12
minus the Securities Balance 121,998,368.29
-----------------------
8,325,382.83
divided by the initial Aggregate Principal Balance 150,000,000.00
-----------------------
5.55%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 121,998,368.29
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 27,084,817.00
---------------------
3,000,000.00
(B)the product of
(I) excess of 1% over the Floor OC Percent
0.00% (II) initial Aggregate Principal Balance
150,000,000.00
---------------
0.00
Floor Amount 3,000,000.00
Requisite Amount
the greater of
(1)the Floor Amount 3,000,000.00
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 2.61%
if a Trigger Event, 15% minus the OC Percent 8.61%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.61%
if an Insurance Agreement Event of Default, unlimited 999.00%
2.61%
times the Aggregate Principal Balance 130,323,751.12
-----------------------
3,403,754.78
Requisite Amount 3,403,754.78
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 3,403,754.78
Beginning of Period Spread Account Balance 4,237,818.96
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (6,007.34)
Required addition to/(eligible withdrawal from) Spread Account (828,056.84)
Earnings on Spread Account Balance 20,287.53
Amount of Spread Account deposit (withdrawal) (848,344.37)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (848,344.37)
Ending Spread Account Balance 3,403,754.78
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Note as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-4
6.07% Asset-Backed Notes, Class A-1
6.30% Asset-Backed Notes, Class A-2
10.59% Asset-Backed Certificates
REVISED
Distribution Date 4/15/98
Collection Period 3/98
Under the Sale and Servicing Agreement dated as of October 9, 1997 and
amended as of October 17, 1997 (the "Agreement") by and among CPS Receivables
Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner
Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Noteholders and Certificateholders
and the performance of the Trust during the previous month. The information
which is required to be prepared with respect to the Distribution Date and
Collection Period listed above is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per Note, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $3,082,884.56
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $219,982.66
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,862,901.90
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $56.82
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.05
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $52.76
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $243,114.89
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $243,114.89
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.94
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $162,882.54
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $43,688.44
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $119,194.10
(p) Scheduled Payments due in such Collection Period $2,879,688.52
(q) Scheduled Payments collected in such
Collection Period $2,992,948.27
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $99,010,631.09
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $92,363,407.42
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $86,933,855.87
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8780255
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $4,831,337.47
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0487961
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $189,950.81
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,950.53
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.50
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.09
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $16,265.94
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $4,433,065.67
Spread Account Balance $3,790,368.79
(b) The change in the spread account on the Distribution
Date set forth above $15,414.40
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $25,530.19
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $371,197.29
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 204
Aggregate Gross Amount $2,839,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 242
Aggregate Gross Amount $3,503,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.74%
(b) Average Delinquency Ratio 5.44%
(c) Cumulative Default Ratio 1.88%
(d) Cumulative Net Loss Ratio 0.53%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-4
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,796,695.05
Lock Box NSF Items: (99,351.39)
Total Collection Proceeds: 3,697,343.66
For Distribution Date: 4/15/98
For Determination Date: 4/8/98
For Collection Period: 3/98
Collateral Activity Information
Principal
Beginning Principal Balance 99,010,631.09
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 99,010,631.09
Principal portion of payments collected (non-prepayments) 1,318,239.74
Prepayments in full allocable to principal 400,039.00
Collections allocable to principal 1,718,278.74
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 278,139.95
Purchase Amounts allocable to principal 16,265.94
-----------------------
Total Principal 2,012,684.63
Realized Losses 371,197.29
Cram Down Losses 0.00
Ending Principal Balance 96,626,749.17
Interest
Collections allocable to interest $1,674,708.53
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 9,950.50
-----------------------
Total Interest $1,684,659.03
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 43,489,159.17
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 4,950,531.57 94,747,289.34
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,774,954.39
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 24,933.09
Scheduled Payments due in Collection Period 2,879,688.52
Scheduled Payments collected in Collection Period 2,992,948.27
Aggregate Amount of Realized Losses for preceding Distribution Date 371,197.29
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 204 2,839,000.00
60+ days delinquent 242 3,503,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
--------- --------------
1 16,265.94
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
PrincipalBalance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 6,342,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 16,265.94
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
PrincipalBalance of all Receivables that became Defaulted Receivables
during the related Collection Period. 740,226.53
Delinquency Ratio for second preceding Determination Date 5.73%
Delinquency Ratio for third preceding Determination Date 4.86%
Cumulative Defaults for preceding Determination Date 1,244,757.47
Cumulative Net Losses for preceding Determination Date 196,296.78
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,392,987.27
Liquidation Proceeds 278,139.95
Recoveries 9,950.50
Purchase Amounts 16,265.94
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 13,584.51
-----------------------
Total Distribution Amount 3,710,928.17
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,318,239.74
Prepayments in full allocable to principal 400,039.00
Principal Balance of Liquidated Receivables 649,337.24
Purchase Amounts allocable to principal 16,265.94
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 2,383,881.92
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 96,626,749.17
-----------------------
86,964,074.25
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 48.9%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,383,881.92
Times Class A Noteholders' Percentage 95%
-----------------------
2,264,687.82
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 2,264,687.82
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 43,489,159.17
Multiplied by the Note Rate 6.07%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 219,982.66
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,307,598.60
Multiplied by the Note Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 243,114.89
Certificateholders Principal Distributable Amount
Principal Distributable Amount 2,383,881.92
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 119,194.10
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,950,531.57
Multiplied by Note Pass-Through Rate 10.59%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 43,688.44
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,950.53 3,710,928.17 4,950.53 3,710,928.17
Servicing Fee (2.0%) 165,017.72 3,705,977.64 165,017.72 0.00
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 24,933.09 3,540,959.92 24,933.09 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 3,516,026.83 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,516,026.83 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,516,026.83 0.00
(iii) Indenture Trustee Fee 825.09 3,516,026.83 825.09
Indenture Trustee's out-of-pocket expenses 0.00 3,515,201.74 0.00
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 3,515,201.74 0.00
Unpaid Indenture Trustee's out-of-pocket exp.
- prior Collection Periods 0.00 3,515,201.74 0.00
Owner Trustee Fee 0.00 3,515,201.74 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,515,201.74 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,515,201.74 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 3,515,201.74 0.00
(iv) Collateral Agent Fee 789.56 3,515,201.74 789.56
Collateral Agent Expenses 0.00 3,514,412.18 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,514,412.18 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,514,412.18 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 219,982.66
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 219,982.66 3,514,412.18 219,982.66
(B) Class A-2 Interest Distributable Amount - Current Month 243,114.89
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 243,114.89 3,294,429.52 243,114.89
(vi) (A) Certificate Note Interest - Unadjusted 43,688.44
Certificate Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 43,688.44 3,051,314.63 43,688.44
(vii) Class A Principal Distributable Amount - Current Month 2,264,687.82
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 2,264,687.82 3,007,626.19 2,264,687.82 0.00
Class A Principal Distribution Amount to Class A-2 0.00 742,938.37 0.00 0.00
(viii) Note Insurer Premium 25,530.19 742,938.37 25,530.19
Note Insurer Premium Supplement 0.00 717,408.18 0.00
Other Reimbursement Obligations to Note Insurer 0.00 717,408.18 0.00
(ix) Transition Expenses to successor Servicer 0.00 717,408.18 0.00
(x) Certificate Principal Distributable Amount - Current Month Unadjusted 119,194.10
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 119,194.10 717,408.18 119,194.10
(xi) Until the Target Payment Date, remaining amount
to Class A Noteholders 598,214.08 598,214.08 598,214.08
Amount to Class A-1 Noteholders 598,214.08 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00 3,710,928.17 Total Disbursements
3,710,928.17 Total Distribution Amt
==============
0.00 Shortage (Over)
==============
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Securities Balance
Class A-1 Beginning of Period Principal Amount 43,489,159.17
Class A-1 Principal Distributions 2,264,687.82
Class A-1 End of Period Principal Amount (prior to turbo) 41,224,471.35
Additional Principal Distribution 598,214.08
Class A-1 End of Period Principal Amount 40,626,257.27
Class A-2 Beginning of Period Principal Amount 46,307,598.60
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 46,307,598.60
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 46,307,598.60
Certificate Beginning of Period Principal Amount 4,950,531.57
Certificate Principal Distributable Amount 119,194.10
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,831,337.47
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,831,337.47
Adjusted Amount Remaining for Further Distribution/(Deficiency) 841,328.97
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,342,000.00
Purchased receivables more than 30 days delinquent 16,265.94
-----------------------
Total 6,358,265.94
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 110,781,573.55
Delinquency Ratio 5.74%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.74%
Delinquency Ratio for second preceding Determination Date 5.73%
Delinquency Ratio for third preceding Determination Date 4.86%
-----------------------
Average Delinquency Ratio 5.44% 5.44%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 1,244,757.47
Current Period Defaulted Receivables 740,226.53
-----------------------
Total 1,984,984.00
Cumulative Defaulted Receivables 1,984,984.00
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 1.88%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 649,337.24
Cram Down Losses 0.00
Net Liquidation Proceeds (288,090.45)
-----------------------
Net Liquidation Losses 361,246.79
Cumulative Previous Net Losses 196,296.78
-----------------------
Cumulative Net Losses 557,543.57
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 0.53%
Additional Pool Information:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 51.18
Weighted Average Annual Percentage Rate 20.32%
Spread Account
OC Percent
Aggregate Principal Balance 96,626,749.17
minus the Securities Balance 92,363,407.42
-----------------------
4,263,341.75
divided by the Aggregate Principal Balance 4.41%
Floor OC Percent
Aggregate Principal Balance 96,626,749.17
minus the Securities Balance 92,363,407.42
-----------------------
4,263,341.75
divided by the initial Aggregate Principal Balance 105,860,630.11
-----------------------
4.03%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 92,363,407.42
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 105,860,630.11
(II) balance of all Subsequent Receivables 0.00
-------------
2,117,212.60
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 105,860,630.11
-------------
0.00
Floor Amount 2,117,212.60
Requisite Amount
the greater of
(1)the Floor Amount 2,117,212.60
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 4.59%
if a Trigger Event, 15% minus the OC Percent 10.59%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 25.59%
if an Insurance Agreement Event of Default, unlimited 999.00%
4.59%
times the Aggregate Principal Balance 96,626,749.17
-----------------------
4,433,065.67
Requisite Amount 4,433,065.67
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 4,433,065.67
Beginning of Period Spread Account Balance 3,774,954.39
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 658,111.28
Earnings on Spread Account Balance 15,414.40
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,790,368.79
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Note as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-5
6.26% Asset-Backed Notes, Class A-1
6.40% Asset-Backed Notes, Class A-2
10.55% Asset-Backed Certificates
REVISED
Distribution Date 4/15/98
Collection Period 3/98
Under the Sale and Servicing Agreement dated as of December 1, 1997, (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,779,281.99
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $257,014.98
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,522,267.01
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $49.85
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.61
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $45.24
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $187,600.00
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $187,600.00
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.04
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $126,510.04
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $40,258.95
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $86,251.09
(p) Scheduled Payments due in such Collection Period $2,637,142.84
(q) Scheduled Payments collected in such
Collection Period $2,833,647.27
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $91,664,513.43
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $87,297,242.83
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $81,920,780.30
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8937022
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $4,492,966.23
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0490153
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $170,765.01
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,583.23
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.06
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.08
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 2
Aggregate Purchase Amount $27,412.69
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $5,452,305.45
Spread Account Balance $3,399,673.28
(b) The change in the spread account on the Distribution
Date set forth above $13,824.07
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $26,911.39
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $88,376.44
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 158
Aggregate Gross Amount $2,141,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 150
Aggregate Gross Amount $2,018,000.00
7 Performance Triggers
(a) Delinquency Ratio 4.12%
(b) Average Delinquency Ratio 3.58%
(c) Cumulative Default Ratio 0.70%
(d) Cumulative Net Loss Ratio 0.10%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-5
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,344,895.76
Lock Box NSF Items: (60,106.29)
Total Collection Proceeds: 3,284,789.47
For Distribution Date: 4/15/98
For Determination Date: 4/8/98
For Collection Period: 3/98
Collateral Activity Information
Principal
Beginning Principal Balance 91,664,513.43
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 91,664,513.43
Principal portion of payments collected (non-prepayments) 1,190,080.88
Prepayments in full allocable to principal 357,012.00
Collections allocable to principal 1,547,092.88
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 62,139.79
Purchase Amounts allocable to principal 27,412.69
-----------------------
Total Principal 1,636,645.36
Realized Losses 88,376.44
Cram Down Losses 0.00
Ending Principal Balance 89,939,491.63
Interest
Collections allocable to interest $1,643,566.39
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 4,577.72
-----------------------
Total Interest $1,648,144.11
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 49,268,047.31
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 4,579,217.32 89,022,264.63
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,385,849.21
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 17,990.82
Scheduled Payments due in Collection Period 2,637,142.84
Scheduled Payments collected in Collection Period 2,833,647.27
Aggregate Amount of Realized Losses for preceding Distribution Date 88,376.44
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 158 2,141,000.00
60+ days delinquent 150 2,018,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
2 27,412.69
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 4,159,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 27,412.69
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 396,052.94
Delinquency Ratio for second preceding Determination Date 3.78%
Delinquency Ratio for third preceding Determination Date 2.84%
Cumulative Defaults for preceding Determination Date 270,534.65
Cumulative Net Losses for preceding Determination Date 12,526.18
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,190,659.27
Liquidation Proceeds 62,139.79
Recoveries 4,577.72
Purchase Amounts 27,412.69
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 12,367.91
-----------------------
Total Distribution Amount 3,297,157.38
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,190,080.88
Prepayments in full allocable to principal 357,012.00
Principal Balance of Liquidated Receivables 150,516.23
Purchase Amounts allocable to principal 27,412.69
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,725,021.80
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 89,939,491.63
-----------------------
80,945,542.47
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 39.5%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,725,021.80
Times Class A Noteholders' Percentage 95%
-----------------------
1,638,770.71
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,638,770.71
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 49,268,047.31
Multiplied by the Note Rate 6.26%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 257,014.98
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 35,175,000.00
Multiplied by the Note Rate 6.40%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 187,600.00
Certificateholders Principal Distributable Amount
Principal Distributable Amount 1,725,021.80
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 86,251.09
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,579,217.32
Multiplied by Note Pass-Through Rate 10.55%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 40,258.95
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,583.23 3,297,157.38 4,583.23 3,297,157.38
Servicing Fee (2.0%) 152,774.19 3,292,574.15 152,774.19 0.00
Additional Servicing Fee Amounts (late fees, prepayment
charges, etc.) 17,990.82 3,139,799.96 17,990.82 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 3,121,809.14 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,121,809.14 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,121,809.14 0.00
(iii) Indenture Trustee Fee 763.87 3,121,809.14 763.87
Indenture Trustee's out-of-pocket expenses 0.00 3,121,045.27 0.00
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 3,121,045.27 0.00
Unpaid Indenture Trustee's out-of-pocket exp.
- prior Collection Periods 0.00 3,121,045.27 0.00
Owner Trustee Fee 0.00 3,121,045.27 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,121,045.27 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,121,045.27 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 3,121,045.27 0.00
(iv) Collateral Agent Fee 741.85 3,121,045.27 741.85
Collateral Agent Expenses 0.00 3,120,303.42 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,120,303.42 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,120,303.42 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 257,014.98
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 257,014.98 3,120,303.42 257,014.98
(B) Class A-2 Interest Distributable Amount - Current Month 187,600.00
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 187,600.00 2,863,288.44 187,600.00
(vi) (A) Certificate Note Interest - Unadjusted 40,258.95
Certificate Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 40,258.95 2,675,688.44 40,258.95
(vii) Class A Principal Distributable Amount - Current Month 1,638,770.71
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 1,638,770.71 2,635,429.49 1,638,770.71 0.00
Class A Principal Distribution Amount to Class A-2 0.00 996,658.78 0.00 0.00
(viii) Note Insurer Premium 26,911.39 996,658.78 26,911.39
Note Insurer Premium Supplement 0.00 969,747.39 0.00
Other Reimbursement Obligations to Note Insurer 0.00 969,747.39 0.00
(ix) Transition Expenses to successor Servicer 0.00 969,747.39 0.00
(x) Certificate Principal Distributable Amount
- Current Month Unadjusted 86,251.09
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 86,251.09 969,747.39 86,251.09
(xi) Until the Target Payment Date, remaining amount to
Class A Noteholders 883,496.30 883,496.30 883,496.30
Amount to Class A-1 Noteholders 883,496.30 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00 3,297,157.38 Total Disbursements
3,297,157.38 Total Distribution Amt
=============
0.00 Shortage (Over)
=============
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Securities Balance
Class A-1 Beginning of Period Principal Amount 49,268,047.31
Class A-1 Principal Distributions 1,638,770.71
Class A-1 End of Period Principal Amount (prior to turbo) 47,629,276.60
Additional Principal Distribution 883,496.30
Class A-1 End of Period Principal Amount 46,745,780.30
Class A-2 Beginning of Period Principal Amount 35,175,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 35,175,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 35,175,000.00
Certificate Beginning of Period Principal Amount 4,579,217.32
Certificate Principal Distributable Amount 86,251.09
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,492,966.23
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,492,966.23
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,071,096.30
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,159,000.00
Purchased receivables more than 30 days delinquent 27,412.69
-----------------------
Total 4,186,412.69
Aggregate Gross Principal Balance as of the close of
101,559,204.20 business on the last day of the
Collection Period.
Delinquency Ratio 4.12%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.12%
Delinquency Ratio for second preceding Determination Date 3.78%
Delinquency Ratio for third preceding Determination Date 2.84%
-----------------------
Average Delinquency Ratio 3.58% 3.58%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 270,534.65
Current Period Defaulted Receivables 396,052.94
-----------------------
Total 666,587.59
Cumulative Defaulted Receivables 666,587.59
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 0.70%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 150,516.23
Cram Down Losses 0.00
Net Liquidation Proceeds (66,717.51)
-----------------------
Net Liquidation Losses 83,798.72
Cumulative Previous Net Losses 12,526.18
-----------------------
Cumulative Net Losses 96,324.90
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 0.10%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 52.36
Weighted Average Annual Percentage Rate 20.23%
Spread Account
OC Percent
Aggregate Principal Balance 89,939,491.63
minus the Securities Balance 87,297,242.83
-----------------------
2,642,248.80
divided by the Aggregate Principal Balance 2.94%
Floor OC Percent
Aggregate Principal Balance 89,939,491.63
minus the Securities Balance 87,297,242.83
-----------------------
2,642,248.80
divided by the initial Aggregate Principal Balance 95,706,307.00
-----------------------
2.76%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 87,297,242.83
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 95,706,307.00
(II) balance of all Subsequent Receivables 0.00
---------------------
1,914,126.14
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 95,706,307.00
-----------------
0.00
Floor Amount 1,914,126.14
Requisite Amount
the greater of
(1)the Floor Amount 1,914,126.14
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 6.1%
if a Trigger Event, 15% minus the OC Percent 12.1%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 27.1%
if an Insurance Agreement Event of Default, unlimited 999%
6%
times the Aggregate Principal Balance 89,939,491.63
-----------------------
5,452,305.45
Requisite Amount 5,452,305.45
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 5,452,305.45
Beginning of Period Spread Account Balance 3,385,849.21
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 2,066,456.24
Earnings on Spread Account Balance 13,824.07
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,399,673.28
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Note as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1998-1
6.00% Asset-Backed Certificates, Class A
10.25% Asset-Backed Certificates, Class B
REVISED
Distribution Date 4/15/98
Collection Period 3/98
Under the Pooling and Servicing Agreement dated as of March 16, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,133,923.01
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $888,035.39
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,245,887.62
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $17.65
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.00
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $12.65
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $198,049.89
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $79,845.28
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $118,204.61
(j) Scheduled Payments due in such Collection Period $5,261,027.39
(k) Scheduled Payments collected in such
Collection Period $4,339,593.05
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $186,954,818.61
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $184,590,726.38
(c) The Pool factor as of the close of business
on the last day set forth above 0.9873547
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $323,981.00
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,894.89
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.82
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.02
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 6
Aggregate Purchase Amount $91,758.91
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $0.00
(b) Distributions (to) from Collection Account $66,752.00
for Payaheads
(c) Interest earned on Payahead Balances $116.21
(d) Ending Payahead Account Balance $66,868.21
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $24,919,748.06
Spread Account Balance $10,970,996.72
(b) The change in the spread account on the Distribution
Date set forth above $4,427,578.07
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $59,915.07
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $736.31
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 143
Aggregate Gross Amount $1,922,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 2
Aggregate Gross Amount $30,000.00
8 Performance Triggers
(a) Delinquency Ratio 0.98%
(b) Average Delinquency Ratio 0.98%
(c) Cumulative Default Ratio 0.01%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1998-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 5,089,619.93
Lock Box NSF Items: (10,485.21)
Transfers from (to) Payahead Account: (66,752.00)
Collection Account Interest 6,753.03
Payahead Account Interest 116.21
Total Collection Proceeds: 5,019,251.96
For Distribution Date: 4/15/98
For Determination Date: 4/8/98
For Collection Period: 3/98
Collateral Activity Information
Principal
Beginning Principal Balance 186,954,818.61
Principal portion of payments collected (non-prepayments) 1,683,697.01
Prepayments in full allocable to principal 587,900.00
Collections allocable to principal 2,271,597.01
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 91,758.91
--------------------
Total Principal 2,363,355.92
Realized Losses 736.31
Cram Down Losses 0.00
Ending Principal Balance 184,590,726.38
Interest
Collections allocable to interest 2,655,896.04
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
--------------------
Total Interest 2,655,896.04
Certificate Information
Beginning of Period Class A Principal Balance 177,607,078.00
Beginning of Period Class B Principal Balance 9,347,740.61
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,543,418.65
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 12,389.64
Aggregate Payahead Balance 66,752.00
Aggregate Payahead Balance for preceding Distribution Date 0.00
Interest Earned on Payahead Balances 116.21
Scheduled Payments due in Collection Period 5,261,027.39
Scheduled Payments collected in Collection Period 4,339,593.05
Aggregate Amount of Realized Losses for preceding Distribution Date 736.31
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 3,000.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information ggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 143 1,922,000.00
60+ days delinquent 2 30,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
6 91,758.91
Information for Portfolio Performance Tests
PrincipalBalance of all Receivables delinquent more than 30 days as
of the close 1,952,000.00 of business on the last day of the
related Collection Period.
PrincipalBalance of all Receivables that became Purchased
Receivables as of 91,758.91 the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
PrincipalBalance of all Receivables that became Defaulted
Receivables 20,049.25 during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 0.00
Cumulative Net Losses for preceding Determination Date 0.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 4,927,493.05
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 91,758.91
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
--------------------
Total Distribution Amount 5,019,251.96
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,683,697.01
Prepayments in full allocable to principal 587,900.00
Principal Balance of Liquidated Receivables 736.31
Purchase Amounts allocable to principal 91,758.91
Cram Down Losses 0.00
--------------------
Principal Distributable Amount 2,364,092.23
Class A Principal Distributable Amount
Principal Distributable Amount 2,364,092.23
Times Class A Percentage (95%) 95%
--------------------
2,245,887.62
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
--------------------
Class A Principal Distributable Amount 2,245,887.62
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 177,607,078.00
Multiplied by Certificate Pass-Through Rate 6.00%
Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333
--------------------
Class A Interest Distributable Amount 888,035.39
Class B Principal Distributable Amount
Principal Distributable Amount 2,364,092.23
Times Class B Percentage (5%) 5%
--------------------
Class B Principal Distributable Amount 118,204.61
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 9,347,740.61
Multiplied by Certificate Pass-Through Rate 10.25%
Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333
--------------------
Class B Coupon Interest Amount 79,845.28
Class B Excess Interest Amount
Total Distribution Amount 5,019,251.96
minus
Class A Principal and Interest Distributable Amount 3,133,923.01
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 79,845.28
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 118,204.61
Class B Principal Carryover Shortfall 0.00
Trustee distributions 4,557.96
Standby Servicer distributions 3,894.89
Servicer distributions 323,981.00
Collateral Agent distributions 1,557.96
Reimbursement Obligations 59,915.07
--------------------
1,293,372.18
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
--------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
--------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
--------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
--------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
--------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
--------------------
0.00
</TABLE>
<TABLE>
<CAPTION>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 3,894.89 5,019,251.96 3,894.89 5,019,251.96
Servicing Fee (2.0%) 311,591.36 5,015,357.07 311,591.36 0.00
Additional Servicing Fee Amounts 12,389.64 4,703,765.71 12,389.64 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,691,376.07 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,691,376.07 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,691,376.07 0.00
(iii) Trustee Fee 1,557.96 4,691,376.07 1,557.96
Trustee's out-of-pocket expenses 3,000.00 4,689,818.11 3,000.00
Unpaid Trustee Fee from prior Collection Periods 0.00 4,686,818.11 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 4,686,818.11 0.00
Collection Periods
(iv) Collateral Agent Fee 1,557.96 4,686,818.11 1,557.96
Collateral Agent Expenses 0.00 4,685,260.15 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,685,260.15 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,685,260.15 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 888,035.39 4,685,260.15 888,035.39
Prior Month(s) Class A Carryover Shortfall 0.00 3,797,224.76 0.00
Class A Interest Carryover Shortfall 0.00 3,797,224.76 0.00
Interest on Interest Carryover from Prior Months 0.00 3,797,224.76 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,797,224.76 0.00
Class A Interest Distributable Amount 888,035.39 3,797,224.76 888,035.39
(viii)(A)Class B Coupon Interest - Unadjusted 79,845.28 2,909,189.37 79,845.28
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,829,344.09 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,829,344.09 0.00
Interest on Interest Carryover from Prior Months 0.00 2,829,344.09 0.00
Current Month Class B Interest Shortfall 0.00 2,829,344.09 0.00
Adjusted Class B Interest Distributable Amount 79,845.28 2,829,344.09 79,845.28
(v) (B) Class A Principal Distributable Amount - Current Month 2,245,887.62 2,749,498.81 2,245,887.6
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 503,611.19 0.00
Current Month Class A Principal Shortfall 0.00 503,611.19 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,245,887.62 503,611.19 503,611.19 527,476.72
(vi) Certificate Insurer Premium 59,915.07 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 118,204.61 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 118,204.61 0.00 0.00
Excess Interest (Shortage) Amount for Deposit to (withdrawl from) 1,293,372.18 0.00 0.00
Spread Account 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 177,607,078.00
Class A Principal Distributions 2,245,887.62
Class A End of Period Principal Balance 175,361,190.38
Class B Beginning of Period Principal Balance 9,347,740.61
Class B Principal Distributable Amount 118,204.61
Class B End of Period Principal Balance BEFORE Spread Account Distributions 9,229,536.00
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 9,229,536.00
Class A Deficiency - Interest
(i) Total Distribution Amount Available 5,019,251.96
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,222,027.20
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,797,224.76
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,797,224.76
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 79,845.28
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,717,379.48
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,717,379.48
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,245,887.62
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,471,491.86
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,471,491.86
(vi) Certificate Insurer Premium 59,915.07
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,411,576.79
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,411,576.79
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 118,204.61
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 1,293,372.18
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,293,372.18
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 1,952,000.00
Purchased receivables more than 30 days delinquent 91,758.91
------------------
Total 2,043,758.91
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 209,203,831.41
Delinquency Ratio 0.98%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 0.98%
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
------------------
Average Delinquency Ratio 0.98% 0.33%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 20,049.25
------------------
Total 20,049.25
Cumulative Defaulted Receivables 20,049.25
Original Pool Balance 186,954,818.61
Cumulative Default Ratio 0.01%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 736.31
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
------------------
Net Liquidation Losses 736.31
Cumulative Previous Net Losses 0.00
------------------
Cumulative Net Losses 736.31
Original Pool Balance 186,954,818.61
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.10
Weighted Average Remaining Term 54.98
Weighted Average Annual Percentage Rate 20.35%
Spread Account
Spread Account Cap
13.5% of Outstanding Certificate Balance 24,919,748.06
18.5% of Outstanding Certificate Balance 34,149,284.38
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 24,919,748.06
Spread Account Floor
3% of the Initial Certificate Balance 5,608,644.56
Outstanding Certificate Balance 184,590,726.38
Minimum Floor 100,000.00
Floor Amount 5,608,644.56
Required Spread Account Amount 24,919,748.06
Beginning of Period Spread Account Balance 6,543,418.65
Spread Account Deposit (Withdrawal) from Current Distributions 1,293,372.18
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Allocations of cash releases from previous pools 3,133,020.81
Required addition to/(eligible withdrawal from) Spread Account 13,949,936.43
Earnings on Spread Account Balance 1,185.09
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 10,970,996.72
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: James L. Stock
Title: Vice President
<PAGE>
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Revised
Distribution Date 5/15/98
Collection Period 4/98
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,167,527.96
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $225,774.22
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,941,753.74
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $25.66
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.67
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $22.99
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $120,066.52
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $17,868.95
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $102,197.57
(j) Scheduled Payments due in such Collection Period $1,695,241.72
(k) Scheduled Payments collected in such
Collection Period $1,606,860.18
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $42,885,487.06
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $40,841,535.74
(c) The Pool factor as of the close of business
on the last day set forth above 0.9523393
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $90,898.72
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,859.03
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.08
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.03
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $24,114.63
(b) Distributions (to) from Collection Account $2,231.19
for Payaheads
(c) Interest earned on Payahead Balances $87.41
(d) Ending Payahead Account Balance $26,433.23
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,126,230.36
Spread Account Balance $6,126,230.36
(b) The change in the spread account on the Distribution
Date set forth above ($313,775.99)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $11,316.51
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $375,369.17
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 129
Aggregate Gross Amount $1,327,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 137
Aggregate Gross Amount $1,452,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.96%
(b) Average Delinquency Ratio 6.12%
(c) Cumulative Default Ratio 15.56%
(d) Cumulative Net Loss Ratio 10.85%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,486,634.99
Lock Box NSF Items: (39,746.42)
Transfers from (to) Payahead Account: (2,231.19)
Collection Account Interest 9,378.63
Payahead Account Interest 87.41
Total Collection Proceeds: 2,454,123.42
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 42,885,487.06
Principal portion of payments collected (non-prepayments) 891,773.00
Prepayments in full allocable to principal 621,601.00
Collections allocable to principal 1,513,374.00
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 155,208.13
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,668,582.13
Realized Losses 375,369.17
Cram Down Losses 0.00
Ending Principal Balance 40,841,535.76
Interest
Collections allocable to interest 715,087.18
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 70,454.11
-------------------
Total Interest 785,541.29
Certificate Information
Beginning of Period Class A Principal Balance 40,741,212.71
Beginning of Period Class B Principal Balance 2,144,274.34
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,440,006.35
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,422.91
Aggregate Payahead Balance 26,345.82
Aggregate Payahead Balance for preceding Distribution Date 24,114.63
Interest Earned on Payahead Balances 87.41
Scheduled Payments due in Collection Period 1,695,241.72
Scheduled Payments collected in Collection Period 1,606,860.18
Aggregate Amount of Realized Losses for preceding Distribution Date 375,369.17
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 584.38
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 129 1,327,000.00
60+ days delinquent 137 1,452,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
0 0.00
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 2,779,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 390,685.71
Delinquency Ratio for second preceding Determination Date 5.94%
Delinquency Ratio for third preceding Determination Date 6.47%
Cumulative Defaults for preceding Determination Date 13,445,446.78
Cumulative Net Losses for preceding Determination Date 9,337,489.06
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,228,461.18
Liquidation Proceeds 155,208.13
Recoveries 70,454.11
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,454,123.42
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 891,773.00
Prepayments in full allocable to principal 621,601.00
Principal Balance of Liquidated Receivables 530,577.30
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,043,951.30
Class A Principal Distributable Amount
Principal Distributable Amount 2,043,951.30
Times Class A Percentage (95%) 95%
-------------------
1,941,753.74
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,941,753.74
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 40,741,212.71
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 225,774.22
Class B Principal Distributable Amount
Principal Distributable Amount 2,043,951.30
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 102,197.57
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,144,274.34
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 17,868.95
Class B Excess Interest Amount
Total Distribution Amount 2,454,123.42
minus
Class A Principal and Interest Distributable Amount 2,167,527.96
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 17,868.95
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 102,197.57
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,120.45
Standby Servicer distributions 2,859.03
Servicer distributions 90,898.72
Collateral Agent distributions 536.07
Reimbursement Obligations 11,316.51
-------------------
59,798.17
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 2,859.03 2,454,123.42 2,859.03 2,454,123.42
Servicing Fee (2.0%) 71,475.81 2,451,264.39 71,475.81 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,422.91 2,379,788.58 19,422.91 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,360,365.67 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,360,365.67 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,360,365.67 0.00
(iii) Trustee Fee 536.07 2,360,365.67 536.07
Trustee's out-of-pocket expenses 584.38 2,359,829.60 584.38
Unpaid Trustee Fee from prior Collection Periods 0.00 2,359,245.22 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,359,245.22 0.00
(iv) Collateral Agent Fee 536.07 2,359,245.22 536.07
Collateral Agent Expenses 0.00 2,358,709.15 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,358,709.15 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,358,709.15 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 225,774.22 2,358,709.15 225,774.22
Prior Month(s) Class A Carryover Shortfall 0.00 2,132,934.93 0.00
Class A Interest Carryover Shortfall 0.00 2,132,934.93 0.00
Interest on Interest Carryover from Prior Months 0.00 2,132,934.93 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,132,934.93 0.00
Class A Interest Distributable Amount 225,774.22 2,132,934.93 225,774.22
(viii)(A)Class B Coupon Interest - Unadjusted 17,868.95 1,907,160.71 17,868.95
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,889,291.76 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,889,291.76 0.00
Interest on Interest Carryover from Prior Months 0.00 1,889,291.76 0.00
Current Month Class B Interest Shortfall 0.00 1,889,291.76 0.00
Adjusted Class B Interest Distributable Amount 17,868.95 1,889,291.76 17,868.95
(v) (B) Class A Principal Distributable Amount - Current Month 1,941,753.74 1,871,422.81 1,871,422.81 512,369.68
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,941,753.74 0.00 0.00 0.00
(vi) Certificate Insurer Premium 11,316.51 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 102,197.57 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 102,197.57 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 59,798.17 0.00 0.00
0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 40,741,212.71
Class A Principal Distributions 1,941,753.74
Class A End of Period Principal Balance 38,799,458.97
Class B Beginning of Period Principal Balance 2,144,274.34
Class B Principal Distributable Amount 102,197.57
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,042,076.78
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,042,076.77
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,454,123.42
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 321,188.49
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,132,934.93
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,132,934.93
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 17,868.95
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,115,065.98
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,115,065.98
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,941,753.74
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 173,312.24
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 173,312.24
(vi) Certificate Insurer Premium 11,316.51
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 161,995.74
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 161,995.74
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 102,197.57
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 59,798.17
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 59,798.17
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,779,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 2,779,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 46,635,942.15
Delinquency Ratio 5.96%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.96%
Delinquency Ratio for second preceding Determination Date 5.94%
Delinquency Ratio for third preceding Determination Date 6.47%
-------------------
Average Delinquency Ratio 6.12% 6.12%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 13,445,446.78
Current Period Defaulted Receivables 390,685.71
-------------------
Total 13,836,132.49
Cumulative Defaulted Receivables 13,836,132.49
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 15.56%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 530,577.30
Cram Down Losses 0.00
Net Liquidation Proceeds (225,662.24)
-------------------
Net Liquidation Losses 304,915.06
Cumulative Previous Net Losses 9,337,489.06
-------------------
Cumulative Net Losses 9,642,404.12
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 10.85%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 33.17
Weighted Average Annual Percentage Rate 20.38%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,084,153.57
15% of Outstanding Certificate Balance 6,126,230.36
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,126,230.36
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 40,841,535.74
Minimum Floor 100,000.00
--------------
Floor Amount 2,667,022.51
Required Spread Account Amount 6,126,230.36
Beginning of Period Spread Account Balance 6,440,006.35
Spread Account Deposit (Withdrawal) from Current Distributions 59,798.17
Transfer (to) from Cross-Collateralized Spread Accounts (1,815.36)
Required addition to/(eligible withdrawal from) Spread Account (371,758.80)
Earnings on Spread Account Balance 31,785.60
Amount of Spread Account deposit (withdrawal) (403,544.40)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (403,544.40)
Ending Spread Account Balance 6,126,230.36
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
Distribution Date 5/15/98
Collection Period 4/98
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,299,859.80
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $276,225.29
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,023,634.51
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $26.28
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.16
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $23.12
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $131,026.69
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $24,519.61
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $106,507.08
(j) Scheduled Payments due in such Collection Period $1,890,568.03
(k) Scheduled Payments collected in such
Collection Period $1,822,064.04
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $52,077,038.24
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $49,946,896.62
(c) The Pool factor as of the close of business
on the last day set forth above 0.9590963
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $101,617.75
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,471.80
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.16
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $27,251.99
(b) Distributions (to) from Collection Account $3,068.20
for Payaheads
(c) Interest earned on Payahead Balances $100.78
(d) Ending Payahead Account Balance $30,420.97
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $4,994,689.66
Spread Account Balance $4,994,689.66
(b) The change in the spread account on the Distribution
Date set forth above ($226,949.34)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $13,839.45
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $442,570.18
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 154
Aggregate Gross Amount $1,835,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 187
Aggregate Gross Amount $2,298,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.12%
(b) Average Delinquency Ratio 7.07%
(c) Cumulative Default Ratio 13.99%
(d) Cumulative Net Loss Ratio 8.91%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,657,728.19
Lock Box NSF Items: (48,648.88)
Transfers from (to) Payahead Account: (3,068.20)
Collection Account Interest 10,127.20
Payahead Account Interest 100.78
Total Collection Proceeds: 2,616,239.09
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 52,077,038.24
Principal portion of payments collected (non-prepayments) 959,937.97
Prepayments in full allocable to principal 566,650.00
Collections allocable to principal 1,526,587.97
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 160,983.44
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,687,571.41
Realized Losses 442,570.18
Cram Down Losses 0.00
Ending Principal Balance 49,946,896.65
Interest
Collections allocable to interest 862,126.07
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 66,541.61
-------------------
Total Interest 928,667.68
Certificate Information
Beginning of Period Class A Principal Balance 49,473,186.30
Beginning of Period Class B Principal Balance 2,603,851.91
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,221,639.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 14,822.69
Aggregate Payahead Balance 30,320.19
Aggregate Payahead Balance for preceding Distribution Date 27,251.99
Interest Earned on Payahead Balances 100.78
Scheduled Payments due in Collection Period 1,890,568.03
Scheduled Payments collected in Collection Period 1,822,064.04
Aggregate Amount of Realized Losses for preceding Distribution Date 442,570.18
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 698.54
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 154 1,835,000.00
60+ days delinquent 187 2,298,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
0 0.00
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 4,133,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 575,467.60
Delinquency Ratio for second preceding Determination Date 6.72%
Delinquency Ratio for third preceding Determination Date 7.37%
Cumulative Defaults for preceding Determination Date 12,308,908.04
Cumulative Net Losses for preceding Determination Date 7,835,442.90
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,388,714.04
Liquidation Proceeds 160,983.44
Recoveries 66,541.61
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,616,239.09
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 959,937.97
Prepayments in full allocable to principal 566,650.00
Principal Balance of Liquidated Receivables 603,553.62
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,130,141.59
Class A Principal Distributable Amount
Principal Distributable Amount 2,130,141.59
Times Class A Percentage (95%) 95%
-------------------
2,023,634.51
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,023,634.51
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 49,473,186.30
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 276,225.29
Class B Principal Distributable Amount
Principal Distributable Amount 2,130,141.59
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 106,507.08
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,603,851.91
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 24,519.61
Class B Excess Interest Amount
Total Distribution Amount 2,616,239.09
minus
Class A Principal and Interest Distributable Amount 2,299,859.80
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 24,519.61
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 106,507.08
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,349.50
Standby Servicer distributions 3,471.80
Servicer distributions 101,617.75
Collateral Agent distributions 650.96
Reimbursement Obligations 13,839.45
-------------------
64,423.14
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------- ------------- ------
<S> <C> <C> <C>
(i) Standby Fee 3,471.80 0.00 0.00
Servicing Fee (2.0%) 86,795.06 0.00 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 14,822.69 0.00 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00 106,507.08
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00 0.00
(iii) Trustee Fee 650.96 0.00 0.00
Trustee's out-of-pocket expenses 698.54 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 0.00 0.00
(iv) Collateral Agent Fee 650.96 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 0.00 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 276,225.29 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00
Class A Interest Distributable Amount 276,225.29 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 24,519.61 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00 106,507.08
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00 106,507.08
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 24,519.61 0.00 0.00
(v) (B) Class A Principal Distributable Amount - Current Month 2,023,634.51 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,023,634.51 0.00 0.00
(vi) Certificate Insurer Premium 13,839.45 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 106,507.08 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 106,507.08 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 64,423.14 0.00 0.00
0.00 0.00
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 49,473,186.30
Class A Principal Distributions 2,023,634.51
Class A End of Period Principal Balance 47,449,551.79
Class B Beginning of Period Principal Balance 2,603,851.91
Class B Principal Distributable Amount 106,507.08
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,497,344.83
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,497,344.83
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,616,239.09
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 383,315.30
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,232,923.79
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,232,923.79
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 24,519.61
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,208,404.18
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,208,404.18
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,023,634.51
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 184,769.67
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 184,769.67
(vi) Certificate Insurer Premium 13,839.45
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 170,930.22
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 170,930.22
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 106,507.08
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 64,423.14
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 64,423.14
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,133,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 4,133,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 58,031,240.86
Delinquency Ratio 7.12%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.12%
Delinquency Ratio for second preceding Determination Date 6.72%
Delinquency Ratio for third preceding Determination Date 7.37%
-------------------
Average Delinquency Ratio 7.07% 7.07%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 12,308,908.04
Current Period Defaulted Receivables 575,467.60
-------------------
Total 12,884,375.64
Cumulative Defaulted Receivables 12,884,375.64
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 13.99%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 603,553.62
Cram Down Losses 0.00
Net Liquidation Proceeds (227,525.05)
-------------------
Net Liquidation Losses 376,028.57
Cumulative Previous Net Losses 7,835,442.90
-------------------
Cumulative Net Losses 8,211,471.47
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 8.91%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 37.02
Weighted Average Annual Percentage Rate 20.49%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,994,689.66
15% of Outstanding Certificate Balance 7,492,034.49
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
-------------
Cap Amount 4,994,689.66
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 49,946,896.62
Minimum Floor 100,000.00
-------------
Floor Amount 2,763,878.99
Required Spread Account Amount 4,994,689.66
Beginning of Period Spread Account Balance 5,221,639.00
Spread Account Deposit (Withdrawal) from Current Distributions 64,423.14
Transfer (to) from Cross-Collateralized Spread Accounts (1,419.70)
Required addition to/(eligible withdrawal from) Spread Account (289,952.78)
Earnings on Spread Account Balance 25,638.94
Amount of Spread Account deposit (withdrawal) (315,591.72)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (315,591.72)
Ending Spread Account Balance 4,994,689.66
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Distribution Date 5/15/98
Collection Period 4/98
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,813,873.27
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $304,954.36
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,508,918.91
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $31.90
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.46
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $28.44
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $157,907.06
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $25,858.70
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $132,048.36
(j) Scheduled Payments due in such Collection Period $2,071,784.47
(k) Scheduled Payments collected in such
Collection Period $1,972,028.17
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $61,143,731.88
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $58,634,812.96
(c) The Pool factor as of the close of business
on the last day set forth above 0.9589669
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $121,388.32
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,076.25
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.38
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $31,317.27
(b) Distributions (to) from Collection Account ($2,673.23)
for Payaheads
(c) Interest earned on Payahead Balances $112.43
(d) Ending Payahead Account Balance $28,756.47
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $5,863,481.30
Spread Account Balance $5,863,481.30
(b) The change in the spread account on the Distribution
Date set forth above ($257,818.48)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $16,210.14
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $780,515.68
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 154
Aggregate Gross Amount $1,965,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 212
Aggregate Gross Amount $2,795,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.96%
(b) Average Delinquency Ratio 7.13%
(c) Cumulative Default Ratio 11.21%
(d) Cumulative Net Loss Ratio 7.51%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,932,699.29
Lock Box NSF Items: (54,851.25)
Transfers from (to) Payahead Account: 2,673.23
Collection Account Interest 11,185.70
Payahead Account Interest 112.43
Total Collection Proceeds: 2,891,819.40
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 61,143,731.88
Principal portion of payments collected (non-prepayments) 1,021,094.13
Prepayments in full allocable to principal 559,941.00
Collections allocable to principal 1,581,035.13
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 279,416.46
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,860,451.59
Realized Losses 780,515.68
Cram Down Losses 0.00
Ending Principal Balance 58,502,764.61
Interest
Collections allocable to interest 950,934.04
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 80,433.77
-------------------
Total Interest 1,031,367.81
Certificate Information
Beginning of Period Class A Principal Balance 58,086,545.26
Beginning of Period Class B Principal Balance 3,057,186.61
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,121,299.78
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,482.10
Aggregate Payahead Balance 28,644.04
Aggregate Payahead Balance for preceding Distribution Date 31,317.27
Interest Earned on Payahead Balances 112.43
Scheduled Payments due in Collection Period 2,071,784.47
Scheduled Payments collected in Collection Period 1,972,028.17
Aggregate Amount of Realized Losses for preceding Distribution Date 780,515.68
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 816.25
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 154 1,965,000.00
60+ days delinquent 212 2,795,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
0 0.00
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
PrincipalBalance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 4,760,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection Period. 569,935.51
Delinquency Ratio for second preceding Determination Date 7.11%
Delinquency Ratio for third preceding Determination Date 7.31%
Cumulative Defaults for preceding Determination Date 9,835,198.67
Cumulative Net Losses for preceding Determination Date 6,273,623.22
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,531,969.17
Liquidation Proceeds 279,416.46
Recoveries 80,433.77
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,891,819.40
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,021,094.13
Prepayments in full allocable to principal 559,941.00
Principal Balance of Liquidated Receivables 1,059,932.14
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,640,967.27
Class A Principal Distributable Amount
Principal Distributable Amount 2,640,967.27
Times Class A Percentage (95%) 95%
-------------------
2,508,918.91
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,508,918.91
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 58,086,545.26
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 304,954.36
Class B Principal Distributable Amount
Principal Distributable Amount 2,640,967.27
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 132,048.36
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,057,186.61
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 25,858.70
Class B Excess Interest Amount
Total Distribution Amount 2,891,819.40
minus
Class A Principal and Interest Distributable Amount 2,813,873.27
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 25,858.70
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 132,048.36
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,580.55
Standby Servicer distributions 4,076.25
Servicer distributions 121,388.32
Collateral Agent distributions 764.30
Reimbursement Obligations 16,210.14
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,076.25 2,891,819.40 4,076.25 2,891,819.40
Servicing Fee (2.0%) 101,906.22 2,887,743.15 101,906.22 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,482.10 2,785,836.93 19,482.10 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,766,354.83 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,766,354.83 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,766,354.83 0.00
(iii) Trustee Fee 764.30 2,766,354.83 764.30
Trustee's out-of-pocket expenses 816.25 2,765,590.53 816.25
Unpaid Trustee Fee from prior Collection Periods 0.00 2,764,774.28 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,764,774.28 0.00
(iv) Collateral Agent Fee 764.30 2,764,774.28 764.30
Collateral Agent Expenses 0.00 2,764,009.98 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,764,009.98 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,764,009.98 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 304,954.36 2,764,009.98 304,954.36
Prior Month(s) Class A Carryover Shortfall 0.00 2,459,055.62 0.00
Class A Interest Carryover Shortfall 0.00 2,459,055.62 0.00
Interest on Interest Carryover from Prior Months 0.00 2,459,055.62 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,459,055.62 0.00
Class A Interest Distributable Amount 304,954.36 2,459,055.62 304,954.36
(viii)(A)Class B Coupon Interest - Unadjusted 25,858.70 2,154,101.26 25,858.70
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,128,242.56 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,128,242.56 0.00
Interest on Interest Carryover from Prior Months 0.00 2,128,242.56 0.00
Current Month Class B Interest Shortfall 0.00 2,128,242.56 0.00
Adjusted Class B Interest Distributable Amount 25,858.70 2,128,242.56 25,858.70
(v) (B) Class A Principal Distributable Amount - Current Month 2,508,918.91 2,102,383.86 2,102,383.86 382,900.49
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (75,721.99) 0.00 (75,721.99)
Withdrawl from Spread Account to Cover Shortfall 75,721.99
Class A Principal Distribution Amount 2,508,918.91 75,721.99 75,721.99 0.00
(vi) Certificate Insurer Premium 16,210.14 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B))Class B Principal Distributable Amount - Current Month Unadjusted 132,048.36 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (132,048.36) 0.00 (132,048.36)
Adjusted Class B Principal Distributable Amount 0.00 132,048.36 0.00
(C) Excess Interest Amount for Deposit in Spread Account (91,932.13) 132,048.36 (91,932.13)
223,980.49 223,980.49
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 58,086,545.26
Class A Principal Distributions 2,508,918.91
Class A End of Period Principal Balance 55,577,626.35
Class B Beginning of Period Principal Balance 3,057,186.61
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,057,186.61
Withdrawl from Spread Account to Cover B Shortfalls 132,048.36
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,925,138.25
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,891,819.40
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 432,763.78
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,459,055.62
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,459,055.62
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 25,858.70
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,433,196.92
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,433,196.92
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,508,918.91
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 75,721.99
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency ) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 16,210.14
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (16,210.14)
Withdrawl from Spread Account to Cover Deficiency 16,210.14
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 132,048.36
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (132,048.36)
Withdrawl from Spread Account to B PieceCover Shortfalls (132,048.36)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,760,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 4,760,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 68,421,879.78
Delinquency Ratio 6.96%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.96%
Delinquency Ratio for second preceding Determination Date 7.11%
Delinquency Ratio for third preceding Determination Date 7.31%
-------------------
Average Delinquency Ratio 7.13% 7.13%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 9,835,198.67
Current Period Defaulted Receivables 569,935.51
-------------------
Total 10,405,134.18
Cumulative Defaulted Receivables 10,405,134.18
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 11.21%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,059,932.14
Cram Down Losses 0.00
Net Liquidation Proceeds (359,850.23)
-------------------
Net Liquidation Losses 700,081.91
Cumulative Previous Net Losses 6,273,623.22
-------------------
Cumulative Net Losses 6,973,705.13
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 7.51%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 40.26
Weighted Average Annual Percentage Rate 20.52%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,863,481.30
15% of Outstanding Certificate Balance 8,795,221.94
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 5,863,481.30
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 58,634,812.96
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 5,863,481.30
Beginning of Period Spread Account Balance 6,121,299.78
Spread Account Deposit (Withdrawal) from Current Distributions (91,932.13)
Transfer (to) from Cross-Collateralized Spread Accounts (285.27)
Required addition to/(eligible withdrawal from) Spread Account (165,601.08)
Earnings on Spread Account Balance 29,861.98
Amount of Spread Account deposit (withdrawal) (195,463.06)
Amount of Withdrawl Allocated to B Piece Shortfalls 132,048.36
Net Spread Account Withdrawl to Seller (63,414.70)
Ending Spread Account Balance 5,863,481.30
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
Current month excess servicing fee #REF!
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Distribution Date 5/15/98
Collection Period 4/98
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,230,692.42
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $385,603.91
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,845,088.51
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $33.23
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.97
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $29.27
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $185,869.60
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $36,128.10
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $149,741.50
(j) Scheduled Payments due in such Collection Period $2,402,440.13
(k) Scheduled Payments collected in such
Collection Period $2,270,966.85
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $74,363,148.02
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $71,518,059.51
(c) The Pool factor as of the close of business
on the last day set forth above 0.9617406
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $143,272.80
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,957.54
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.47
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $35,933.67
(b) Distributions (to) from Collection Account ($5,447.10)
for Payaheads
(c) Interest earned on Payahead Balances $337.13
(d) Ending Payahead Account Balance $30,823.70
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,151,805.95
Spread Account Balance $7,151,805.95
(b) The change in the spread account on the Distribution
Date set forth above ($299,070.81)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $19,774.97
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $837,953.31
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 229
Aggregate Gross Amount $2,760,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 238
Aggregate Gross Amount $3,228,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.18%
(b) Average Delinquency Ratio 7.35%
(c) Cumulative Default Ratio 10.63%
(d) Cumulative Net Loss Ratio 6.33%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,444,781.59
Lock Box NSF Items: (77,543.77)
Transfers from (to) Payahead Account: 5,447.10
Collection Account Interest 13,271.38
Payahead Account Interest 337.13
Total Collection Proceeds: 3,386,293.43
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 74,363,148.02
Principal portion of payments collected (non-prepayments) 1,100,914.83
Prepayments in full allocable to principal 673,669.00
Collections allocable to principal 1,774,583.83
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 382,292.87
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 2,156,876.70
Realized Losses 837,953.31
Cram Down Losses 0.00
Ending Principal Balance 71,368,318.01
Interest
Collections allocable to interest 1,170,052.02
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 59,364.71
-------------------
Total Interest 1,229,416.73
Certificate Information
Beginning of Period Class A Principal Balance 70,644,990.62
Beginning of Period Class B Principal Balance 3,718,157.40
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,450,876.76
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,334.22
Aggregate Payahead Balance 30,486.57
Aggregate Payahead Balance for preceding Distribution Date 35,933.67
Interest Earned on Payahead Balances 337.13
Scheduled Payments due in Collection Period 2,402,440.13
Scheduled Payments collected in Collection Period 2,270,966.85
Aggregate Amount of Realized Losses for preceding Distribution Date 837,953.31
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 993.48
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
</TABLE>
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 229 2,760,000.00
60+ days delinquent 238 3,228,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
0 0.00
<TABLE>
<CAPTION>
<S> <C>
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,988,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection
Period. 1,095,615.21
Delinquency Ratio for second preceding Determination Date 7.02%
Delinquency Ratio for third preceding Determination Date 7.86%
Cumulative Defaults for preceding Determination Date 9,782,374.25
Cumulative Net Losses for preceding Determination Date 5,697,667.42
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,944,635.85
Liquidation Proceeds 382,292.87
Recoveries 59,364.71
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,386,293.43
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,100,914.83
Prepayments in full allocable to principal 673,669.00
Principal Balance of Liquidated Receivables 1,220,246.18
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,994,830.01
Class A Principal Distributable Amount
Principal Distributable Amount 2,994,830.01
Times Class A Percentage (95%) 95%
-------------------
2,845,088.51
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,845,088.51
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 70,644,990.62
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 385,603.91
Class B Principal Distributable Amount
Principal Distributable Amount 2,994,830.01
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 149,741.50
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,718,157.40
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 36,128.10
Class B Excess Interest Amount
Total Distribution Amount 3,386,293.43
minus
Class A Principal and Interest Distributable Amount 3,230,692.42
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 36,128.10
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 149,741.50
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,923.02
Standby Servicer distributions 4,957.54
Servicer distributions 143,272.80
Collateral Agent distributions 929.54
Reimbursement Obligations 19,774.97
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
</TABLE>
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,957.54 3,386,293.43 4,957.54 3,386,293.43
Servicing Fee (2.0%) 123,938.58 3,381,335.89 123,938.58 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,334.22 3,257,397.31 19,334.22 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 3,238,063.09 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,238,063.09 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,238,063.09 0.00
(iii) Trustee Fee 929.54 3,238,063.09 929.54
Trustee's out-of-pocket expenses 993.48 3,237,133.55 993.48
Unpaid Trustee Fee from prior Collection Periods 0.00 3,236,140.07 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 3,236,140.07 0.00
(iv) Collateral Agent Fee 929.54 3,236,140.07 929.54
Collateral Agent Expenses 0.00 3,235,210.53 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,235,210.53 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,235,210.53 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 385,603.91 3,235,210.53 385,603.91
Prior Month(s) Class A Carryover Shortfall 0.00 2,849,606.62 0.00
Class A Interest Carryover Shortfall 0.00 2,849,606.62 0.00
Interest on Interest Carryover from Prior Months 0.00 2,849,606.62 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,849,606.62 0.00
Class A Interest Distributable Amount 385,603.91 2,849,606.62 385,603.91
(viii)(A)Class B Coupon Interest - Unadjusted 36,128.10 2,464,002.71 36,128.10
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,427,874.61 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,427,874.61 0.00
Interest on Interest Carryover from Prior Months 0.00 2,427,874.61 0.00
Current Month Class B Interest Shortfall 0.00 2,427,874.61 0.00
Adjusted Class B Interest Distributable Amount 36,128.10 2,427,874.61 36,128.10
(v) (B) Class A Principal Distributable Amount - Current Month 2,845,088.51 2,391,746.51 2,391,746.51 541,204.92
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (31,609.99) 0.00 (31,609.99)
Withdrawl from Spread Account to Cover Shortfall 31,609.99
Class A Principal Distribution Amount 2,845,088.51 31,609.99 31,609.99 0.00
(vi) Certificate Insurer Premium 19,774.97 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current Month Unadjusted 149,741.50 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (149,741.50) 0.00 (149,741.50)
Adjusted Class B Principal Distributable Amount 0.00 149,741.50 0.00
(C) Excess Interest Amount for Deposit in Spread Account (51,384.96) 149,741.50 (51,384.96)
201,126.46 201,126.46
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Certificate Balance
Class A Beginning of Period Principal Balance 70,644,990.62
Class A Principal Distributions 2,845,088.51
Class A End of Period Principal Balance 67,799,902.11
Class B Beginning of Period Principal Balance 3,718,157.40
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,718,157.40
Withdrawl from Spread Account to Cover B Shortfalls 149,741.50
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,568,415.90
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,386,293.43
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 536,686.81
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,849,606.62
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,849,606.62
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 36,128.10
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,813,478.52
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,813,478.52
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,845,088.51
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 31,609.99
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 19,774.97
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (19,774.97)
Withdrawl from Spread Account to Cover Deficiency 19,774.97
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 149,741.50
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (149,741.50)
Withdrawl from Spread Account to B PieceCover Shortfalls (149,741.50)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,988,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 5,988,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 83,356,181.71
Delinquency Ratio 7.18%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.18%
Delinquency Ratio for second preceding Determination Date 7.02%
Delinquency Ratio for third preceding Determination Date 7.86%
-------------------
Average Delinquency Ratio 7.35% 7.35%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 9,782,374.25
Current Period Defaulted Receivables 1,095,615.21
-------------------
Total 10,877,989.46
Cumulative Defaulted Receivables 10,877,989.46
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 10.63%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,220,246.18
Cram Down Losses 0.00
Net Liquidation Proceeds (441,657.58)
-------------------
Net Liquidation Losses 778,588.60
Cumulative Previous Net Losses 5,697,667.42
-------------------
Cumulative Net Losses 6,476,256.02
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 6.33%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 43.17
Weighted Average Annual Percentage Rate 20.56%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,151,805.95
15% of Outstanding Certificate Balance 10,727,708.93
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,151,805.95
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 71,518,059.51
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 7,151,805.95
Beginning of Period Spread Account Balance 7,450,876.76
Spread Account Deposit (Withdrawal) from Current Distributions (51,384.96)
Transfer (to) from Cross-Collateralized Spread Accounts (601.34)
Required addition to/(eligible withdrawal from) Spread Account (247,084.51)
Earnings on Spread Account Balance 36,331.64
Amount of Spread Account deposit (withdrawal) (283,416.15)
Amount of Withdrawl Allocated to B Piece Shortfalls 149,741.50
Net Spread Account Withdrawl to Seller (133,674.65)
Ending Spread Account Balance 7,151,805.95
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc,. have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
Distribution Date 5/15/98
Collection Period 4/98
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,849,802.14
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $504,734.42
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,345,067.72
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $33.95
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.45
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $29.50
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $221,755.94
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $45,699.74
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $176,056.20
(j) Scheduled Payments due in such Collection Period $2,976,834.68
(k) Scheduled Payments collected in such
Collection Period $2,703,498.56
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $95,873,574.86
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $92,528,507.14
(c) The Pool factor as of the close of business
on the last day set forth above 0.9651096
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $182,185.60
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,391.57
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.61
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $34,417.02
(b) Distributions (to) from Collection Account $6,145.60
for Payaheads
(c) Interest earned on Payahead Balances $131.11
(d) Ending Payahead Account Balance $40,693.73
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,327,565.64
Spread Account Balance $8,327,565.64
(b) The change in the spread account on the Distribution
Date set forth above ($301,056.10)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $25,589.32
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,089,497.54
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 263
Aggregate Gross Amount $3,412,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 271
Aggregate Gross Amount $3,623,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.58%
(b) Average Delinquency Ratio 6.77%
(c) Cumulative Default Ratio 7.63%
(d) Cumulative Net Loss Ratio 4.01%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 4,040,033.47
Lock Box NSF Items: (57,920.27)
Transfers from (to) Payahead Account: (6,145.60)
Collection Account Interest 15,005.23
Payahead Account Interest 131.11
Total Collection Proceeds: 3,991,103.94
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 95,873,574.86
Principal portion of payments collected (non-prepayments) 1,213,896.21
Prepayments in full allocable to principal 680,354.00
Collections allocable to principal 1,894,250.21
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 537,376.17
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 2,431,626.38
Realized Losses 1,089,497.54
Cram Down Losses 0.00
Ending Principal Balance 92,352,450.94
Interest
Collections allocable to interest 1,489,602.35
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 69,875.21
-------------------
Total Interest 1,559,477.56
Certificate Information
Beginning of Period Class A Principal Balance 91,079,896.13
Beginning of Period Class B Principal Balance 4,793,678.73
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,628,621.74
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 22,396.31
Aggregate Payahead Balance 40,562.62
Aggregate Payahead Balance for preceding Distribution Date 34,417.02
Interest Earned on Payahead Balances 131.11
Scheduled Payments due in Collection Period 2,976,834.68
Scheduled Payments collected in Collection Period 2,703,498.56
Aggregate Amount of Realized Losses for preceding Distribution Date 1,089,497.54
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 1,146.09
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 263 3,412,000.00
60+ days delinquent 271 3,623,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 7,035,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection
Period. 1,062,468.82
Delinquency Ratio for second preceding Determination Date 6.37%
Delinquency Ratio for third preceding Determination Date 7.36%
Cumulative Defaults for preceding Determination Date 8,043,201.42
Cumulative Net Losses for preceding Determination Date 3,770,222.20
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,383,852.56
Liquidation Proceeds 537,376.17
Recoveries 69,875.21
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,991,103.94
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,213,896.21
Prepayments in full allocable to principal 680,354.00
Principal Balance of Liquidated Receivables 1,626,873.71
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 3,521,123.92
Class A Principal Distributable Amount
Principal Distributable Amount 3,521,123.92
Times Class A Percentage (95%) 95%
-------------------
3,345,067.72
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,345,067.72
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 91,079,896.13
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class A Interest Distributable Amount 504,734.42
Class B Principal Distributable Amount
Principal Distributable Amount 3,521,123.92
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 176,056.20
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,793,678.73
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 45,699.74
Class B Excess Interest Amount
Total Distribution Amount 3,991,103.94
minus
Class A Principal and Interest Distributable Amount 3,849,802.14
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 45,699.74
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 176,056.20
Class B Principal Carryover Shortfall 0.00
Trustee distributions 2,344.51
Standby Servicer distributions 6,391.57
Servicer distributions 182,185.60
Collateral Agent distributions 1,198.42
Reimbursement Obligations 25,589.32
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 6,391.57 3,991,103.94 6,391.57 3,991,103.94
Servicing Fee (2.0%) 159,789.29 3,984,712.37 159,789.29 0.00
Additional Servicing Fee Amounts 22,396.31 3,824,923.08 22,396.31 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,802,526.77 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,802,526.77 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,802,526.77 0.00
(iii) Trustee Fee 1,198.42 3,802,526.77 1,198.42
Trustee's out-of-pocket expenses 1,146.09 3,801,328.35 1,146.09
Unpaid Trustee Fee from prior Collection Periods 0.00 3,800,182.26 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 3,800,182.26 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,198.42 3,800,182.26 1,198.42
Collateral Agent Expenses 0.00 3,798,983.84 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,798,983.84 0.00
Unpaid Collateral Agent Expenses from 0.00 3,798,983.84 0.00
prior Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 504,734.42 3,798,983.84 504,734.42
Prior Month(s) Class A Carryover Shortfall 0.00 3,294,249.42 0.00
Class A Interest Carryover Shortfall 0.00 3,294,249.42 0.00
Interest on Interest Carryover from Prior Months 0.00 3,294,249.42 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,294,249.42 0.00
Class A Interest Distributable Amount 504,734.42 3,294,249.42 504,734.42
(viii(A) Class B Coupon Interest - Unadjusted 45,699.74 2,789,515.00 45,699.74
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,743,815.26 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,743,815.26 0.00
Interest on Interest Carryover from Prior Months 0.00 2,743,815.26 0.00
Current Month Class B Interest Shortfall 0.00 2,743,815.26 0.00
Adjusted Class B Interest Distributable Amount 45,699.74 2,743,815.26 45,699.74
(v) (B) Class A Principal Distributable Amount - Current Month 3,345,067.72 2,698,115.52 2,698,115.52 646,036.22
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (96,518.04) 0.00 (96,518.04)
Withdrawl from Spread Account to Cover Shortfall 96,518.04
Class A Principal Distribution Amount 3,345,067.72 96,518.04 96,518.04 0.00
(vi) Certificate Insurer Premium 25,589.32 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - 176,056.20 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (176,056.20) 0.00 (176,056.20)
Adjusted Class B Principal Distributable Amount 0.00 176,056.20 0.00
Excess Interest (Shortage) Amount for Deposit (122,107.37) 176,056.20 (122,107.37)
to (withdrawl from) Spread Account 298,163.56 298,163.56
Certificate Balance
Class A Beginning of Period Principal Balance 91,079,896.13
Class A Principal Distributions 3,345,067.72
Class A End of Period Principal Balance 87,734,828.41
Class B Beginning of Period Principal Balance 4,793,678.73
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,793,678.73
Withdrawl from Spread Account to Cover B Shortfalls 176,056.20
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,617,622.53
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,991,103.94
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 696,854.52
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,294,249.42
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,294,249.42
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 45,699.74
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,248,549.68
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,248,549.68
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,345,067.72
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 96,518.04
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 25,589.32
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (25,589.32)
Withdrawl from Spread Account to Cover Deficiency 25,589.32
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 176,056.20
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (176,056.20)
Withdrawl from Spread Account to B PieceCover Shortfalls (176,056.20)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,035,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 7,035,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 106,853,550.05
Delinquency Ratio 6.58%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.58%
Delinquency Ratio for second preceding Determination Date 6.37%
Delinquency Ratio for third preceding Determination Date 7.36%
-------------------
Average Delinquency Ratio 6.77% 6.77%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 8,043,201.42
Current Period Defaulted Receivables 1,062,468.82
-------------------
Total 9,105,670.24
Cumulative Defaulted Receivables 9,105,670.24
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 7.63%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,626,873.71
Cram Down Losses 0.00
Net Liquidation Proceeds (607,251.38)
-------------------
Net Liquidation Losses 1,019,622.33
Cumulative Previous Net Losses 3,770,222.20
-------------------
Cumulative Net Losses 4,789,844.53
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 4.01%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 45.66
Weighted Average Annual Percentage Rate 20.51%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 8,327,565.64
15% of Outstanding Certificate Balance 13,879,276.07
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 8,327,565.64
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 92,528,507.14
Minimum Floor 100,000.00
Floor Amount 3,580,860.93
Required Spread Account Amount 8,327,565.64
Beginning of Period Spread Account Balance 8,628,621.74
Spread Account Deposit (Withdrawal) from Current Distributions (122,107.37)
Transfer (to) from Cross-Collateralized Spread Accounts (200.02)
Required addition to/(eligible withdrawal from) Spread Account (178,748.71)
Earnings on Spread Account Balance 41,771.41
Amount of Spread Account deposit (withdrawal) (220,520.12)
Amount of Withdrawl Allocated to B Piece Shortfalls 176,056.20
Net Spread Account Withdrawl to Seller (44,463.93)
Ending Spread Account Balance 8,327,565.64
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-3
6.10% Asset-Backed Notes, Class A-1
6.38% Asset-Backed Notes, Class A-2
10.65% Asset-Backed Notes, Class B
10.65% Asset-Backed Certificates
REVISION #2
Distribution Date 5/15/98
Collection Period 4/98
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $4,238,285.33
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $273,555.42
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,964,729.91
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $52.43
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.38
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $49.05
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $327,868.20
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $327,868.20
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $5.31
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to Class B
Noteholders on the Distribution Date set forth above $94,932.45
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $28,915.58
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $66,016.87
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $56,985.29
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $28,915.58
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $28,069.71
(s) Scheduled Payments due in such Collection Period $3,900,898.87
(t) Scheduled Payments collected in such
Collection Period $3,605,573.39
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $130,323,751.12
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(r) above $117,977,498.97
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i),(o) above $114,709,527.75
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8801890
(e) Aggregate principal amount of Certificates as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(r) above $3,192,076.90
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0244934
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $243,367.92
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,516.19
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.01
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.08
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above ($80,851.44)
(f) The amount of the Certificate Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (q) above $0.00
(g) The amount of the Certificate Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (r) above ($80,851.44)
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $3,347,615.36
Spread Account Balance $3,347,615.36
(b) The change in the spread account on the Distribution
Date set forth above ($56,139.42)
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $32,525.92
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,453,431.34
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 322
Aggregate Gross Amount $4,331,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 337
Aggregate Gross Amount $4,682,000.00
7 Performance Triggers
(a) Delinquency Ratio 6.23%
(b) Average Delinquency Ratio 6.47%
(c) Cumulative Default Ratio 5.18%
(d) Cumulative Net Loss Ratio 2.36%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-3
Statement to Noteholders
Is there a Deficiency Claim Amount? YES
Deficiency Claim Amount (85,808.57)
Inputs
Gross Collection Proceeds: 5,058,999.86
Lock Box NSF Items: (112,779.74)
Total Collection Proceeds: 4,946,220.12
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 130,323,751.12
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-----------------------
Aggregate Beginning Principal Balance 130,323,751.12
Principal portion of payments collected (non-prepayments) 1,602,177.97
Prepayments in full allocable to principal 625,305.00
Collections allocable to principal 2,227,482.97
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 675,931.74
Purchase Amounts allocable to principal 0.00
-----------------------
Total Principal 2,903,414.71
Realized Losses 1,453,431.34
Cram Down Losses 0.00
Ending Principal Balance 125,966,905.07
Prefunding
Original Amount in Prefunding Account 27,084,817.00
Subsequent Loans Sold to the Trust 27,084,817.00
Balance of Prefunding Account 0.00
Interest
Collections allocable to interest 2,003,395.42
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 39,409.99
-----------------------
Total Interest 2,042,805.41
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 53,814,180.75
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,258,093.77
Beginning of Period Certificate Balance 3,258,093.77
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,403,754.78
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 26,161.67
Scheduled Payments due in Collection Period 3,900,898.87
Scheduled Payments collected in Collection Period 3,605,573.39
Aggregate Amount of Realized Losses for preceding Distribution Date 1,453,431.34
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 498.13
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 322 4,331,000.00
60+ days delinquent 337 4,682,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 9,013,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 1,267,243.76
Delinquency Ratio for second preceding Determination Date 6.41%
Delinquency Ratio for third preceding Determination Date 6.78%
Cumulative Defaults for preceding Determination Date 6,496,984.52
Cumulative Net Losses for preceding Determination Date 2,127,200.48
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Requisite Reserve Amount
Weighted Average of the Interest Rates and Pass-Through Rates 6.4846%
minus 2.5% 2.50%
-----------------------
3.9846%
divided by 360 0.0111%
times the prefunded amount 0.00
times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00
-----------------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
Excess in Interest Reserve Account 0.00
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 4,230,878.39
Liquidation Proceeds 675,931.74
Recoveries 39,409.99
Purchase Amounts 0.00
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 0.00
Investment earnings from Note Distribution Account 424.62
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 288.23
Investment earnings from Collection Account 18,201.97
-----------------------
Total Distribution Amount 4,965,134.94
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,602,177.97
Prepayments in full allocable to principal 625,305.00
Principal Balance of Liquidated Receivables 2,129,363.08
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 4,356,846.05
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 125,966,905.07
-----------------------
113,370,214.56 98.17%
Current Target %
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 50.5%
-----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 4,356,846.05
Times Class A Noteholders' Percentage 91%
-----------------------
3,964,729.91
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 3,964,729.91
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 53,814,180.75
Multiplied by the Note Rate 6.10%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class A Interest Distributable Amount 273,555.42
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,668,000.00
Multiplied by the Note Rate 6.38%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class A Interest Distributable Amount 327,868.20
Class B Noteholders Principal Distributable Amount
Principal Distributable Amount 4,356,846.05
Times Class B Percentage 2.5%
-----------------------
Class B Principal Distributable Amount 108,921.15
Certificate Principal Distributable Amount
Principal Distributable Amount 4,356,846.05
Times Certificate Percentage 2.5%
-----------------------
Certificate Principal Distributable Amount 108,921.15
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,258,093.77
Multiplied by Note Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Class B Coupon Interest Amount 28,915.58
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,258,093.77
Multiplied by Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-----------------------
Certificateholders' Interest Amount 28,915.58
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 6,516.19 4,965,134.94 6,516.19
Servicing Fee (2.0%) 217,206.25 4,958,618.75 217,206.25 0.00
Additional Servicing Fee Amounts 26,161.67 4,741,412.50 26,161.67 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,715,250.83 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,715,250.83 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,715,250.83 0.00
(iii) Indenture Trustee Fee 1,086.03 4,715,250.83 1,086.03
Indenture Trustee's out-of-pocket expenses 498.13 4,714,164.80 498.13
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 4,713,666.67 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 4,713,666.67 0.00
prior Collection Periods
Owner Trustee Fee 0.00 4,713,666.67 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,713,666.67 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,713,666.67 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 4,713,666.67 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,016.65 4,713,666.67 1,016.65
Collateral Agent Expenses 0.00 4,712,650.02 0.00
Unpaid Collateral Agent Fee from 0.00 4,712,650.02 0.00
prior Collection Periods
Unpaid Collateral Agent Expenses from 0.00 4,712,650.02 0.00
prior Collection Periods
(v) (A) Class A-1 Interest Distributable Amount - 273,555.42
Current Month
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 273,555.42 4,712,650.02 273,555.42
(B) Class A-2 Interest Distributable Amount - Current Month 327,868.20
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 327,868.20 4,439,094.60 327,868.20
(vi) (A) Class B Note Interest - Unadjusted 28,915.58
Class B Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 28,915.58 4,111,226.40 28,915.58
(B) Certificate Interest - Unadjusted 28,915.58
Certificate Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on Certificate Interest Shortfall - 0.00
Previous Month(s)
Interest on Certificate Interest Carryover from 0.00
Prior Months
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 28,915.58 4,082,310.82 28,915.58
(vii) Class A Principal Distributable Amount - Current Month 3,964,729.91
Class A Principal Carryover Shortfall - 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 3,964,729.91 4,053,395.24 3,964,729.91 0.00
Class A Principal Distribution Amount to Class A-2 0.00 88,665.33 0.00 0.00
(viii) Note Insurer Premium 32,525.92 88,665.33 32,525.92
Note Insurer Premium Supplement 0.00 56,139.41 0.00
Other Reimbursement Obligations to Note Insurer 0.00 56,139.41 0.00
(ix) Transition Expenses to successor Servicer 0.00 56,139.41 0.00
(x) Class B Principal Distributable Amount - 108,921.15
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class B Principal Shortfall (80,851.44)
Adjusted Class B Principal Distributable Amount 28,069.71 56,139.41 28,069.71
Certificate Principal Distributable Amount - 108,921.15
Current Month Unadjusted
Certificate Principal Carryover Shortfall - 0.00
Previous Month(s)
Current Month Certificate Principal Shortfall (80,851.44)
Adjusted Certificate Principal Distributable Amount 28,069.71 28,069.71 28,069.71
(xi) Until the Target Payment Date, remaining amount to 0.00 0.00 0.00
Class A Noteholders
Amount to Class A-1 Noteholders 0.00 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' 0.00
Int. Dist. Amount
(xiii) After an Event of Default, Certificateholders' 0.00
Prin. Dist. Amount
(xiv) After the Target Pmt. Date, remaining amount 0.00
into Spread Acct.
Securities Balance
Class A-1 Beginning of Period Principal Amount 53,814,180.75
Class A-1 Principal Distributions 3,964,729.91
Class A-1 End of Period Principal Amount (prior to turbo) 49,849,450.84
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 49,849,450.84
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 61,668,000.00
Class B Beginning of Period Principal Amount 3,258,093.77
Class B Principal Distributable Amount 28,069.71
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,230,024.06
Withdrawl from Spread Account to Cover B Shortfalls 37,947.16
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,192,076.90
Certificate Beginning of Period Principal Amount 3,258,093.77
Certificate Principal Distributable Amount 28,069.71
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,230,024.06
Withdrawl from Spread Account to Cover Certificate Shortfalls 37,947.16
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,192,076.90
Class A-1 Deficiency - Interest
(i) Total Distribution Amount Available 4,965,134.94
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (i) and (v)A 526,040.34
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 4,439,094.60
Class A-2 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (v) B 4,439,094.60
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) B 327,868.20
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,111,226.40
Class B Note Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A 4,111,226.40
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) A 28,915.58
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,082,310.82
Class B Certificate Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 4,082,310.82
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vi) and (x) 28,915.58
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,053,395.24
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 4,053,395.24
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 3,964,729.91
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 88,665.33
Other Distributions
(i) Amounts available to make payments pursuant to Section 5.8(a) (viii) 88,665.33
(vi) Note Insurer Premium 32,525.92
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 56,139.41
Class B Notes & Certificates Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 56,139.41
(ii) Amounts payable pursuant to Section 5.8(a) (vi) and (x) 217,842.30
(iii)Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Amount Remaining for Further Distribution/ B Notes (Deficiency) (80,851.44)
Amount Remaining for Further Distribution/ B Certificates (Deficiency) (80,851.44)
Withdrawl from Spread Account to B PieceCover Shortfalls (75,894.32)
Adjusted Amount Remaining for Further Distribution/(Deficiency/Shortfall) (85,808.57)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 9,013,000.00
Purchased receivables more than 30 days delinquent 0.00
-----------------------
Total 9,013,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 144,703,596.04
Delinquency Ratio 6.23%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.23%
Delinquency Ratio for second preceding Determination Date 6.41%
Delinquency Ratio for third preceding Determination Date 6.78%
Average Delinquency Ratio 6.47% 6.47%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 6,496,984.52
Current Period Defaulted Receivables 1,267,243.76
-----------------------
Total 7,764,228.28
Cumulative Defaulted Receivables 7,764,228.28
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 5.18%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,129,363.08
Cram Down Losses 0.00
Net Liquidation Proceeds (715,341.73)
-----------------------
Net Liquidation Losses 1,414,021.35
Cumulative Previous Net Losses 2,127,200.48
-----------------------
Cumulative Net Losses 3,541,221.83
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 2.36%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 48.29
Weighted Average Annual Percentage Rate 20.40%
Spread Account
OC Percent
Aggregate Principal Balance 125,966,905.07
minus the Securities Balance 117,977,498.97
-----------------------
7,989,406.10
divided by the Aggregate Principal Balance 6.34%
Floor OC Percent
Aggregate Principal Balance 125,966,905.07
minus the Securities Balance 117,977,498.97
-----------------------
7,989,406.10
divided by the initial Aggregate Principal Balance 150,000,000.00
-----------------------
5.33%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 117,977,498.97
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 27,084,817.00
-----------------
3,000,000.00
(B)the product of
(I) excess of 1% over the Floor OC Percent
0.00% (II) initial Aggregate Principal Balance
150,000,000.00
0.00
Floor Amount 3,000,000.00
Requisite Amount
the greater of
(1)the Floor Amount 3,000,000.00
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 2.66%
if a Trigger Event, 15% minus the OC Percent 8.66%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.66%
if an Insurance Agreement Event of Default, unlimited 999.00%
2.66%
times the Aggregate Principal Balance 125,966,905.07
-----------------------
3,347,615.36
Requisite Amount 3,347,615.36
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 3,347,615.36
Beginning of Period Spread Account Balance 3,403,754.78
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (56,139.42)
Earnings on Spread Account Balance 19,754.90
Amount of Spread Account deposit (withdrawal) (75,894.32)
Amount of Withdrawl Allocated to B Notes Shortfalls 37,947.16
Amount of Withdrawl Allocated to B Certificates Shortfalls 37,947.16
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 3,347,615.36
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-4
6.07% Asset-Backed Notes, Class A-1
6.30% Asset-Backed Notes, Class A-2
10.59% Asset-Backed Certificates
Distribution Date 5/15/98
Collection Period 4/98
Under the Sale and Servicing Agreement dated as of October 9, 1997 and
amended as of October 17, 1997 (the "Agreement") by and among CPS Receivables
Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner
Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Noteholders and Certificateholders
and the performance of the Trust during the previous month. The information
which is required to be prepared with respect to the Distribution Date and
Collection Period listed above is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per Note, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,819,271.12
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $205,501.15
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,613,769.97
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $51.96
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.79
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $48.17
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $243,114.89
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $243,114.89
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.94
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $151,977.29
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $42,636.55
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $109,340.74
(p) Scheduled Payments due in such Collection Period $2,846,929.04
(q) Scheduled Payments collected in such
Collection Period $2,805,918.45
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $96,626,749.17
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $89,665,851.08
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $84,320,085.90
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8726371
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $4,721,996.73
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0488684
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $179,222.48
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,831.34
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.30
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.09
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $9,624.78
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $3,101,742.41
Spread Account Balance $3,101,742.41
(b) The change in the spread account on the Distribution
Date set forth above ($688,626.38)
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $24,775.29
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $328,157.81
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 206
Aggregate Gross Amount $2,714,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 235
Aggregate Gross Amount $3,486,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.75%
(b) Average Delinquency Ratio 5.74%
(c) Cumulative Default Ratio 2.48%
(d) Cumulative Net Loss Ratio 0.83%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-4
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,499,016.15
Lock Box NSF Items: (86,560.71)
Total Collection Proceeds: 3,412,455.44
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 96,626,749.17
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 96,626,749.17
Principal portion of payments collected (non-prepayments) 1,262,062.38
Prepayments in full allocable to principal 369,872.00
Collections allocable to principal 1,631,934.38
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 217,097.89
Purchase Amounts allocable to principal 9,624.78
-----------------------
Total Principal 1,858,657.05
Realized Losses 328,157.81
Cram Down Losses 0.00
Ending Principal Balance 94,439,934.31
Interest
Collections allocable to interest $1,543,856.07
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 9,942.32
-----------------------
Total Interest $1,553,798.39
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 40,626,257.27
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 4,831,337.47 91,765,193.34
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,790,368.79
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 18,177.90
Scheduled Payments due in Collection Period 2,846,929.04
Scheduled Payments collected in Collection Period 2,805,918.45
Aggregate Amount of Realized Losses for preceding Distribution Date 328,157.81
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 492.96
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 206 2,714,000.00
60+ days delinquent 235 3,486,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 9,624.78
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 6,200,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 9,624.78
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 635,435.52
Delinquency Ratio for second preceding Determination Date 5.74%
Delinquency Ratio for third preceding Determination Date 5.73%
Cumulative Defaults for preceding Determination Date 1,984,984.00
Cumulative Net Losses for preceding Determination Date 557,543.57
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,175,790.45
Liquidation Proceeds 217,097.89
Recoveries 9,942.32
Purchase Amounts 9,624.78
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 12,799.86
-----------------------
Total Distribution Amount 3,425,255.30
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,262,062.38
Prepayments in full allocable to principal 369,872.00
Principal Balance of Liquidated Receivables 545,255.70
Purchase Amounts allocable to principal 9,624.78
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 2,186,814.86
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 94,439,934.31
-----------------------
84,995,940.88
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 50.5%
-----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,186,814.86
Times Class A Noteholders' Percentage 91%
-----------------------
1,990,001.52
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,990,001.52
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 40,626,257.27
Multiplied by the Note Rate 6.07%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 205,501.15
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,307,598.60
Multiplied by the Note Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 243,114.89
Certificateholders Principal Distributable Amount
Principal Distributable Amount 2,186,814.86
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 109,340.74
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,831,337.47
Multiplied by Note Pass-Through Rate 10.59%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 42,636.55
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,831.34 3,425,255.30 4,831.34
Servicing Fee (2.0%) 161,044.58 3,420,423.96 161,044.58 0.00
Additional Servicing Fee Amounts 18,177.90 3,259,379.38 18,177.90 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,241,201.48 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,241,201.48 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,241,201.48 0.00
(iii) Indenture Trustee Fee 805.22 3,241,201.48 805.22
Indenture Trustee's out-of-pocket expenses 492.96 3,240,396.26 492.96
Unpaid Indenture Trustee Fee from prior 0.00 3,239,903.30 0.00
Collection Periods
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 3,239,903.30 0.00
prior Collection Periods
Owner Trustee Fee 0.00 3,239,903.30 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,239,903.30 0.00
Unpaid Owner Trustee Fee from prior Collection 0.00 3,239,903.30 0.00
Periods
Unpaid Owner Trustee's out-of-pocket exp - 0.00 3,239,903.30 0.00
prior Collection Periods
(iv) Collateral Agent Fee 764.71 3,239,903.30 764.71
Collateral Agent Expenses 0.00 3,239,138.59 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,239,138.59 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,239,138.59 0.00
Collection Periods
(v) (A) Class A-1 Interest Distributable Amount - Current Month 205,501.15
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 205,501.15 3,239,138.59 205,501.15
(B) Class A-2 Interest Distributable Amount - Current Month 243,114.89
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 243,114.89 3,033,637.44 243,114.89
(vi) (A) Certificate Note Interest - Unadjusted 42,636.55
Certificate Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 42,636.55 2,790,522.55 42,636.55
(vii) Class A Principal Distributable Amount - Current Month 1,990,001.52
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 1,990,001.52 2,747,886.00 1,990,001.52 0.00
Class A Principal Distribution Amount to Class A-2 0.00 757,884.48 0.00 0.00
(viii) Note Insurer Premium 24,775.29 757,884.48 24,775.29
Note Insurer Premium Supplement 0.00 733,109.19 0.00
Other Reimbursement Obligations to Note Insurer 0.00 733,109.19 0.00
(ix) Transition Expenses to successor Servicer 0.00 733,109.19 0.00
(x) Certificate Principal Distributable Amount - Current 109,340.74
Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 109,340.74 733,109.19 109,340.74
(xi) Until the Target Payment Date, remaining amount to 623,768.45 623,768.45 623,768.45
Class A Noteholders
Amount to Class A-1 Noteholders 623,768.45 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into 0.00 3,424,762.34 Total Disbursements
Spread Acct. 3,425,255.30 Total Distribution Amt
======================
(492.96)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 40,626,257.27
Class A-1 Principal Distributions 1,990,001.52
Class A-1 End of Period Principal Amount (prior to turbo) 38,636,255.75
Additional Principal Distribution 623,768.45
Class A-1 End of Period Principal Amount 38,012,487.30
Class A-2 Beginning of Period Principal Amount 46,307,598.60
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 46,307,598.60
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 46,307,598.60
Certificate Beginning of Period Principal Amount 4,831,337.47
Certificate Principal Distributable Amount 109,340.74
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,721,996.73
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,721,996.73
Adjusted Amount Remaining for Further Distribution/(Deficiency) 866,883.34
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,200,000.00
Purchased receivables more than 30 days delinquent 9,624.78
-----------------------
Total 6,209,624.78
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 108,011,688.12
Delinquency Ratio 5.75%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.75%
Delinquency Ratio for second preceding Determination Date 5.74%
Delinquency Ratio for third preceding Determination Date 5.73%
-----------------------
Average Delinquency Ratio 5.74% 5.74%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 1,984,984.00
Current Period Defaulted Receivables 635,435.52
-----------------------
Total 2,620,419.52
Cumulative Defaulted Receivables 2,620,419.52
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 2.48%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 545,255.70
Cram Down Losses 0.00
Net Liquidation Proceeds (227,040.21)
-----------------------
Net Liquidation Losses 318,215.49
Cumulative Previous Net Losses 557,543.57
-----------------------
Cumulative Net Losses 875,759.06
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 0.83%
Additional Pool Information:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 50.29
Weighted Average Annual Percentage Rate 20.32%
Spread Account
OC Percent
Aggregate Principal Balance 94,439,934.31
minus the Securities Balance 89,042,082.63
-----------------------
5,397,851.68
divided by the Aggregate Principal Balance 5.72%
Floor OC Percent
Aggregate Principal Balance 94,439,934.31
minus the Securities Balance 89,042,082.63
-----------------------
5,397,851.68
divided by the initial Aggregate Principal Balance 105,860,630.11
-----------------------
5.10%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 89,042,082.63
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 105,860,630.11
(II) balance of all Subsequent Receivables 0.00
2,117,212.60
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 105,860,630.11
0.00
Floor Amount 2,117,212.60
Requisite Amount
the greater of
(1)the Floor Amount 2,117,212.60
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 3.28%
if a Trigger Event, 15% minus the OC Percent 9.28%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 24.28%
if an Insurance Agreement Event of Default, unlimited 999.00%
3.28%
times the Aggregate Principal Balance 94,439,934.31
-----------------------
3,101,742.41
Requisite Amount 3,101,742.41
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 3,101,742.41
Beginning of Period Spread Account Balance 3,790,368.79
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (3,162.77)
Required addition to/(eligible withdrawal from) Spread Account (685,463.61)
Earnings on Spread Account Balance 17,600.97
Amount of Spread Account deposit (withdrawal) (703,064.58)
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller (703,064.58)
Ending Spread Account Balance 3,101,742.41
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-5
6.26% Asset-Backed Notes, Class A-1
6.40% Asset-Backed Notes, Class A-2
10.55% Asset-Backed Certificates
Distribution Date 5/15/98
Collection Period 4/98
Under the Sale and Servicing Agreement dated as of December 1, 1997, (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,592,506.02
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $243,857.15
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,348,648.87
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $46.50
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.37
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $42.13
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $187,600.00
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $187,600.00
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.04
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $135,177.33
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $39,500.66
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $95,676.67
(p) Scheduled Payments due in such Collection Period $2,610,527.86
(q) Scheduled Payments collected in such
Collection Period $2,584,875.29
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $89,939,491.63
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $84,500,213.05
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $79,572,131.43
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8847296
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $4,397,289.56
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0488916
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $165,446.96
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,496.97
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.97
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.08
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $35,905.34
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $3,865,799.07
Spread Account Balance $3,415,463.02
(b) The change in the spread account on the Distribution
Date set forth above $15,789.74
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $26,033.45
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $225,705.08
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 201
Aggregate Gross Amount $2,659,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 167
Aggregate Gross Amount $2,245,000.00
7 Performance Triggers
(a) Delinquency Ratio 4.98%
(b) Average Delinquency Ratio 4.29%
(c) Cumulative Default Ratio 1.06%
(d) Cumulative Net Loss Ratio 0.33%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-5
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,192,447.27
Lock Box NSF Items: (90,664.52)
Total Collection Proceeds: 3,101,782.75
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 89,939,491.63
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 89,939,491.63
Principal portion of payments collected (non-prepayments) 1,174,241.48
Prepayments in full allocable to principal 342,869.00
Collections allocable to principal 1,517,110.48
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 134,812.58
Purchase Amounts allocable to principal 35,905.34
-----------------------
Total Principal 1,687,828.40
Realized Losses 225,705.08
Cram Down Losses 0.00
Ending Principal Balance 88,025,958.15
Interest
Collections allocable to interest $1,410,633.81
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 3,320.54
-----------------------
Total Interest $1,413,954.35
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 46,745,780.30
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 4,492,966.23 86,413,746.53
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,399,673.28
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 15,547.81
Scheduled Payments due in Collection Period 2,610,527.86
Scheduled Payments collected in Collection Period 2,584,875.29
Aggregate Amount of Realized Losses for preceding Distribution Date 225,705.08
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 442.15
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 201 2,659,000.00
60+ days delinquent 167 2,245,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 35,905.34
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 4,904,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 35,905.34
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 345,661.96
Delinquency Ratio for second preceding Determination Date 4.12%
Delinquency Ratio for third preceding Determination Date 3.78%
Cumulative Defaults for preceding Determination Date 666,587.59
Cumulative Net Losses for preceding Determination Date 96,324.90
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,927,744.29
Liquidation Proceeds 134,812.58
Recoveries 3,320.54
Purchase Amounts 35,905.34
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,389.74
-----------------------
Total Distribution Amount 3,113,172.49
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,174,241.48
Prepayments in full allocable to principal 342,869.00
Principal Balance of Liquidated Receivables 360,517.66
Purchase Amounts allocable to principal 35,905.34
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,913,533.48
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 88,025,958.15
-----------------------
79,223,362.34
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 40.7%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,913,533.48
Times Class A Noteholders' Percentage 95%
-----------------------
1,817,856.81
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,817,856.81
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,745,780.30
Multiplied by the Note Rate 6.26%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 243,857.15
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 35,175,000.00
Multiplied by the Note Rate 6.40%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 187,600.00
Certificateholders Principal Distributable Amount
Principal Distributable Amount 1,913,533.48
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 95,676.67
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,492,966.23
Multiplied by Note Pass-Through Rate 10.55%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 39,500.66
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,496.97 3,113,172.49 4,496.97
Servicing Fee (2.0%) 149,899.15 3,108,675.52 149,899.15 0.00
Additional Servicing Fee Amounts 15,547.81 2,958,776.37 15,547.81 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,943,228.56 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,943,228.56 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,943,228.56 0.00
(iii) Indenture Trustee Fee 749.50 2,943,228.56 749.50
Indenture Trustee's out-of-pocket expenses 442.15 2,942,479.06 442.15
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 2,942,036.91 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 2,942,036.91 0.00
prior Collection Periods
Owner Trustee Fee 0.00 2,942,036.91 0.00
Owner Trustee's out-of-pocket expenses 0.00 2,942,036.91 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 2,942,036.91 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 2,942,036.91 0.00
prior Collection Periods
(iv) Collateral Agent Fee 720.11 2,942,036.91 720.11
Collateral Agent Expenses 0.00 2,941,316.80 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,941,316.80 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,941,316.80 0.00
Collection Periods
(v) (A) Class A-1 Interest Distributable Amount - Current Month 243,857.15
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 243,857.15 2,941,316.80 243,857.15
(B) Class A-2 Interest Distributable Amount - Current Month 187,600.00
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 187,600.00 2,697,459.65 187,600.00
(vi) (A) Certificate Note Interest - Unadjusted 39,500.66
Certificate Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 39,500.66 2,509,859.65 39,500.66
(vii) Class A Principal Distributable Amount - Current Month 1,817,856.81
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 1,817,856.81 2,470,358.99 1,817,856.81 0.00
Class A Principal Distribution Amount to Class A-2 0.00 652,502.18 0.00 0.00
(viii) Note Insurer Premium 26,033.45 652,502.18 26,033.45
Note Insurer Premium Supplement 0.00 626,468.73 0.00
Other Reimbursement Obligations to Note Insurer 0.00 626,468.73 0.00
(ix) Transition Expenses to successor Servicer 0.00 626,468.73 0.00
(x) Certificate Principal Distributable Amount - 95,676.67
Current Month Unadjusted
Certificate Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 95,676.67 626,468.73 95,676.67
(xi) Until the Target Payment Date, remaining amount to 530,792.06 530,792.06 530,792.06
Class A Noteholders
Amount to Class A-1 Noteholders 530,792.06 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into 0.00 3,112,730.34 Total Disbursements
Spread Acct. 3,113,172.49 Total Distribution Amt
======================
(442.15)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 46,745,780.30
Class A-1 Principal Distributions 1,817,856.81
Class A-1 End of Period Principal Amount (prior to turbo) 44,927,923.49
Additional Principal Distribution 530,792.06
Class A-1 End of Period Principal Amount 44,397,131.43
Class A-2 Beginning of Period Principal Amount 35,175,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 35,175,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 35,175,000.00
Certificate Beginning of Period Principal Amount 4,492,966.23
Certificate Principal Distributable Amount 95,676.67
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,397,289.56
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,397,289.56
Adjusted Amount Remaining for Further Distribution/(Deficiency) 718,392.06
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,904,000.00
Purchased receivables more than 30 days delinquent 35,905.34
-----------------------
Total 4,939,905.34
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 99,184,953.20
Delinquency Ratio 4.98%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.98%
Delinquency Ratio for second preceding Determination Date 4.12%
Delinquency Ratio for third preceding Determination Date 3.78%
-----------------------
Average Delinquency Ratio 4.29% 4.29%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 666,587.59
Current Period Defaulted Receivables 345,661.96
-----------------------
Total 1,012,249.55
Cumulative Defaulted Receivables 1,012,249.55
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 1.06%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 360,517.66
Cram Down Losses 0.00
Net Liquidation Proceeds (138,133.12)
-----------------------
Net Liquidation Losses 222,384.54
Cumulative Previous Net Losses 96,324.90
-----------------------
Cumulative Net Losses 318,709.44
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 0.33%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 51.46
Weighted Average Annual Percentage Rate 20.23%
Spread Account
OC Percent
Aggregate Principal Balance 88,025,958.15
minus the Securities Balance 83,969,420.99
-----------------------
4,056,537.16
divided by the Aggregate Principal Balance 4.61%
Floor OC Percent
Aggregate Principal Balance 88,025,958.15
minus the Securities Balance 83,969,420.99
-----------------------
4,056,537.16
divided by the initial Aggregate Principal Balance 95,706,307.00
-----------------------
4.24%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 83,969,420.99
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 95,706,307.00
(II) balance of all Subsequent Receivables 0.00
1,914,126.14
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 95,706,307.00
0.00
Floor Amount 1,914,126.14
Requisite Amount
the greater of
(1)the Floor Amount 1,914,126.14
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 4.4%
if a Trigger Event, 15% minus the OC Percent 10.4%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 25.4%
if an Insurance Agreement Event of Default, unlimited 999%
4%
times the Aggregate Principal Balance 88,025,958.15
-----------------------
3,865,799.07
Requisite Amount 3,865,799.07
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 3,865,799.07
Beginning of Period Spread Account Balance 3,399,673.28
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 466,125.79
Earnings on Spread Account Balance 15,789.74
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,415,463.02
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1998-1
6.00% Asset-Backed Certificates, Class A
10.25% Asset-Backed Certificates, Class B
Revision #2
Distribution Date 5/15/98
Collection Period 4/98
Under the Pooling and Servicing Agreement dated as of March 16, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,280,124.55
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $876,805.95
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,403,318.60
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $18.47
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.94
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $13.53
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $205,326.07
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $78,835.62
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $126,490.45
(j) Scheduled Payments due in such Collection Period $5,239,933.38
(k) Scheduled Payments collected in such
Collection Period $4,760,868.17
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $184,590,726.38
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $182,060,917.33
(c) The Pool factor as of the close of business
on the last day set forth above 0.9862950
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $326,115.21
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,845.64
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.84
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.02
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 11
Aggregate Purchase Amount $139,197.12
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $66,868.21
(b) Distributions (to) from Collection Account ($9,101.62)
for Payaheads
(c) Interest earned on Payahead Balances $370.05
(d) Ending Payahead Account Balance $58,136.64
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $24,578,223.84
Spread Account Balance $14,107,867.96
(b) The change in the spread account on the Distribution
Date set forth above $3,136,871.24
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $59,093.94
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $6,616.30
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 265
Aggregate Gross Amount $3,554,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 80
Aggregate Gross Amount $1,042,000.00
8 Performance Triggers
(a) Delinquency Ratio 2.30%
(b) Average Delinquency Ratio 1.64%
(c) Cumulative Default Ratio 0.01%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1998-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 5,508,878.84
Lock Box NSF Items: (92,097.67)
Transfers from (to) Payahead Account: 9,101.62
Collection Account Interest 18,513.45
Payahead Account Interest 370.05
Total Collection Proceeds: 5,444,766.29
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 184,590,726.38
Principal portion of payments collected (non-prepayments) 1,840,044.63
Prepayments in full allocable to principal 535,441.00
Collections allocable to principal 2,375,485.63
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 8,510.00
Purchase Amounts allocable to principal 139,197.12
---------------------
Total Principal 2,523,192.75
Realized Losses 6,616.30
Cram Down Losses 0.00
Ending Principal Balance 182,060,917.33
Interest
Collections allocable to interest 2,920,823.54
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 750.00
---------------------
Total Interest 2,921,573.54
Certificate Information
Beginning of Period Class A Principal Balance 175,361,190.38
Beginning of Period Class B Principal Balance 9,229,536.00
Miscellaneous Balances
Beginning of Period Spread Account Balance 10,970,996.72
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 18,464.00
Aggregate Payahead Balance 57,766.59
Aggregate Payahead Balance for preceding Distribution Date 66,868.21
Interest Earned on Payahead Balances 370.05
Scheduled Payments due in Collection Period 5,239,933.38
Scheduled Payments collected in Collection Period 4,760,868.17
Aggregate Amount of Realized Losses for preceding Distribution Date 6,616.30
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 713.58
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 265 3,554,000.00
60+ days delinquent 80 1,042,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
11 139,197.12
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 4,596,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 139,197.12
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection Period. 0.00
Delinquency Ratio for second preceding Determination Date 0.98%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 20,049.25
Cumulative Net Losses for preceding Determination Date 736.31
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 5,296,309.17
Liquidation Proceeds 8,510.00
Recoveries 750.00
Purchase Amounts 139,197.12
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------------
Total Distribution Amount 5,444,766.29
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,840,044.63
Prepayments in full allocable to principal 535,441.00
Principal Balance of Liquidated Receivables 15,126.30
Purchase Amounts allocable to principal 139,197.12
Cram Down Losses 0.00
---------------------
Principal Distributable Amount 2,529,809.05
Class A Principal Distributable Amount
Principal Distributable Amount 2,529,809.05
Times Class A Percentage (95%) 95%
---------------------
2,403,318.60
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------------
Class A Principal Distributable Amount 2,403,318.60
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 175,361,190.38
Multiplied by Certificate Pass-Through Rate 6.00%
Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333
---------------------
Class A Interest Distributable Amount 876,805.95
Class B Principal Distributable Amount
Principal Distributable Amount 2,529,809.05
Times Class B Percentage (5%) 5%
---------------------
Class B Principal Distributable Amount 126,490.45
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 9,229,536.00
Multiplied by Certificate Pass-Through Rate 10.25%
Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333
---------------------
Class B Coupon Interest Amount 78,835.62
Class B Excess Interest Amount
Total Distribution Amount 5,444,766.29
minus
Class A Principal and Interest Distributable Amount 3,280,124.55
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 78,835.62
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 126,490.45
Class B Principal Carryover Shortfall 0.00
Trustee distributions 2,251.84
Standby Servicer distributions 3,845.64
Servicer distributions 326,115.21
Collateral Agent distributions 1,538.26
Reimbursement Obligations 59,093.94
---------------------
1,566,470.78
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
---------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
---------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,845.64 5,444,766.29 3,845.64
Servicing Fee (2.0%) 307,651.21 5,440,920.65 307,651.21 0.00
Additional Servicing Fee Amounts 18,464.00 5,133,269.44 18,464.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 5,114,805.44 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 5,114,805.44 0.00
(ii) Transition Expenses to Standby Servicer 0.00 5,114,805.44 0.00
(iii) Trustee Fee 1,538.26 5,114,805.44 1,538.26
Trustee's out-of-pocket expenses 713.58 5,113,267.18 713.58
Unpaid Trustee Fee from prior Collection Periods 0.00 5,112,553.60 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 5,112,553.60 0.00
Collection Periods
(iv) Collateral Agent Fee 1,538.26 5,112,553.60 1,538.26
Collateral Agent Expenses 0.00 5,111,015.34 0.00
Unpaid Collateral Agent Fee from prior 0.00 5,111,015.34 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 5,111,015.34 0.00
Collection Periods
(v) (A) Class A Interest Distributable Amount - 876,805.95 5,111,015.34 876,805.95
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 4,234,209.39 0.00
Class A Interest Carryover Shortfall 0.00 4,234,209.39 0.00
Interest on Interest Carryover from Prior Months 0.00 4,234,209.39 0.00
Current Month Class A Interest Carryover Shortfall 0.00 4,234,209.39 0.00
Class A Interest Distributable Amount 876,805.95 4,234,209.39 876,805.95
(viii)(A)Class B Coupon Interest - Unadjusted 78,835.62 3,357,403.44 78,835.62
Class B Interest Carryover Shortfall - Previous 0.00 3,278,567.82 0.00
Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00 3,278,567.82 0.00
Interest on Interest Carryover from Prior Months 0.00 3,278,567.82 0.00
Current Month Class B Interest Shortfall 0.00 3,278,567.82 0.00
Adjusted Class B Interest Distributable Amount 78,835.62 3,278,567.82 78,835.62
(v) (B) Class A Principal Distributable Amount - 2,403,318.60 3,199,732.20 2,403,318.60
Current Month
Class A Principal Carryover Shortfall - 0.00 796,413.60 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 796,413.60 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,403,318.60 796,413.60 796,413.60 638,129.10
(vi) Certificate Insurer Premium 59,093.94 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 126,490.45 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous 0.00 0.00 0.00
Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 126,490.45 0.00 0.00
Excess Interest (Shortage) Amount for Deposit 1,566,470.78 0.00 0.00
to (withdrawl from) Spread Account 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 175,361,190.38
Class A Principal Distributions 2,403,318.60
Class A End of Period Principal Balance 172,957,871.78
Class B Beginning of Period Principal Balance 9,229,536.00
Class B Principal Distributable Amount 126,490.45
Class B End of Period Principal Balance BEFORE Spread Account Distributions 9,103,045.55
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 9,103,045.55
Class A Deficiency - Interest
(i) Total Distribution Amount Available 5,444,766.29
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,210,556.90
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 4,234,209.39
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 4,234,209.39
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 78,835.62
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,155,373.77
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 4,155,373.77
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,403,318.60
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,752,055.17
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,752,055.17
(vi) Certificate Insurer Premium 59,093.94
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,692,961.23
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,692,961.23
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 126,490.45
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 1,566,470.78
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,566,470.78
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,596,000.00
Purchased receivables more than 30 days delinquent 139,197.12
---------------------
Total 4,735,197.12
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 205,832,193.13
Delinquency Ratio 2.30%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 2.30%
Delinquency Ratio for second preceding Determination Date 0.98%
Delinquency Ratio for third preceding Determination Date 0.00%
Average Delinquency Ratio 1.64% 1.09%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 20,049.25
Current Period Defaulted Receivables 0.00
---------------------
Total 20,049.25
Cumulative Defaulted Receivables 20,049.25
Original Pool Balance 186,954,818.61
Cumulative Default Ratio 0.01%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 15,126.30
Cram Down Losses 0.00
Net Liquidation Proceeds (9,260.00)
---------------------
Net Liquidation Losses 5,866.30
Cumulative Previous Net Losses 736.31
---------------------
Cumulative Net Losses 6,602.61
Original Pool Balance 186,954,818.61
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.10
Weighted Average Remaining Term 54.10
Weighted Average Annual Percentage Rate 20.35%
Spread Account
Spread Account Cap
13.5% of Outstanding Certificate Balance 24,578,223.84
18.5% of Outstanding Certificate Balance 33,681,269.71
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 24,578,223.84
Spread Account Floor
3% of the Initial Certificate Balance 5,608,644.56
Outstanding Certificate Balance 182,060,917.33
Minimum Floor 100,000.00
Floor Amount 5,608,644.56
Required Spread Account Amount 24,578,223.84
Beginning of Period Spread Account Balance 10,970,996.72
Spread Account Deposit (Withdrawal) from Current Distributions 1,566,470.78
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Allocations of cash releases from previous pools 1,540,849.65
Required addition to/(eligible withdrawal from) Spread Account 10,499,906.69
Earnings on Spread Account Balance 29,550.81
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 14,107,867.96
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
</TABLE>
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Revision #1
Distribution Date 6/15/98
Collection Period 5/98
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,346,314.45
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $215,013.67
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,131,300.78
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $27.78
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.55
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $25.24
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $129,191.04
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $17,017.31
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $112,173.73
(j) Scheduled Payments due in such Collection Period $1,636,701.67
(k) Scheduled Payments collected in such
Collection Period $1,474,236.44
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $40,841,535.76
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $38,710,234.96
(c) The Pool factor as of the close of business
on the last day set forth above 0.9478154
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $89,115.75
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,722.77
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.06
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.03
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $12,740.96
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $26,433.23
(b) Distributions (to) from Collection Account ($7,062.76)
for Payaheads
(c) Interest earned on Payahead Balances $107.49
(d) Ending Payahead Account Balance $19,477.96
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $5,806,535.24
Spread Account Balance $5,806,535.24
(b) The change in the spread account on the Distribution
Date set forth above ($319,695.12)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $10,694.88
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $594,880.88
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 108
Aggregate Gross Amount $1,070,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 116
Aggregate Gross Amount $1,228,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.26%
(b) Average Delinquency Ratio 5.72%
(c) Cumulative Default Ratio 16.15%
(d) Cumulative Net Loss Ratio 11.43%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,335,333.45
Lock Box NSF Items: (34,865.59)
Transfers from (to) Payahead Account: 7,062.76
Collection Account Interest 9,593.98
Payahead Account Interest 107.49
Total Collection Proceeds: 2,317,232.09
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 40,841,535.76
Principal portion of payments collected (non-prepayments) 885,868.15
Prepayments in full allocable to principal 589,120.00
Collections allocable to principal 1,474,988.15
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 160,864.52
Purchase Amounts allocable to principal 12,740.96
-------------------
Total Principal 1,648,593.63
Realized Losses 594,880.88
Cram Down Losses 0.00
Ending Principal Balance 38,598,061.25
Interest
Collections allocable to interest 588,368.29
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 80,270.17
-------------------
Total Interest 668,638.46
Certificate Information
Beginning of Period Class A Principal Balance 38,799,458.97
Beginning of Period Class B Principal Balance 2,042,076.77
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,126,230.36
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 21,046.52
Aggregate Payahead Balance 19,370.47
Aggregate Payahead Balance for preceding Distribution Date 26,433.23
Interest Earned on Payahead Balances 107.49
Scheduled Payments due in Collection Period 1,636,701.67
Scheduled Payments collected in Collection Period 1,474,236.44
Aggregate Amount of Realized Losses for preceding Distribution Date 594,880.88
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 267.77
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 108 1,070,000.00
60+ days delinquent 116 1,228,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 12,740.96
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 2,298,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 12,740.96
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection Period. 520,972.99
Delinquency Ratio for second preceding Determination Date 5.96%
Delinquency Ratio for third preceding Determination Date 5.94%
Cumulative Defaults for preceding Determination Date 13,836,132.49
Cumulative Net Losses for preceding Determination Date 9,642,404.12
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,063,356.44
Liquidation Proceeds 160,864.52
Recoveries 80,270.17
Purchase Amounts 12,740.96
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,317,232.09
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 885,868.15
Prepayments in full allocable to principal 589,120.00
Principal Balance of Liquidated Receivables 755,745.40
Purchase Amounts allocable to principal 12,740.96
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,243,474.51
Class A Principal Distributable Amount
Principal Distributable Amount 2,243,474.51
Times Class A Percentage (95%) 95%
-------------------
2,131,300.78
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,131,300.78
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 38,799,458.97
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 215,013.67
Class B Principal Distributable Amount
Principal Distributable Amount 2,243,474.51
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 112,173.73
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,042,076.77
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 17,017.31
Class B Excess Interest Amount
Total Distribution Amount 2,317,232.09
minus
Class A Principal and Interest Distributable Amount 2,346,314.45
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 17,017.31
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 112,173.73
Class B Principal Carryover Shortfall 0.00
Trustee distributions 778.29
Standby Servicer distributions 2,722.77
Servicer distributions 89,115.75
Collateral Agent distributions 510.52
Reimbursement Obligations 10,694.88
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 2,722.77 2,317,232.09 2,722.77 2,317,232.09
Servicing Fee (2.0%) 68,069.23 2,314,509.32 68,069.23 0.00
Additional Servicing Fee Amounts 21,046.52 2,246,440.09 21,046.52 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,225,393.57 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,225,393.57 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,225,393.57 0.00
(iii) Trustee Fee 510.52 2,225,393.57 510.52
Trustee's out-of-pocket expenses 267.77 2,224,883.05 267.77
Unpaid Trustee Fee from prior Collection Periods 0.00 2,224,615.28 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,224,615.28 0.00
Collection Periods
(iv) Collateral Agent Fee 510.52 2,224,615.28 510.52
Collateral Agent Expenses 0.00 2,224,104.76 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,224,104.76 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,224,104.76 0.00
Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 215,013.67 2,224,104.76 215,013.67
Prior Month(s) Class A Carryover Shortfall 0.00 2,009,091.09 0.00
Class A Interest Carryover Shortfall 0.00 2,009,091.09 0.00
Interest on Interest Carryover from Prior Months 0.00 2,009,091.09 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,009,091.09 0.00
Class A Interest Distributable Amount 215,013.67 2,009,091.09 215,013.67
(viii)(A)Class B Coupon Interest - Unadjusted 17,017.31 1,794,077.42 17,017.31
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,777,060.11 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,777,060.11 0.00
Interest on Interest Carryover from Prior Months 0.00 1,777,060.11 0.00
Current Month Class B Interest Shortfall 0.00 1,777,060.11 0.00
Adjusted Class B Interest Distributable Amount 17,017.31 1,777,060.11 17,017.31
(v) (B) Class A Principal Distributable Amount - Current Month 2,131,300.78 1,760,042.80 1,760,042.80 185,931.31
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (139,227.00) 0.00 (139,227.00)
Withdrawl from Spread Account to Cover Shortfall 139,227.00
Class A Principal Distribution Amount 2,131,300.78 139,227.00 139,227.00 0.00
(vi) Certificate Insurer Premium 10,694.88 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - 112,173.73 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (112,173.73) 0.00 (112,173.73)
Adjusted Class B Principal Distributable Amount 0.00 112,173.73 0.00
Excess Interest Amount for Deposit in Spread Account (149,921.88) 112,173.73 (149,921.88)
262,095.61 262,095.61
Certificate Balance
Class A Beginning of Period Principal Balance 38,799,458.97
Class A Principal Distributions 2,131,300.78
Class A End of Period Principal Balance 36,668,158.19
Class B Beginning of Period Principal Balance 2,042,076.77
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,042,076.77
Withdrawl from Spread Account to Cover B Shortfalls 112,173.73
Class B End of Period Principal Balance AFTER Spread Account Distributions 1,929,903.04
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,317,232.09
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 308,141.00
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,009,091.09
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,009,091.09
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 17,017.31
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,992,073.78
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,992,073.78
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,131,300.78
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 139,227.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 10,694.88
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (10,694.88)
Withdrawl from Spread Account to Cover Deficiency 10,694.88
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 112,173.73
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (112,173.73)
Withdrawl from Spread Account to B PieceCover Shortfalls (112,173.73)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,298,000.00
Purchased receivables more than 30 days delinquent 12,740.96
-------------------
Total 2,310,740.96
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 205,832,193.13
Delinquency Ratio 5.26%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.26%
Delinquency Ratio for second preceding Determination Date 5.96%
Delinquency Ratio for third preceding Determination Date 5.94%
Average Delinquency Ratio 5.72% 5.72%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 13,836,132.49
Current Period Defaulted Receivables 520,972.99
-------------------
Total 14,357,105.48
Cumulative Defaulted Receivables 14,357,105.48
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 16.15%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 755,745.40
Cram Down Losses 0.00
Net Liquidation Proceeds (241,134.69)
-------------------
Net Liquidation Losses 514,610.71
Cumulative Previous Net Losses 9,642,404.12
-------------------
Cumulative Net Losses 10,157,014.83
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 11.43%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 32.25
Weighted Average Annual Percentage Rate 20.37%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 3,871,023.50
15% of Outstanding Certificate Balance 5,806,535.24
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 5,806,535.24
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 38,710,234.96
Minimum Floor 100,000.00
Floor Amount 2,667,022.51
Required Spread Account Amount 5,806,535.24
Beginning of Period Spread Account Balance 6,126,230.36
Spread Account Deposit (Withdrawal) from Current Distributions (149,921.88)
Transfer (to) from Cross-Collateralized Spread Accounts (11,688.63)
Required addition to/(eligible withdrawal from) Spread Account (158,084.61)
Earnings on Spread Account Balance 31,650.71
Amount of Spread Account deposit (withdrawal) (189,735.32)
Amount of Withdrawl Allocated to B Piece Shortfalls 112,173.73
Net Spread Account Withdrawl to Seller (77,561.59)
Ending Spread Account Balance 5,806,535.24
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
Revision #1
Distribution Date 6/15/98
Collection Period 5/98
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $1,831,552.66
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $264,926.66
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,566,626.00
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $20.93
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.03
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $17.90
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $105,970.66
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $23,516.66
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $82,454.00
(j) Scheduled Payments due in such Collection Period $1,866,814.98
(k) Scheduled Payments collected in such
Collection Period $2,067,698.02
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $49,946,896.65
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $48,297,816.62
(c) The Pool factor as of the close of business
on the last day set forth above 0.9669833
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $100,427.87
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,329.79
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.15
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 2
Aggregate Purchase Amount $16,080.87
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $30,420.97
(b) Distributions (to) from Collection Account ($10,208.38)
for Payaheads
(c) Interest earned on Payahead Balances $122.55
(d) Ending Payahead Account Balance $20,335.14
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $4,829,781.66
Spread Account Balance $4,829,781.66
(b) The change in the spread account on the Distribution
Date set forth above ($164,908.00)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $13,382.52
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $63,440.63
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 139
Aggregate Gross Amount $1,547,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 172
Aggregate Gross Amount $2,181,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.71%
(b) Average Delinquency Ratio 6.85%
(c) Cumulative Default Ratio 14.58%
(d) Cumulative Net Loss Ratio 8.89%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,647,308.29
Lock Box NSF Items: (41,737.76)
Transfers from (to) Payahead Account: 10,208.38
Collection Account Interest 10,821.87
Payahead Account Interest 122.55
Total Collection Proceeds: 2,626,723.33
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 49,946,896.65
Principal portion of payments collected (non-prepayments) 1,107,899.96
Prepayments in full allocable to principal 446,087.00
Collections allocable to principal 1,553,986.96
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 15,571.54
Purchase Amounts allocable to principal 16,080.87
Total Principal 1,585,639.37
Realized Losses 63,440.63
Cram Down Losses 0.00
Ending Principal Balance 48,297,816.65
Interest
Collections allocable to interest 959,798.06
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 81,285.90
Total Interest 1,041,083.96
Certificate Information
Beginning of Period Class A Principal Balance 47,449,551.79
Beginning of Period Class B Principal Balance 2,497,344.83
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,994,689.66
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,183.04
Aggregate Payahead Balance 20,212.59
Aggregate Payahead Balance for preceding Distribution Date 30,420.97
Interest Earned on Payahead Balances 122.55
Scheduled Payments due in Collection Period 1,866,814.98
Scheduled Payments collected in Collection Period 2,067,698.02
Aggregate Amount of Realized Losses for preceding Distribution Date 63,440.63
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 324.87
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 139 1,547,000.00
60+ days delinquent 172 2,181,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
2 16,080.87
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 3,728,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 16,080.87
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection Period. 547,445.14
Delinquency Ratio for second preceding Determination Date 7.12%
Delinquency Ratio for third preceding Determination Date 6.72%
Cumulative Defaults for preceding Determination Date 12,884,375.64
Cumulative Net Losses for preceding Determination Date 8,211,471.47
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,513,785.02
Liquidation Proceeds 15,571.54
Recoveries 81,285.90
Purchase Amounts 16,080.87
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,626,723.33
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,107,899.96
Prepayments in full allocable to principal 446,087.00
Principal Balance of Liquidated Receivables 79,012.17
Purchase Amounts allocable to principal 16,080.87
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,649,080.00
Class A Principal Distributable Amount
Principal Distributable Amount 1,649,080.00
Times Class A Percentage (95%) 95%
-------------------
1,566,626.00
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,566,626.00
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 47,449,551.79
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 264,926.66
Class B Principal Distributable Amount
Principal Distributable Amount 1,649,080.00
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 82,454.00
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,497,344.83
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 23,516.66
Class B Excess Interest Amount
Total Distribution Amount 2,626,723.33
minus
Class A Principal and Interest Distributable Amount 1,831,552.66
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 23,516.66
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 82,454.00
Class B Principal Carryover Shortfall 0.00
Trustee distributions 949.21
Standby Servicer distributions 3,329.79
Servicer distributions 100,427.87
Collateral Agent distributions 624.34
Reimbursement Obligations 13,382.52
-------------------
570,486.28
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,329.79 0.00 0.00 82,454.00
Servicing Fee (2.0%) 83,244.83 0.00 0.00 0.00
Additional Servicing Fee Amounts 17,183.04 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 624.34 0.00 0.00
Trustee's out-of-pocket expenses 324.87 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 0.00 0.00
Collection Periods
(iv) Collateral Agent Fee 624.34 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 0.00 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 264,926.66 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00
Class A Interest Distributable Amount 264,926.66 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 23,516.66 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00 82,454.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00 82,454.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 23,516.66 0.00 0.00
(v) (B) Class A Principal Distributable Amount - Current Month 1,566,626.00 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,566,626.00 0.00 0.00
(vi) Certificate Insurer Premium 13,382.52 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 82,454.00 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 82,454.00 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 570,486.28 0.00 0.00
0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 47,449,551.79
Class A Principal Distributions 1,566,626.00
Class A End of Period Principal Balance 45,882,925.79
Class B Beginning of Period Principal Balance 2,497,344.83
Class B Principal Distributable Amount 82,454.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,414,890.83
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,414,890.83
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,626,723.33
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 370,257.87
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,256,465.46
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,256,465.46
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 23,516.66
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,232,948.80
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,232,948.80
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,566,626.00
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 666,322.80
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 666,322.80
(vi) Certificate Insurer Premium 13,382.52
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 652,940.28
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 652,940.28
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 82,454.00
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 570,486.28
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 570,486.28
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,728,000.00
Purchased receivables more than 30 days delinquent 16,080.87
-------------------
Total 3,744,080.87
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 55,763,709.54
Delinquency Ratio 6.71%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.71%
Delinquency Ratio for second preceding Determination Date 7.12%
Delinquency Ratio for third preceding Determination Date 6.72%
-------------------
Average Delinquency Ratio 6.85% 6.85%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 12,884,375.64
Current Period Defaulted Receivables 547,445.14
-------------------
Total 13,431,820.78
Cumulative Defaulted Receivables 13,431,820.78
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 14.58%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 79,012.17
Cram Down Losses 0.00
Net Liquidation Proceeds (96,857.44)
-------------------
Net Liquidation Losses (17,845.27)
Cumulative Previous Net Losses 8,211,471.47
-------------------
Cumulative Net Losses 8,193,626.20
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 8.89%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 36.19
Weighted Average Annual Percentage Rate 20.49%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,829,781.66
15% of Outstanding Certificate Balance 7,244,672.49
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 4,829,781.66
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 48,297,816.62
Minimum Floor 100,000.00
Floor Amount 2,763,878.99
Required Spread Account Amount 4,829,781.66
Beginning of Period Spread Account Balance 4,994,689.66
Spread Account Deposit (Withdrawal) from Current Distributions 570,486.28
Transfer (to) from Cross-Collateralized Spread Accounts (99,671.76)
Required addition to/(eligible withdrawal from) Spread Account (635,722.52)
Earnings on Spread Account Balance 25,663.91
Amount of Spread Account deposit (withdrawal) (661,386.43)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (661,386.43)
Ending Spread Account Balance 4,829,781.66
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Revision #1
Distribution Date 6/15/98
Collection Period 5/98
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,313,522.32
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $291,782.54
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,021,739.78
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $26.23
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.31
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $22.92
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $131,149.15
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $24,741.79
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $106,407.36
(j) Scheduled Payments due in such Collection Period $2,028,923.49
(k) Scheduled Payments collected in such
Collection Period $1,809,753.41
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $58,502,764.61
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $56,374,617.46
(c) The Pool factor as of the close of business
on the last day set forth above 0.9636231
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $117,577.40
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,900.18
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.33
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $33,342.13
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $28,756.47
(b) Distributions (to) from Collection Account ($9,047.26)
for Payaheads
(c) Interest earned on Payahead Balances $128.79
(d) Ending Payahead Account Balance $19,838.00
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $5,637,461.75
Spread Account Balance $5,637,461.75
(b) The change in the spread account on the Distribution
Date set forth above ($226,019.55)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $15,620.47
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $445,176.60
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 158
Aggregate Gross Amount $1,810,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 204
Aggregate Gross Amount $2,693,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.90%
(b) Average Delinquency Ratio 6.99%
(c) Cumulative Default Ratio 11.98%
(d) Cumulative Net Loss Ratio 7.92%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,661,805.65
Lock Box NSF Items: (40,668.09)
Transfers from (to) Payahead Account: 9,047.26
Collection Account Interest 11,237.42
Payahead Account Interest 128.79
Total Collection Proceeds: 2,641,551.03
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 58,502,764.61
Principal portion of payments collected (non-prepayments) 918,055.02
Prepayments in full allocable to principal 481,629.00
Collections allocable to principal 1,399,684.02
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 249,944.39
Purchase Amounts allocable to principal 33,342.13
-------------------
Total Principal 1,682,970.54
Realized Losses 445,176.60
Cram Down Losses 0.00
Ending Principal Balance 56,374,617.47
Interest
Collections allocable to interest 891,698.39
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 66,882.10
-------------------
Total Interest 958,580.49
Certificate Information
Beginning of Period Class A Principal Balance 55,577,626.35
Beginning of Period Class B Principal Balance 2,925,138.25
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,863,481.30
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 20,072.79
Aggregate Payahead Balance 19,709.21
Aggregate Payahead Balance for preceding Distribution Date 28,756.47
Interest Earned on Payahead Balances 128.79
Scheduled Payments due in Collection Period 2,028,923.49
Scheduled Payments collected in Collection Period 1,809,753.41
Aggregate Amount of Realized Losses for preceding Distribution Date 445,176.60
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 381.78
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 158 1,810,000.00
60+ days delinquent 204 2,693,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 33,342.13
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 4,503,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 33,342.13
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection Period. 719,167.68
Delinquency Ratio for second preceding Determination Date 6.96%
Delinquency Ratio for third preceding Determination Date 7.11%
Cumulative Defaults for preceding Determination Date 10,405,134.18
Cumulative Net Losses for preceding Determination Date 6,973,705.13
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,291,382.41
Liquidation Proceeds 249,944.39
Recoveries 66,882.10
Purchase Amounts 33,342.13
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,641,551.03
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 918,055.02
Prepayments in full allocable to principal 481,629.00
Principal Balance of Liquidated Receivables 695,120.99
Purchase Amounts allocable to principal 33,342.13
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,128,147.14
Class A Principal Distributable Amount
Principal Distributable Amount 2,128,147.14
Times Class A Percentage (95%) 95%
-------------------
2,021,739.78
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,021,739.78
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 55,577,626.35
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 291,782.54
Class B Principal Distributable Amount
Principal Distributable Amount 2,128,147.14
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 106,407.36
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,925,138.25
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 24,741.79
Class B Excess Interest Amount
Total Distribution Amount 2,641,551.03
minus
Class A Principal and Interest Distributable Amount 2,313,522.32
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 24,741.79
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 106,407.36
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,113.06
Standby Servicer distributions 3,900.18
Servicer distributions 117,577.40
Collateral Agent distributions 731.28
Reimbursement Obligations 15,620.47
-------------------
57,937.17
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,900.18 2,641,551.03 3,900.18 2,641,551.03
Servicing Fee (2.0%) 97,504.61 2,637,650.85 97,504.61 0.00
Additional Servicing Fee Amounts 20,072.79 2,540,146.24 20,072.79 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,520,073.45 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,520,073.45 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,520,073.45 0.00
(iii) Trustee Fee 731.28 2,520,073.45 731.28
Trustee's out-of-pocket expenses 381.78 2,519,342.17 381.78
Unpaid Trustee Fee from prior Collection Periods 0.00 2,518,960.39 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,518,960.39 0.00
Collection Periods
(iv) Collateral Agent Fee 731.28 2,518,960.39 731.28
Collateral Agent Expenses 0.00 2,518,229.11 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,518,229.11 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,518,229.11 0.00
Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 291,782.54 2,518,229.11 291,782.54
Prior Month(s) Class A Carryover Shortfall 0.00 2,226,446.57 0.00
Class A Interest Carryover Shortfall 0.00 2,226,446.57 0.00
Interest on Interest Carryover from Prior Months 0.00 2,226,446.57 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,226,446.57 0.00
Class A Interest Distributable Amount 291,782.54 2,226,446.57 291,782.54
(viii)(A)Class B Coupon Interest - Unadjusted 24,741.79 1,934,664.03 24,741.79
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,909,922.24 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,909,922.24 0.00
Interest on Interest Carryover from Prior Months 0.00 1,909,922.24 0.00
Current Month Class B Interest Shortfall 0.00 1,909,922.24 0.00
Adjusted Class B Interest Distributable Amount 24,741.79 1,909,922.24 24,741.79
(v) (B) Class A Principal Distributable Amount - Current Month 2,021,739.78 1,885,180.45 1,885,180.45 619,811.25
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,021,739.78 0.00 0.00 0.00
(vi) Certificate Insurer Premium 15,620.47 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 106,407.36 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 106,407.36 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 57,937.17 0.00 0.00
0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 55,577,626.35
Class A Principal Distributions 2,021,739.78
Class A End of Period Principal Balance 53,555,886.57
Class B Beginning of Period Principal Balance 2,925,138.25
Class B Principal Distributable Amount 106,407.36
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,818,730.89
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,818,730.89
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,641,551.03
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 415,104.46
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,226,446.57
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,226,446.57
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 24,741.79
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,201,704.78
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,201,704.78
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,021,739.78
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 179,965.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 179,965.00
(vi) Certificate Insurer Premium 15,620.47
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 164,344.53
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 164,344.53
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 106,407.36
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 57,937.17
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 57,937.17
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,503,000.00
Purchased receivables more than 30 days delinquent 33,342.13
-------------------
Total 4,536,342.13
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 65,733,341.59
Delinquency Ratio 6.90%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.90%
Delinquency Ratio for second preceding Determination Date 6.96%
Delinquency Ratio for third preceding Determination Date 7.11%
-------------------
Average Delinquency Ratio 6.99% 6.99%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 10,405,134.18
Current Period Defaulted Receivables 719,167.68
-------------------
Total 11,124,301.86
Cumulative Defaulted Receivables 11,124,301.86
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 11.98%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 695,120.99
Cram Down Losses 0.00
Net Liquidation Proceeds (316,826.49)
-------------------
Net Liquidation Losses 378,294.50
Cumulative Previous Net Losses 6,973,705.13
-------------------
Cumulative Net Losses 7,351,999.63
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 7.92%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 39.39
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,637,461.75
15% of Outstanding Certificate Balance 8,456,192.62
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 5,637,461.75
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 56,374,617.46
Minimum Floor 100,000.00
Floor Amount 2,785,734.33
Required Spread Account Amount 5,637,461.75
Beginning of Period Spread Account Balance 5,863,481.30
Spread Account Deposit (Withdrawal) from Current Distributions 57,937.17
Transfer (to) from Cross-Collateralized Spread Accounts (41,126.83)
Required addition to/(eligible withdrawal from) Spread Account (242,829.89)
Earnings on Spread Account Balance 30,073.15
Amount of Spread Account deposit (withdrawal) (272,903.04)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (272,903.04)
Ending Spread Account Balance 5,637,461.75
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
Current month excess servicing fee #REF!
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Revision #1
Distribution Date 6/15/98
Collection Period 5/98
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,857,250.17
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $370,074.47
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,487,175.70
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $29.39
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.81
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $25.59
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $165,577.09
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $34,673.11
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $130,903.98
(j) Scheduled Payments due in such Collection Period $2,350,217.63
(k) Scheduled Payments collected in such
Collection Period $2,143,805.14
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $71,368,318.01
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $68,822,503.51
(c) The Pool factor as of the close of business
on the last day set forth above 0.9643285
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $138,167.51
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,757.89
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.42
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $5,899.86
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $30,823.70
(b) Distributions (to) from Collection Account ($3,622.44)
for Payaheads
(c) Interest earned on Payahead Balances $356.82
(d) Ending Payahead Account Balance $27,558.08
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,882,250.35
Spread Account Balance $6,882,250.35
(b) The change in the spread account on the Distribution
Date set forth above ($269,555.60)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $19,049.55
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $662,475.32
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 209
Aggregate Gross Amount $2,503,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 236
Aggregate Gross Amount $3,071,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.97%
(b) Average Delinquency Ratio 7.06%
(c) Cumulative Default Ratio 11.45%
(d) Cumulative Net Loss Ratio 6.90%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,144,092.26
Lock Box NSF Items: (47,086.60)
Transfers from (to) Payahead Account: 3,622.44
Collection Account Interest 13,801.75
Payahead Account Interest 356.82
Total Collection Proceeds: 3,114,786.67
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 71,368,318.01
Principal portion of payments collected (non-prepayments) 1,060,057.93
Prepayments in full allocable to principal 524,606.00
Collections allocable to principal 1,584,663.93
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 365,040.57
Purchase Amounts allocable to principal 5,899.86
-------------------
Total Principal 1,955,604.36
Realized Losses 662,475.32
Cram Down Losses 0.00
Ending Principal Balance 68,750,238.33
Interest
Collections allocable to interest 1,083,747.21
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 75,435.10
-------------------
Total Interest 1,159,182.31
Certificate Information
Beginning of Period Class A Principal Balance 67,799,902.11
Beginning of Period Class B Principal Balance 3,568,415.90
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,151,805.95
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,220.31
Aggregate Payahead Balance 27,201.26
Aggregate Payahead Balance for preceding Distribution Date 30,823.70
Interest Earned on Payahead Balances 356.82
Scheduled Payments due in Collection Period 2,350,217.63
Scheduled Payments collected in Collection Period 2,143,805.14
Aggregate Amount of Realized Losses for preceding Distribution Date 662,475.32
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 465.44
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 209 2,503,000.00
60+ days delinquent 236 3,071,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 5,899.86
Information for Portfolio Performance Tests
PrincipalBalance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,574,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 5,899.86
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection Period. 841,522.99
Delinquency Ratio for second preceding Determination Date 7.18%
Delinquency Ratio for third preceding Determination Date 7.02%
Cumulative Defaults for preceding Determination Date 10,877,989.46
Cumulative Net Losses for preceding Determination Date 6,476,256.02
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,668,411.14
Liquidation Proceeds 365,040.57
Recoveries 75,435.10
Purchase Amounts 5,899.86
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,114,786.67
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,060,057.93
Prepayments in full allocable to principal 524,606.00
Principal Balance of Liquidated Receivables 1,027,515.89
Purchase Amounts allocable to principal 5,899.86
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,618,079.68
Class A Principal Distributable Amount
Principal Distributable Amount 2,618,079.68
Times Class A Percentage (95%) 95%
-------------------
2,487,175.70
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,487,175.70
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 67,799,902.11
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 370,074.47
Class B Principal Distributable Amount
Principal Distributable Amount 2,618,079.68
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 130,903.98
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,568,415.90
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 34,673.11
Class B Excess Interest Amount
Total Distribution Amount 3,114,786.67
minus
Class A Principal and Interest Distributable Amount 2,857,250.17
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 34,673.11
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 130,903.98
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,357.54
Standby Servicer distributions 4,757.89
Servicer distributions 138,167.51
Collateral Agent distributions 892.10
Reimbursement Obligations 19,049.55
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,757.89 3,114,786.67 4,757.89 3,114,786.67
Servicing Fee (2.0%) 118,947.20 3,110,028.78 118,947.20 0.00
Additional Servicing Fee Amounts 19,220.31 2,991,081.58 19,220.31 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,971,861.27 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,971,861.27 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,971,861.27 0.00
(iii) Trustee Fee 892.10 2,971,861.27 892.10
Trustee's out-of-pocket expenses 465.44 2,970,969.17 465.44
Unpaid Trustee Fee from prior Collection Periods 0.00 2,970,503.73 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,970,503.73 0.00
Collection Periods
(iv) Collateral Agent Fee 892.10 2,970,503.73 892.10
Collateral Agent Expenses 0.00 2,969,611.63 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,969,611.63 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,969,611.63 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 370,074.47 2,969,611.63 370,074.47
Prior Month(s) Class A Carryover Shortfall 0.00 2,599,537.16 0.00
Class A Interest Carryover Shortfall 0.00 2,599,537.16 0.00
Interest on Interest Carryover from Prior Months 0.00 2,599,537.16 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,599,537.16 0.00
Class A Interest Distributable Amount 370,074.47 2,599,537.16 370,074.47
(viii)(A)Class B Coupon Interest - Unadjusted 34,673.11 2,229,462.69 34,673.11
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,194,789.58 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,194,789.58 0.00
Interest on Interest Carryover from Prior Months 0.00 2,194,789.58 0.00
Current Month Class B Interest Shortfall 0.00 2,194,789.58 0.00
Adjusted Class B Interest Distributable Amount 34,673.11 2,194,789.58 34,673.11
(v) (B) Class A Principal Distributable Amount - Current Month 2,487,175.70 2,160,116.47 2,160,116.47 627,610.97
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,487,175.70 0.00 0.00 0.00
(vi) Certificate Insurer Premium 19,049.55 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 130,903.98 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (72,265.18) 0.00 (72,265.18)
Adjusted Class B Principal Distributable Amount 58,638.81 72,265.18 58,638.81
Excess Interest Amount for Deposit in Spread Account 0.00 13,626.37 0.00
13,626.37 13,626.37
Certificate Balance
Class A Beginning of Period Principal Balance 67,799,902.11
Class A Principal Distributions 2,487,175.70
Class A End of Period Principal Balance 65,312,726.41
Class B Beginning of Period Principal Balance 3,568,415.90
Class B Principal Distributable Amount 58,638.81
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,509,777.09
Withdrawl from Spread Account to Cover B Shortfalls 72,265.18
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,437,511.92
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,114,786.67
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 515,249.51
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,599,537.16
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,599,537.16
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 34,673.11
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,564,864.05
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,564,864.05
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,487,175.70
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 77,688.35
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 77,688.35
(vi) Certificate Insurer Premium 19,049.55
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 58,638.81
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 58,638.81
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 130,903.98
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (72,265.18)
Withdrawl from Spread Account to B PieceCover Shortfalls (72,265.18)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,574,000.00
Purchased receivables more than 30 days delinquent 5,899.86
-------------------
Total 5,579,899.86
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 80,055,983.02
Delinquency Ratio 6.97%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.97%
Delinquency Ratio for second preceding Determination Date 7.18%
Delinquency Ratio for third preceding Determination Date 7.02%
-------------------
Average Delinquency Ratio 7.06% 7.06%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 10,877,989.46
Current Period Defaulted Receivables 841,522.99
-------------------
Total 11,719,512.45
Cumulative Defaulted Receivables 11,719,512.45
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 11.45%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,027,515.89
Cram Down Losses 0.00
Net Liquidation Proceeds (440,475.67)
-------------------
Net Liquidation Losses 587,040.22
Cumulative Previous Net Losses 6,476,256.02
-------------------
Cumulative Net Losses 7,063,296.24
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 6.90%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 42.26
Weighted Average Annual Percentage Rate 20.56%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,882,250.35
15% of Outstanding Certificate Balance 10,323,375.53
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 6,882,250.35
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 68,822,503.51
Minimum Floor 100,000.00
Floor Amount 3,069,810.29
Required Spread Account Amount 6,882,250.35
Beginning of Period Spread Account Balance 7,151,805.95
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (30,633.34)
Required addition to/(eligible withdrawal from) Spread Account (238,922.26)
Earnings on Spread Account Balance 36,614.92
Amount of Spread Account deposit (withdrawal) (275,537.18)
Amount of Withdrawl Allocated to B Piece Shortfalls 72,265.18
Net Spread Account Withdrawl to Seller (203,272.00)
Ending Spread Account Balance 6,882,250.35
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
Revision #1
Distribution Date 6/15/98
Collection Period 5/98
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $4,302,103.64
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $486,197.17
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,815,906.47
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $37.94
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.29
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $33.65
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $44,021.33
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $44,021.33
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $2,886,602.78
(k) Scheduled Payments collected in such
Collection Period $2,597,829.74
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $92,352,450.94
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $88,536,544.47
(c) The Pool factor as of the close of business
on the last day set forth above 0.9586810
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $180,389.04
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,156.83
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.59
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 4
Aggregate Purchase Amount $36,467.88
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $40,693.73
(b) Distributions (to) from Collection Account ($14,527.58)
for Payaheads
(c) Interest earned on Payahead Balances $159.14
(d) Ending Payahead Account Balance $26,325.29
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,968,289.00
Spread Account Balance $7,968,289.00
(b) The change in the spread account on the Distribution
Date set forth above ($359,276.64)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $24,476.35
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,541,370.57
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 283
Aggregate Gross Amount $3,581,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 212
Aggregate Gross Amount $2,947,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.44%
(b) Average Delinquency Ratio 6.46%
(c) Cumulative Default Ratio 8.50%
(d) Cumulative Net Loss Ratio 5.24%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,963,761.69
Lock Box NSF Items: (52,231.20)
Transfers from (to) Payahead Account: 14,527.58
Collection Account Interest 15,777.04
Payahead Account Interest 159.14
Total Collection Proceeds: 3,941,994.25
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 92,352,450.94
Principal portion of payments collected (non-prepayments) 1,206,977.71
Prepayments in full allocable to principal 640,307.00
Collections allocable to principal 1,847,284.71
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 591,620.49
Purchase Amounts allocable to principal 36,467.88
-------------------
Total Principal 2,475,373.08
Realized Losses 1,541,370.57
Cram Down Losses 0.00
Ending Principal Balance 88,335,707.29
Interest
Collections allocable to interest 1,390,852.03
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 75,769.14
-------------------
Total Interest 1,466,621.17
Certificate Information
Beginning of Period Class A Principal Balance 87,734,828.41
Beginning of Period Class B Principal Balance 4,617,622.53
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,327,565.64
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 26,468.29
Aggregate Payahead Balance 26,166.15
Aggregate Payahead Balance for preceding Distribution Date 40,693.73
Interest Earned on Payahead Balances 159.14
Scheduled Payments due in Collection Period 2,886,602.78
Scheduled Payments collected in Collection Period 2,597,829.74
Aggregate Amount of Realized Losses for preceding Distribution Date 1,541,370.57
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 541.99
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 283 3,581,000.00
60+ days delinquent 212 2,947,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
4 36,467.88
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 6,528,000.00
PrincipalBalance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 36,467.88
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection
Period. 1,037,606.11
Delinquency Ratio for second preceding Determination Date 6.58%
Delinquency Ratio for third preceding Determination Date 6.37%
Cumulative Defaults for preceding Determination Date 9,105,670.24
Cumulative Net Losses for preceding Determination Date 4,789,844.53
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,238,136.74
Liquidation Proceeds 591,620.49
Recoveries 75,769.14
Purchase Amounts 36,467.88
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,941,994.25
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,206,977.71
Prepayments in full allocable to principal 640,307.00
Principal Balance of Liquidated Receivables 2,132,991.06
Purchase Amounts allocable to principal 36,467.88
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 4,016,743.65
Class A Principal Distributable Amount
Principal Distributable Amount 4,016,743.65
Times Class A Percentage (95%) 95%
-------------------
3,815,906.47
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,815,906.47
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 87,734,828.41
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class A Interest Distributable Amount 486,197.17
Class B Principal Distributable Amount
Principal Distributable Amount 4,016,743.65
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 200,837.18
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,617,622.53
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 44,021.33
Class B Excess Interest Amount
Total Distribution Amount 3,941,994.25
minus
Class A Principal and Interest Distributable Amount 4,302,103.64
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 44,021.33
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 200,837.18
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,696.40
Standby Servicer distributions 6,156.83
Servicer distributions 180,389.04
Collateral Agent distributions 1,154.41
Reimbursement Obligations 24,476.35
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 6,156.83 3,941,994.25 6,156.83
Servicing Fee (2.0%) 153,920.75 3,935,837.42 153,920.75 0.00
Additional Servicing Fee Amounts 26,468.29 3,781,916.67 26,468.29 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,755,448.38 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,755,448.38 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,755,448.38 0.00
(iii) Trustee Fee 1,154.41 3,755,448.38 1,154.41
Trustee's out-of-pocket expenses 541.99 3,754,293.97 541.99
Unpaid Trustee Fee from prior Collection Periods 0.00 3,753,751.98 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,753,751.98 0.00
Collection Periods
(iv) Collateral Agent Fee 1,154.41 3,753,751.98 1,154.41
Collateral Agent Expenses 0.00 3,752,597.57 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,752,597.57 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,752,597.57 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 486,197.17 3,752,597.57 486,197.17
Prior Month(s) Class A Carryover Shortfall 0.00 3,266,400.40 0.00
Class A Interest Carryover Shortfall 0.00 3,266,400.40 0.00
Interest on Interest Carryover from Prior Months 0.00 3,266,400.40 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,266,400.40 0.00
Class A Interest Distributable Amount 486,197.17 3,266,400.40 486,197.17
(viii)(A)Class B Coupon Interest - Unadjusted 44,021.33 2,780,203.23 44,021.33
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,736,181.90 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,736,181.90 0.00
Interest on Interest Carryover from Prior Months 0.00 2,736,181.90 0.00
Current Month Class B Interest Shortfall 0.00 2,736,181.90 0.00
Adjusted Class B Interest Distributable Amount 44,021.33 2,736,181.90 44,021.33
(v) (B) Class A Principal Distributable Amount - Current Month 3,815,906.47 2,692,160.57 2,692,160.57 126,087.78
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (593,527.40) 0.00 (593,527.40)
Withdrawl from Spread Account to Cover Shortfall 593,527.40
Class A Principal Distribution Amount 3,815,906.47 593,527.40 593,527.40 0.00
(vi) Certificate Insurer Premium 24,476.35 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 200,837.18 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (200,837.18) 0.00 (200,837.18)
Adjusted Class B Principal Distributable Amount 0.00 200,837.18 0.00
Excess Interest (Shortage) Amount for Deposit to (withdrawl from) (618,003.75) 200,837.18 (618,003.75)
Spread Account 818,840.93 818,840.93
Certificate Balance
Class A Beginning of Period Principal Balance 87,734,828.41
Class A Principal Distributions 3,815,906.47
Class A End of Period Principal Balance 83,918,921.94
Class B Beginning of Period Principal Balance 4,617,622.53
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,617,622.53
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,617,622.53
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,941,994.25
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 675,593.85
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,266,400.40
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,266,400.40
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 44,021.33
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,222,379.07
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,222,379.07
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,815,906.47
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 593,527.40
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 24,476.35
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (24,476.35)
Withdrawl from Spread Account to Cover Deficiency 24,476.35
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 200,837.18
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (200,837.18)
Withdrawl from Spread Account to B PieceCover Shortfalls (0.00)
Adjusted Amount Remaining for Further Distribution/(Deficiency) (200,837.18)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,528,000.00
Purchased receivables more than 30 days delinquent 36,467.88
-------------------
Total 6,564,467.88
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 101,907,274.35
Delinquency Ratio 6.44%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.44%
Delinquency Ratio for second preceding Determination Date 6.58%
Delinquency Ratio for third preceding Determination Date 6.37%
-------------------
Average Delinquency Ratio 6.46% 6.46%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 9,105,670.24
Current Period Defaulted Receivables 1,037,606.11
-------------------
Total 10,143,276.35
Cumulative Defaulted Receivables 10,143,276.35
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 8.50%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,132,991.06
Cram Down Losses 0.00
Net Liquidation Proceeds (667,389.63)
-------------------
Net Liquidation Losses 1,465,601.43
Cumulative Previous Net Losses 4,789,844.53
-------------------
Cumulative Net Losses 6,255,445.96
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 5.24%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 44.70
Weighted Average Annual Percentage Rate 20.50%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 7,968,289.00
15% of Outstanding Certificate Balance 13,280,481.67
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 7,968,289.00
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 88,536,544.47
Minimum Floor 100,000.00
Floor Amount 3,580,860.93
Required Spread Account Amount 7,968,289.00
Beginning of Period Spread Account Balance 8,327,565.64
Spread Account Deposit (Withdrawal) from Current Distributions (618,003.75)
Transfer (to) from Cross-Collateralized Spread Accounts 216,327.94
Required addition to/(eligible withdrawal from) Spread Account 42,399.17
Earnings on Spread Account Balance 42,399.17
Amount of Spread Account deposit (withdrawal) (0.00)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,968,289.00
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-3
6.10% Asset-Backed Notes, Class A-1
6.38% Asset-Backed Notes, Class A-2
10.65% Asset-Backed Notes, Class B
10.65% Asset-Backed Certificates
REVISION #1
Distribution Date 6/15/98
Collection Period 5/98
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $4,683,631.20
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $253,401.38
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $4,430,229.82
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $57.94
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.13
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $54.81
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $327,868.20
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $327,868.20
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $5.31
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to Class B
Noteholders on the Distribution Date set forth above $28,329.68
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $28,329.68
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $0.00
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $28,329.68
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $28,329.68
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $0.00
(s) Scheduled Payments due in such Collection Period $3,798,946.08
(t) Scheduled Payments collected in such
Collection Period $3,521,457.80
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $125,966,905.07
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(r) above $113,471,374.82
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i),(o) above $110,279,297.92
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8754625
(e) Aggregate principal amount of Certificates as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(r) above $3,192,076.90
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0253406
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $239,155.75
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,298.35
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.96
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.08
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 2
Aggregate Purchase Amount $20,362.89
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above ($164,613.89)
(f) The amount of the Certificate Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (q) above $0.00
(g) The amount of the Certificate Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (r) above ($164,613.89)
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $3,271,721.03
Spread Account Balance $3,271,721.03
(b) The change in the spread account on the Distribution
Date set forth above ($75,894.33)
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $31,233.77
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,809,678.66
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 332
Aggregate Gross Amount $4,258,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 294
Aggregate Gross Amount $3,977,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.95%
(b) Average Delinquency Ratio 6.20%
(c) Cumulative Default Ratio 6.23%
(d) Cumulative Net Loss Ratio 3.51%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-3
Statement to Noteholders
Is there a Deficiency Claim Amount? YES
Deficiency Claim Amount (329,227.79)
Inputs
Gross Collection Proceeds: 5,194,639.56
Lock Box NSF Items: (89,391.29)
Total Collection Proceeds: 5,105,248.27
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 125,966,905.07
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
----------------------
Aggregate Beginning Principal Balance 125,966,905.07
Principal portion of payments collected (non-prepayments) 1,564,529.09
Prepayments in full allocable to principal 762,688.00
Collections allocable to principal 2,327,217.09
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 711,125.78
Purchase Amounts allocable to principal 20,362.89
----------------------
Total Principal 3,058,705.76
Realized Losses 1,809,678.66
Cram Down Losses 0.00
Ending Principal Balance 121,098,520.65
Prefunding
Original Amount in Prefunding Account 27,084,817.00
Subsequent Loans Sold to the Trust 27,084,817.00
Balance of Prefunding Account 0.00
Interest
Collections allocable to interest 1,956,928.71
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 89,613.80
----------------------
Total Interest 2,046,542.51
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 49,849,450.84
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,192,076.90
Beginning of Period Certificate Balance 3,192,076.90
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,347,615.36
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 29,210.91
Scheduled Payments due in Collection Period 3,798,946.08
Scheduled Payments collected in Collection Period 3,521,457.80
Aggregate Amount of Realized Losses for preceding Distribution Date 1,809,678.66
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 222.55
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 332 4,258,000.00
60+ days delinquent 294 3,977,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
2 20,362.89
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 8,235,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 20,362.89
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
PrincipalBalance of all Receivables that became Defaulted Receivables
during the related Collection Period. 1,582,613.56
Delinquency Ratio for second preceding Determination Date 6.23%
Delinquency Ratio for third preceding Determination Date 6.41%
Cumulative Defaults for preceding Determination Date 7,764,228.28
Cumulative Net Losses for preceding Determination Date 3,541,221.83
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Requisite Reserve Amount
Weighted Average of the Interest Rates and Pass-Through Rates 6.4928%
minus 2.5% 2.50%
----------------------
3.9928%
divided by 360 0.0111%
times the prefunded amount 0.00
times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00
----------------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
Excess in Interest Reserve Account 0.00
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 4,284,145.80
Liquidation Proceeds 711,125.78
Recoveries 89,613.80
Purchase Amounts 20,362.89
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 0.00
Investment earnings from Note Distribution Account 440.70
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 299.13
Investment earnings from Collection Account 19,539.62
----------------------
Total Distribution Amount 5,125,527.72
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,564,529.09
Prepayments in full allocable to principal 762,688.00
Principal Balance of Liquidated Receivables 2,520,804.44
Purchase Amounts allocable to principal 20,362.89
Cram Down Losses 0.00
----------------------
Principal Distributable Amount 4,868,384.42
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 121,098,520.65
----------------------
108,988,668.59 97.73%
Current Target %
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 52.3%
----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 4,868,384.42
Times Class A Noteholders' Percentage 91%
----------------------
4,430,229.82
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
----------------------
Class A Principal Distributable Amount 4,430,229.82
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 49,849,450.84
Multiplied by the Note Rate 6.10%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
----------------------
Class A Interest Distributable Amount 253,401.38
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,668,000.00
Multiplied by the Note Rate 6.38%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
----------------------
Class A Interest Distributable Amount 327,868.20
Class B Noteholders Principal Distributable Amount
Principal Distributable Amount 4,868,384.42
Times Class B Percentage 2.5%
----------------------
Class B Principal Distributable Amount 121,709.61
Certificate Principal Distributable Amount
Principal Distributable Amount 4,868,384.42
Times Certificate Percentage 2.5%
----------------------
Certificate Principal Distributable Amount 121,709.61
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,192,076.90
Multiplied by Note Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
----------------------
Class B Coupon Interest Amount 28,329.68
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,192,076.90
Multiplied by Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
----------------------
Certificateholders' Interest Amount 28,329.68
Carryover Shortfalls from Prior Periods
Class B and Certificates Principal Carryover Shortfall from previous period 85,808.57
----------------------
85,808.57
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 6,298.35 5,125,527.72 6,298.35
Servicing Fee (2.0%) 209,944.84 5,119,229.37 209,944.84 0.00
Additional Servicing Fee Amounts 29,210.91 4,909,284.53 29,210.91 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,880,073.62 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,880,073.62 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,880,073.62 0.00
(iii) Indenture Trustee Fee 1,049.72 4,880,073.62 1,049.72
Indenture Trustee's out-of-pocket expenses 222.55 4,879,023.90 222.55
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 4,878,801.35 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - prior 0.00 4,878,801.35 0.00
Collection Periods
Owner Trustee Fee 0.00 4,878,801.35 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,878,801.35 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,878,801.35 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior 0.00 4,878,801.35 0.00
Collection Periods
(iv) Collateral Agent Fee 982.51 4,878,801.35 982.51
Collateral Agent Expenses 0.00 4,877,818.84 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,877,818.84 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,877,818.84 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 253,401.38
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 253,401.38 4,877,818.84 253,401.38
(B) Class A-2 Interest Distributable Amount - Current Month 327,868.20
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 327,868.20 4,624,417.46 327,868.20
(vi) (A) Class B Note Interest - Unadjusted 28,329.68
Class B Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 28,329.68 4,296,549.26 28,329.68
(B) Certificate Interest - Unadjusted 28,329.68
Certificate Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 28,329.68 4,268,219.58 28,329.68
(vii) Class A Principal Distributable Amount - Current Month 4,430,229.82
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall (190,339.92)
Withdrawl from Spread Account to Cover Shortfall 190,339.92
Class A Principal Distribution Amount to Class A-1 4,430,229.82 4,239,889.90 4,239,889.90 0.00
Class A Principal Distribution Amount to Class A-2 0.00 0.00 0.00 0.00
(viii) Note Insurer Premium 31,233.77 0.00 0.00
Note Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Note Insurer 0.00 0.00 0.00
(ix) Transition Expenses to successor Servicer 0.00 0.00 0.00
(x) Class B Principal Distributable Amount - Current Month Unadjusted 121,709.61
Class B Principal Carryover Shortfall - Previous Month(s) 42,904.28
Current Month Class B Principal Shortfall (164,613.89)
Adjusted Class B Principal Distributable Amount 0.00 0.00 0.00
Certificate Principal Distributable Amount - Current 121,709.61
Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 42,904.28
Current Month Certificate Principal Shortfall (164,613.89)
Adjusted Certificate Principal Distributable Amount 0.00 0.00 0.00
(xi) Until the Target Payment Date, remaining amount to 0.00 0.00 0.00
Class A Noteholders
Amount to Class A-1 Noteholders 0.00 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. Amount 0.00
(xiii) After an Event of Default, Certificateholders' Prin. Dist. Amount 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
Securities Balance
Class A-1 Beginning of Period Principal Amount 49,849,450.84
Class A-1 Principal Distributions 4,430,229.82
Class A-1 End of Period Principal Amount (prior to turbo) 45,419,221.02
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 45,419,221.02
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 61,668,000.00
Class B Beginning of Period Principal Amount 3,192,076.90
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,192,076.90
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,192,076.90
Certificate Beginning of Period Principal Amount 3,192,076.90
Certificate Principal Distributable Amount 0.00
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,192,076.90
Withdrawl from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,192,076.90
Class A-1 Deficiency - Interest
(i) Total Distribution Amount Available 5,125,527.72
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (i) and (v)A 501,110.26
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 4,624,417.46
Class A-2 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (v) B 4,624,417.46
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) B 327,868.20
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,296,549.26
Class B Note Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A 4,296,549.26
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) A 28,329.68
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,268,219.58
Class B Certificate Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 4,268,219.58
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vi) and (x) 28,329.68
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,239,889.90
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 4,239,889.90
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 4,430,229.82
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 190,339.92
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 5.8(a) (viii) 0.00
(vi) Note Insurer Premium 31,233.77
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount (31,233.77)
Withdrawl from Spread Account to Cover Deficiency 31,233.77
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Notes & Certificates Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 5.8(a) (vi) and (x) 243,419.22
(iii)Prior month(s) carryover shortfalls 85,808.57
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Amount Remaining for Further Distribution/ B Notes (Deficiency) (164,613.89)
Amount Remaining for Further Distribution/ B Certificates (Deficiency) (164,613.89)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (329,227.79)
If neg, Carryover Shortfall
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,235,000.00
Purchased receivables more than 30 days delinquent 20,362.89
----------------------
Total 8,255,362.89
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 138,771,816.05
Delinquency Ratio 5.95%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.95%
Delinquency Ratio for second preceding Determination Date 6.23%
Delinquency Ratio for third preceding Determination Date 6.41%
----------------------
Average Delinquency Ratio 6.20% 6.20%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 7,764,228.28
Current Period Defaulted Receivables 1,582,613.56
----------------------
Total 9,346,841.84
Cumulative Defaulted Receivables 9,346,841.84
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 6.23%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,520,804.44
Cram Down Losses 0.00
Net Liquidation Proceeds (800,739.58)
----------------------
Net Liquidation Losses 1,720,064.86
Cumulative Previous Net Losses 3,541,221.83
----------------------
Cumulative Net Losses 5,261,286.69
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 3.51%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 47.30
Weighted Average Annual Percentage Rate 20.40%
Spread Account
OC Percent
Aggregate Principal Balance 121,098,520.65
minus the Securities Balance 113,471,374.82
----------------------
7,627,145.83
divided by the Aggregate Principal Balance 6.30%
Floor OC Percent
Aggregate Principal Balance 121,098,520.65
minus the Securities Balance 113,471,374.82
----------------------
7,627,145.83
divided by the initial Aggregate Principal Balance 150,000,000.00
----------------------
5.08%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 113,471,374.82
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 27,084,817.00
----------------------
3,000,000.00
(B)the product of
(I) excess of 1% over the Floor OC Percent
0.00% (II) initial Aggregate Principal Balance
150,000,000.00
0.00
Floor Amount 3,000,000.00
Requisite Amount
the greater of
(1)the Floor Amount 3,000,000.00
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 2.70%
if a Trigger Event, 15% minus the OC Percent 8.70%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.70%
if an Insurance Agreement Event of Default, unlimited 999.00%
2.70%
times the Aggregate Principal Balance 121,098,520.65
----------------------
3,271,721.03
Requisite Amount 3,271,721.03
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 3,271,721.03
Beginning of Period Spread Account Balance 3,347,615.36
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions (221,573.69)
Transfer (to) from Cross-Collateralized Spread Accounts 128,930.09
Required addition to/(eligible withdrawal from) Spread Account 16,749.27
Earnings on Spread Account Balance 16,749.27
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Notes Shortfalls 0.00
Amount of Withdrawl Allocated to B Certificates Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 3,271,721.03
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-4
6.07% Asset-Backed Notes, Class A-1
6.30% Asset-Backed Notes, Class A-2
10.59% Asset-Backed Certificates
Revision #1
Distribution Date 6/15/98
Collection Period 5/98
Under the Sale and Servicing Agreement dated as of October 9, 1997 and
amended as of October 17, 1997 (the "Agreement") by and among CPS Receivables
Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner
Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Noteholders and Certificateholders
and the performance of the Trust during the previous month. The information
which is required to be prepared with respect to the Distribution Date and
Collection Period listed above is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per Note, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,684,003.51
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $192,279.83
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,491,723.68
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $49.47
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.54
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $45.92
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $243,114.89
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $243,114.89
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.94
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $168,238.60
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $41,671.62
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $126,566.98
(p) Scheduled Payments due in such Collection Period $2,800,198.94
(q) Scheduled Payments collected in such
Collection Period $2,508,983.50
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $94,439,934.31
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $86,611,996.70
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $81,828,362.22
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8664593
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $4,595,429.75
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0486598
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $175,070.53
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,722.00
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.23
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.09
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $41,082.34
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $2,786,970.70
Spread Account Balance $2,786,970.70
(b) The change in the spread account on the Distribution
Date set forth above ($314,771.71)
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $23,921.50
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $689,644.67
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 226
Aggregate Gross Amount $3,106,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 200
Aggregate Gross Amount $2,792,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.67%
(b) Average Delinquency Ratio 5.72%
(c) Cumulative Default Ratio 3.60%
(d) Cumulative Net Loss Ratio 1.46%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-4
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,339,113.12
Lock Box NSF Items: (51,955.97)
Total Collection Proceeds: 3,287,157.15
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 94,439,934.31
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 94,439,934.31
Principal portion of payments collected (non-prepayments) 1,079,454.99
Prepayments in full allocable to principal 444,205.00
Collections allocable to principal 1,523,659.99
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 276,952.51
Purchase Amounts allocable to principal 41,082.34
-----------------------
Total Principal 1,841,694.84
Realized Losses 689,644.67
Cram Down Losses 0.00
Ending Principal Balance 91,908,594.80
Interest
Collections allocable to interest $1,429,528.51
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 15,933.80
-----------------------
Total Interest $1,445,462.31
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 38,012,487.30
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 4,721,996.73 89,042,082.63
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,101,742.41
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 17,670.64
Scheduled Payments due in Collection Period 2,800,198.94
Scheduled Payments collected in Collection Period 2,508,983.50
Aggregate Amount of Realized Losses for preceding Distribution Date 689,644.67
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 202.20
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 226 3,106,000.00
60+ days delinquent 200 2,792,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 41,082.34
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,898,000.00
Principal Balance of all Receivables that became Purchased Receivables
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more. 41,082.34
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 1,189,886.26
Delinquency Ratio for second preceding Determination Date 5.75%
Delinquency Ratio for third preceding Determination Date 5.74%
Cumulative Defaults for preceding Determination Date 2,620,419.52
Cumulative Net Losses for preceding Determination Date 875,759.06
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,953,188.50
Liquidation Proceeds 276,952.51
Recoveries 15,933.80
Purchase Amounts 41,082.34
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 13,645.10
-----------------------
Total Distribution Amount 3,300,802.25
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,079,454.99
Prepayments in full allocable to principal 444,205.00
Principal Balance of Liquidated Receivables 966,597.18
Purchase Amounts allocable to principal 41,082.34
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 2,531,339.51
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 91,908,594.80
-----------------------
82,717,735.32
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 52.0%
-----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,531,339.51
Times Class A Noteholders' Percentage 91%
-----------------------
2,303,518.95
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 2,303,518.95
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 38,012,487.30
Multiplied by the Note Rate 6.07%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 192,279.83
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,307,598.60
Multiplied by the Note Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 243,114.89
Certificateholders Principal Distributable Amount
Principal Distributable Amount 2,531,339.51
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 126,566.98
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,721,996.73
Multiplied by Note Pass-Through Rate 10.59%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 41,671.62
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,722.00 3,300,802.25 4,722.00
Servicing Fee (2.0%) 157,399.89 3,296,080.25 157,399.89 0.00
Additional Servicing Fee Amounts 17,670.64 3,138,680.36 17,670.64 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,121,009.72 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,121,009.72 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,121,009.72 0.00
(iii) Indenture Trustee Fee 787.00 3,121,009.72 787.00
Indenture Trustee's out-of-pocket expenses 202.20 3,120,222.72 202.20
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 3,120,020.52 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - prior 0.00 3,120,020.52 0.00
Collection Periods
Owner Trustee Fee 0.00 3,120,020.52 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,120,020.52 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,120,020.52 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 3,120,020.52 0.00
(iv) Collateral Agent Fee 742.02 3,120,020.52 742.02
Collateral Agent Expenses 0.00 3,119,278.50 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,119,278.50 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,119,278.50 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month
192,279.83 Prior Month(s) Class A-1 Interest Carryover
Shortfall 0.00 Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00 Current
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 192,279.83 3,119,278.50 192,279.83
(B) Class A-2 Interest Distributable Amount - Current Month 243,114.89
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 243,114.89 2,926,998.67 243,114.89
(vi) (A) Certificate Note Interest - Unadjusted 41,671.62
Certificate Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 41,671.62 2,683,883.78 41,671.62
(vii) Class A Principal Distributable Amount - Current Month 2,303,518.95
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 2,303,518.95 2,642,212.16 2,303,518.95 0.00
Class A Principal Distribution Amount to Class A-2 0.00 338,693.21 0.00 0.00
(viii) Note Insurer Premium 23,921.50 338,693.21 23,921.50
Note Insurer Premium Supplement 0.00 314,771.71 0.00
Other Reimbursement Obligations to Note Insurer 0.00 314,771.71 0.00
(ix) Transition Expenses to successor Servicer 0.00 314,771.71 0.00
(x) Certificate Principal Distributable Amount - Current 126,566.98
Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 126,566.98 314,771.71 126,566.98
(xi) Until the Target Payment Date, remaining amount to 188,204.73 188,204.73 188,204.73
Class A Noteholders
Amount to Class A-1 Noteholders 188,204.73 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00 3,300,600.05 Total Disbursements
3,300,802.25 Total Distribution Amt
======================
(202.20)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 38,012,487.30
Class A-1 Principal Distributions 2,303,518.95
Class A-1 End of Period Principal Amount (prior to turbo) 35,708,968.35
Additional Principal Distribution 188,204.73
Class A-1 End of Period Principal Amount 35,520,763.62
Class A-2 Beginning of Period Principal Amount 46,307,598.60
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 46,307,598.60
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 46,307,598.60
Certificate Beginning of Period Principal Amount 4,721,996.73
Certificate Principal Distributable Amount 126,566.98
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,595,429.75
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,595,429.75
Adjusted Amount Remaining for Further Distribution/(Deficiency) 431,319.62
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,898,000.00
Purchased receivables more than 30 days delinquent 41,082.34
-----------------------
Total 5,939,082.34
Aggregate Gross Principal Balance as of the close of
104,799,646.34 business on the last day of the
Collection Period.
Delinquency Ratio 5.67%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.67%
Delinquency Ratio for second preceding Determination Date 5.75%
Delinquency Ratio for third preceding Determination Date 5.74%
-----------------------
Average Delinquency Ratio 5.72% 5.72%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 2,620,419.52
Current Period Defaulted Receivables 1,189,886.26
-----------------------
Total 3,810,305.78
Cumulative Defaulted Receivables 3,810,305.78
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 3.60%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 966,597.18
Cram Down Losses 0.00
Net Liquidation Proceeds (292,886.31)
-----------------------
Net Liquidation Losses 673,710.87
Cumulative Previous Net Losses 875,759.06
-----------------------
Cumulative Net Losses 1,549,469.93
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 1.46%
Additional Pool Information:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 49.41
Weighted Average Annual Percentage Rate 20.31%
Spread Account
OC Percent
Aggregate Principal Balance 91,908,594.80
minus the Securities Balance 86,423,791.97
-----------------------
5,484,802.83
divided by the Aggregate Principal Balance 5.97%
Floor OC Percent
Aggregate Principal Balance 91,908,594.80
minus the Securities Balance 86,423,791.97
-----------------------
5,484,802.83
divided by the initial Aggregate Principal Balance 105,860,630.11
-----------------------
5.18%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 86,423,791.97
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 105,860,630.11
(II) balance of all Subsequent Receivables 0.00
2,117,212.60
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 105,860,630.11
0.00
Floor Amount 2,117,212.60
Requisite Amount
the greater of
(1)the Floor Amount 2,117,212.60
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 3.03%
if a Trigger Event, 15% minus the OC Percent 9.03%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 24.03%
if an Insurance Agreement Event of Default, unlimited 999.00%
3.03%
times the Aggregate Principal Balance 91,908,594.80
-----------------------
2,786,970.70
Requisite Amount 2,786,970.70
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 2,786,970.70
Beginning of Period Spread Account Balance 3,101,742.41
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (43,661.35)
Required addition to/(eligible withdrawal from) Spread Account (271,110.36)
Earnings on Spread Account Balance 18,610.90
Amount of Spread Account deposit (withdrawal) (289,721.26)
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller (289,721.26)
Ending Spread Account Balance 2,786,970.70
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-5
6.26% Asset-Backed Notes, Class A-1
6.40% Asset-Backed Notes, Class A-2
10.55% Asset-Backed Certificates
Revision #1
Distribution Date 6/15/98
Collection Period 5/98
Under the Sale and Servicing Agreement dated as of December 1, 1997, (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,332,940.54
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $231,605.04
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,101,335.50
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $41.85
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.15
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $37.69
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $187,600.00
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $187,600.00
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.04
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $124,890.64
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $38,659.50
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $86,231.14
(p) Scheduled Payments due in such Collection Period $2,585,839.62
(q) Scheduled Payments collected in such
Collection Period $2,267,100.63
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $88,025,958.15
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $82,244,798.12
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $77,470,795.93
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8800903
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $4,311,058.42
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0489749
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $162,020.87
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,401.30
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.91
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.08
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $3,247,639.24
Spread Account Balance $3,247,639.24
(b) The change in the spread account on the Distribution
Date set forth above ($167,823.78)
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $25,328.47
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $266,188.32
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 206
Aggregate Gross Amount $2,798,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 192
Aggregate Gross Amount $2,577,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.54%
(b) Average Delinquency Ratio 4.88%
(c) Cumulative Default Ratio 1.73%
(d) Cumulative Net Loss Ratio 0.60%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-5
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,897,424.03
Lock Box NSF Items: (70,763.98)
Total Collection Proceeds: 2,826,660.05
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 88,025,958.15
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 88,025,958.15
Principal portion of payments collected (non-prepayments) 910,709.43
Prepayments in full allocable to principal 311,841.00
Collections allocable to principal 1,222,550.43
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 235,884.12
Purchase Amounts allocable to principal 0.00
-----------------------
Total Principal 1,458,434.55
Realized Losses 266,188.32
Cram Down Losses 0.00
Ending Principal Balance 86,301,335.28
Interest
Collections allocable to interest $1,356,391.20
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 11,834.30
-----------------------
Total Interest $1,368,225.50
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 44,397,131.43
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 4,397,289.56 83,969,420.99
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,415,463.02
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 15,310.94
Scheduled Payments due in Collection Period 2,585,839.62
Scheduled Payments collected in Collection Period 2,267,100.63
Aggregate Amount of Realized Losses for preceding Distribution Date 266,188.32
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 222.22
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 206 2,798,000.00
60+ days delinquent 192 2,577,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,375,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 640,981.71
Delinquency Ratio for second preceding Determination Date 4.98%
Delinquency Ratio for third preceding Determination Date 4.12%
Cumulative Defaults for preceding Determination Date 1,012,249.55
Cumulative Net Losses for preceding Determination Date 318,709.44
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,578,941.63
Liquidation Proceeds 235,884.12
Recoveries 11,834.30
Purchase Amounts 0.00
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 12,177.29
-----------------------
Total Distribution Amount 2,838,837.34
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 910,709.43
Prepayments in full allocable to principal 311,841.00
Principal Balance of Liquidated Receivables 502,072.44
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,724,622.87
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 86,301,335.28
-----------------------
77,671,201.75
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 41.9%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,724,622.87
Times Class A Noteholders' Percentage 95%
-----------------------
1,638,391.73
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,638,391.73
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 44,397,131.43
Multiplied by the Note Rate 6.26%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 231,605.04
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 35,175,000.00
Multiplied by the Note Rate 6.40%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 187,600.00
Certificateholders Principal Distributable Amount
Principal Distributable Amount 1,724,622.87
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 86,231.14
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,397,289.56
Multiplied by Note Pass-Through Rate 10.55%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 38,659.50
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,401.30 2,838,837.34 4,401.30
Servicing Fee (2.0%) 146,709.93 2,834,436.04 146,709.93 0.00
Additional Servicing Fee Amounts 15,310.94 2,687,726.11 15,310.94 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,672,415.17 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,672,415.17 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,672,415.17 0.00
(iii) Indenture Trustee Fee 733.55 2,672,415.17 733.55
Indenture Trustee's out-of-pocket expenses 222.22 2,671,681.62 222.22
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 2,671,459.40 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - prior 0.00 2,671,459.40 0.00
Collection Periods
Owner Trustee Fee 0.00 2,671,459.40 0.00
Owner Trustee's out-of-pocket expenses 0.00 2,671,459.40 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 2,671,459.40 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior 0.00 2,671,459.40 0.00
Collection Periods
(iv) Collateral Agent Fee 699.75 2,671,459.40 699.75
Collateral Agent Expenses 0.00 2,670,759.65 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,670,759.65 0.00
Unpaid Collateral Agent Expenses from prior 0.00 2,670,759.65 0.00
Collection Periods
(v) (A) Class A-1 Interest Distributable Amount - Current Month 231,605.04
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 231,605.04 2,670,759.65 231,605.04
(B) Class A-2 Interest Distributable Amount - Current Month 187,600.00
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 187,600.00 2,439,154.61 187,600.00
(vi) (A) Certificate Note Interest - Unadjusted 38,659.50
Certificate Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 38,659.50 2,251,554.61 38,659.50
(vii) Class A Principal Distributable Amount - Current Month 1,638,391.73
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 1,638,391.73 2,212,895.11 1,638,391.73 0.00
Class A Principal Distribution Amount to Class A-2 0.00 574,503.38 0.00 0.00
(viii) Note Insurer Premium 25,328.47 574,503.38 25,328.47
Note Insurer Premium Supplement 0.00 549,174.92 0.00
Other Reimbursement Obligations to Note Insurer 0.00 549,174.92 0.00
(ix) Transition Expenses to successor Servicer 0.00 549,174.92 0.00
(x) Certificate Principal Distributable Amount - Current 86,231.14
Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 86,231.14 549,174.92 86,231.14
(xi) Until the Target Payment Date, remaining amount to 462,943.78 462,943.78 462,943.78
Class A Noteholders
Amount to Class A-1 Noteholders 462,943.78 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into 0.00 2,838,615.12 Total Disbursements
Apread Acct. 2,838,837.34 Total Distribution Amt
======================
(222.22)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 44,397,131.43
Class A-1 Principal Distributions 1,638,391.73
Class A-1 End of Period Principal Amount (prior to turbo) 42,758,739.70
Additional Principal Distribution 462,943.78
Class A-1 End of Period Principal Amount 42,295,795.93
Class A-2 Beginning of Period Principal Amount 35,175,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 35,175,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 35,175,000.00
Certificate Beginning of Period Principal Amount 4,397,289.56
Certificate Principal Distributable Amount 86,231.14
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,311,058.42
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,311,058.42
Adjusted Amount Remaining for Further Distribution/(Deficiency) 650,543.78
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,375,000.00
Purchased receivables more than 30 days delinquent 0.00
-----------------------
Total 5,375,000.00
Aggregate Gross Principal Balance as of the close of
96,990,009.09 business on the last day of the
Collection Period.
Delinquency Ratio 5.54%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.54%
Delinquency Ratio for second preceding Determination Date 4.98%
Delinquency Ratio for third preceding Determination Date 4.12%
-----------------------
Average Delinquency Ratio 4.88% 4.88%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 1,012,249.55
Current Period Defaulted Receivables 640,981.71
-----------------------
Total 1,653,231.26
Cumulative Defaulted Receivables 1,653,231.26
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 1.73%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 502,072.44
Cram Down Losses 0.00
Net Liquidation Proceeds (247,718.42)
-----------------------
Net Liquidation Losses 254,354.02
Cumulative Previous Net Losses 318,709.44
-----------------------
Cumulative Net Losses 573,063.46
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 0.60%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 50.59
Weighted Average Annual Percentage Rate 20.23%
Spread Account
OC Percent
Aggregate Principal Balance 86,301,335.28
minus the Securities Balance 81,781,854.35
-----------------------
4,519,480.93
divided by the Aggregate Principal Balance 5.24%
Floor OC Percent
Aggregate Principal Balance 86,301,335.28
minus the Securities Balance 81,781,854.35
-----------------------
4,519,480.93
divided by the initial Aggregate Principal Balance 95,706,307.00
-----------------------
4.72%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 81,781,854.35
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 95,706,307.00
(II) balance of all Subsequent Receivables 0.00
1,914,126.14
(B)the product of
(I) excess of 1% over the Floor OC Percent
0.00% (II) initial Aggregate Principal Balance
95,706,307.00
0.00
Floor Amount 1,914,126.14
Requisite Amount
the greater of
(1)the Floor Amount 1,914,126.14
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 3.8%
if a Trigger Event, 15% minus the OC Percent 9.8%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 24.8%
if an Insurance Agreement Event of Default, unlimited 999%
4%
times the Aggregate Principal Balance 86,301,335.28
-----------------------
3,247,639.24
Requisite Amount 3,247,639.24
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 3,247,639.24
Beginning of Period Spread Account Balance 3,415,463.02
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (24,166.89)
Required addition to/(eligible withdrawal from) Spread Account (143,656.89)
Earnings on Spread Account Balance 16,705.98
Amount of Spread Account deposit (withdrawal) (160,362.87)
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller (160,362.87)
Ending Spread Account Balance 3,247,639.24
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1998-1
6.00% Asset-Backed Certificates, Class A
10.25% Asset-Backed Certificates, Class B
Revised
Distribution Date 6/15/98
Collection Period 5/98
Under the Pooling and Servicing Agreement dated as of March 16, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,096,715.57
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $864,789.36
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,231,926.21
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $17.44
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.87
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $12.57
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $195,224.98
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $77,755.18
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $117,469.80
(j) Scheduled Payments due in such Collection Period $5,223,145.93
(k) Scheduled Payments collected in such
Collection Period $4,947,031.07
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $182,060,917.33
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $179,711,521.32
(c) The Pool factor as of the close of business
on the last day set forth above 0.9870955
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $326,681.55
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,792.94
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.84
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.02
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 6
Aggregate Purchase Amount $81,066.14
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $58,136.64
(b) Distributions (to) from Collection Account ($17,761.87)
for Payaheads
(c) Interest earned on Payahead Balances $508.92
(d) Ending Payahead Account Balance $40,883.69
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $24,261,055.38
Spread Account Balance $15,894,275.04
(b) The change in the spread account on the Distribution
Date set forth above $1,786,407.08
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $58,331.36
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $35,515.43
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 352
Aggregate Gross Amount $4,829,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 182
Aggregate Gross Amount $2,490,000.00
8 Performance Triggers
(a) Delinquency Ratio 3.65%
(b) Average Delinquency Ratio 2.31%
(c) Cumulative Default Ratio 0.12%
(d) Cumulative Net Loss Ratio 0.02%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1998-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 5,492,563.04
Lock Box NSF Items: (115,486.91)
Transfers from (to) Payahead Account: 17,761.87
Collection Account Interest 21,756.85
Payahead Account Interest 508.92
Total Collection Proceeds: 5,417,103.77
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 182,060,917.33
Principal portion of payments collected (non-prepayments) 1,845,052.64
Prepayments in full allocable to principal 370,409.00
Collections allocable to principal 2,215,461.64
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 17,352.80
Purchase Amounts allocable to principal 81,066.14
---------------------
Total Principal 2,313,880.58
Realized Losses 35,515.43
Cram Down Losses 0.00
Ending Principal Balance 179,711,521.32
Interest
Collections allocable to interest 3,101,978.43
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 1,244.76
---------------------
Total Interest 3,103,223.19
Certificate Information
Beginning of Period Class A Principal Balance 172,957,871.78
Beginning of Period Class B Principal Balance 9,103,045.55
Miscellaneous Balances
Beginning of Period Spread Account Balance 14,107,867.96
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 23,246.69
Aggregate Payahead Balance 40,374.77
Aggregate Payahead Balance for preceding Distribution Date 58,136.64
Interest Earned on Payahead Balances 508.92
Scheduled Payments due in Collection Period 5,223,145.93
Scheduled Payments collected in Collection Period 4,947,031.07
Aggregate Amount of Realized Losses for preceding Distribution Date 35,515.43
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 916.99
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 352 4,829,000.00
60+ days delinquent 182 2,490,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
6 81,066.14
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 7,319,000.00
PrincipalBalance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 81,066.14
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection Period. 207,773.21
Delinquency Ratio for second preceding Determination Date 2.30%
Delinquency Ratio for third preceding Determination Date 0.98%
Cumulative Defaults for preceding Determination Date 20,049.25
Cumulative Net Losses for preceding Determination Date 6,602.61
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 5,317,440.07
Liquidation Proceeds 17,352.80
Recoveries 1,244.76
Purchase Amounts 81,066.14
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------------
Total Distribution Amount 5,417,103.77
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,845,052.64
Prepayments in full allocable to principal 370,409.00
Principal Balance of Liquidated Receivables 52,868.23
Purchase Amounts allocable to principal 81,066.14
Cram Down Losses 0.00
---------------------
Principal Distributable Amount 2,349,396.01
Class A Principal Distributable Amount
Principal Distributable Amount 2,349,396.01
Times Class A Percentage (95%) 95%
---------------------
2,231,926.21
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------------
Class A Principal Distributable Amount 2,231,926.21
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 172,957,871.78
Multiplied by Certificate Pass-Through Rate 6.00%
Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333
---------------------
Class A Interest Distributable Amount 864,789.36
Class B Principal Distributable Amount
Principal Distributable Amount 2,349,396.01
Times Class B Percentage (5%) 5%
---------------------
Class B Principal Distributable Amount 117,469.80
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 9,103,045.55
Multiplied by Certificate Pass-Through Rate 10.25%
Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333
---------------------
Class B Coupon Interest Amount 77,755.18
Class B Excess Interest Amount
Total Distribution Amount 5,417,103.77
minus
Class A Principal and Interest Distributable Amount 3,096,715.57
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 77,755.18
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 117,469.80
Class B Principal Carryover Shortfall 0.00
Trustee distributions 2,434.16
Standby Servicer distributions 3,792.94
Servicer distributions 326,681.55
Collateral Agent distributions 1,517.17
Reimbursement Obligations 58,331.36
---------------------
1,732,406.04
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
---------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
---------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,792.94 5,417,103.77 3,792.94 5,417,103.77
Servicing Fee (2.0%) 303,434.86 5,413,310.83 303,434.86 0.00
Additional Servicing Fee Amounts 23,246.69 5,109,875.97 23,246.69 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 5,086,629.28 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 5,086,629.28 0.00
(ii) Transition Expenses to Standby Servicer 0.00 5,086,629.28 0.00
(iii) Trustee Fee 1,517.17 5,086,629.28 1,517.17
Trustee's out-of-pocket expenses 916.99 5,085,112.11 916.99
Unpaid Trustee Fee from prior Collection Periods 0.00 5,084,195.12 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 5,084,195.12 0.00
Collection Periods
(iv) Collateral Agent Fee 1,517.17 5,084,195.12 1,517.17
Collateral Agent Expenses 0.00 5,082,677.95 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 5,082,677.95 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 5,082,677.95 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 864,789.36 5,082,677.95 864,789.36
Prior Month(s) Class A Carryover Shortfall 0.00 4,217,888.59 0.00
Class A Interest Carryover Shortfall 0.00 4,217,888.59 0.00
Interest on Interest Carryover from Prior Months 0.00 4,217,888.59 0.00
Current Month Class A Interest Carryover Shortfall 0.00 4,217,888.59 0.00
Class A Interest Distributable Amount 864,789.36 4,217,888.59 864,789.36
(viii)(A)Class B Coupon Interest - Unadjusted 77,755.18 3,353,099.23 77,755.18
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 3,275,344.05 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 3,275,344.05 0.00
Interest on Interest Carryover from Prior Months 0.00 3,275,344.05 0.00
Current Month Class B Interest Shortfall 0.00 3,275,344.05 0.00
Adjusted Class B Interest Distributable Amount 77,755.18 3,275,344.05 77,755.18
(v) (B) Class A Principal Distributable Amount - Current Month 2,231,926.21 3,197,588.87 2,231,926.21 3,185,177.56
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 965,662.66 0.00
Current Month Class A Principal Shortfall 0.00 965,662.66 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,231,926.21 965,662.66 965,662.66 953,251.35
(vi) Certificate Insurer Premium 58,331.36 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month 117,469.80 0.00 0.00
Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 117,469.80 0.00 0.00
Excess Interest (Shortage) Amount for Deposit to (withdrawl from 1,732,406.04 0.00 0.00
Spread Account 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 172,957,871.78
Class A Principal Distributions 2,231,926.21
Class A End of Period Principal Balance 170,725,945.57
Class B Beginning of Period Principal Balance 9,103,045.55
Class B Principal Distributable Amount 117,469.80
Class B End of Period Principal Balance BEFORE Spread Account Distributions 8,985,575.75
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 8,985,575.75
Class A Deficiency - Interest
(i) Total Distribution Amount Available 5,417,103.77
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,199,215.18
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 4,217,888.59
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 4,217,888.59
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 77,755.18
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,140,133.41
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 4,140,133.41
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,231,926.21
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,908,207.20
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,908,207.20
(vi) Certificate Insurer Premium 58,331.36
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,849,875.84
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,849,875.84
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 117,469.80
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 1,732,406.04
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,732,406.04
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,319,000.00
Purchased receivables more than 30 days delinquent 81,066.14
---------------------
Total 7,400,066.14
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 202,718,574.12
Delinquency Ratio 3.65%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 3.65%
Delinquency Ratio for second preceding Determination Date 2.30%
Delinquency Ratio for third preceding Determination Date 0.98%
---------------------
Average Delinquency Ratio 2.31% 2.31%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 20,049.25
Current Period Defaulted Receivables 207,773.21
---------------------
Total 227,822.46
Cumulative Defaulted Receivables 227,822.46
Original Pool Balance 186,954,818.61
Cumulative Default Ratio 0.12%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 52,868.23
Cram Down Losses 0.00
Net Liquidation Proceeds (18,597.56)
---------------------
Net Liquidation Losses 34,270.67
Cumulative Previous Net Losses 6,602.61
---------------------
Cumulative Net Losses 40,873.28
Original Pool Balance 186,954,818.61
Cumulative Net Loss Ratio 0.02%
Additional Pool Information:
Weighted Average Original Term 57.10
Weighted Average Remaining Term 53.24
Weighted Average Annual Percentage Rate 20.35%
Spread Account
Spread Account Cap
13.5% of Outstanding Certificate Balance 24,261,055.38
18.5% of Outstanding Certificate Balance 33,246,631.44
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 24,261,055.38
Spread Account Floor
3% of the Initial Certificate Balance 5,608,644.56
Outstanding Certificate Balance 179,711,521.32
Minimum Floor 100,000.00
Floor Amount 5,608,644.56
Required Spread Account Amount 24,261,055.38
Beginning of Period Spread Account Balance 14,107,867.96
Spread Account Deposit (Withdrawal) from Current Distributions 1,732,406.04
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Allocations of cash releases from previous pools 0.00
Required addition to/(eligible withdrawal from) Spread Account 8,420,781.38
Earnings on Spread Account Balance 54,001.04
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 15,894,275.04
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1998-2
6.09% Class A Asset-Backed Certificates
10.34% Class B Asset-Backed Certificates
Distribution Date 6/15/98
Collection Period 5/98
Under the Pooling and Servicing Agreement dated as of April 8, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,089,070.80
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $1,017,487.64
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,071,583.16
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $15.41
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.07
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $10.33
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above
(given to the Collateral Agent for deposit into the Spread Account) $199,954.74
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $90,924.05
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $109,030.69
(j) Scheduled Payments due in such Collection Period $5,902,152.87
(k) Scheduled Payments collected in such
Collection Period $4,383,571.05
B. Information Regarding the Performance of the Trust.
1 Certificate Balances
(a) The original aggregate Principal Balance of the
Certificates as of the closing date $211,042,290.00
(b) The aggregate principal balance of the Certificates as of
the close of business on the last day set forth above, after
giving
effect to payments allocated to principal in paragraph A 1 (c) above $208,861,676.15
(c) The Aggregate Pool factor as of the close of busines
on the last day set forth above 0.9896674
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $327,122.84
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,957.04
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.63
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.02
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 10
Aggregate Purchase Amount $139,948.85
3 Payment Shortfalls.
(a) The amount of the Class A Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $0.00
(b) Distributions (to) from Collection Account $34,308.37
for Payaheads
(c) Interest earned on Payahead Balances $72.27
(d) Ending Payahead Account Balance $34,380.64
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $28,196,326.28
Spread Account Balance $10,786,688.73
(b) The change in the spread account on the Distribution
Date set forth above $1,289,785.65
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $67,793.02
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,195.73
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 192
Aggregate Gross Amount $2,745,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 0
Aggregate Gross Amount $0.00
8 Performance Triggers
(a) Delinquency Ratio 1.24%
(b) Average Delinquency Ratio 1.24%
(c) Cumulative Default Ratio 0.00%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1998-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 5,012,691.35
Lock Box NSF Items: (21,486.03)
Transfers from (to) Payahead Account: (34,308.37)
Collection Account Interest 6,060.68
Payahead Account Interest 72.27
Total Collection Proceeds: 4,963,029.90
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 211,042,290.56
Principal portion of payments collected (non-prepayments) 1,599,959.27
Prepayments in full allocable to principal 439,510.00
Collections allocable to principal 2,039,469.27
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 139,948.85
---------------------
Total Principal 2,179,418.12
Realized Losses 1,195.73
Cram Down Losses 0.00
Ending Principal Balance 208,861,676.71
Interest
Collections allocable to interest 2,783,611.78
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
---------------------
Total Interest 2,783,611.78
Certificate Information
Beginning of Period Class A Principal Balance 200,490,176.00
Beginning of Period Class B Principal Balance 10,552,114.00
Miscellaneous Balances
Beginning of Period Spread Account Balance 9,496,903.08
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 10,559.40
Aggregate Payahead Balance 34,308.37
Aggregate Payahead Balance for preceding Distribution Date 0.00
Interest Earned on Payahead Balances 72.27
Scheduled Payments due in Collection Period 5,902,152.87
Scheduled Payments collected in Collection Period 4,383,571.05
Aggregate Amount of Realized Losses for preceding Distribution Date 1,195.73
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 192 2,745,000.00
60+ days delinquent 0 0.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
10 139,948.85
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 2,745,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 139,948.85
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 0.00
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 0.00
Cumulative Net Losses for preceding Determination Date 0.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 4,823,081.05
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 139,948.85
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------------
Total Distribution Amount 4,963,029.90
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,599,959.27
Prepayments in full allocable to principal 439,510.00
Principal Balance of Liquidated Receivables 1,195.73
Purchase Amounts allocable to principal 139,948.85
Cram Down Losses 0.00
---------------------
Principal Distributable Amount 2,180,613.85
Class A Principal Distributable Amount
Principal Distributable Amount 2,180,613.85
Times Class A Percentage (95%) 95%
---------------------
2,071,583.16
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------------
Class A Principal Distributable Amount 2,071,583.16
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 200,490,176.00
Multiplied by Certificate Pass-Through Rate 6.09%
Multiplied by 30/360 0.0833333
---------------------
Class A Interest Distributable Amount 1,017,487.64
Class B Principal Distributable Amount
Principal Distributable Amount 2,180,613.85
Times Class B Percentage (5%) 5%
---------------------
Class B Principal Distributable Amount 109,030.69
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 10,552,114.00
Multiplied by Certificate Pass-Through Rate 10.34%
Multiplied by 30/360 0.0833333
---------------------
Class B Coupon Interest Amount 90,924.05
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
---------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,957.04 4,963,029.90 3,957.04 4,963,029.90
Servicing Fee (2.0%) 316,563.44 4,959,072.86 316,563.44 0.00
Additional Servicing Fee Amounts 10,559.40 4,642,509.42 10,559.40 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,631,950.02 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,631,950.02 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,631,950.02 0.00
(iii) Trustee Fee 1,187.11 4,631,950.02 1,187.11
Trustee's out-of-pocket expenses 0.00 4,630,762.91 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 4,630,762.91 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection 0.00 4,630,762.91 0.00
Periods
(iv) Collateral Agent Fee 1,187.11 4,630,762.91 1,187.11
Collateral Agent Expenses 0.00 4,629,575.80 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,629,575.80 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,629,575.80 0.00
(v) Class A Interest Distributable Amount - Unadjusted 1,017,487.64 4,629,575.80 1,017,487.64
Prior Month(s) Class A Carryover Shortfall 0.00 3,612,088.16 0.00
Class A Interest Carryover Shortfall 0.00 3,612,088.16 0.00
Interest on Interest Carryover from Prior Months 0.00 3,612,088.16 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,612,088.16 0.00
Class A Interest Distributable Amount 1,017,487.64 3,612,088.16 1,017,487.64
(vi) Class B Coupon Interest - Unadjusted 90,924.05 2,594,600.52 90,924.05
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,503,676.47 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,503,676.47 0.00
Interest on Interest Carryover from Prior Months 0.00 2,503,676.47 0.00
Current Month Class B Interest Shortfall 0.00 2,503,676.47 0.00
Adjusted Class B Interest Distributable Amount 90,924.05 2,503,676.47 90,924.05
(vii) Class A Principal Distributable Amount - Current Month 2,071,583.16 2,412,752.42 2,071,583.16 2,891,446.74
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 341,169.26 0.00
Current Month Class A Principal Shortfall 0.00 341,169.26 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00 341,169.26 0.00
Class A Principal Distribution Amount 2,071,583.16 341,169.26 341,169.26 819,863.59
(viii) Certificate Insurer Premium 67,793.02 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(ix) Transition Expenses to successor Servicer 0.00 0.00 0.00
(x) Class B Principal Distributable Amount - Unadjusted 109,030.69 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Carryover Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 109,030.69 0.00 0.00
(xi) Remaining amounts to Collateral Agent for deposit in Spread 1,272,757.24 0.00 0.00
Account
Certificate Balance
Class A Beginning of Period Principal Balance 200,490,176.00
Class A Principal Distributions 2,071,583.16
Class A End of Period Principal Balance 198,418,592.84
Class B Beginning of Period Principal Balance 10,552,114.00
Class B Principal Distributable Amount 109,030.69
Class B End of Period Principal Balance BEFORE Spread Account Distributions 10,443,083.31
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 10,443,083.31
Class A Deficiency - Interest
(i) Total Distribution Amount Available 4,963,029.90
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,350,941.74
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,612,088.16
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,612,088.16
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 90,924.05
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,521,164.11
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,521,164.11
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,071,583.16
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,449,580.95
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 1,449,580.95
Certificate Insurer Premium 67,793.02
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,381,787.93
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,381,787.93
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 109,030.69
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 1,272,757.24
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,272,757.24
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,745,000.00
Purchased receivables more than 30 days delinquent 139,948.85
---------------------
Total 2,884,948.85
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 232,670,642.51
Delinquency Ratio 1.24%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 1.24%
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
---------------------
Average Delinquency Ratio 1.24% 0.41%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 0.00
---------------------
Total 0.00
Cumulative Defaulted Receivables 0.00
Original Pool Balance 211,042,290.56
Cumulative Default Ratio 0.00%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,195.73
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
---------------------
Net Liquidation Losses 1,195.73
Cumulative Previous Net Losses 0.00
---------------------
Cumulative Net Losses 1,195.73
Original Pool Balance 211,042,290.56
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.46
Weighted Average Remaining Term 55.68
Weighted Average Annual Percentage Rate 20.40%
Spread Account
Spread Account Cap
13.5% of Outstanding Certificate Balance 28,196,326.28
19.5% of Outstanding Certificate Balance 40,728,026.85
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 28,196,326.28
Spread Account Floor
3% of the Initial Certificate Balance 6,331,268.70
Outstanding Certificate Balance 208,861,676.15
Minimum Floor 100,000.00
Floor Amount 6,331,268.70
Required Spread Account Amount 28,196,326.28
Beginning of Period Spread Account Balance 9,496,903.08
Spread Account Deposit (Withdrawal) from Current Distributions 1,272,757.24
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 17,426,665.96
Earnings on Spread Account Balance 17,028.41
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
B prin defficiency 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 10,786,688.73
Reserve Fund
Initial Class B Certificate Balance 10,552,114.00
Aggregate Pool Factor 0.9896674
Class B Principal % 5.00%
Have both tests for Reserve Fund reduction been satisfied? (Y/N) N
Requisite Amount
If both tests for reduction have NOT been met, then
10% of Original Class B Outstanding Certificate Balance 1,055,211.40
otherwise
10% of Class B Outstanding Certificate Balance 1,044,308.33
or
Cap Amount 1,055,211.40
Reserve Fund Floor
Outstanding Class B Certificate Balance 10,443,083.31
Minimum Floor 300,000.00
Floor Amount 300,000.00
Required Reserve Fund Amount 1,055,211.40
Beginning of Period Reserve Fund Balance 1,055,211.00
Reserve Fund Deposit (Withdrawal) from Current Distributions 0.00
Required addition to/(eligible withdrawal from) Reserve Fund 0.40
Earnings on Reserve Fund Balance 1,892.02
Amount of Reserve Fund deposit (withdrawal) (1,891.62)
Ending Reserve Fund Balance 1,055,211.40
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
</TABLE>
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Revision #1
Distribution Date 7/15/98
Collection Period 6/98
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,042,936.23
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $203,202.71
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,839,733.52
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $24.19
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.41
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $21.78
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $112,910.61
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $16,082.53
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $96,828.08
(j) Scheduled Payments due in such Collection Period $1,593,184.84
(k) Scheduled Payments collected in such
Collection Period $1,665,293.79
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $38,598,061.25
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $36,661,499.63
(c) The Pool factor as of the close of business
on the last day set forth above 0.9498275
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $80,370.34
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,573.20
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.95
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.03
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $4,250.64
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $19,477.96
(b) Distributions (to) from Collection Account $2,930.05
for Payaheads
(c) Interest earned on Payahead Balances $95.54
(d) Ending Payahead Account Balance $22,503.55
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $34,828,424.67
Spread Account Balance $5,974,585.55
(b) The change in the spread account on the Distribution
Date set forth above $168,050.31
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $10,158.29
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $371,542.46
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 101
Aggregate Gross Amount $966,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 113
Aggregate Gross Amount $1,178,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.17%
(b) Average Delinquency Ratio 5.46%
(c) Cumulative Default Ratio 16.60%
(d) Cumulative Net Loss Ratio 11.74%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? Yes
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,423,250.13
Lock Box NSF Items: (38,463.46)
Transfers from (to) Payahead Account: (2,930.05)
Collection Account Interest 9,096.64
Payahead Account Interest 95.54
Total Collection Proceeds: 2,391,048.80
For Distribution Date: 7/15/98
For Determination Date: 7/8/98
For Collection Period: 6/98
Collateral Activity Information
Principal
Beginning Principal Balance 38,598,061.25
Principal portion of payments collected (non-prepayments) 932,925.51
Prepayments in full allocable to principal 476,207.00
Collections allocable to principal 1,409,132.51
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 151,635.99
Purchase Amounts allocable to principal 4,250.64
-------------------
Total Principal 1,565,019.14
Realized Losses 371,542.46
Cram Down Losses 0.00
Ending Principal Balance 36,661,499.65
Interest
Collections allocable to interest 732,368.28
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 93,661.38
-------------------
Total Interest 826,029.66
Certificate Information
Beginning of Period Class A Principal Balance 36,668,158.19
Beginning of Period Class B Principal Balance 1,929,903.04
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,806,535.24
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 16,040.24
Aggregate Payahead Balance 22,408.01
Aggregate Payahead Balance for preceding Distribution Date 19,477.96
Interest Earned on Payahead Balances 95.54
Scheduled Payments due in Collection Period 1,593,184.84
Scheduled Payments collected in Collection Period 1,665,293.79
Aggregate Amount of Realized Losses for preceding Distribution Date 371,542.46
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 249.10
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 101 966,000.00
60+ days delinquent 113 1,178,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 4,250.64
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 2,144,000.00
PrincipalBalance of all Receivables that became Purchased
Receivables as of the close of business on the last
day of the related Collection Period and that were
delinquent 30 days or more. 4,250.64
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection Period. 399,034.59
Delinquency Ratio for second preceding Determination Date 5.26%
Delinquency Ratio for third preceding Determination Date 5.96%
Cumulative Defaults for preceding Determination Date 14,357,105.48
Cumulative Net Losses for preceding Determination Date 10,157,014.83
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,141,500.79
Liquidation Proceeds 151,635.99
Recoveries 93,661.38
Purchase Amounts 4,250.64
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,391,048.80
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 932,925.51
Prepayments in full allocable to principal 476,207.00
Principal Balance of Liquidated Receivables 523,178.45
Purchase Amounts allocable to principal 4,250.64
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,936,561.60
Class A Principal Distributable Amount
Principal Distributable Amount 1,936,561.60
Times Class A Percentage (95%) 95%
-------------------
1,839,733.52
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,839,733.52
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 36,668,158.19
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 203,202.71
Class B Principal Distributable Amount
Principal Distributable Amount 1,936,561.60
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 96,828.08
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 1,929,903.04
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 16,082.53
Class B Excess Interest Amount
Total Distribution Amount 2,391,048.80
minus
Class A Principal and Interest Distributable Amount 2,042,936.23
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 16,082.53
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 96,828.08
Class B Principal Carryover Shortfall 0.00
Trustee distributions 731.58
Standby Servicer distributions 2,573.20
Servicer distributions 80,370.34
Collateral Agent distributions 482.48
Reimbursement Obligations 10,158.29
-------------------
140,886.07
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 2,573.20 2,391,048.80 2,573.20 2,391,048.80
Servicing Fee (2.0%) 64,330.10 2,388,475.60 64,330.10 0.00
Additional Servicing Fee Amounts 16,040.24 2,324,145.50 16,040.24 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,308,105.26 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,308,105.26 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,308,105.26 0.00
(iii) Trustee Fee 482.48 2,308,105.26 482.48
Trustee's out-of-pocket expenses 249.10 2,307,622.78 249.10
Unpaid Trustee Fee from prior Collection Periods 0.00 2,307,373.68 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection 0.00 2,307,373.68 0.00
Periods
(iv) Collateral Agent Fee 482.48 2,307,373.68 482.48
Collateral Agent Expenses 0.00 2,306,891.20 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,306,891.20 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,306,891.20 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 203,202.71 2,306,891.20 203,202.71
Prior Month(s) Class A Carryover Shortfall 0.00 2,103,688.49 0.00
Class A Interest Carryover Shortfall 0.00 2,103,688.49 0.00
Interest on Interest Carryover from Prior Months 0.00 2,103,688.49 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,103,688.49 0.00
Class A Interest Distributable Amount 203,202.71 2,103,688.49 203,202.71
(viii)(A)Class B Coupon Interest - Unadjusted 16,082.53 1,900,485.78 16,082.53
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,884,403.25 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,884,403.25 0.00
Interest on Interest Carryover from Prior Months 0.00 1,884,403.25 0.00
Current Month Class B Interest Shortfall 0.00 1,884,403.25 0.00
Adjusted Class B Interest Distributable Amount 16,082.53 1,884,403.25 16,082.53
(v) (B) Class A Principal Distributable Amount - Current Month 1,839,733.52 1,868,320.72 1,839,733.52 551,315.28
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 28,587.20 0.00
Current Month Class A Principal Shortfall 0.00 28,587.20 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,839,733.52 28,587.20 28,587.20 0.00
(vi) Certificate Insurer Premium 10,158.29 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month 96,828.08 0.00 0.00
Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 96,828.08 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 140,886.07 0.00 0.00
0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 36,668,158.19
Class A Principal Distributions 1,839,733.52
Class A End of Period Principal Balance 34,828,424.67
Class B Beginning of Period Principal Balance 1,929,903.04
Class B Principal Distributable Amount 96,828.08
Class B End of Period Principal Balance BEFORE Spread Account Distributions 1,833,074.96
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 1,833,074.96
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,391,048.80
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 287,360.31
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,103,688.49
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,103,688.49
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 16,082.53
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,087,605.96
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,087,605.96
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,839,733.52
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 247,872.44
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 247,872.44
(vi) Certificate Insurer Premium 10,158.29
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 237,714.15
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 237,714.15
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 96,828.08
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 140,886.07
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 140,886.07
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,144,000.00
Purchased receivables more than 30 days delinquent 4,250.64
-------------------
Total 2,148,250.64
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 41,517,587.47
Delinquency Ratio 5.17%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.17%
Delinquency Ratio for second preceding Determination Date 5.26%
Delinquency Ratio for third preceding Determination Date 5.96%
-------------------
Average Delinquency Ratio 5.46% 5.46%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 14,357,105.48
Current Period Defaulted Receivables 399,034.59
-------------------
Total 14,756,140.07
Cumulative Defaulted Receivables 14,756,140.07
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 16.60%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 523,178.45
Cram Down Losses 0.00
Net Liquidation Proceeds (245,297.37)
-------------------
Net Liquidation Losses 277,881.08
Cumulative Previous Net Losses 10,157,014.83
-------------------
Cumulative Net Losses 10,434,895.91
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 11.74%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 31.36
Weighted Average Annual Percentage Rate 20.34%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 3,666,149.96
15% of Outstanding Certificate Balance 5,499,224.94
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Cap Amount 34,828,424.67
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 36,661,499.63
Minimum Floor 100,000.00
Floor Amount 2,667,022.51
Required Spread Account Amount 34,828,424.67
Beginning of Period Spread Account Balance 5,806,535.24
Spread Account Deposit (Withdrawal) from Current Distributions 140,886.07
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 28,881,003.36
Earnings on Spread Account Balance 27,164.24
Amount of Spread Account deposit (withdrawal) 0.00 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 5,974,585.55
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
Revision #1
Distribution Date 7/15/98
Collection Period 6/98
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,351,474.23
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $256,179.67
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,095,294.56
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $26.87
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.93
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $23.94
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $42,431.40
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $22,740.22
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $19,691.18
(j) Scheduled Payments due in such Collection Period $1,820,620.57
(k) Scheduled Payments collected in such
Collection Period $1,773,533.43
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $48,297,816.65
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $46,182,830.88
(c) The Pool factor as of the close of business
on the last day set forth above 0.9562095
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $98,309.89
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,219.85
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.12
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $20,335.14
(b) Distributions (to) from Collection Account $5,397.23
for Payaheads
(c) Interest earned on Payahead Balances $105.60
(d) Ending Payahead Account Balance $25,837.97
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $43,787,631.23
Spread Account Balance $4,851,928.85
(b) The change in the spread account on the Distribution
Date set forth above $22,147.19
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $12,771.39
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $522,073.18
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 140
Aggregate Gross Amount $1,411,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 147
Aggregate Gross Amount $1,783,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.03%
(b) Average Delinquency Ratio 6.62%
(c) Cumulative Default Ratio 15.32%
(d) Cumulative Net Loss Ratio 9.41%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? Yes
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,545,894.13
Lock Box NSF Items: (40,403.56)
Transfers from (to) Payahead Account: (5,397.23)
Collection Account Interest 9,524.24
Payahead Account Interest 105.60
Total Collection Proceeds: 2,509,723.18
For Distribution Date: 7/15/98
For Determination Date: 7/8/98
For Collection Period: 6/98
Collateral Activity Information
Principal
Beginning Principal Balance 48,297,816.65
Principal portion of payments collected (non-prepayments) 995,710.55
Prepayments in full allocable to principal 580,031.00
Collections allocable to principal 1,575,741.55
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 107,758.49
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,683,500.04
Realized Losses 522,073.18
Cram Down Losses 0.00
Ending Principal Balance 46,092,243.43
Interest
Collections allocable to interest 777,822.88
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 48,400.26
-------------------
Total Interest 826,223.14
Certificate Information
Beginning of Period Class A Principal Balance 45,882,925.79
Beginning of Period Class B Principal Balance 2,414,890.83
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,829,781.66
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,813.53
Aggregate Payahead Balance 25,732.37
Aggregate Payahead Balance for preceding Distribution Date 20,335.14
Interest Earned on Payahead Balances 105.60
Scheduled Payments due in Collection Period 1,820,620.57
Scheduled Payments collected in Collection Period 1,773,533.43
Aggregate Amount of Realized Losses for preceding Distribution Date 522,073.18
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 308.98
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 140 1,411,000.00
60+ days delinquent 147 1,783,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 3,194,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 683,326.83
Delinquency Ratio for second preceding Determination Date 6.71%
Delinquency Ratio for third preceding Determination Date 7.12%
Cumulative Defaults for preceding Determination Date 13,431,820.78
Cumulative Net Losses for preceding Determination Date 8,193,626.20
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,353,564.43
Liquidation Proceeds 107,758.49
Recoveries 48,400.26
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,509,723.18
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 995,710.55
Prepayments in full allocable to principal 580,031.00
Principal Balance of Liquidated Receivables 629,831.67
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,205,573.22
Class A Principal Distributable Amount
Principal Distributable Amount 2,205,573.22
Times Class A Percentage (95%) 95%
-------------------
2,095,294.56
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,095,294.56
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 45,882,925.79
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 256,179.67
Class B Principal Distributable Amount
Principal Distributable Amount 2,205,573.22
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 110,278.66
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,414,890.83
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 22,740.22
Class B Excess Interest Amount
Total Distribution Amount 2,509,723.18
minus
Class A Principal and Interest Distributable Amount 2,351,474.23
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 22,740.22
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 110,278.66
Class B Principal Carryover Shortfall 0.00
Trustee distributions 912.70
Standby Servicer distributions 3,219.85
Servicer distributions 98,309.89
Collateral Agent distributions 603.72
Reimbursement Obligations 12,771.39
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,219.85 0.00 0.00 110,278.66
Servicing Fee (2.0%) 80,496.36 0.00 0.00 0.00
Additional Servicing Fee Amounts 17,813.53 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 603.72 0.00 0.00
Trustee's out-of-pocket expenses 308.98 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 0.00 0.00
Collection Periods
(iv) Collateral Agent Fee 603.72 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 0.00 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 256,179.67 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00
Class A Interest Distributable Amount 256,179.67 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 22,740.22 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00 110,278.66
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00 110,278.66
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 22,740.22 0.00 0.00
(v) (B) Class A Principal Distributable Amount - Current Month 2,095,294.56 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,095,294.56 0.00 0.00
(vi) Certificate Insurer Premium 12,771.39 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 110,278.66 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (90,587.48) 0.00 (90,587.48)
Adjusted Class B Principal Distributable Amount 19,691.18 90,587.48 19,691.18
Excess Interest Amount for Deposit in Spread Account 0.00 70,896.30 0.00
70,896.30 70,896.30
Certificate Balance
Class A Beginning of Period Principal Balance 45,882,925.79
Class A Principal Distributions 2,095,294.56
Class A End of Period Principal Balance 43,787,631.23
Class B Beginning of Period Principal Balance 2,414,890.83
Class B Principal Distributable Amount 19,691.18
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,395,199.65
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,395,199.65
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,509,723.18
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 359,225.83
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,150,497.35
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,150,497.35
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 22,740.22
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,127,757.13
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,127,757.13
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,095,294.56
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 32,462.57
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 32,462.57
(vi) Certificate Insurer Premium 12,771.39
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 19,691.18
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 19,691.18
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 110,278.66
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (90,587.48)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (90,587.48)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,194,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 3,194,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 52,977,296.85
Delinquency Ratio 6.03%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.03%
Delinquency Ratio for second preceding Determination Date 6.71%
Delinquency Ratio for third preceding Determination Date 7.12%
-------------------
Average Delinquency Ratio 6.62% 6.62%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 13,431,820.78
Current Period Defaulted Receivables 683,326.83
-------------------
Total 14,115,147.61
Cumulative Defaulted Receivables 14,115,147.61
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 15.32%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 629,831.67
Cram Down Losses 0.00
Net Liquidation Proceeds (156,158.75)
-------------------
Net Liquidation Losses 473,672.92
Cumulative Previous Net Losses 8,193,626.20
-------------------
Cumulative Net Losses 8,667,299.12
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 9.41%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 35.28
Weighted Average Annual Percentage Rate 20.34%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,618,283.09
15% of Outstanding Certificate Balance 6,927,424.63
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Cap Amount 43,787,631.23
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 46,182,830.88
Minimum Floor 100,000.00
Floor Amount 2,763,878.99
Required Spread Account Amount 43,787,631.23
Beginning of Period Spread Account Balance 4,829,781.66
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 38,957,849.57
Earnings on Spread Account Balance 22,147.19
Amount of Spread Account deposit (withdrawal) 0.00 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 4,851,928.85
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Revision #1
Distribution Date 7/15/98
Collection Period 6/98
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,680,680.96
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $281,168.40
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,399,512.56
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $30.39
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.19
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $27.20
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $72,008.71
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $23,841.77
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $48,166.94
(j) Scheduled Payments due in such Collection Period $1,977,794.43
(k) Scheduled Payments collected in such
Collection Period $2,144,236.45
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $56,374,617.47
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $53,926,937.97
(c) The Pool factor as of the close of business
on the last day set forth above 0.9565819
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $111,116.89
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,758.31
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.26
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $19,838.00
(b) Distributions (to) from Collection Account $9,251.13
for Payaheads
(c) Interest earned on Payahead Balances $101.10
(d) Ending Payahead Account Balance $29,190.23
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $51,156,374.01
Spread Account Balance $5,663,469.37
(b) The change in the spread account on the Distribution
Date set forth above $26,007.62
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $14,920.61
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $747,221.51
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 148
Aggregate Gross Amount $1,788,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 172
Aggregate Gross Amount $2,163,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.33%
(b) Average Delinquency Ratio 6.73%
(c) Cumulative Default Ratio 12.80%
(d) Cumulative Net Loss Ratio 8.62%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? Yes
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,933,114.25
Lock Box NSF Items: (50,446.28)
Transfers from (to) Payahead Account: (9,251.13)
Collection Account Interest 10,737.57
Payahead Account Interest 101.10
Total Collection Proceeds: 2,884,255.51
For Distribution Date: 7/15/98
For Determination Date: 7/8/98
For Collection Period: 6/98
Collateral Activity Information
Principal
Beginning Principal Balance 56,374,617.47
Principal portion of payments collected (non-prepayments) 1,130,916.90
Prepayments in full allocable to principal 590,166.00
Collections allocable to principal 1,721,082.90
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 57,498.28
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,778,581.18
Realized Losses 747,221.51
Cram Down Losses 0.00
Ending Principal Balance 53,848,814.78
Interest
Collections allocable to interest 1,013,319.55
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 92,354.78
-------------------
Total Interest 1,105,674.33
Certificate Information
Beginning of Period Class A Principal Balance 53,555,886.57
Beginning of Period Class B Principal Balance 2,818,730.89
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,637,461.75
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,159.19
Aggregate Payahead Balance 29,089.13
Aggregate Payahead Balance for preceding Distribution Date 19,838.00
Interest Earned on Payahead Balances 101.10
Scheduled Payments due in Collection Period 1,977,794.43
Scheduled Payments collected in Collection Period 2,144,236.45
Aggregate Amount of Realized Losses for preceding Distribution Date 747,221.51
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 360.68
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 148 1,788,000.00
60+ days delinquent 172 2,163,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 3,951,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 762,096.20
Delinquency Ratio for second preceding Determination Date 6.90%
Delinquency Ratio for third preceding Determination Date 6.96%
Cumulative Defaults for preceding Determination Date 11,124,301.86
Cumulative Net Losses for preceding Determination Date 7,351,999.63
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,734,402.45
Liquidation Proceeds 57,498.28
Recoveries 92,354.78
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,884,255.51
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,130,916.90
Prepayments in full allocable to principal 590,166.00
Principal Balance of Liquidated Receivables 804,719.79
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,525,802.69
Class A Principal Distributable Amount
Principal Distributable Amount 2,525,802.69
Times Class A Percentage (95%) 95%
-------------------
2,399,512.56
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,399,512.56
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 53,555,886.57
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 281,168.40
Class B Principal Distributable Amount
Principal Distributable Amount 2,525,802.69
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 126,290.13
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,818,730.89
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 23,841.77
Class B Excess Interest Amount
Total Distribution Amount 2,884,255.51
minus
Class A Principal and Interest Distributable Amount 2,680,680.96
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 23,841.77
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 126,290.13
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,065.36
Standby Servicer distributions 3,758.31
Servicer distributions 111,116.89
Collateral Agent distributions 704.68
Reimbursement Obligations 14,920.61
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,758.31 2,884,255.51 3,758.31 2,884,255.51
Servicing Fee (2.0%) 93,957.70 2,880,497.20 93,957.70 0.00
Additional Servicing Fee Amounts 17,159.19 2,786,539.50 17,159.19 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,769,380.31 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,769,380.31 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,769,380.31 0.00
(iii) Trustee Fee 704.68 2,769,380.31 704.68
Trustee's out-of-pocket expenses 360.68 2,768,675.63 360.68
Unpaid Trustee Fee from prior Collection Periods 0.00 2,768,314.95 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,768,314.95 0.00
Collection Periods
(iv) Collateral Agent Fee 704.68 2,768,314.95 704.68
Collateral Agent Expenses 0.00 2,767,610.27 0.00
Unpaid Collateral Agent Fee from prior Collection 0.00 2,767,610.27 0.00
Periods
Unpaid Collateral Agent Expenses from prior Collection 0.00 2,767,610.27 0.00
Periods
(v) (A) Class A Interest Distributable Amount - Current Month 281,168.40 2,767,610.27 281,168.40
Prior Month(s) Class A Carryover Shortfall 0.00 2,486,441.87 0.00
Class A Interest Carryover Shortfall 0.00 2,486,441.87 0.00
Interest on Interest Carryover from Prior Months 0.00 2,486,441.87 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,486,441.87 0.00
Class A Interest Distributable Amount 281,168.40 2,486,441.87 281,168.40
(viii)(A)Class B Coupon Interest - Unadjusted 23,841.77 2,205,273.47 23,841.77
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,181,431.70 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,181,431.70 0.00
Interest on Interest Carryover from Prior Months 0.00 2,181,431.70 0.00
Current Month Class B Interest Shortfall 0.00 2,181,431.70 0.00
Adjusted Class B Interest Distributable Amount 23,841.77 2,181,431.70 23,841.77
(v) (B) Class A Principal Distributable Amount - Current Month 2,399,512.56 2,157,589.93 2,157,589.93 484,742.95
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,399,512.56 0.00 0.00 0.00
(vi) Certificate Insurer Premium 14,920.61 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month 126,290.13 0.00 0.00
Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (78,123.20) 0.00 (78,123.20)
Adjusted Class B Principal Distributable Amount 48,166.94 78,123.20 48,166.94
Excess Interest Amount for Deposit in Spread Account 0.00 29,956.26 0.00
29,956.26 29,956.26
Certificate Balance
Class A Beginning of Period Principal Balance 53,555,886.57
Class A Principal Distributions 2,399,512.56
Class A End of Period Principal Balance 51,156,374.01
Class B Beginning of Period Principal Balance 2,818,730.89
Class B Principal Distributable Amount 48,166.94
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,770,563.95
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,770,563.95
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,884,255.51
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 397,813.64
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,486,441.87
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,486,441.87
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 23,841.77
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,462,600.10
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,462,600.10
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,399,512.56
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 63,087.54
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 63,087.54
(vi) Certificate Insurer Premium 14,920.61
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 48,166.94
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 48,166.94
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 126,290.13
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (78,123.20)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (78,123.20)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,951,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 3,951,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 62,459,485.26
Delinquency Ratio 6.33%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.33%
Delinquency Ratio for second preceding Determination Date 6.90%
Delinquency Ratio for third preceding Determination Date 6.96%
-------------------
Average Delinquency Ratio 6.73% 6.73%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 11,124,301.86
Current Period Defaulted Receivables 762,096.20
-------------------
Total 11,886,398.06
Cumulative Defaulted Receivables 11,886,398.06
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 12.80%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 804,719.79
Cram Down Losses 0.00
Net Liquidation Proceeds (149,853.06)
-------------------
Net Liquidation Losses 654,866.73
Cumulative Previous Net Losses 7,351,999.63
-------------------
Cumulative Net Losses 8,006,866.36
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 8.62%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 38.43
Weighted Average Annual Percentage Rate 20.39%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,392,693.80
15% of Outstanding Certificate Balance 8,089,040.70
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Cap Amount 51,156,374.01
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 53,926,937.97
Minimum Floor 100,000.00
Floor Amount 2,785,734.33
Required Spread Account Amount 51,156,374.01
Beginning of Period Spread Account Balance 5,637,461.75
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 45,518,912.26
Earnings on Spread Account Balance 26,007.62
Amount of Spread Account deposit (withdrawal) 0.00 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 5,663,469.37
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
Current month excess servicing fee #REF!
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Revision #1
Distribution Date 7/15/98
Collection Period 6/98
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,194,103.45
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $356,498.63
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,837,604.82
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $32.86
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.67
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $29.19
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $57,922.03
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $33,401.16
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $24,520.87
(j) Scheduled Payments due in such Collection Period $2,296,176.46
(k) Scheduled Payments collected in such
Collection Period $2,543,584.22
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $68,750,238.33
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $65,888,112.64
(c) The Pool factor as of the close of business
on the last day set forth above 0.9583692
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $132,576.80
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,583.35
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.36
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 2
Aggregate Purchase Amount $26,396.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $27,558.08
(b) Distributions (to) from Collection Account $7,253.00
for Payaheads
(c) Interest earned on Payahead Balances $329.28
(d) Ending Payahead Account Balance $35,140.36
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $62,475,121.59
Spread Account Balance $6,913,966.53
(b) The change in the spread account on the Distribution
Date set forth above $31,716.18
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $18,221.91
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $834,762.15
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 192
Aggregate Gross Amount $2,414,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 201
Aggregate Gross Amount $2,474,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.44%
(b) Average Delinquency Ratio 6.86%
(c) Cumulative Default Ratio 12.22%
(d) Cumulative Net Loss Ratio 7.64%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? Yes
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,447,083.03
Lock Box NSF Items: (43,152.62)
Transfers from (to) Payahead Account: (7,253.00)
Collection Account Interest 12,559.96
Payahead Account Interest 329.28
Total Collection Proceeds: 3,409,566.65
For Distribution Date: 7/15/98
For Determination Date: 7/8/98
For Collection Period: 6/98
Collateral Activity Information
Principal
Beginning Principal Balance 68,750,238.33
Principal portion of payments collected (non-prepayments) 1,367,809.11
Prepayments in full allocable to principal 652,327.00
Collections allocable to principal 2,020,136.11
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 105,658.18
Purchase Amounts allocable to principal 26,396.00
-------------------
Total Principal 2,152,190.29
Realized Losses 834,762.15
Cram Down Losses 0.00
Ending Principal Balance 65,763,285.89
Interest
Collections allocable to interest 1,175,775.11
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 81,601.25
-------------------
Total Interest 1,257,376.36
Certificate Information
Beginning of Period Class A Principal Balance 65,312,726.41
Beginning of Period Class B Principal Balance 3,437,511.92
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,882,250.35
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,993.07
Aggregate Payahead Balance 34,811.08
Aggregate Payahead Balance for preceding Distribution Date 27,558.08
Interest Earned on Payahead Balances 329.28
Scheduled Payments due in Collection Period 2,296,176.46
Scheduled Payments collected in Collection Period 2,543,584.22
Aggregate Amount of Realized Losses for preceding Distribution Date 834,762.15
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 440.35
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 192 2,414,000.00
60+ days delinquent 201 2,474,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
2 26,396.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 4,888,000.00
PrincipalBalance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 26,396.00
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 789,567.07
Delinquency Ratio for second preceding Determination Date 6.97%
Delinquency Ratio for third preceding Determination Date 7.18%
Cumulative Defaults for preceding Determination Date 11,719,512.45
Cumulative Net Losses for preceding Determination Date 7,063,296.24
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,195,911.22
Liquidation Proceeds 105,658.18
Recoveries 81,601.25
Purchase Amounts 26,396.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,409,566.65
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,367,809.11
Prepayments in full allocable to principal 652,327.00
Principal Balance of Liquidated Receivables 940,420.33
Purchase Amounts allocable to principal 26,396.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,986,952.44
Class A Principal Distributable Amount
Principal Distributable Amount 2,986,952.44
Times Class A Percentage (95%) 95%
-------------------
2,837,604.82
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,837,604.82
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 65,312,726.41
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 356,498.63
Class B Principal Distributable Amount
Principal Distributable Amount 2,986,952.44
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 149,347.62
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,437,511.92
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 33,401.16
Class B Excess Interest Amount
Total Distribution Amount 3,409,566.65
minus
Class A Principal and Interest Distributable Amount 3,194,103.45
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 33,401.16
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 149,347.62
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,299.73
Standby Servicer distributions 4,583.35
Servicer distributions 132,576.80
Collateral Agent distributions 859.38
Reimbursement Obligations 18,221.91
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,583.35 3,409,566.65 4,583.35
Servicing Fee (2.0%) 114,583.73 3,404,983.30 114,583.73 0.00
Additional Servicing Fee Amounts 17,993.07 3,290,399.57 17,993.07 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,272,406.50 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,272,406.50 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,272,406.50 0.00
(iii) Trustee Fee 859.38 3,272,406.50 859.38
Trustee's out-of-pocket expenses 440.35 3,271,547.12 440.35
Unpaid Trustee Fee from prior Collection Periods 0.00 3,271,106.77 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection 0.00 3,271,106.77 0.00
Periods
(iv) Collateral Agent Fee 859.38 3,271,106.77 859.38
Collateral Agent Expenses 0.00 3,270,247.39 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,270,247.39 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,270,247.39 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 356,498.63 3,270,247.39 356,498.63
Prior Month(s) Class A Carryover Shortfall 0.00 2,913,748.76 0.00
Class A Interest Carryover Shortfall 0.00 2,913,748.76 0.00
Interest on Interest Carryover from Prior Months 0.00 2,913,748.76 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,913,748.76 0.00
Class A Interest Distributable Amount 356,498.63 2,913,748.76 356,498.63
(viii)(A)Class B Coupon Interest - Unadjusted 33,401.16 2,557,250.13 33,401.16
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,523,848.97 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,523,848.97 0.00
Interest on Interest Carryover from Prior Months 0.00 2,523,848.97 0.00
Current Month Class B Interest Shortfall 0.00 2,523,848.97 0.00
Adjusted Class B Interest Distributable Amount 33,401.16 2,523,848.97 33,401.16
(v) (B) Class A Principal Distributable Amount - Current Month 2,837,604.82 2,490,447.81 2,490,447.81 571,961.83
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,837,604.82 0.00 0.00 0.00
(vi) Certificate Insurer Premium 18,221.91 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month 149,347.62 0.00 0.00
Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (124,826.75) 0.00 (124,826.75)
Adjusted Class B Principal Distributable Amount 24,520.87 124,826.75 24,520.87
Excess Interest Amount for Deposit in Spread Account 0.00 100,305.88 0.00
100,305.88 100,305.88
Certificate Balance
Class A Beginning of Period Principal Balance 65,312,726.41
Class A Principal Distributions 2,837,604.82
Class A End of Period Principal Balance 62,475,121.59
Class B Beginning of Period Principal Balance 3,437,511.92
Class B Principal Distributable Amount 24,520.87
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,412,991.05
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,412,991.05
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,409,566.65
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 495,817.89
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,913,748.76
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,913,748.76
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 33,401.16
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,880,347.60
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,880,347.60
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,837,604.82
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 42,742.78
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 42,742.78
(vi) Certificate Insurer Premium 18,221.91
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 24,520.87
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 24,520.87
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 149,347.62
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (124,826.75)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (124,826.75)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,888,000.00
Purchased receivables more than 30 days delinquent 26,396.00
-------------------
Total 4,914,396.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 76,264,805.80
Delinquency Ratio 6.44%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.44%
Delinquency Ratio for second preceding Determination Date 6.97%
Delinquency Ratio for third preceding Determination Date 7.18%
-------------------
Average Delinquency Ratio 6.86% 6.86%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 11,719,512.45
Current Period Defaulted Receivables 789,567.07
-------------------
Total 12,509,079.52
Cumulative Defaulted Receivables 12,509,079.52
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 12.22%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 940,420.33
Cram Down Losses 0.00
Net Liquidation Proceeds (187,259.43)
-------------------
Net Liquidation Losses 753,160.90
Cumulative Previous Net Losses 7,063,296.24
-------------------
Cumulative Net Losses 7,816,457.14
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 7.64%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 41.28
Weighted Average Annual Percentage Rate 20.36%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,588,811.26
15% of Outstanding Certificate Balance 9,883,216.90
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Cap Amount 62,475,121.59
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 65,888,112.64
Minimum Floor 100,000.00
Floor Amount 3,069,810.29
Required Spread Account Amount 62,475,121.59
Beginning of Period Spread Account Balance 6,882,250.35
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 55,592,871.24
Earnings on Spread Account Balance 31,716.18
Amount of Spread Account deposit (withdrawal) 0.00 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 6,913,966.53
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
Revision #1
Distribution Date 7/15/98
Collection Period 6/98
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $4,138,260.71
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $465,050.69
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,673,210.02
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $36.49
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.10
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $32.39
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $44,021.33
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $44,021.33
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $2,805,654.16
(k) Scheduled Payments collected in such
Collection Period $2,805,057.61
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $88,335,707.29
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $84,863,334.45
(c) The Pool factor as of the close of business
on the last day set forth above 0.9606912
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $170,373.75
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,889.05
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.50
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $35,502.72
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $26,325.29
(b) Distributions (to) from Collection Account $9,471.55
for Payaheads
(c) Interest earned on Payahead Balances $139.38
(d) Ending Payahead Account Balance $35,936.22
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $25,459,000.34
Spread Account Balance $7,762,844.54
(b) The change in the spread account on the Distribution
Date set forth above ($205,444.46)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $23,405.00
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,318,355.59
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 222
Aggregate Gross Amount $2,661,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 206
Aggregate Gross Amount $2,792,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.65%
(b) Average Delinquency Ratio 6.22%
(c) Cumulative Default Ratio 9.32%
(d) Cumulative Net Loss Ratio 6.28%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? Yes
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 4,210,074.35
Lock Box NSF Items: (73,485.30)
Transfers from (to) Payahead Account: (9,471.55)
Collection Account Interest 15,042.82
Payahead Account Interest 139.38
Total Collection Proceeds: 4,142,299.70
For Distribution Date: 7/15/98
For Determination Date: 7/8/98
For Collection Period: 6/98
Collateral Activity Information
Principal
Beginning Principal Balance 88,335,707.29
Principal portion of payments collected (non-prepayments) 1,286,575.16
Prepayments in full allocable to principal 796,834.00
Collections allocable to principal 2,083,409.16
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 429,269.39
Purchase Amounts allocable to principal 35,502.72
-------------------
Total Principal 2,548,181.27
Realized Losses 1,318,355.59
Cram Down Losses 0.00
Ending Principal Balance 84,469,170.43
Interest
Collections allocable to interest 1,518,482.45
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 75,635.98
-------------------
Total Interest 1,594,118.43
Certificate Information
Beginning of Period Class A Principal Balance 83,918,921.94
Beginning of Period Class B Principal Balance 4,617,622.53
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,968,289.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 23,147.57
Aggregate Payahead Balance 35,796.84
Aggregate Payahead Balance for preceding Distribution Date 26,325.29
Interest Earned on Payahead Balances 139.38
Scheduled Payments due in Collection Period 2,805,654.16
Scheduled Payments collected in Collection Period 2,805,057.61
Aggregate Amount of Realized Losses for preceding Distribution Date 1,318,355.59
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 509.87
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 222 2,661,000.00
60+ days delinquent 206 2,792,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 35,502.72
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,453,000.00
PrincipalBalance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 35,502.72
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection Period. 986,409.53
Delinquency Ratio for second preceding Determination Date 6.44%
Delinquency Ratio for third preceding Determination Date 6.58%
Cumulative Defaults for preceding Determination Date 10,143,276.35
Cumulative Net Losses for preceding Determination Date 6,255,445.96
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,601,891.61
Liquidation Proceeds 429,269.39
Recoveries 75,635.98
Purchase Amounts 35,502.72
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 4,142,299.70
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,286,575.16
Prepayments in full allocable to principal 796,834.00
Principal Balance of Liquidated Receivables 1,747,624.98
Purchase Amounts allocable to principal 35,502.72
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 3,866,536.86
Class A Principal Distributable Amount
Principal Distributable Amount 3,866,536.86
Times Class A Percentage (95%) 95%
-------------------
3,673,210.02
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,673,210.02
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 83,918,921.94
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class A Interest Distributable Amount 465,050.69
Class B Principal Distributable Amount
Principal Distributable Amount 3,866,536.86
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 193,326.84
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,617,622.53
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 44,021.33
Class B Excess Interest Amount
Total Distribution Amount 4,142,299.70
minus
Class A Principal and Interest Distributable Amount 4,138,260.71
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 44,021.33
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 193,326.84
Class B Principal Carryover Shortfall 200,837.18
Trustee distributions 1,614.07
Standby Servicer distributions 5,889.05
Servicer distributions 170,373.75
Collateral Agent distributions 1,106.71
Reimbursement Obligations 23,405.00
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 200,837.18
-------------------
200,837.18
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 5,889.05 4,142,299.70 5,889.05
Servicing Fee (2.0%) 147,226.18 4,136,410.65 147,226.18 0.00
Additional Servicing Fee Amounts 23,147.57 3,989,184.47 23,147.57 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,966,036.90 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,966,036.90 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,966,036.90 0.00
(iii) Trustee Fee 1,104.20 3,966,036.90 1,104.20
Trustee's out-of-pocket expenses 509.87 3,964,932.70 509.87
Unpaid Trustee Fee from prior Collection Periods 0.00 3,964,422.83 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection 0.00 3,964,422.83 0.00
Periods
(iv) Collateral Agent Fee 1,106.71 3,964,422.83 1,106.71
Collateral Agent Expenses 0.00 3,963,316.12 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,963,316.12 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,963,316.12 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 465,050.69 3,963,316.12 465,050.69
Prior Month(s) Class A Carryover Shortfall 0.00 3,498,265.43 0.00
Class A Interest Carryover Shortfall 0.00 3,498,265.43 0.00
Interest on Interest Carryover from Prior Months 0.00 3,498,265.43 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,498,265.43 0.00
Class A Interest Distributable Amount 465,050.69 3,498,265.43 465,050.69
(viii)(A)Class B Coupon Interest - Unadjusted 44,021.33 3,033,214.74 44,021.33
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,989,193.41 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,989,193.41 0.00
Interest on Interest Carryover from Prior Months 0.00 2,989,193.41 0.00
Current Month Class B Interest Shortfall 0.00 2,989,193.41 0.00
Adjusted Class B Interest Distributable Amount 44,021.33 2,989,193.41 44,021.33
(v) (B) Class A Principal Distributable Amount - Current Month 3,673,210.02 2,945,172.08 2,945,172.08 469,089.68
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (218,965.92) 0.00 (218,965.92)
Withdrawl from Spread Account to Cover Shortfall 218,965.92
Class A Principal Distribution Amount 3,673,210.02 218,965.92 218,965.92 0.00
(vi) Certificate Insurer Premium 23,405.00 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month 193,326.84 0.00 0.00
Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 200,837.18 0.00 0.00
Current Month Class B Principal Shortfall (394,164.02) 0.00 (394,164.02)
Adjusted Class B Principal Distributable Amount 0.00 394,164.02 0.00
Excess Interest (Shortage) Amount for Deposit to (withdrawl from) (242,370.92) 394,164.02 (242,370.92)
Spread Account 636,534.94 636,534.94
Certificate Balance
Class A Beginning of Period Principal Balance 83,918,921.94
Class A Principal Distributions 3,673,210.02
Class A End of Period Principal Balance 80,245,711.92
Class B Beginning of Period Principal Balance 4,617,622.53
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,617,622.53
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,617,622.53
Class A Deficiency - Interest
(i) Total Distribution Amount Available 4,142,299.70
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 644,034.27
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,498,265.43
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,498,265.43
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 44,021.33
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,454,244.10
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,454,244.10
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,673,210.02
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 218,965.92
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 23,405.00
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (23,405.00)
Withdrawl from Spread Account to Cover Deficiency 23,405.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 193,326.84
(iii) Prior month(s) carryover shortfalls 200,837.18
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (394,164.02)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (394,164.02)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,453,000.00
Purchased receivables more than 30 days delinquent 35,502.72
-------------------
Total 5,488,502.72
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 97,149,214.01
Delinquency Ratio 5.65%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.65%
Delinquency Ratio for second preceding Determination Date 6.44%
Delinquency Ratio for third preceding Determination Date 6.58%
-------------------
Average Delinquency Ratio 6.22% 6.22%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 10,143,276.35
Current Period Defaulted Receivables 986,409.53
-------------------
Total 11,129,685.88
Cumulative Defaulted Receivables 11,129,685.88
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 9.32%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,747,624.98
Cram Down Losses 0.00
Net Liquidation Proceeds (504,905.37)
-------------------
Net Liquidation Losses 1,242,719.61
Cumulative Previous Net Losses 6,255,445.96
-------------------
Cumulative Net Losses 7,498,165.57
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 6.28%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 43.72
Weighted Average Annual Percentage Rate 20.50%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 7,637,700.10
15% of Outstanding Certificate Balance 12,729,500.17
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Cap Amount 25,459,000.34
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 84,863,334.45
Minimum Floor 100,000.00
Floor Amount 3,580,860.93
Required Spread Account Amount 25,459,000.34
Beginning of Period Spread Account Balance 7,968,289.00
Spread Account Deposit (Withdrawal) from Current Distributions (242,370.92)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 17,733,082.25
Earnings on Spread Account Balance 36,926.46
Amount of Spread Account deposit (withdrawal) 0.00 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,762,844.54
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-3
6.10% Asset-Backed Notes, Class A-1
6.38% Asset-Backed Notes, Class A-2
10.65% Asset-Backed Notes, Class B
10.65% Asset-Backed Certificates
Distribution Date 7/15/98
Collection Period 6/98
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $4,356,479.77
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $230,881.04
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $4,125,598.73
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $53.90
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $2.86
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $51.04
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $327,868.20
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $327,868.20
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $5.31
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to Class B
Noteholders on the Distribution Date set forth above $120,698.99
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $28,329.68
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $92,369.31
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $120,698.99
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $28,329.68
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $92,369.31
(s) Scheduled Payments due in such Collection Period $3,707,148.52
(t) Scheduled Payments collected in such
Collection Period $3,545,148.13
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $121,098,520.65
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(r) above $109,161,037.46
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i),(o) above $106,061,329.88
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8758268
(e) Aggregate principal amount of Certificates as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(r) above $3,099,707.59
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0255966
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $228,616.49
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,054.93
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.83
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $33,265.99
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above ($185,585.20)
(f) The amount of the Certificate Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (q) above $0.00
(g) The amount of the Certificate Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (r) above ($185,585.20)
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $116,564,895.67
Spread Account Balance $3,287,043.20
(b) The change in the spread account on the Distribution
Date set forth above $15,322.17
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $30,030.47
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,402,244.17
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 273
Aggregate Gross Amount $3,532,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 282
Aggregate Gross Amount $3,713,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.47%
(b) Average Delinquency Ratio 5.88%
(c) Cumulative Default Ratio 6.99%
(d) Cumulative Net Loss Ratio 4.40%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? Yes
CPS Auto Receivables Trust 1997-3
Statement to Noteholders
Is there a Deficiency Claim Amount? YES
Deficiency Claim Amount (371,170.40)
Inputs
Gross Collection Proceeds: 5,282,555.73
Lock Box NSF Items: (108,556.21)
Total Collection Proceeds: 5,173,999.52
For Distribution Date: 7/15/98
For Determination Date: 7/8/98
For Collection Period: 6/98
Collateral Activity Information
Principal
Beginning Principal Balance 121,098,520.65
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-------------------------
Aggregate Beginning Principal Balance 121,098,520.65
Principal portion of payments collected (non-prepayments) 1,565,124.20
Prepayments in full allocable to principal 973,946.00
Collections allocable to principal 2,539,070.20
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 559,044.62
Purchase Amounts allocable to principal 33,265.99
-------------------------
Total Principal 3,131,380.81
Realized Losses 1,402,244.17
Cram Down Losses 0.00
Ending Principal Balance 116,564,895.67
Prefunding
Original Amount in Prefunding Account 27,084,817.00
Subsequent Loans Sold to the Trust 27,084,817.00
Balance of Prefunding Account 0.00
Interest
Collections allocable to interest 1,980,023.93
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 62,594.78
-------------------------
Total Interest 2,042,618.71
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 45,419,221.02
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,192,076.90
Beginning of Period Certificate Balance 3,192,076.90
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,271,721.03
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 26,785.62
Scheduled Payments due in Collection Period 3,707,148.52
Scheduled Payments collected in Collection Period 3,545,148.13
Aggregate Amount of Realized Losses for preceding Distribution Date 1,402,244.17
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 223.41
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 273 3,532,000.00
60+ days delinquent 282 3,713,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 33,265.99
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 7,245,000.00
Principal Balance of all Receivables that became Purchased Receivables
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more. 33,265.99
PrincipalBalance of all Receivables that became Defaulted Receivables
during the related Collection Period. 1,134,952.57
Delinquency Ratio for second preceding Determination Date 5.95%
Delinquency Ratio for third preceding Determination Date 6.23%
Cumulative Defaults for preceding Determination Date 9,346,841.84
Cumulative Net Losses for preceding Determination Date 5,261,286.69
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Calculations
Requisite Reserve Amount
Weighted Average of the Interest Rates and Pass-Through Rates 6.5082%
minus 2.5% 2.50%
-------------------------
4.0082%
divided by 360 0.0111%
times the prefunded amount 0.00
times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00
-------------------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
Excess in Interest Reserve Account 0.00
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 4,519,094.13
Liquidation Proceeds 559,044.62
Recoveries 62,594.78
Purchase Amounts 33,265.99
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 0.00
Investment earnings from Note Distribution Account 431.31
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 292.77
Investment earnings from Collection Account 17,902.40
-------------------------
Total Distribution Amount 5,192,626.00
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,565,124.20
Prepayments in full allocable to principal 973,946.00
Principal Balance of Liquidated Receivables 1,961,288.79
Purchase Amounts allocable to principal 33,265.99
Cram Down Losses 0.00
-------------------------
Principal Distributable Amount 4,533,624.98
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 116,564,895.67
-------------------------
104,908,406.10 97.97%
Current Target %
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 54.3%
-------------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 4,533,624.98
Times Class A Noteholders' Percentage 91%
-------------------------
4,125,598.73
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------------
Class A Principal Distributable Amount 4,125,598.73
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 45,419,221.02
Multiplied by the Note Rate 6.10%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------------
Class A Interest Distributable Amount 230,881.04
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,668,000.00
Multiplied by the Note Rate 6.38%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------------
Class A Interest Distributable Amount 327,868.20
Class B Noteholders Principal Distributable Amount
Principal Distributable Amount 4,533,624.98
Times Class B Percentage 2.5%
-------------------------
Class B Principal Distributable Amount 113,340.62
Certificate Principal Distributable Amount
Principal Distributable Amount 4,533,624.98
Times Certificate Percentage 2.5%
-------------------------
Certificate Principal Distributable Amount 113,340.62
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,192,076.90
Multiplied by Note Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------------
Class B Coupon Interest Amount 28,329.68
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,192,076.90
Multiplied by Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------------
Certificateholders' Interest Amount 28,329.68
Carryover Shortfalls from Prior Periods
Class B and Certificates Principal Carryover Shortfall from previous period 329,227.79
-------------------------
329,227.79
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-------------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-------------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-------------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-------------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 6,054.93 5,192,626.00 6,054.93
Servicing Fee (2.0%) 201,830.87 5,186,571.07 201,830.87 0.00
Additional Servicing Fee Amounts 26,785.62 4,984,740.20 26,785.62 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,957,954.58 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,957,954.58 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,957,954.58 0.00
(iii) Indenture Trustee Fee 1,009.15 4,957,954.58 1,009.15
Indenture Trustee's out-of-pocket expenses 223.41 4,956,945.43 223.41
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 4,956,722.02 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - prior 0.00 4,956,722.02 0.00
Collection Periods
Owner Trustee Fee 0.00 4,956,722.02 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,956,722.02 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,956,722.02 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior 0.00 4,956,722.02 0.00
Collection Periods
(iv) Collateral Agent Fee 945.59 4,956,722.02 945.59
Collateral Agent Expenses 0.00 4,955,776.43 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,955,776.43 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,955,776.43 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 230,881.04
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 230,881.04 4,955,776.43 230,881.04
(B) Class A-2 Interest Distributable Amount - Current Month 327,868.20
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 327,868.20 4,724,895.39 327,868.20
(vi) (A) Class B Note Interest - Unadjusted 28,329.68
Class B Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 28,329.68 4,397,027.19 28,329.68
(B) Certificate Interest - Unadjusted 28,329.68
Certificate Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 28,329.68 4,368,697.51 28,329.68
(vii) Class A Principal Distributable Amount - Current Month 4,125,598.73
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 4,125,598.73 4,340,367.83 4,125,598.73 0.00
Class A Principal Distribution Amount to Class A-2 0.00 214,769.10 0.00 0.00
(viii) Note Insurer Premium 30,030.47 214,769.10 30,030.47
Note Insurer Premium Supplement 0.00 184,738.63 0.00 0.00
Other Reimbursement Obligations to Note Insurer 0.00 184,738.63 0.00
(ix) Transition Expenses to successor Servicer 0.00 184,738.63 0.00
(x) Class B Principal Distributable Amount - Current Month 113,340.62
Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 164,613.90
Current Month Class B Principal Shortfall (185,585.20)
Adjusted Class B Principal Distributable Amount 92,369.31 184,738.63 92,369.31
Certificate Principal Distributable Amount - Current 113,340.62
Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 164,613.90
Current Month Certificate Principal Shortfall (185,585.20)
Adjusted Certificate Principal Distributable Amount 92,369.31 92,369.31 92,369.31
(xi) Until the Target Payment Date, remaining amount to 0.00 0.00 0.00
Class A Noteholders
Amount to Class A-1 Noteholders 0.00 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. 0.00
Amount
(xiii) After an Event of Default, Certificateholders' Prin. Dist. 0.00
Amount
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
Sread Account withdrawl for deficiencies 0.00
Securities Balance
Class A-1 Beginning of Period Principal Amount 45,419,221.02
Class A-1 Principal Distributions 4,125,598.73
Class A-1 End of Period Principal Amount (prior to turbo) 41,293,622.29
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 41,293,622.29
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 61,668,000.00
Class B Beginning of Period Principal Amount 3,192,076.90
Class B Principal Distributable Amount 92,369.31
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,099,707.59
Allocations of Cash Releases to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,099,707.59
Certificate Beginning of Period Principal Amount 3,192,076.90
Certificate Principal Distributable Amount 92,369.31
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,099,707.59
Allocation of Cash Releases to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,099,707.59
Class A-1 Deficiency - Interest
(i) Total Distribution Amount Available 5,192,626.00
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (i) and (v)A 467,730.61
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 4,724,895.39
Class A-2 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (v) B 4,724,895.39
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) B 327,868.20
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,397,027.19
Class B Note Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A 4,397,027.19
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) A 28,329.68
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,368,697.51
Class B Certificate Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 4,368,697.51
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vi) and (x) 28,329.68
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,340,367.83
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 4,340,367.83
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 4,125,598.73
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 214,769.10
Other Distributions
(i) Amounts available to make payments pursuant to Section 5.8(a) (viii) 214,769.10
(vi) Note Insurer Premium 30,030.47
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 184,738.63
Class B Notes & Certificates Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 184,738.63
(ii) Amounts payable pursuant to Section 5.8(a) (vi) and (x) 226,681.24
(iii)Prior month(s) carryover shortfalls 329,227.79
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Amount Remaining for Further Distribution/ B Notes (Deficiency) 185,585.20)
Amount Remaining for Further Distribution/ B Certificates (Deficiency) (185,585.20)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (371,170.40)
If neg, Carryover Shortfall
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,245,000.00
Purchased receivables more than 30 days delinquent 33,265.99
-------------------------
Total 7,278,265.99
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 133,138,606.66
Delinquency Ratio 5.47%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.47%
Delinquency Ratio for second preceding Determination Date 5.95%
Delinquency Ratio for third preceding Determination Date 6.23%
-------------------------
Average Delinquency Ratio 5.88% 5.88%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 9,346,841.84
Current Period Defaulted Receivables 1,134,952.57
-------------------------
Total 10,481,794.41
Cumulative Defaulted Receivables 10,481,794.41
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 6.99%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,961,288.79
Cram Down Losses 0.00
Net Liquidation Proceeds (621,639.40)
-------------------------
Net Liquidation Losses 1,339,649.39
Cumulative Previous Net Losses 5,261,286.69
-------------------------
Cumulative Net Losses 6,600,936.08
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 4.40%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 46.33
Weighted Average Annual Percentage Rate 20.40%
Spread Account
OC Percent
Aggregate Principal Balance 116,564,895.67
minus the Securities Balance 109,161,037.46
-------------------------
7,403,858.21
divided by the Aggregate Principal Balance 6.35%
Floor OC Percent
Aggregate Principal Balance 116,564,895.67
minus the Securities Balance 109,161,037.46
-------------------------
7,403,858.21
divided by the initial Aggregate Principal Balance 150,000,000.00
-------------------------
4.94%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 109,161,037.46
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 27,084,817.00
3,000,000.00
(B)the product of
(I) excess of 1% over the Floor OC Percent
0.00% (II) initial Aggregate Principal Balance
150,000,000.00
0.00
Floor Amount 3,000,000.00
Requisite Amount
the greater of
(1)the Floor Amount 3,000,000.00
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 2.65%
if a Trigger Event, 15% minus the OC Percent 8.65%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.65%
if an Insurance Agreement Event of Default, unlimited 100.00%
100.00%
times the Aggregate Principal Balance 116,564,895.67
-------------------------
116,564,895.67
Requisite Amount 116,564,895.67
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Required Spread Account Amount 116,564,895.67
Beginning of Period Spread Account Balance 3,271,721.03
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 113,293,174.64
Earnings on Spread Account Balance 15,322.17
Amount of Spread Account deposit (withdrawal) 0.00 0.00
Amount of Withdrawl Allocated to B Notes Shortfalls 0.00
Amount of Withdrawl Allocated to B Certificates Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 3,287,043.20
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
--------------------------------------------------
Name: James L. Stock
--------------------------------------------------
Title: Vice President
--------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-4
6.07% Asset-Backed Notes, Class A-1
6.30% Asset-Backed Notes, Class A-2
10.59% Asset-Backed Certificates
Revision #1
Distribution Date 7/15/98
Collection Period 6/98
Under the Sale and Servicing Agreement dated as of October 9, 1997 and
amended as of October 17, 1997 (the "Agreement") by and among CPS Receivables
Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner
Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Noteholders and Certificateholders
and the performance of the Trust during the previous month. The information
which is required to be prepared with respect to the Distribution Date and
Collection Period listed above is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per Note, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $3,120,439.51
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $179,675.86
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,940,763.65
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $57.51
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.31
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $54.20
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $243,114.89
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $243,114.89
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.94
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $201,648.87
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $40,554.67
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $161,094.20
(p) Scheduled Payments due in such Collection Period $2,738,545.60
(q) Scheduled Payments collected in such
Collection Period $2,647,020.34
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $91,908,594.80
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $83,321,934.11
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $78,887,598.57
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8583267
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $4,434,335.55
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0482472
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $173,501.00
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,595.43
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.20
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.08
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $34,409.92
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above ($486.22)
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $88,676,986.39
Spread Account Balance $2,800,741.50
(b) The change in the spread account on the Distribution
Date set forth above $13,770.80
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $23,008.88
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $944,627.30
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 172
Aggregate Gross Amount $2,191,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 169
Aggregate Gross Amount $2,332,000.00
7 Performance Triggers
(a) Delinquency Ratio 4.52%
(b) Average Delinquency Ratio 5.31%
(c) Cumulative Default Ratio 4.63%
(d) Cumulative Net Loss Ratio 2.34%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? Yes
CPS Auto Receivables Trust 1997-4
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,815,091.52
Lock Box NSF Items: (60,331.02)
Total Collection Proceeds: 3,754,760.50
For Distribution Date: 7/15/98
For Determination Date: 7/8/98
For Collection Period: 6/98
Collateral Activity Information
Principal
Beginning Principal Balance 91,908,594.80
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 91,908,594.80
Principal portion of payments collected (non-prepayments) 1,200,516.54
Prepayments in full allocable to principal 638,986.00
Collections allocable to principal 1,839,502.54
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 413,068.65
Purchase Amounts allocable to principal 34,409.92
-----------------------
Total Principal 2,286,981.11
Realized Losses 944,627.30
Cram Down Losses 0.00
Ending Principal Balance 88,676,986.39
Interest
Collections allocable to interest $1,446,503.80
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 21,275.59
-----------------------
Total Interest $1,467,779.39
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 35,520,763.62
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 4,595,429.75 86,423,791.97
Miscellaneous Balances
Beginning of Period Spread Account Balance 2,786,970.70
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 20,320.01
Scheduled Payments due in Collection Period 2,738,545.60
Scheduled Payments collected in Collection Period 2,647,020.34
Aggregate Amount of Realized Losses for preceding Distribution Date 944,627.30
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 178.37
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 172 2,191,000.00
60+ days delinquent 169 2,332,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 34,409.92
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 4,523,000.00
Principal Balance of all Receivables that became Purchased Receivables
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more. 34,409.92
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 1,090,538.26
Delinquency Ratio for second preceding Determination Date 5.67%
Delinquency Ratio for third preceding Determination Date 5.75%
Cumulative Defaults for preceding Determination Date 3,810,305.78
Cumulative Net Losses for preceding Determination Date 1,549,469.93
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,286,006.34
Liquidation Proceeds 413,068.65
Recoveries 21,275.59
Purchase Amounts 34,409.92
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 13,212.56
-----------------------
Total Distribution Amount 3,767,973.06
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,200,516.54
Prepayments in full allocable to principal 638,986.00
Principal Balance of Liquidated Receivables 1,357,695.95
Purchase Amounts allocable to principal 34,409.92
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 3,231,608.41
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 88,676,986.39
-----------------------
79,809,287.75
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 53.6%
-----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 3,231,608.41
Times Class A Noteholders' Percentage 91%
-----------------------
2,940,763.65
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 2,940,763.65
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 35,520,763.62
Multiplied by the Note Rate 6.07%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 179,675.86
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,307,598.60
Multiplied by the Note Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 243,114.89
Certificateholders Principal Distributable Amount
Principal Distributable Amount 3,231,608.41
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 161,580.42
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,595,429.75
Multiplied by Note Pass-Through Rate 10.59%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 40,554.67
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,595.43 3,767,973.06 4,595.43
Servicing Fee (2.0%) 153,180.99 3,763,377.63 153,180.99 0.00
Additional Servicing Fee Amounts 20,320.01 3,610,196.64 20,320.01 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,589,876.63 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,589,876.63 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,589,876.63 0.00
(iii) Indenture Trustee Fee 765.90 3,589,876.63 765.90
Indenture Trustee's out-of-pocket expenses 178.37 3,589,110.73 178.37
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 3,588,932.36 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - prior 0.00 3,588,932.36 0.00
Collection Periods
Owner Trustee Fee 0.00 3,588,932.36 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,588,932.36 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,588,932.36 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior 0.00 3,588,932.36 0.00
Collection Periods
(iv) Collateral Agent Fee 720.20 3,588,932.36 720.20
Collateral Agent Expenses 0.00 3,588,212.16 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,588,212.16 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,588,212.16 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 179,675.86
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 179,675.86 3,588,212.16 179,675.86
(B) Class A-2 Interest Distributable Amount - Current Month 243,114.89
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 243,114.89 3,408,536.30 243,114.89
(vi) (A) Certificate Note Interest - Unadjusted 40,554.67
Certificate Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 40,554.67 3,165,421.41 40,554.67
(vii) Class A Principal Distributable Amount - Current Month 2,940,763.65
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 2,940,763.65 3,124,866.74 2,940,763.65 0.00
Class A Principal Distribution Amount to Class A-2 0.00 184,103.09 0.00 0.00
(viii) Note Insurer Premium 23,008.88 184,103.09 23,008.88
Note Insurer Premium Supplement 0.00 161,094.20 0.00 0.00
Other Reimbursement Obligations to Note Insurer 0.00 161,094.20 0.00
(ix) Transition Expenses to successor Servicer 0.00 161,094.20 0.00
(x) Certificate Principal Distributable Amount - 161,580.42
Current Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall (486.22) 0.00 (486.22)
Adjusted Certificate Principal Distributable Amount 161,094.20 161,094.20 161,094.20
(xi) Until the Target Payment Date, remaining amount to 0.00 0.00 0.00
Class A Noteholders
Amount to Class A-1 Noteholders 0.00 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00 3,767,794.69 Total Disbursements
Spread Accout Withdrawl to cover deficiencies 0.00 3,767,973.06 Total Distribution Amt
======================
(178.37)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 35,520,763.62
Class A-1 Principal Distributions 2,940,763.65
Class A-1 End of Period Principal Amount (prior to turbo) 32,579,999.97
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 32,579,999.97
Class A-2 Beginning of Period Principal Amount 46,307,598.60
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 46,307,598.60
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 46,307,598.60
Certificate Beginning of Period Principal Amount 4,595,429.75
Certificate Principal Distributable Amount 161,094.20
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,434,335.55
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,434,335.55
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,767,973.06
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 602,551.65
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,165,421.41
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,165,421.41
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 40,554.67
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,124,866.74
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,124,866.74
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,940,763.65
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 184,103.09
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 184,103.09
(vi) Note Insurer Premium 23,008.88
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 161,094.20
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 161,094.20
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 161,580.42
(iii)Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) ( 486.22)
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (486.22)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,523,000.00
Purchased receivables more than 30 days delinquent 34,409.92
-----------------------
Total 4,557,409.92
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 100,891,691.05
Delinquency Ratio 4.52%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.52%
Delinquency Ratio for second preceding Determination Date 5.67%
Delinquency Ratio for third preceding Determination Date 5.75%
-----------------------
Average Delinquency Ratio 5.31% 5.31%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 3,810,305.78
Current Period Defaulted Receivables 1,090,538.26
-----------------------
Total 4,900,844.04
Cumulative Defaulted Receivables 4,900,844.04
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 4.63%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,357,695.95
Cram Down Losses 0.00
Net Liquidation Proceeds (434,344.24)
-----------------------
Net Liquidation Losses 923,351.71
Cumulative Previous Net Losses 1,549,469.93
-----------------------
Cumulative Net Losses 2,472,821.64
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 2.34%
Additional Pool Information:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 48.43
Weighted Average Annual Percentage Rate 20.31%
Spread Account
OC Percent
Aggregate Principal Balance 88,676,986.39
minus the Securities Balance 83,321,934.11
-----------------------
5,355,052.28
divided by the Aggregate Principal Balance 6.04%
Floor OC Percent
Aggregate Principal Balance 88,676,986.39
minus the Securities Balance 83,321,934.11
-----------------------
5,355,052.28
divided by the initial Aggregate Principal Balance 105,860,630.11
-----------------------
5.06%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 83,321,934.11
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 105,860,630.11
(II) balance of all Subsequent Receivables 0.00
2,117,212.60
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 105,860,630.11
0.00
Floor Amount 2,117,212.60
Requisite Amount
the greater of
(1)the Floor Amount 2,117,212.60
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 2.96%
if a Trigger Event, 15% minus the OC Percent 8.96%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.96%
if an Insurance Agreement Event of Default, unlimited 100.00%
100.00%
times the Aggregate Principal Balance 88,676,986.39
-----------------------
88,676,986.39
Requisite Amount 88,676,986.39
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Required Spread Account Amount 88,676,986.39
Beginning of Period Spread Account Balance 2,786,970.70
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 85,890,015.69
Earnings on Spread Account Balance 13,770.80
Amount of Spread Account deposit (withdrawal) 0.00 0.00
Amount of Withdrawal Allocated to Certificates' Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 2,800,741.50
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-5
6.26% Asset-Backed Notes, Class A-1
6.40% Asset-Backed Notes, Class A-2
10.55% Asset-Backed Certificates
Revision #1
Distribution Date 7/15/98
Collection Period 6/98
Under the Sale and Servicing Agreement dated as of December 1, 1997, (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,685,164.43
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $220,643.07
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,464,521.36
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $48.16
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.96
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $44.21
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $187,600.00
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $187,600.00
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.04
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $158,106.65
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $37,901.39
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $120,205.26
(p) Scheduled Payments due in such Collection Period $2,546,068.63
(q) Scheduled Payments collected in such
Collection Period $2,523,788.66
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $86,301,335.28
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $79,473,913.37
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $75,006,274.57
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8691207
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $4,190,853.16
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0485607
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $162,234.67
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,315.07
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.91
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.08
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 2
Aggregate Purchase Amount $19,049.84
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $83,897,230.09
Spread Account Balance $3,262,780.44
(b) The change in the spread account on the Distribution
Date set forth above $15,141.20
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $24,466.99
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $628,570.52
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 191
Aggregate Gross Amount $2,497,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 169
Aggregate Gross Amount $2,209,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.02%
(b) Average Delinquency Ratio 5.18%
(c) Cumulative Default Ratio 2.43%
(d) Cumulative Net Loss Ratio 1.25%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? Yes
CPS Auto Receivables Trust 1997-5
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,277,074.66
Lock Box NSF Items: (65,063.90)
Total Collection Proceeds: 3,212,010.76
For Distribution Date: 7/15/98
For Determination Date: 7/8/98
For Collection Period: 6/98
Collateral Activity Information
Principal
Beginning Principal Balance 86,301,335.28
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 86,301,335.28
Principal portion of payments collected (non-prepayments) 1,094,251.32
Prepayments in full allocable to principal 445,522.00
Collections allocable to principal 1,539,773.32
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 216,711.51
Purchase Amounts allocable to principal 19,049.84
-----------------------
Total Principal 1,775,534.67
Realized Losses 628,570.52
Cram Down Losses 0.00
Ending Principal Balance 83,897,230.09
Interest
Collections allocable to interest $1,429,537.34
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 6,938.75
-----------------------
Total Interest $1,436,476.09
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 42,295,795.93
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 4,311,058.42 81,781,854.35
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,247,639.24
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 18,399.11
Scheduled Payments due in Collection Period 2,546,068.63
Scheduled Payments collected in Collection Period 2,523,788.66
Aggregate Amount of Realized Losses for preceding Distribution Date 628,570.52
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 218.02
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 191 2,497,000.00
60+ days delinquent 169 2,209,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
2 19,049.84
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 4,706,000.00
Principal Balance of all Receivables that became Purchased Receivables
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more. 19,049.84
PrincipalBalance of all Receivables that became Defaulted Receivables
during the related Collection Period. 676,828.45
Delinquency Ratio for second preceding Determination Date 5.54%
Delinquency Ratio for third preceding Determination Date 4.98%
Cumulative Defaults for preceding Determination Date 1,653,231.26
Cumulative Net Losses for preceding Determination Date 573,063.46
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,969,310.66
Liquidation Proceeds 216,711.51
Recoveries 6,938.75
Purchase Amounts 19,049.84
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,495.77
-----------------------
Total Distribution Amount 3,223,506.53
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,094,251.32
Prepayments in full allocable to principal 445,522.00
Principal Balance of Liquidated Receivables 845,282.03
Purchase Amounts allocable to principal 19,049.84
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 2,404,105.19
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 83,897,230.09
-----------------------
75,507,507.08
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 43.0%
-----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,404,105.19
Times Class A Noteholders' Percentage 91%
-----------------------
2,187,735.72
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 2,187,735.72
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 42,295,795.93
Multiplied by the Note Rate 6.26%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 220,643.07
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 35,175,000.00
Multiplied by the Note Rate 6.40%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 187,600.00
Certificateholders Principal Distributable Amount
Principal Distributable Amount 2,404,105.19
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 120,205.26
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,311,058.42
Multiplied by Note Pass-Through Rate 10.55%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 37,901.39
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,315.07 3,223,506.53 4,315.07
Servicing Fee (2.0%) 143,835.56 3,219,191.46 143,835.56 0.00
Additional Servicing Fee Amounts 18,399.11 3,075,355.90 18,399.11 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,056,956.79 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,056,956.79 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,056,956.79 0.00
(iii) Indenture Trustee Fee 719.18 3,056,956.79 719.18
Indenture Trustee's out-of-pocket expenses 218.02 3,056,237.61 218.02
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 3,056,019.59 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - prior 0.00 3,056,019.59 0.00
Collection Periods
Owner Trustee Fee 0.00 3,056,019.59 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,056,019.59 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,056,019.59 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 3,056,019.59 0.00
(iv) Collateral Agent Fee 681.52 3,056,019.59 681.52
Collateral Agent Expenses 0.00 3,055,338.07 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,055,338.07 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,055,338.07 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 220,643.07
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 220,643.07 3,055,338.07 220,643.07
(B) Class A-2 Interest Distributable Amount - Current Month 187,600.00
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 187,600.00 2,834,695.00 187,600.00
(vi) (A) Certificate Note Interest - Unadjusted 37,901.39
Certificate Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 37,901.39 2,647,095.00 37,901.39
(vii) Class A Principal Distributable Amount - Current Month 2,187,735.72
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 2,187,735.72 2,609,193.61 2,187,735.72 0.00
Class A Principal Distribution Amount to Class A-2 0.00 421,457.89 0.00 0.00
(viii) Note Insurer Premium 24,466.99 421,457.89 24,466.99
Note Insurer Premium Supplement 0.00 396,990.89 0.00 0.00
Other Reimbursement Obligations to Note Insurer 0.00 396,990.89 0.00
(ix) Transition Expenses to successor Servicer 0.00 396,990.89 0.00
(x) Certificate Principal Distributable Amount - Current 120,205.26
Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 120,205.26 396,990.89 120,205.26
(xi) Until the Target Payment Date, remaining amount to 276,785.63 276,785.63 276,785.63
Class A Noteholders
Amount to Class A-1 Noteholders 276,785.63 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00 3,223,288.51 Total Disbursements
Spread Account Withdrawl to cover deficiencies 0.00 3,223,506.53 Total Distribution Amt
======================
(218.02)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 42,295,795.93
Class A-1 Principal Distributions 2,187,735.72
Class A-1 End of Period Principal Amount (prior to turbo) 40,108,060.21
Additional Principal Distribution 276,785.63
Class A-1 End of Period Principal Amount 39,831,274.57
Class A-2 Beginning of Period Principal Amount 35,175,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 35,175,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 35,175,000.00
Certificate Beginning of Period Principal Amount 4,311,058.42
Certificate Principal Distributable Amount 120,205.26
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,190,853.16
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,190,853.16
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,223,506.53
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 576,411.53
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,647,095.00
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,647,095.00
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 37,901.39
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,609,193.61
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,609,193.61
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,187,735.72
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 421,457.89
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 421,457.89
(vi) Note Insurer Premium 24,466.99
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 396,990.89
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 396,990.89
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 120,205.26
(iii)Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 276,785.63
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 276,785.63
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,706,000.00
Purchased receivables more than 30 days delinquent 19,049.84
-----------------------
Total 4,725,049.84
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 94,086,074.40
Delinquency Ratio 5.02%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.02%
Delinquency Ratio for second preceding Determination Date 5.54%
Delinquency Ratio for third preceding Determination Date 4.98%
-----------------------
Average Delinquency Ratio 5.18% 5.18%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 1,653,231.26
Current Period Defaulted Receivables 676,828.45
-----------------------
Total 2,330,059.71
Cumulative Defaulted Receivables 2,330,059.71
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 2.43%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 845,282.03
Cram Down Losses 0.00
Net Liquidation Proceeds (223,650.26)
-----------------------
Net Liquidation Losses 621,631.77
Cumulative Previous Net Losses 573,063.46
-----------------------
Cumulative Net Losses 1,194,695.23
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 1.25%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 49.66
Weighted Average Annual Percentage Rate 20.23%
Spread Account
OC Percent
Aggregate Principal Balance 83,897,230.09
minus the Securities Balance 79,197,127.73
-----------------------
4,700,102.36
divided by the Aggregate Principal Balance 5.60%
Floor OC Percent
Aggregate Principal Balance 83,897,230.09
minus the Securities Balance 79,197,127.73
-----------------------
4,700,102.36
divided by the initial Aggregate Principal Balance 95,706,307.00
-----------------------
4.91%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 79,197,127.73
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 95,706,307.00
(II) balance of all Subsequent Receivables 0.00
1,914,126.14
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 95,706,307.00
0.00
Floor Amount 1,914,126.14
Requisite Amount
the greater of
(1)the Floor Amount 1,914,126.14
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 3.4%
if a Trigger Event, 15% minus the OC Percent 9.4%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 24.4%
if an Insurance Agreement Event of Default, unlimited 100%
100%
times the Aggregate Principal Balance 83,897,230.09
-----------------------
83,897,230.09
Requisite Amount 83,897,230.09
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Required Spread Account Amount 83,897,230.09
Beginning of Period Spread Account Balance 3,247,639.24
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 80,649,590.85
Earnings on Spread Account Balance 15,141.20
Amount of Spread Account deposit (withdrawal) 0.00 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,262,780.44
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1998-1
6.00% Asset-Backed Certificates, Class A
10.25% Asset-Backed Certificates, Class B
Distribution Date 7/15/98
Collection Period 6/98
Under the Pooling and Servicing Agreement dated as of March 16, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,957,752.83
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $853,629.73
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,104,123.10
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $22.28
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.81
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $17.48
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $240,126.69
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $76,751.79
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $163,374.90
(j) Scheduled Payments due in such Collection Period $5,187,447.28
(k) Scheduled Payments collected in such
Collection Period $5,145,111.44
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $179,711,521.32
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $176,444,023.32
(c) The Pool factor as of the close of business
on the last day set forth above 0.9818181
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $328,693.18
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,743.99
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.85
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.02
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 9
Aggregate Purchase Amount $116,654.35
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $40,883.69
(b) Distributions (to) from Collection Account $17,353.24
for Payaheads
(c) Interest earned on Payahead Balances $440.27
(d) Ending Payahead Account Balance $58,677.20
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $52,933,207.00
Spread Account Balance $17,544,282.20
(b) The change in the spread account on the Distribution
Date set forth above $1,650,007.16
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $57,270.79
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $126,954.10
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 348
Aggregate Gross Amount $4,716,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 286
Aggregate Gross Amount $3,865,000.00
8 Performance Triggers
(a) Delinquency Ratio 4.38%
(b) Average Delinquency Ratio 3.44%
(c) Cumulative Default Ratio 0.42%
(d) Cumulative Net Loss Ratio 0.09%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? Yes
CPS Auto Grantor Trust 1998-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 6,294,495.59
Lock Box NSF Items: (120,618.56)
Transfers from (to) Payahead Account: (17,353.24)
Collection Account Interest 22,088.10
Payahead Account Interest 440.27
Total Collection Proceeds: 6,179,052.16
For Distribution Date: 7/15/98
For Determination Date: 7/8/98
For Collection Period: 6/98
Collateral Activity Information
Principal
Beginning Principal Balance 179,711,521.32
Principal portion of payments collected (non-prepayments) 2,112,555.69
Prepayments in full allocable to principal 798,884.00
Collections allocable to principal 2,911,439.69
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 112,449.86
Purchase Amounts allocable to principal 116,654.35
---------------------
Total Principal 3,140,543.90
Realized Losses 126,954.10
Cram Down Losses 0.00
Ending Principal Balance 176,444,023.32
Interest
Collections allocable to interest 3,032,555.75
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 5,952.51
---------------------
Total Interest 3,038,508.26
Certificate Information
Beginning of Period Class A Principal Balance 170,725,945.57
Beginning of Period Class B Principal Balance 8,985,575.75
Miscellaneous Balances
Beginning of Period Spread Account Balance 15,894,275.04
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 29,173.98
Aggregate Payahead Balance 58,236.93
Aggregate Payahead Balance for preceding Distribution Date 40,883.69
Interest Earned on Payahead Balances 440.27
Scheduled Payments due in Collection Period 5,187,447.28
Scheduled Payments collected in Collection Period 5,145,111.44
Aggregate Amount of Realized Losses for preceding Distribution Date 126,954.10
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 1,016.44
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 348 4,716,000.00
60+ days delinquent 286 3,865,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
9 116,654.35
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 8,581,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 116,654.35
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 560,933.44
Delinquency Ratio for second preceding Determination Date 3.65%
Delinquency Ratio for third preceding Determination Date 2.30%
Cumulative Defaults for preceding Determination Date 227,822.46
Cumulative Net Losses for preceding Determination Date 40,873.28
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 5,943,995.44
Liquidation Proceeds 112,449.86
Recoveries 5,952.51
Purchase Amounts 116,654.35
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------------
Total Distribution Amount 6,179,052.16
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 2,112,555.69
Prepayments in full allocable to principal 798,884.00
Principal Balance of Liquidated Receivables 239,403.96
Purchase Amounts allocable to principal 116,654.35
Cram Down Losses 0.00
---------------------
Principal Distributable Amount 3,267,498.00
Class A Principal Distributable Amount
Principal Distributable Amount 3,267,498.00
Times Class A Percentage (95%) 95%
---------------------
3,104,123.10
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------------
Class A Principal Distributable Amount 3,104,123.10
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 170,725,945.57
Multiplied by Certificate Pass-Through Rate 6.00%
Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333
---------------------
Class A Interest Distributable Amount 853,629.73
Class B Principal Distributable Amount
Principal Distributable Amount 3,267,498.00
Times Class B Percentage (5%) 5%
---------------------
Class B Principal Distributable Amount 163,374.90
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 8,985,575.75
Multiplied by Certificate Pass-Through Rate 10.25%
Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333
---------------------
Class B Coupon Interest Amount 76,751.79
Class B Excess Interest Amount
Total Distribution Amount 6,179,052.16
minus
Class A Principal and Interest Distributable Amount 3,957,752.83
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 76,751.79
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 163,374.90
Class B Principal Carryover Shortfall 0.00
Trustee distributions 2,514.04
Standby Servicer distributions 3,743.99
Servicer distributions 328,693.18
Collateral Agent distributions 1,497.60
Reimbursement Obligations 57,270.79
---------------------
1,587,453.04
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
---------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
---------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 3,743.99 6,179,052.16 3,743.99 6,179,052.16
Servicing Fee (2.0%) 299,519.20 6,175,308.17 299,519.20 0.00
Additional Servicing Fee Amounts 29,173.98 5,875,788.97 29,173.98 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 5,846,614.99 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 5,846,614.99 0.00
(ii) Transition Expenses to Standby Servicer 0.00 5,846,614.99 0.00
(iii) Trustee Fee 1,497.60 5,846,614.99 1,497.60
Trustee's out-of-pocket expenses 1,016.44 5,845,117.39 1,016.44
Unpaid Trustee Fee from prior Collection Periods 0.00 5,844,100.95 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 5,844,100.95 0.00
Collection Periods
(iv) Collateral Agent Fee 1,497.60 5,844,100.95 1,497.60
Collateral Agent Expenses 0.00 5,842,603.35 0.00
Unpaid Collateral Agent Fee from prior 0.00 5,842,603.35 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 5,842,603.35 0.00
Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 853,629.73 5,842,603.35 853,629.73
Prior Month(s) Class A Carryover Shortfall 0.00 4,988,973.62 0.00
Class A Interest Carryover Shortfall 0.00 4,988,973.62 0.00
Interest on Interest Carryover from Prior Months 0.00 4,988,973.62 0.00
Current Month Class A Interest Carryover Shortfall 0.00 4,988,973.62 0.00
Class A Interest Distributable Amount 853,629.73 4,988,973.62 853,629.73
(viii)(A)Class B Coupon Interest - Unadjusted 76,751.79 4,135,343.89 76,751.79
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 4,058,592.10 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 4,058,592.10 0.00
Interest on Interest Carryover from Prior Months 0.00 4,058,592.10 0.00
Current Month Class B Interest Shortfall 0.00 4,058,592.10 0.00
Adjusted Class B Interest Distributable Amount 76,751.79 4,058,592.10 76,751.79
(v) (B) Class A Principal Distributable Amount - Current Month 3,104,123.10 3,981,840.31 3,104,123.10 3,074,929.06
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 877,717.21 0.00
Current Month Class A Principal Shortfall 0.00 877,717.21 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 3,104,123.10 877,717.21 877,717.21 0.00
(vi) Certificate Insurer Premium 57,270.79 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 163,374.90 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 163,374.90 0.00 0.00
Excess Interest (Shortage) Amount for Deposit to 1,587,453.04 0.00 0.00
(withdrawl from) Spread Account 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 170,725,945.57
Class A Principal Distributions 3,104,123.10
Class A End of Period Principal Balance 167,621,822.47
Class B Beginning of Period Principal Balance 8,985,575.75
Class B Principal Distributable Amount 163,374.90
Class B End of Period Principal Balance BEFORE Spread Account Distributions 8,822,200.85
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 8,822,200.85
Class A Deficiency - Interest
(i) Total Distribution Amount Available 6,179,052.16
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,190,078.54
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 4,988,973.62
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 4,988,973.62
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 76,751.79
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,912,221.83
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 4,912,221.83
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,104,123.10
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,808,098.73
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,808,098.73
(vi) Certificate Insurer Premium 57,270.79
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,750,827.94
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,750,827.94
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 163,374.90
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 1,587,453.04
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,587,453.04
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,581,000.00
Purchased receivables more than 30 days delinquent 116,654.35
---------------------
Total 8,697,654.35
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 198,604,943.94
Delinquency Ratio 4.38%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.38%
Delinquency Ratio for second preceding Determination Date 3.65%
Delinquency Ratio for third preceding Determination Date 2.30%
---------------------
Average Delinquency Ratio 3.44% 3.44%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 227,822.46
Current Period Defaulted Receivables 560,933.44
---------------------
Total 788,755.90
Cumulative Defaulted Receivables 788,755.90
Original Pool Balance 186,954,818.61
Cumulative Default Ratio 0.42%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 239,403.96
Cram Down Losses 0.00
Net Liquidation Proceeds (118,402.37)
---------------------
Net Liquidation Losses 121,001.59
Cumulative Previous Net Losses 40,873.28
---------------------
Cumulative Net Losses 161,874.87
Original Pool Balance 186,954,818.61
Cumulative Net Loss Ratio 0.09%
Additional Pool Information:
Weighted Average Original Term 57.10
Weighted Average Remaining Term 52.32
Weighted Average Annual Percentage Rate 20.35%
Spread Account
Spread Account Cap
13.5% of Outstanding Certificate Balance 23,819,943.15
18.5% of Outstanding Certificate Balance 32,642,144.31
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Cap Amount 52,933,207.00
Spread Account Floor
3% of the Initial Certificate Balance 5,608,644.56
Outstanding Certificate Balance 176,444,023.32
Minimum Floor 100,000.00
Floor Amount 5,608,644.56
Required Spread Account Amount 52,933,207.00
Beginning of Period Spread Account Balance 15,894,275.04
Spread Account Deposit (Withdrawal) from Current Distributions 1,587,453.04
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Allocations of cash releases from previous pools 0.00
Required addition to/(eligible withdrawal from) Spread Account 35,451,478.92
Earnings on Spread Account Balance 62,554.12
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 17,544,282.20
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1998-2
6.09% Class A Asset-Backed Certificates
10.34% Class B Asset-Backed Certificates
Revision #1
Distribution Date 7/15/98
Collection Period 6/98
Under the Pooling and Servicing Agreement dated as of April 8, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,733,726.70
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $1,006,974.36
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,726,752.34
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $18.62
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.02
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $13.60
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above
(given to the Collateral Agent for deposit into the Spread Account) $233,497.85
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $89,984.57
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $143,513.28
(j) Scheduled Payments due in such Collection Period $5,879,139.11
(k) Scheduled Payments collected in such
Collection Period $5,747,209.09
B. Information Regarding the Performance of the Trust.
1 Certificate Balances
(a) The original aggregate Principal Balance of the
Certificates as of the closing date $211,042,290.00
(b) The aggregate principal balance of the Certificates as of
the close of business on the last day set forth above, after
giving
effect to payments allocated to principal in paragraph A 1 (c) above $205,991,410.53
(c) The Aggregate Pool factor as of the close of busines
on the last day set forth above 0.9760670
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $367,902.16
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,351.28
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.84
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.02
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 16
Aggregate Purchase Amount $225,961.33
3 Payment Shortfalls.
(a) The amount of the Class A Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $34,380.64
(b) Distributions (to) from Collection Account $13,069.26
for Payaheads
(c) Interest earned on Payahead Balances $239.37
(d) Ending Payahead Account Balance $47,689.27
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $61,797,423.16
Spread Account Balance $12,943,821.85
(b) The change in the spread account on the Distribution
Date set forth above $2,157,133.12
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $66,861.38
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $4,263.69
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 272
Aggregate Gross Amount $3,654,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 80
Aggregate Gross Amount $1,070,000.00
8 Performance Triggers
(a) Delinquency Ratio 2.16%
(b) Average Delinquency Ratio 1.70%
(c) Cumulative Default Ratio 0.02%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? Yes
CPS Auto Grantor Trust 1998-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 6,668,156.94
Lock Box NSF Items: (125,951.47)
Transfers from (to) Payahead Account: (13,069.26)
Collection Account Interest 20,478.84
Payahead Account Interest 239.37
Total Collection Proceeds: 6,549,854.42
For Distribution Date: 7/15/98
For Determination Date: 7/8/98
For Collection Period: 6/98
Collateral Activity Information
Principal
Beginning Principal Balance 208,861,676.71
Principal portion of payments collected (non-prepayments) 2,063,356.60
Prepayments in full allocable to principal 576,684.00
Collections allocable to principal 2,640,040.60
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 225,961.33
---------------------
Total Principal 2,866,001.93
Realized Losses 4,263.69
Cram Down Losses 0.00
Ending Principal Balance 205,991,411.09
Interest
Collections allocable to interest 3,683,852.49
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
---------------------
Total Interest 3,683,852.49
Certificate Information
Beginning of Period Class A Principal Balance 198,418,592.84
Beginning of Period Class B Principal Balance 10,443,083.31
Miscellaneous Balances
Beginning of Period Spread Account Balance 10,786,688.73
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,799.37
Aggregate Payahead Balance 47,449.90
Aggregate Payahead Balance for preceding Distribution Date 34,380.64
Interest Earned on Payahead Balances 239.37
Scheduled Payments due in Collection Period 5,879,139.11
Scheduled Payments collected in Collection Period 5,747,209.09
Aggregate Amount of Realized Losses for preceding Distribution Date 4,263.69
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 3,687.16
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 272 3,654,000.00
60+ days delinquent 80 1,070,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
16 225,961.33
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 4,724,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 225,961.33
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 35,188.51
Delinquency Ratio for second preceding Determination Date 1.24%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 0.00
Cumulative Net Losses for preceding Determination Date 1,195.73
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 6,323,893.09
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 225,961.33
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------------
Total Distribution Amount 6,549,854.42
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 2,063,356.60
Prepayments in full allocable to principal 576,684.00
Principal Balance of Liquidated Receivables 4,263.69
Purchase Amounts allocable to principal 225,961.33
Cram Down Losses 0.00
---------------------
Principal Distributable Amount 2,870,265.62
Class A Principal Distributable Amount
Principal Distributable Amount 2,870,265.62
Times Class A Percentage (95%) 95%
---------------------
2,726,752.34
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------------
Class A Principal Distributable Amount 2,726,752.34
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 198,418,592.84
Multiplied by Certificate Pass-Through Rate 6.09%
Multiplied by 30/360 0.0833333
---------------------
Class A Interest Distributable Amount 1,006,974.36
Class B Principal Distributable Amount
Principal Distributable Amount 2,870,265.62
Times Class B Percentage (5%) 5%
---------------------
Class B Principal Distributable Amount 143,513.28
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 10,443,083.31
Multiplied by Certificate Pass-Through Rate 10.34%
Multiplied by 30/360 0.0833333
---------------------
Class B Coupon Interest Amount 89,984.57
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
---------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C>
(i) Standby Fee 4,351.28 6,549,854.42 4,351.28 6,549,854.42
Servicing Fee (2.0%) 348,102.79 6,545,503.14 348,102.79 0.00
Additional Servicing Fee Amounts 19,799.37 6,197,400.35 19,799.37 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 6,177,600.98 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 6,177,600.98 0.00
(ii) Transition Expenses to Standby Servicer 0.00 6,177,600.98 0.00
(iii) Trustee Fee 1,305.39 6,177,600.98 1,305.39
Trustee's out-of-pocket expenses 3,687.16 6,176,295.59 3,687.16
Unpaid Trustee Fee from prior Collection Periods 0.00 6,172,608.43 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 6,172,608.43 0.00
Collection Periods
(iv) Collateral Agent Fee 1,305.39 6,172,608.43 1,305.39
Collateral Agent Expenses 0.00 6,171,303.04 0.00
Unpaid Collateral Agent Fee from prior Collection 0.00 6,171,303.04 0.00
Periods
Unpaid Collateral Agent Expenses from prior Collection 0.00 6,171,303.04 0.00
Periods
(v) Class A Interest Distributable Amount - Unadjusted 1,006,974.36 6,171,303.04 1,006,974.36
Prior Month(s) Class A Carryover Shortfall 0.00 5,164,328.68 0.00
Class A Interest Carryover Shortfall 0.00 5,164,328.68 0.00
Interest on Interest Carryover from Prior Months 0.00 5,164,328.68 0.00
Current Month Class A Interest Carryover Shortfall 0.00 5,164,328.68 0.00
Class A Interest Distributable Amount 1,006,974.36 5,164,328.68 1,006,974.36
(vi) Class B Coupon Interest - Unadjusted 89,984.57 4,157,354.32 89,984.57
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 4,067,369.75 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 4,067,369.75 0.00
Interest on Interest Carryover from Prior Months 0.00 4,067,369.75 0.00
Current Month Class B Interest Shortfall 0.00 4,067,369.75 0.00
Adjusted Class B Interest Distributable Amount 89,984.57 4,067,369.75 89,984.57
(vii) Class A Principal Distributable Amount - Current Month 2,726,752.34 3,977,385.18 2,726,752.34 3,823,102.08
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 1,250,632.84 0.00
Current Month Class A Principal Shortfall 0.00 1,250,632.84 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00 1,250,632.84 0.00
Class A Principal Distribution Amount 2,726,752.34 1,250,632.84 1,250,632.84 1,096,349.74
(viii) Certificate Insurer Premium 66,861.38 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(ix) Transition Expenses to successor Servicer 0.00 0.00 0.00
(x) Class B Principal Distributable Amount - Unadjusted 143,513.28 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Carryover Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 143,513.28 0.00 0.00
(xi) Remaining amounts to Collateral Agent for deposit in 2,137,217.11 0.00 0.00
Spread Account
0.00
Certificate Balance
Class A Beginning of Period Principal Balance 198,418,592.84
Class A Principal Distributions 2,726,752.34
Class A End of Period Principal Balance 195,691,840.50
Class B Beginning of Period Principal Balance 10,443,083.31
Class B Principal Distributable Amount 143,513.28
Class B End of Period Principal Balance BEFORE Spread Account Distributions 10,299,570.03
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 10,299,570.03
Class A Deficiency - Interest
(i) Total Distribution Amount Available 6,549,854.42
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,385,525.74
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 5,164,328.68
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 5,164,328.68
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 89,984.57
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 5,074,344.11
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 5,074,344.11
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,726,752.34
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,347,591.77
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 2,347,591.77
Certificate Insurer Premium 66,861.38
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,280,730.39
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,280,730.39
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 143,513.28
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 2,137,217.11
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 2,137,217.11
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,724,000.00
Purchased receivables more than 30 days delinquent 225,961.33
---------------------
Total 4,949,961.33
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 229,011,352.03
Delinquency Ratio 2.16%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 2.16%
Delinquency Ratio for second preceding Determination Date 1.24%
Delinquency Ratio for third preceding Determination Date 0.00%
---------------------
Average Delinquency Ratio 1.70% 1.13%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 35,188.51
---------------------
Total 35,188.51
Cumulative Defaulted Receivables 35,188.51
Original Pool Balance 211,042,290.56
Cumulative Default Ratio 0.02%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 4,263.69
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
---------------------
Net Liquidation Losses 4,263.69
Cumulative Previous Net Losses 1,195.73
---------------------
Cumulative Net Losses 5,459.42
Original Pool Balance 211,042,290.56
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.46
Weighted Average Remaining Term 54.76
Weighted Average Annual Percentage Rate 20.40%
Spread Account
Spread Account Cap
13.5% of Outstanding Certificate Balance 27,808,840.42
19.5% of Outstanding Certificate Balance 40,168,325.05
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Cap Amount 61,797,423.16
Spread Account Floor
3% of the Initial Certificate Balance 6,331,268.70
Outstanding Certificate Balance 205,991,410.53
Minimum Floor 100,000.00
Floor Amount 6,331,268.70
Required Spread Account Amount 61,797,423.16
Beginning of Period Spread Account Balance 10,786,688.73
Spread Account Deposit (Withdrawal) from Current Distributions 2,137,217.11
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 48,873,517.32
Earnings on Spread Account Balance 19,916.01
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 12,943,821.85
Reserve Fund
Initial Class B Certificate Balance 10,552,114.40
Aggregate Pool Factor 0.9760670
Class B Principal % 5.00%
Have both tests for Reserve Fund reduction been satisfied? (Y/N) N
Requisite Amount
If both tests for reduction have NOT been met, then
10% of Original Class B Outstanding Certificate Balance 1,055,211.40
otherwise
10% of Class B Outstanding Certificate Balance 1,029,957.00
or
Cap Amount 1,055,211.40
Reserve Fund Floor
Outstanding Class B Certificate Balance 10,299,570.03
Minimum Floor 300,000.00
Floor Amount 300,000.00
Required Reserve Fund Amount 1,055,211.40
Beginning of Period Reserve Fund Balance 1,055,211.40
Reserve Fund Deposit (Withdrawal) from Current Distributions 0.00
Required addition to/(eligible withdrawal from) Reserve Fund 0.00
Earnings on Reserve Fund Balance 4,388.02
Amount of Reserve Fund deposit (withdrawal) 0.00 0.00
Ending Reserve Fund Balance 1,059,599.42
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
</TABLE>
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Distribution Date 8/17/98
Collection Period 7/98
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,264,794.47
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $193,007.52
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,071,786.95
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $26.82
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.29
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $24.53
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $124,317.04
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $15,275.62
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $109,041.42
(j) Scheduled Payments due in such Collection Period $1,537,710.54
(k) Scheduled Payments collected in such
Collection Period $1,488,059.01
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $36,661,499.65
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in
paragraph A.1.(c) above $34,589,712.68
(c) The Pool factor as of the close of business
on the last day set forth above 0.9434888
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $75,595.05
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,444.10
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.90
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.03
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $22,503.55
(b) Distributions (to) from Collection Account ($1,991.71)
for Payaheads
(c) Interest earned on Payahead Balances $90.46
(d) Ending Payahead Account Balance $20,602.30
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $5,188,456.90
Spread Account Balance $5,188,456.90
(b) The change in the spread account on the Distribution
Date set forth above ($786,128.65)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $9,554.02
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $659,528.65
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 134
Aggregate Gross Amount $1,249,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 96
Aggregate Gross Amount $913,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.56%
(b) Average Delinquency Ratio 5.33%
(c) Cumulative Default Ratio 16.95%
(d) Cumulative Net Loss Ratio 12.38%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,287,671.57
Lock Box NSF Items: (41,658.08)
Transfers from (to) Payahead Account: 1,991.71
Collection Account Interest 8,835.02
Payahead Account Interest 90.46
Total Collection Proceeds: 2,256,930.68
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 36,661,499.65
Principal portion of payments collected (non-prepayments) 837,477.05
Prepayments in full allocable to principal 513,274.00
Collections allocable to principal 1,350,751.05
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 170,548.67
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,521,299.72
Realized Losses 659,528.65
Cram Down Losses 0.00
Ending Principal Balance 34,480,671.28
Interest
Collections allocable to interest 650,581.96
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 85,049.00
-------------------
Total Interest 735,630.96
Certificate Information
Beginning of Period Class A Principal Balance 34,828,424.67
Beginning of Period Class B Principal Balance 1,833,074.96
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,974,585.55
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 14,492.55
Aggregate Payahead Balance 20,511.84
Aggregate Payahead Balance for preceding Distribution Date 22,503.55
Interest Earned on Payahead Balances 90.46
Scheduled Payments due in Collection Period 1,537,710.54
Scheduled Payments collected in Collection Period 1,488,059.01
Aggregate Amount of Realized Losses for preceding Distribution Date 659,528.65
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 246.69
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 134 1,249,000.00
60+ days delinquent 96 913,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 2,162,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 315,863.03
Delinquency Ratio for second preceding Determination Date 5.17%
Delinquency Ratio for third preceding Determination Date 5.26%
Cumulative Defaults for preceding Determination Date 14,756,140.07
Cumulative Net Losses for preceding Determination Date 10,434,895.91
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,001,333.01
Liquidation Proceeds 170,548.67
Recoveries 85,049.00
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,256,930.68
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 837,477.05
Prepayments in full allocable to principal 513,274.00
Principal Balance of Liquidated Receivables 830,077.32
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,180,828.37
Class A Principal Distributable Amount
Principal Distributable Amount 2,180,828.37
Times Class A Percentage (95%) 95%
-------------------
2,071,786.95
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,071,786.95
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 34,828,424.67
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 193,007.52
Class B Principal Distributable Amount
Principal Distributable Amount 2,180,828.37
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 109,041.42
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 1,833,074.96
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 15,275.62
Class B Excess Interest Amount
Total Distribution Amount 2,256,930.68
minus
Class A Principal and Interest Distributable Amount 2,264,794.47
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 15,275.62
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 109,041.42
Class B Principal Carryover Shortfall 0.00
Trustee distributions 704.96
Standby Servicer distributions 2,444.10
Servicer distributions 75,595.05
Collateral Agent distributions 458.27
Reimbursement Obligations 9,554.02
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 2,444.10 2,256,930.68 2,444.10 2,256,930.68
Servicing Fee (2.0%) 61,102.50 2,254,486.58 61,102.50 0.00
Additional Servicing Fee Amounts 14,492.55 2,193,384.08 14,492.55 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,178,891.53 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,178,891.53 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,178,891.53 0.00
(iii) Trustee Fee 458.27 2,178,891.53 458.27
Trustee's out-of-pocket expenses 246.69 2,178,433.26 246.69
Unpaid Trustee Fee from prior Collection Periods 0.00 2,178,186.57 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,178,186.57 0.00
Collection Periods
(iv) Collateral Agent Fee 458.27 2,178,186.57 458.27
Collateral Agent Expenses 0.00 2,177,728.30 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,177,728.30 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,177,728.30 0.00
Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 193,007.52 2,177,728.30 193,007.52
Prior Month(s) Class A Carryover Shortfall 0.00 1,984,720.78 0.00
Class A Interest Carryover Shortfall 0.00 1,984,720.78 0.00
Interest on Interest Carryover from Prior Months 0.00 1,984,720.78 0.00
Current Month Class A Interest Carryover Shortfall 0.00 1,984,720.78 0.00
Class A Interest Distributable Amount 193,007.52 1,984,720.78 193,007.52
(viii)(A)Class B Coupon Interest - Unadjusted 15,275.62 1,791,713.26 15,275.62
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,776,437.64 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,776,437.64 0.00
Interest on Interest Carryover from Prior Months 0.00 1,776,437.64 0.00
Current Month Class B Interest Shortfall 0.00 1,776,437.64 0.00
Adjusted Class B Interest Distributable Amount 15,275.62 1,776,437.64 15,275.62
(v) (B) Class A Principal Distributable Amount - Current Month 2,071,786.95 1,761,162.02 1,761,162.02 185,143.73
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (102,341.79) 0.00 (102,341.79)
Withdrawl from Spread Account to Cover Shortfall 102,341.79
Class A Principal Distribution Amount 2,071,786.95 102,341.79 102,341.79 0.00
(vi) Certificate Insurer Premium 9,554.02 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current 109,041.42 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (109,041.42) 0.00 (109,041.42)
Adjusted Class B Principal Distributable Amount 0.00 109,041.42 0.00
Excess Interest Amount for Deposit in Spread Account (111,895.81) 109,041.42 (111,895.81)
220,937.23 220,937.23
Certificate Balance
Class A Beginning of Period Principal Balance 34,828,424.67
Class A Principal Distributions 2,071,786.95
Class A End of Period Principal Balance 32,756,637.72
Class B Beginning of Period Principal Balance 1,833,074.96
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 1,833,074.96
Withdrawl from Spread Account to Cover B Shortfalls 109,041.42
Class B End of Period Principal Balance AFTER Spread Account Distributions 1,724,033.54
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,256,930.68
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 272,209.90
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,984,720.78
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,984,720.78
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 15,275.62
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,969,445.16
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,969,445.16
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,071,786.95
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 102,341.79
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 9,554.02
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (9,554.02)
Withdrawl from Spread Account to Cover Deficiency 9,554.02
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 109,041.42
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (109,041.42)
Withdrawl from Spread Account to B PieceCover Shortfalls (109,041.42)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,162,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 2,162,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 38,867,367.48
Delinquency Ratio 5.56%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.56%
Delinquency Ratio for second preceding Determination Date 5.17%
Delinquency Ratio for third preceding Determination Date 5.26%
-------------------
Average Delinquency Ratio 5.33% 5.33%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 14,756,140.07
Current Period Defaulted Receivables 315,863.03
-------------------
Total 15,072,003.10
Cumulative Defaulted Receivables 15,072,003.10
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 16.95%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 830,077.32
Cram Down Losses 0.00
Net Liquidation Proceeds (255,597.67)
-------------------
Net Liquidation Losses 574,479.65
Cumulative Previous Net Losses 10,434,895.91
-------------------
Cumulative Net Losses 11,009,375.56
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 12.38%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 30.39
Weighted Average Annual Percentage Rate 20.35%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 3,458,971.27
15% of Outstanding Certificate Balance 5,188,456.90
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 5,188,456.90
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 34,589,712.68
Minimum Floor 100,000.00
Floor Amount 2,667,022.51
Required Spread Account Amount 5,188,456.90
Beginning of Period Spread Account Balance 5,974,585.55
Spread Account Deposit (Withdrawal) from Current Distributions (111,895.81)
Transfer (to) from Cross-Collateralized Spread Accounts (593,405.57)
Required addition to/(eligible withdrawal from) Spread Account (80,827.27)
Earnings on Spread Account Balance 28,214.15
Amount of Spread Account deposit (withdrawal) (109,041.42)
Amount of Withdrawl Allocated to B Piece Shortfalls 109,041.42
Net Spread Account Withdrawl to Seller (0.00)
Ending Spread Account Balance 5,188,456.90
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
Distribution Date 8/17/98
Collection Period 7/98
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,309,884.39
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $244,480.94
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,065,403.45
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $37.82
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.79
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $35.02
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $22,554.80
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $22,554.80
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $1,726,533.15
(k) Scheduled Payments collected in such
Collection Period $1,416,792.44
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $46,092,243.43
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in
paragraph A.1.(c) above $43,117,427.43
(c) The Pool factor as of the close of business
on the last day set forth above 0.9354595
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $90,710.93
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,072.82
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.04
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $25,837.97
(b) Distributions (to) from Collection Account $426.59
for Payaheads
(c) Interest earned on Payahead Balances $99.64
(d) Ending Payahead Account Balance $26,364.20
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,467,614.12
Spread Account Balance $4,722,492.52
(b) The change in the spread account on the Distribution
Date set forth above ($129,436.33)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $11,877.32
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,542,114.66
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 131
Aggregate Gross Amount $1,365,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 125
Aggregate Gross Amount $1,371,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.57%
(b) Average Delinquency Ratio 6.10%
(c) Cumulative Default Ratio 15.81%
(d) Cumulative Net Loss Ratio 11.03%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,520,529.16
Lock Box NSF Items: (35,179.93)
Transfers from (to) Payahead Account: (426.59)
Collection Account Interest 9,332.87
Payahead Account Interest 99.64
Total Collection Proceeds: 2,494,355.15
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 46,092,243.43
Principal portion of payments collected (non-prepayments) 655,307.89
Prepayments in full allocable to principal 469,341.00
Collections allocable to principal 1,124,648.89
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 559,976.92
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,684,625.81
Realized Losses 1,542,114.66
Cram Down Losses 0.00
Ending Principal Balance 42,865,502.96
Interest
Collections allocable to interest 761,484.55
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 48,244.79
-------------------
Total Interest 809,729.34
Certificate Information
Beginning of Period Class A Principal Balance 43,787,631.23
Beginning of Period Class B Principal Balance 2,395,199.65
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,851,928.85
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 13,890.52
Aggregate Payahead Balance 26,264.56
Aggregate Payahead Balance for preceding Distribution Date 25,837.97
Interest Earned on Payahead Balances 99.64
Scheduled Payments due in Collection Period 1,726,533.15
Scheduled Payments collected in Collection Period 1,416,792.44
Aggregate Amount of Realized Losses for preceding Distribution Date 1,542,114.66
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 307.29
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 131 1,365,000.00
60+ days delinquent 125 1,371,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 2,736,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 448,702.21
Delinquency Ratio for second preceding Determination Date 6.03%
Delinquency Ratio for third preceding Determination Date 6.71%
Cumulative Defaults for preceding Determination Date 14,115,147.61
Cumulative Net Losses for preceding Determination Date 8,667,299.12
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 1,886,133.44
Liquidation Proceeds 559,976.92
Recoveries 48,244.79
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,494,355.15
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 655,307.89
Prepayments in full allocable to principal 469,341.00
Principal Balance of Liquidated Receivables 2,102,091.58
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 3,226,740.47
Class A Principal Distributable Amount
Principal Distributable Amount 3,226,740.47
Times Class A Percentage (95%) 95%
-------------------
3,065,403.45
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,065,403.45
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 43,787,631.23
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 244,480.94
Class B Principal Distributable Amount
Principal Distributable Amount 3,226,740.47
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 161,337.02
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,395,199.65
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 22,554.80
Class B Excess Interest Amount
Total Distribution Amount 2,494,355.15
minus
Class A Principal and Interest Distributable Amount 3,309,884.39
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 22,554.80
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 161,337.02
Class B Principal Carryover Shortfall 90,587.48
Trustee distributions 883.44
Standby Servicer distributions 3,072.82
Servicer distributions 90,710.93
Collateral Agent distributions 577.29
Reimbursement Obligations 11,877.32
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 90,587.48
-------------------
90,587.48
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 3,072.82 0.00 0.00 161,337.02
Servicing Fee (2.0%) 76,820.41 0.00 0.00 0.00
Additional Servicing Fee Amounts 13,890.52 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 576.15 0.00 0.00
Trustee's out-of-pocket expenses 307.29 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 0.00 0.00
Collection Periods
(iv) Collateral Agent Fee 577.29 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Collateral Agent Expenses from prior 0.00 0.00 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 244,480.94 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00
Class A Interest Distributable Amount 244,480.94 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 22,554.80 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00 161,337.02
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00 161,337.02
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 22,554.80 0.00 0.00
(v)(B) Class A Principal Distributable Amount - Current Month 3,065,403.45 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (933,328.52) 0.00 (933,328.52)
Withdrawl from Spread Account to Cover Shortfall 933,328.52
Class A Principal Distribution Amount 3,065,403.45 933,328.52 933,328.52
(vi) Certificate Insurer Premium 11,877.32 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current 161,337.02 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 90,587.48 0.00 0.00
Current Month Class B Principal Shortfall (251,924.50) 0.00 (251,924.50)
Adjusted Class B Principal Distributable Amount 0.00 251,924.50 0.00
(C) Excess Interest Amount for Deposit in Spread Account (945,205.83) 251,924.50 (945,205.83)
1,197,130.34 1,197,130.34
Certificate Balance
Class A Beginning of Period Principal Balance 43,787,631.23
Class A Principal Distributions 3,065,403.45
Class A End of Period Principal Balance 40,722,227.78
Class B Beginning of Period Principal Balance 2,395,199.65
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,395,199.65
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,395,199.65
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,494,355.15
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 339,725.42
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,154,629.73
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,154,629.73
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 22,554.80
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,132,074.93
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,132,074.93
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,065,403.45
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 933,328.52
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 11,877.32
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (11,877.32)
Withdrawl from Spread Account to Cover Deficiency 11,877.32
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 161,337.02
(iii) Prior month(s) carryover shortfalls 90,587.48
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (251,924.50)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (251,924.50)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,736,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 2,736,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 49,127,976.28
Delinquency Ratio 5.57%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.57%
Delinquency Ratio for second preceding Determination Date 6.03%
Delinquency Ratio for third preceding Determination Date 6.71%
-------------------
Average Delinquency Ratio 6.10% 6.10%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 14,115,147.61
Current Period Defaulted Receivables 448,702.21
-------------------
Total 14,563,849.82
Cumulative Defaulted Receivables 14,563,849.82
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 15.81%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,102,091.58
Cram Down Losses 0.00
Net Liquidation Proceeds (608,221.71)
-------------------
Net Liquidation Losses 1,493,869.87
Cumulative Previous Net Losses 8,667,299.12
-------------------
Cumulative Net Losses 10,161,168.99
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 11.03%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 34.21
Weighted Average Annual Percentage Rate 20.47%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,311,742.74
15% of Outstanding Certificate Balance 6,467,614.12
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 6,467,614.12
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 43,117,427.43
Minimum Floor 100,000.00
Floor Amount 2,763,878.99
Required Spread Account Amount 6,467,614.12
Beginning of Period Spread Account Balance 4,851,928.85
Spread Account Deposit (Withdrawal) from Current Distributions (945,205.83)
Transfer (to) from Cross-Collateralized Spread Accounts 792,332.48
Required addition to/(eligible withdrawal from) Spread Account 1,768,558.62
Earnings on Spread Account Balance 23,437.02
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 4,722,492.52
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Distribution Date 8/17/98
Collection Period 7/98
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,088,997.70
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $268,570.96
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,820,426.74
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $35.02
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.04
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $31.97
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $23,434.35
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $23,434.35
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $1,904,024.13
(k) Scheduled Payments collected in such
Collection Period $1,695,495.28
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $53,848,814.78
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in
paragraph A.1.(c) above $51,106,511.22
(c) The Pool factor as of the close of business
on the last day set forth above 0.9490740
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $107,271.55
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,589.92
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.22
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $29,190.23
(b) Distributions (to) from Collection Account ($6,187.91)
for Payaheads
(c) Interest earned on Payahead Balances $106.05
(d) Ending Payahead Account Balance $23,108.37
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,665,976.68
Spread Account Balance $5,974,445.69
(b) The change in the spread account on the Distribution
Date set forth above $310,976.32
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $14,097.98
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,183,491.84
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 161
Aggregate Gross Amount $1,823,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 162
Aggregate Gross Amount $1,967,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.44%
(b) Average Delinquency Ratio 6.56%
(c) Cumulative Default Ratio 13.39%
(d) Cumulative Net Loss Ratio 9.78%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,786,826.23
Lock Box NSF Items: (49,206.61)
Transfers from (to) Payahead Account: 6,187.91
Collection Account Interest 10,797.51
Payahead Account Interest 106.05
Total Collection Proceeds: 2,754,711.09
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 53,848,814.78
Principal portion of payments collected (non-prepayments) 830,826.86
Prepayments in full allocable to principal 565,230.00
Collections allocable to principal 1,396,056.86
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 389,321.55
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,785,378.41
Realized Losses 1,183,491.84
Cram Down Losses 0.00
Ending Principal Balance 50,879,944.53
Interest
Collections allocable to interest 864,668.42
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 104,664.26
-------------------
Total Interest 969,332.68
Certificate Information
Beginning of Period Class A Principal Balance 51,156,374.01
Beginning of Period Class B Principal Balance 2,770,563.95
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,663,469.37
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,523.53
Aggregate Payahead Balance 23,002.32
Aggregate Payahead Balance for preceding Distribution Date 29,190.23
Interest Earned on Payahead Balances 106.05
Scheduled Payments due in Collection Period 1,904,024.13
Scheduled Payments collected in Collection Period 1,695,495.28
Aggregate Amount of Realized Losses for preceding Distribution Date 1,183,491.84
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 358.71
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 161 1,823,000.00
60+ days delinquent 162 1,967,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 3,790,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 543,679.36
Delinquency Ratio for second preceding Determination Date 6.33%
Delinquency Ratio for third preceding Determination Date 6.90%
Cumulative Defaults for preceding Determination Date 11,886,398.06
Cumulative Net Losses for preceding Determination Date 8,006,866.36
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,260,725.28
Liquidation Proceeds 389,321.55
Recoveries 104,664.26
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,754,711.09
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 830,826.86
Prepayments in full allocable to principal 565,230.00
Principal Balance of Liquidated Receivables 1,572,813.39
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,968,870.25
Class A Principal Distributable Amount
Principal Distributable Amount 2,968,870.25
Times Class A Percentage (95%) 95%
-------------------
2,820,426.74
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,820,426.74
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 51,156,374.01
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 268,570.96
Class B Principal Distributable Amount
Principal Distributable Amount 2,968,870.25
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 148,443.51
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,770,563.95
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 23,434.35
Class B Excess Interest Amount
Total Distribution Amount 2,754,711.09
minus
Class A Principal and Interest Distributable Amount 3,088,997.70
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 23,434.35
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 148,443.51
Class B Principal Carryover Shortfall 78,123.20
Trustee distributions 1,031.82
Standby Servicer distributions 3,589.92
Servicer distributions 107,271.55
Collateral Agent distributions 674.09
Reimbursement Obligations 14,097.98
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 78,123.20
-------------------
78,123.20
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 3,589.92 2,754,711.09 3,589.92 2,754,711.09
Servicing Fee (2.0%) 89,748.02 2,751,121.17 89,748.02 0.00
Additional Servicing Fee Amounts 17,523.53 2,661,373.15 17,523.53 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,643,849.62 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,643,849.62 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,643,849.62 0.00
(iii) Trustee Fee 673.11 2,643,849.62 673.11
Trustee's out-of-pocket expenses 358.71 2,643,176.51 358.71
Unpaid Trustee Fee from prior Collection Periods 0.00 2,642,817.80 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,642,817.80 0.00
Collection Periods
(iv) Collateral Agent Fee 674.09 2,642,817.80 674.09
Collateral Agent Expenses 0.00 2,642,143.71 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,642,143.71 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,642,143.71 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 268,570.96 2,642,143.71 268,570.96
Prior Month(s) Class A Carryover Shortfall 0.00 2,373,572.75 0.00
Class A Interest Carryover Shortfall 0.00 2,373,572.75 0.00
Interest on Interest Carryover from Prior Months 0.00 2,373,572.75 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,373,572.75 0.00
Class A Interest Distributable Amount 268,570.96 2,373,572.75 268,570.96
(viii)(A)Class B Coupon Interest - Unadjusted 23,434.35 2,105,001.79 23,434.35
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,081,567.44 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,081,567.44 0.00
Interest on Interest Carryover from Prior Months 0.00 2,081,567.44 0.00
Current Month Class B Interest Shortfall 0.00 2,081,567.44 0.00
Adjusted Class B Interest Distributable Amount 23,434.35 2,081,567.44 23,434.35
(v)(B) Class A Principal Distributable Amount - Current Month 2,820,426.74 2,058,133.09 2,058,133.09 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (470,288.34) 0.00 (470,288.34)
Withdrawl from Spread Account to Cover Shortfall 470,288.34
Class A Principal Distribution Amount 2,820,426.74 470,288.34 470,288.34 0.00
(vi) Certificate Insurer Premium 14,097.98 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current 148,443.51 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 78,123.20 0.00 0.00
Current Month Class B Principal Shortfall (226,566.71) 0.00 (226,566.71)
Adjusted Class B Principal Distributable Amount 0.00 226,566.71 0.00
(C) Excess Interest Amount for Deposit in Spread Account (484,386.32) 226,566.71 (484,386.32)
710,953.03 710,953.03
Certificate Balance
Class A Beginning of Period Principal Balance 51,156,374.01
Class A Principal Distributions 2,820,426.74
Class A End of Period Principal Balance 48,335,947.27
Class B Beginning of Period Principal Balance 2,770,563.95
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,770,563.95
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,770,563.95
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,754,711.09
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 381,138.34
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,373,572.75
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,373,572.75
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 23,434.35
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,350,138.40
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,350,138.40
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,820,426.74
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 470,288.34
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 14,097.98
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (14,097.98)
Withdrawl from Spread Account to Cover Deficiency 14,097.98
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 148,443.51
(iii) Prior month(s) carryover shortfalls 78,123.20
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (226,566.71
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (226,566.71)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,790,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 3,790,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 58,862,186.34
Delinquency Ratio 6.44%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.44%
Delinquency Ratio for second preceding Determination Date 6.33%
Delinquency Ratio for third preceding Determination Date 6.90%
-------------------
Average Delinquency Ratio 6.56% 6.56%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 11,886,398.06
Current Period Defaulted Receivables 543,679.36
-------------------
Total 12,430,077.42
Cumulative Defaulted Receivables 12,430,077.42
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 13.39%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,572,813.39
Cram Down Losses 0.00
Net Liquidation Proceeds (493,985.81)
-------------------
Net Liquidation Losses 1,078,827.58
Cumulative Previous Net Losses 8,006,866.36
-------------------
Cumulative Net Losses 9,085,693.94
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 9.78%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 37.43
Weighted Average Annual Percentage Rate 20.50%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,110,651.12
15% of Outstanding Certificate Balance 7,665,976.68
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 7,665,976.68
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 51,106,511.22
Minimum Floor 100,000.00
Floor Amount 2,785,734.33
Required Spread Account Amount 7,665,976.68
Beginning of Period Spread Account Balance 5,663,469.37
Spread Account Deposit (Withdrawal) from Current Distributions (484,386.32)
Transfer (to) from Cross-Collateralized Spread Accounts 768,000.89
Required addition to/(eligible withdrawal from) Spread Account 1,718,892.74
Earnings on Spread Account Balance 27,361.75
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 5,974,445.69
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
Current month excess servicing fee #REF!
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Distribution Date 8/17/98
Collection Period 7/98
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,720,339.03
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $341,010.04
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,379,328.99
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $38.27
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.51
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $34.76
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $33,162.90
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $33,162.90
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $2,202,560.57
(k) Scheduled Payments collected in such
Collection Period $1,815,045.70
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $65,763,285.89
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in paragraph A.1.(c) above $62,508,783.65
(c) The Pool factor as of the close of business
on the last day set forth above 0.9505119
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $126,741.95
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,384.22
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.30
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $35,140.36
(b) Distributions (to) from Collection Account ($8,663.24)
for Payaheads
(c) Interest earned on Payahead Balances $349.75
(d) Ending Payahead Account Balance $26,826.87
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,376,317.55
Spread Account Balance $7,206,348.24
(b) The change in the spread account on the Distribution
Date set forth above $292,381.71
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $17,236.27
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,585,296.35
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 233
Aggregate Gross Amount $2,617,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 196
Aggregate Gross Amount $2,435,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.02%
(b) Average Delinquency Ratio 6.81%
(c) Cumulative Default Ratio 12.86%
(d) Cumulative Net Loss Ratio 9.10%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,203,290.58
Lock Box NSF Items: (47,344.80)
Transfers from (to) Payahead Account: 8,663.24
Collection Account Interest 12,746.40
Payahead Account Interest 349.75
Total Collection Proceeds: 3,177,705.17
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 65,763,285.89
Principal portion of payments collected (non-prepayments) 694,555.36
Prepayments in full allocable to principal 551,227.00
Collections allocable to principal 1,245,782.36
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 726,109.70
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,971,892.06
Realized Losses 1,585,296.35
Cram Down Losses 0.00
Ending Principal Balance 62,206,097.48
Interest
Collections allocable to interest 1,120,490.34
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 85,322.77
-------------------
Total Interest 1,205,813.11
Certificate Information
Beginning of Period Class A Principal Balance 62,475,121.59
Beginning of Period Class B Principal Balance 3,412,991.05
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,913,966.53
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,136.47
Aggregate Payahead Balance 26,477.12
Aggregate Payahead Balance for preceding Distribution Date 35,140.36
Interest Earned on Payahead Balances 349.75
Scheduled Payments due in Collection Period 2,202,560.57
Scheduled Payments collected in Collection Period 1,815,045.70
Aggregate Amount of Realized Losses for preceding Distribution Date 1,585,296.35
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 438.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 233 2,617,000.00
60+ days delinquent 196 2,435,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,052,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 651,463.56
Delinquency Ratio for second preceding Determination Date 6.44%
Delinquency Ratio for third preceding Determination Date 6.97%
Cumulative Defaults for preceding Determination Date 12,509,079.52
Cumulative Net Losses for preceding Determination Date 7,816,457.17
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,366,272.70
Liquidation Proceeds 726,109.70
Recoveries 85,322.77
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,177,705.17
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 694,555.36
Prepayments in full allocable to principal 551,227.00
Principal Balance of Liquidated Receivables 2,311,406.05
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 3,557,188.41
Class A Principal Distributable Amount
Principal Distributable Amount 3,557,188.41
Times Class A Percentage (95%) 95%
-------------------
3,379,328.99
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,379,328.99
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 62,475,121.59
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 341,010.04
Class B Principal Distributable Amount
Principal Distributable Amount 3,557,188.41
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 177,859.42
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,412,991.05
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 33,162.90
Class B Excess Interest Amount
Total Distribution Amount 3,177,705.17
minus
Class A Principal and Interest Distributable Amount 3,720,339.03
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 33,162.90
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 177,859.42
Class B Principal Carryover Shortfall 124,826.75
Trustee distributions 1,260.04
Standby Servicer distributions 4,384.22
Servicer distributions 126,741.95
Collateral Agent distributions 823.60
Reimbursement Obligations 17,236.27
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 124,826.75
-------------------
124,826.75
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 4,384.22 3,177,705.17 4,384.22 3,177,705.17
Servicing Fee (2.0%) 109,605.48 3,173,320.95 109,605.48 0.00
Additional Servicing Fee Amounts 17,136.47 3,063,715.47 17,136.47 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,046,579.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,046,579.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,046,579.00 0.00
(iii) Trustee Fee 822.04 3,046,579.00 822.04
Trustee's out-of-pocket expenses 438.00 3,045,756.96 438.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,045,318.96 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,045,318.96 0.00
Collection Periods
(iv) Collateral Agent Fee 823.60 3,045,318.96 823.60
Collateral Agent Expenses 0.00 3,044,495.36 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,044,495.36 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,044,495.36 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 341,010.04 3,044,495.36 341,010.04
Prior Month(s) Class A Carryover Shortfall 0.00 2,703,485.32 0.00
Class A Interest Carryover Shortfall 0.00 2,703,485.32 0.00
Interest on Interest Carryover from Prior Months 0.00 2,703,485.32 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,703,485.32 0.00
Class A Interest Distributable Amount 341,010.04 2,703,485.32 341,010.04
(viii)(A)Class B Coupon Interest - Unadjusted 33,162.90 2,362,475.28 33,162.90
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,329,312.38 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,329,312.38 0.00
Interest on Interest Carryover from Prior Months 0.00 2,329,312.38 0.00
Current Month Class B Interest Shortfall 0.00 2,329,312.38 0.00
Adjusted Class B Interest Distributable Amount 33,162.90 2,329,312.38 33,162.90
(v)(B) Class A Principal Distributable Amount - Current Month 3,379,328.99 2,296,149.48 2,296,149.48 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (709,006.57) 0.00 (709,006.57)
Withdrawl from Spread Account to Cover Shortfall 709,006.57
Class A Principal Distribution Amount 3,379,328.99 709,006.57 709,006.57 0.00
(vi) Certificate Insurer Premium 17,236.27 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 177,859.42 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 124,826.75 0.00 0.00
Current Month Class B Principal Shortfall (302,686.17) 0.00 (302,686.17)
Adjusted Class B Principal Distributable Amount 0.00 302,686.17 0.00
(C) Excess Interest Amount for Deposit in Spread Account (726,242.84) 302,686.17 (726,242.84)
1,028,929.01 1,028,929.01
Certificate Balance
Class A Beginning of Period Principal Balance 62,475,121.59
Class A Principal Distributions 3,379,328.99
Class A End of Period Principal Balance 59,095,792.60
Class B Beginning of Period Principal Balance 3,412,991.05
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,412,991.05
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,412,991.05
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,177,705.17
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 474,219.85
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,703,485.32
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,703,485.32
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 33,162.90
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,670,322.42
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,670,322.42
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,379,328.99
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 709,006.57
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 17,236.27
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (17,236.27)
Withdrawl from Spread Account to Cover Deficiency 17,236.27
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 177,859.42
(iii) Prior month(s) carryover shortfalls 124,826.75
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (302,686.17)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (302,686.17)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,052,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 5,052,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 71,978,424.97
Delinquency Ratio 7.02%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.02%
Delinquency Ratio for second preceding Determination Date 6.44%
Delinquency Ratio for third preceding Determination Date 6.97%
-------------------
Average Delinquency Ratio 6.81% 6.81%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 12,509,079.52
Current Period Defaulted Receivables 651,463.56
-------------------
Total 13,160,543.08
Cumulative Defaulted Receivables 13,160,543.08
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 12.86%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,311,406.05
Cram Down Losses 0.00
Net Liquidation Proceeds (811,432.47)
-------------------
Net Liquidation Losses 1,499,973.58
Cumulative Previous Net Losses 7,816,457.17
-------------------
Cumulative Net Losses 9,316,430.75
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 9.10%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 40.25
Weighted Average Annual Percentage Rate 20.54%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,250,878.37
15% of Outstanding Certificate Balance 9,376,317.55
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 9,376,317.55
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 62,508,783.65
Minimum Floor 100,000.00
Floor Amount 3,069,810.29
Required Spread Account Amount 9,376,317.55
Beginning of Period Spread Account Balance 6,913,966.53
Spread Account Deposit (Withdrawal) from Current Distributions (726,242.84)
Transfer (to) from Cross-Collateralized Spread Accounts 985,224.84
Required addition to/(eligible withdrawal from) Spread Account 2,203,369.02
Earnings on Spread Account Balance 33,399.71
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,206,348.24
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
Distribution Date 8/17/98
Collection Period 7/98
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,737,576.43
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $444,694.99
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,292,881.44
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $32.96
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.92
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $29.04
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $44,021.33
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $44,021.33
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $2,733,852.66
(k) Scheduled Payments collected in such
Collection Period $2,699,785.50
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $84,469,170.43
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in paragraph A.1.(c) above $81,570,453.01
(c) The Pool factor as of the close of business
on the last day set forth above 0.9656831
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $160,966.85
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,631.28
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.42
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $35,936.22
(b) Distributions (to) from Collection Account ($3,418.63)
for Payaheads
(c) Interest earned on Payahead Balances $134.50
(d) Ending Payahead Account Balance $32,652.09
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $12,235,567.95
Spread Account Balance $9,127,666.36
(b) The change in the spread account on the Distribution
Date set forth above $1,364,821.82
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $22,444.58
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,073,930.40
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 261
Aggregate Gross Amount $3,176,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 221
Aggregate Gross Amount $2,933,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.58%
(b) Average Delinquency Ratio 6.22%
(c) Cumulative Default Ratio 9.96%
(d) Cumulative Net Loss Ratio 7.12%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,927,233.83
Lock Box NSF Items: (57,241.64)
Transfers from (to) Payahead Account: 3,418.63
Collection Account Interest 14,838.07
Payahead Account Interest 134.50
Total Collection Proceeds: 3,888,383.39
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 84,469,170.43
Principal portion of payments collected (non-prepayments) 1,279,314.14
Prepayments in full allocable to principal 767,057.00
Collections allocable to principal 2,046,371.14
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 345,889.45
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 2,392,260.59
Realized Losses 1,073,930.40
Cram Down Losses 0.00
Ending Principal Balance 81,002,979.44
Interest
Collections allocable to interest 1,420,471.36
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 75,651.44
-------------------
Total Interest 1,496,122.80
Certificate Information
Beginning of Period Class A Principal Balance 80,245,711.92
Beginning of Period Class B Principal Balance 4,617,622.53
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,762,844.54
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 20,184.90
Aggregate Payahead Balance 32,517.59
Aggregate Payahead Balance for preceding Distribution Date 35,936.22
Interest Earned on Payahead Balances 134.50
Scheduled Payments due in Collection Period 2,733,852.66
Scheduled Payments collected in Collection Period 2,699,785.50
Aggregate Amount of Realized Losses for preceding Distribution Date 1,073,930.40
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 492.12
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 261 3,176,000.00
60+ days delinquent 221 2,933,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 6,109,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 754,292.59
Delinquency Ratio for second preceding Determination Date 5.65%
Delinquency Ratio for third preceding Determination Date 6.44%
Cumulative Defaults for preceding Determination Date 11,129,685.88
Cumulative Net Losses for preceding Determination Date 7,498,165.57
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,466,842.50
Liquidation Proceeds 345,889.45
Recoveries 75,651.44
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,888,383.39
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,279,314.14
Prepayments in full allocable to principal 767,057.00
Principal Balance of Liquidated Receivables 1,419,819.85
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 3,466,190.99
Class A Principal Distributable Amount
Principal Distributable Amount 3,466,190.99
Times Class A Percentage (95%) 95%
-------------------
3,292,881.44
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,292,881.44
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 80,245,711.92
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class A Interest Distributable Amount 444,694.99
Class B Principal Distributable Amount
Principal Distributable Amount 3,466,190.99
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 173,309.55
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,617,622.53
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 44,021.33
Class B Excess Interest Amount
Total Distribution Amount 3,888,383.39
minus
Class A Principal and Interest Distributable Amount 3,737,576.43
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 44,021.33
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 173,309.55
Class B Principal Carryover Shortfall 394,164.02
Trustee distributions 1,547.98
Standby Servicer distributions 5,631.28
Servicer distributions 160,966.85
Collateral Agent distributions 1,060.79
Reimbursement Obligations 22,444.58
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 394,164.02
-------------------
394,164.02
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 5,631.28 3,888,383.39 5,631.28
Servicing Fee (2.0%) 140,781.95 3,882,752.11 140,781.95 0.00
Additional Servicing Fee Amounts 20,184.90 3,741,970.16 20,184.90 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,721,785.26 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,721,785.26 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,721,785.26 0.00
(iii) Trustee Fee 1,055.86 3,721,785.26 1,055.86
Trustee's out-of-pocket expenses 492.12 3,720,729.40 492.12
Unpaid Trustee Fee from prior Collection Periods 0.00 3,720,237.28 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,720,237.28 0.00
Collection Periods
(iv) Collateral Agent Fee 1,060.79 3,720,237.28 1,060.79
Collateral Agent Expenses 0.00 3,719,176.49 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,719,176.49 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,719,176.49 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 444,694.99 3,719,176.49 444,694.99
Prior Month(s) Class A Carryover Shortfall 0.00 3,274,481.50 0.00
Class A Interest Carryover Shortfall 0.00 3,274,481.50 0.00
Interest on Interest Carryover from Prior Months 0.00 3,274,481.50 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,274,481.50 0.00
Class A Interest Distributable Amount 444,694.99 3,274,481.50 444,694.99
(viii)(A)Class B Coupon Interest - Unadjusted 44,021.33 2,829,786.51 44,021.33
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,785,765.18 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,785,765.18 0.00
Interest on Interest Carryover from Prior Months 0.00 2,785,765.18 0.00
Current Month Class B Interest Shortfall 0.00 2,785,765.18 0.00
Adjusted Class B Interest Distributable Amount 44,021.33 2,785,765.18 44,021.33
(v)(B) Class A Principal Distributable Amount - Current Month 3,292,881.44 2,741,743.85 2,741,743.85 595,501.95
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (62,421.27) 0.00 (62,421.27)
Withdrawl from Spread Account to Cover Shortfall 62,421.27
Class A Principal Distribution Amount 3,292,881.44 62,421.27 62,421.27 0.00
(vi) Certificate Insurer Premium 22,444.58 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 173,309.55 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 394,164.02 0.00 0.00
Current Month Class B Principal Shortfall (567,473.57) 0.00 (567,473.57)
Adjusted Class B Principal Distributable Amount 0.00 567,473.57 0.00
(C) Excess Interest (Shortage) Amount for Deposit to (84,865.85) 567,473.57 (84,865.85)
(withdrawl from) Spread Account 652,339.42 652,339.42
Certificate Balance
Class A Beginning of Period Principal Balance 80,245,711.92
Class A Principal Distributions 3,292,881.44
Class A End of Period Principal Balance 76,952,830.48
Class B Beginning of Period Principal Balance 4,617,622.53
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,617,622.53
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,617,622.53
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,888,383.39
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 613,901.89
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,274,481.50
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,274,481.50
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 44,021.33
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,230,460.17
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,230,460.17
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,292,881.44
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 62,421.27
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 22,444.58
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (22,444.58)
Withdrawl from Spread Account to Cover Deficiency 22,444.58
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 173,309.55
(iii) Prior month(s) carryover shortfalls 394,164.02
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (567,473.57)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (567,473.57)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,109,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 6,109,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 92,848,199.73
Delinquency Ratio 6.58%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.58%
Delinquency Ratio for second preceding Determination Date 5.65%
Delinquency Ratio for third preceding Determination Date 6.44%
-------------------
Average Delinquency Ratio 6.22% 6.22%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 11,129,685.88
Current Period Defaulted Receivables 754,292.59
-------------------
Total 11,883,978.47
Cumulative Defaulted Receivables 11,883,978.47
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 9.96%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,419,819.85
Cram Down Losses 0.00
Net Liquidation Proceeds (421,540.89)
-------------------
Net Liquidation Losses 998,278.96
Cumulative Previous Net Losses 7,498,165.57
-------------------
Cumulative Net Losses 8,496,444.53
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 7.12%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 42.74
Weighted Average Annual Percentage Rate 20.49%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 7,341,340.77
15% of Outstanding Certificate Balance 12,235,567.95
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 12,235,567.95
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 81,570,453.01
Minimum Floor 100,000.00
Floor Amount 3,580,860.93
Required Spread Account Amount 12,235,567.95
Beginning of Period Spread Account Balance 7,762,844.54
Spread Account Deposit (Withdrawal) from Current Distributions (84,865.85)
Transfer (to) from Cross-Collateralized Spread Accounts 1,411,071.50
Required addition to/(eligible withdrawal from) Spread Account 3,146,517.76
Earnings on Spread Account Balance 38,616.17
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 9,127,666.36
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-3
6.10% Asset-Backed Notes, Class A-1
6.38% Asset-Backed Notes, Class A-2
10.65% Asset-Backed Notes, Class B
10.65% Asset-Backed Certificates
Revision #1
Distribution Date 8/17/98
Collection Period 7/98
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $3,955,247.47
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $209,909.25
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,745,338.23
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $48.93
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $2.60
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $46.33
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $327,868.20
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $327,868.20
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $5.31
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to Class B
Noteholders on the Distribution Date set forth above $238,965.70
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $27,509.90
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $211,455.80
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $238,965.70
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $27,509.90
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $211,455.80
(s) Scheduled Payments due in such Collection Period $3,626,457.77
(t) Scheduled Payments collected in such
Collection Period $3,564,219.29
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $116,564,895.67
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments allocated to principal in
paragraph A.1.(c),(i),(o),(r) above $104,992,787.63
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i),(o) above $102,104,535.85
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8759458
(e) Aggregate principal amount of Certificates as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(r) above $2,888,251.79
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0247781
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $219,806.12
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,828.24
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.72
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $12,900.69
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above ($77,023.31)
(f) The amount of the Certificate Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (q) above $0.00
(g) The amount of the Certificate Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (r) above ($77,023.31)
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $3,000,000.00
Spread Account Balance $3,000,000.00
(b) The change in the spread account on the Distribution
Date set forth above ($287,043.20)
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $28,938.08
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,209,036.25
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 341
Aggregate Gross Amount $4,432,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 288
Aggregate Gross Amount $3,695,000.00
7 Performance Triggers
(a) Delinquency Ratio 6.36%
(b) Average Delinquency Ratio 5.93%
(c) Cumulative Default Ratio 7.78%
(d) Cumulative Net Loss Ratio 5.15%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-3
Statement to Noteholders
Is there a Deficiency Claim Amount? YES
Deficiency Claim Amount (154,046.62)
Inputs
Gross Collection Proceeds: 5,093,305.00
Lock Box NSF Items: (94,269.66)
Total Collection Proceeds: 4,999,035.34
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 116,564,895.67
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-------------------------
Aggregate Beginning Principal Balance 116,564,895.67
Principal portion of payments collected (non-prepayments) 1,560,799.25
Prepayments in full allocable to principal 837,683.00
Collections allocable to principal 2,398,482.25
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 495,337.11
Purchase Amounts allocable to principal 12,900.69
-------------------------
Total Principal 2,906,720.05
Realized Losses 1,209,036.25
Cram Down Losses 0.00
Ending Principal Balance 112,449,139.37
Prefunding
Original Amount in Prefunding Account 27,084,817.00
Subsequent Loans Sold to the Trust 27,084,817.00
Balance of Prefunding Account 0.00
Interest
Collections allocable to interest 2,003,420.04
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 88,895.25
-------------------------
Total Interest 2,092,315.29
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 41,293,622.29
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,099,707.59
Beginning of Period Certificate Balance 3,099,707.59
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,287,043.20
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 25,531.29
Scheduled Payments due in Collection Period 3,626,457.77
Scheduled Payments collected in Collection Period 3,564,219.29
Aggregate Amount of Realized Losses for preceding Distribution Date 1,209,036.25
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 207.67
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 341 4,432,000.00
60+ days delinquent 288 3,695,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 12,900.69
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 8,127,000.00
Principal Balance of all Receivables that became Purchased Receivables
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more. 12,900.69
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 1,191,339.25
Delinquency Ratio for second preceding Determination Date 5.47%
Delinquency Ratio for third preceding Determination Date 5.95%
Cumulative Defaults for preceding Determination Date 10,481,794.41
Cumulative Net Losses for preceding Determination Date 6,600,936.08
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Requisite Reserve Amount
Weighted Average of the Interest Rates and Pass-Through Rates 6.5166%
minus 2.5% 2.50%
-------------------------
4.0166%
divided by 360 0.0112%
times the prefunded amount 0.00
times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00
-------------------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
Excess in Interest Reserve Account 0.00
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 4,401,902.29
Liquidation Proceeds 495,337.11
Recoveries 88,895.25
Purchase Amounts 12,900.69
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 0.00
Investment earnings from Note Distribution Account 646.08
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 303.57
Investment earnings from Collection Account 17,723.26
-------------------------
Total Distribution Amount 5,017,708.25
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,560,799.25
Prepayments in full allocable to principal 837,683.00
Principal Balance of Liquidated Receivables 1,704,373.36
Purchase Amounts allocable to principal 12,900.69
Cram Down Losses 0.00
-------------------------
Principal Distributable Amount 4,115,756.30
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 112,449,139.37
-------------------------
101,204,225.43 98.29%
-------------------------
Current Target %
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 56.5%
-------------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 4,115,756.30
Times Class A Noteholders' Percentage 91%
-------------------------
3,745,338.23
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------------
Class A Principal Distributable Amount 3,745,338.23
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 41,293,622.29
Multiplied by the Note Rate 6.10%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------------
Class A Interest Distributable Amount 209,909.25
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,668,000.00
Multiplied by the Note Rate 6.38%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------------
Class A Interest Distributable Amount 327,868.20
Class B Noteholders Principal Distributable Amount
Principal Distributable Amount 4,115,756.30
Times Class B Percentage 2.5%
-------------------------
Class B Principal Distributable Amount 102,893.91
Certificate Principal Distributable Amount
Principal Distributable Amount 4,115,756.30
Times Certificate Percentage 2.5%
-------------------------
Certificate Principal Distributable Amount 102,893.91
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,099,707.59
Multiplied by Note Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------------
Class B Coupon Interest Amount 27,509.90
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,099,707.59
Multiplied by Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------------
Certificateholders' Interest Amount 27,509.90
Carryover Shortfalls from Prior Periods
Class B and Certificates Principal Carryover Shortfall from previous period 371,170.40
-------------------------
371,170.40
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-------------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-------------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-------------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-------------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 5,828.24 5,017,708.25 5,828.24
Servicing Fee (2.0%) 194,274.83 5,011,880.01 194,274.83 0.00
Additional Servicing Fee Amounts 25,531.29 4,817,605.18 25,531.29 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,792,073.89 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,792,073.89 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,792,073.89 0.00
(iii) Indenture Trustee Fee 971.37 4,792,073.89 971.37
Indenture Trustee's out-of-pocket expenses 207.67 4,791,102.52 207.67
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 4,790,894.85 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 4,790,894.85 0.00
prior Collection Periods
Owner Trustee Fee 0.00 4,790,894.85 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,790,894.85 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,790,894.85 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 4,790,894.85 0.00
prior Collection Periods
(iv) Collateral Agent Fee 909.68 4,790,894.85 909.68
Collateral Agent Expenses 0.00 4,789,985.17 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,789,985.17 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,789,985.17 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 209,909.25
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.0
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 209,909.25 4,789,985.17 209,909.25
(B) Class A-2 Interest Distributable Amount - Current Month 327,868.20
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 327,868.20 4,580,075.92 327,868.20
(vi) (A) Class B Note Interest - Unadjusted 27,509.90
Class B Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 27,509.90 4,252,207.72 27,509.90
(B) Certificate Interest - Unadjusted 27,509.90
Certificate Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 27,509.90 4,224,697.82 27,509.90
(vii) Class A Principal Distributable Amount - Current Month 3,745,338.23
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 3,745,338.23 4,197,187.92 3,745,338.23 0.00
Class A Principal Distribution Amount to Class A-2 0.00 451,849.69 0.00 0.00
(viii) Note Insurer Premium 28,938.08 451,849.69 28,938.08
Note Insurer Premium Supplement 0.00 422,911.60 0.00
Other Reimbursement Obligations to Note Insurer 0.00 422,911.60 0.00
(ix) Transition Expenses to successor Servicer 0.00 422,911.60 0.00
(x) Class B Principal Distributable Amount - 102,893.91
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 185,585.20
Current Month Class B Principal Shortfall (77,023.31)
Adjusted Class B Principal Distributable Amount 211,455.80 422,911.60 211,455.80
Certificate Principal Distributable Amount - 102,893.91
Current Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 185,585.20
Current Month Certificate Principal Shortfall (77,023.31)
Adjusted Certificate Principal Distributable Amount 211,455.80 211,455.80 211,455.80
(xi) Until the Target Payment Date, remaining amount to 0.00 0.00 0.00
Class A Noteholders
Amount to Class A-1 Noteholders 0.00 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. Amount 0.00
(xiii) After an Event of Default, Certificateholders' Prin. Dist. Amount 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
Sread Account withdrawl for deficiencies 0.00
Securities Balance
Class A-1 Beginning of Period Principal Amount 41,293,622.29
Class A-1 Principal Distributions 3,745,338.23
Class A-1 End of Period Principal Amount (prior to turbo) 37,548,284.06
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 37,548,284.07
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 61,668,000.00
Class B Beginning of Period Principal Amount 3,099,707.59
Class B Principal Distributable Amount 211,455.80
Class B End of Period Principal Amount BEFORE Spread Account Distributions 2,888,251.79
Allocations of Cash Releases to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 2,888,251.79
Certificate Beginning of Period Principal Amount 3,099,707.59
Certificate Principal Distributable Amount 211,455.80
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 2,888,251.79
Allocation of Cash Releases to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 2,888,251.79
Class A-1 Deficiency - Interest
(i) Total Distribution Amount Available 5,017,708.25
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (i) and (v)A 437,632.33
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 4,580,075.92
Class A-2 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (v) B 4,580,075.92
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) B 327,868.20
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,252,207.72
Class B Note Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A 4,252,207.72
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) A 27,509.90
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,224,697.82
Class B Certificate Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 4,224,697.82
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vi) and (x) 27,509.90
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,197,187.92
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 4,197,187.92
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 3,745,338.23
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 451,849.69
Other Distributions
(i) Amounts available to make payments pursuant to Section 5.8(a) (viii) 451,849.69
(vi) Note Insurer Premium 28,938.08
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 422,911.60
Class B Notes & Certificates Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 422,911.60
(ii) Amounts payable pursuant to Section 5.8(a) (vi) and (x) 205,787.82
(iii)Prior month(s) carryover shortfalls 371,170.40
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Amount Remaining for Further Distribution/ B Notes (Deficiency) (77,023.31)
Amount Remaining for Further Distribution/ B Certificates (Deficiency) (77,023.31)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (154,046.62)
If neg, Carryover Shortfall
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,127,000.00
Purchased receivables more than 30 days delinquent 12,900.69
-------------------------
Total 8,139,900.69
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 128,064,080.72
Delinquency Ratio 6.36%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.36%
Delinquency Ratio for second preceding Determination Date 5.47%
Delinquency Ratio for third preceding Determination Date 5.95%
-------------------------
Average Delinquency Ratio 5.93% 5.93%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 10,481,794.41
Current Period Defaulted Receivables 1,191,339.25
-------------------------
Total 11,673,133.66
Cumulative Defaulted Receivables 11,673,133.66
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 7.78%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,704,373.36
Cram Down Losses 0.00
Net Liquidation Proceeds (584,232.36)
-------------------------
Net Liquidation Losses 1,120,141.00
Cumulative Previous Net Losses 6,600,936.08
-------------------------
Cumulative Net Losses 7,721,077.08
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 5.15%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 45.41
Weighted Average Annual Percentage Rate 20.39%
Spread Account
OC Percent
Aggregate Principal Balance 112,449,139.37
minus the Securities Balance 104,992,787.64
-------------------------
7,456,351.73
divided by the Aggregate Principal Balance 6.63%
Floor OC Percent
Aggregate Principal Balance 112,449,139.37
minus the Securities Balance 104,992,787.64
-------------------------
7,456,351.73
divided by the initial Aggregate Principal Balance 150,000,000.00
-------------------------
4.97%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 104,992,787.64
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 27,084,817.00
3,000,000.00
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 150,000,000.00
0.00
Floor Amount 3,000,000.00
Requisite Amount
the greater of
(1)the Floor Amount 3,000,000.00
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 2.37%
if a Trigger Event, 15% minus the OC Percent 8.37%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.37%
if an Insurance Agreement Event of Default, unlimited 100.00%
2.37%
times the Aggregate Principal Balance 112,449,139.37
-------------------------
2,664,070.82
Requisite Amount 3,000,000.00
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 3,000,000.00
Beginning of Period Spread Account Balance 3,287,043.20
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (304,091.37)
Required addition to/(eligible withdrawal from) Spread Account 17,048.17
Earnings on Spread Account Balance 17,048.17
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Notes Shortfalls 0.00
Amount of Withdrawl Allocated to B Certificates Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 3,000,000.00
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
--------------------------------------------------
Name: James L. Stock
--------------------------------------------------
Title: Vice President
--------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-4
6.07% Asset-Backed Notes, Class A-1
6.30% Asset-Backed Notes, Class A-2
10.59% Asset-Backed Certificates
Distribution Date 8/17/98
Collection Period 7/98
Under the Sale and Servicing Agreement dated as of October 9, 1997 and
amended as of October 17, 1997 (the "Agreement") by and among CPS Receivables
Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner
Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Noteholders and Certificateholders
and the performance of the Trust during the previous month. The information
which is required to be prepared with respect to the Distribution Date and
Collection Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $3,231,874.56
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $164,800.50
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,067,074.06
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $59.56
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.04
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $56.53
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $243,114.89
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $243,114.89
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.94
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $192,770.42
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $39,133.01
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $153,637.41
(p) Scheduled Payments due in such Collection Period $2,681,819.87
(q) Scheduled Payments collected in such
Collection Period $2,824,795.74
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $88,676,986.39
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $80,380,945.05
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $75,820,524.51
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8550192
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $4,280,698.14
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0482729
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $166,810.68
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,433.85
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.07
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.08
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $2,192,516.69
Spread Account Balance $2,192,516.69
(b) The change in the spread account on the Distribution
Date set forth above ($608,224.81)
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $22,195.91
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $882,362.17
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 221
Aggregate Gross Amount $2,947,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 180
Aggregate Gross Amount $2,354,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.46%
(b) Average Delinquency Ratio 5.22%
(c) Cumulative Default Ratio 5.43%
(d) Cumulative Net Loss Ratio 3.12%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-4
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,922,144.59
Lock Box NSF Items: (73,894.86)
Total Collection Proceeds: 3,848,249.73
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 88,676,986.39
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 88,676,986.39
Principal portion of payments collected (non-prepayments) 1,204,357.74
Prepayments in full allocable to principal 540,739.00
Collections allocable to principal 1,745,096.74
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 435,564.89
Purchase Amounts allocable to principal 0.00
-----------------------
Total Principal 2,180,661.63
Realized Losses 882,362.17
Cram Down Losses 0.00
Ending Principal Balance 85,613,962.59
Interest
Collections allocable to interest $1,620,438.00
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 47,150.10
-----------------------
Total Interest $1,667,588.10
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 32,579,999.97
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 4,434,335.55 83,321,934.12
Miscellaneous Balances
Beginning of Period Spread Account Balance 2,800,741.50
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 19,015.70
Scheduled Payments due in Collection Period 2,681,819.87
Scheduled Payments collected in Collection Period 2,824,795.74
Aggregate Amount of Realized Losses for preceding Distribution Date 882,362.17
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 176.84
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 221 2,947,000.00
60+ days delinquent 180 2,354,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,301,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 849,345.83
Delinquency Ratio for second preceding Determination Date 4.52%
Delinquency Ratio for third preceding Determination Date 5.67%
Cumulative Defaults for preceding Determination Date 4,900,844.04
Cumulative Net Losses for preceding Determination Date 2,472,821.64
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,365,534.74
Liquidation Proceeds 435,564.89
Recoveries 47,150.10
Purchase Amounts 0.00
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 14,560.74
-----------------------
Total Distribution Amount 3,862,810.47
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,204,357.74
Prepayments in full allocable to principal 540,739.00
Principal Balance of Liquidated Receivables 1,317,927.06
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 3,063,023.80
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 85,613,962.59
-----------------------
77,052,566.33
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 55.6%
-----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 3,063,023.80
Times Class A Noteholders' Percentage 91%
-----------------------
2,787,351.66
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 2,787,351.66
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 32,579,999.97
Multiplied by the Note Rate 6.07%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 164,800.50
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,307,598.60
Multiplied by the Note Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 243,114.89
Certificateholders Principal Distributable Amount
Principal Distributable Amount 3,063,023.80
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 153,151.19
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,434,335.55
Multiplied by Note Pass-Through Rate 10.59%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 39,133.01
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 486.22
-----------------------
486.22
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 4,433.85 3,862,810.47 4,433.85
Servicing Fee (2.0%) 147,794.98 3,858,376.62 147,794.98 0.00
Additional Servicing Fee Amounts 19,015.70 3,710,581.64 19,015.70 0.00
(late fees, prepayment charges, etc.
Unpaid Standby Fee from prior Collection Periods 0.00 3,691,565.94 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,691,565.94 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,691,565.94 0.00
(iii) Indenture Trustee Fee 738.97 3,691,565.94 738.97
Indenture Trustee's out-of-pocket expenses 176.84 3,690,826.97 176.84
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 3,690,650.13 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 3,690,650.13 0.00
prior Collection Periods
Owner Trustee Fee 0.00 3,690,650.13 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,690,650.13 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,690,650.13 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 3,690,650.13 0.00
prior Collection Periods
(iv) Collateral Agent Fee 694.35 3,690,650.13 694.35
Collateral Agent Expenses 0.00 3,689,955.78 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,689,955.78 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,689,955.78 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 164,800.50
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 164,800.50 3,689,955.78 164,800.50
(B) Class A-2 Interest Distributable Amount - Current Month 243,114.89
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 243,114.89 3,525,155.28 243,114.89
(vi)(A) Certificate Note Interest - Unadjusted 39,133.01
Certificate Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 39,133.01 3,282,040.39 39,133.01
(vii) Class A Principal Distributable Amount - Current Month 2,787,351.66
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 2,787,351.66 3,242,907.38 2,787,351.66 0.00
Class A Principal Distribution Amount to Class A-2 0.00 455,555.72 0.00 0.00
(viii) Note Insurer Premium 22,195.91 455,555.72 22,195.91
Note Insurer Premium Supplement 0.00 433,359.82 0.00
Other Reimbursement Obligations to Note Insurer 0.00 433,359.82 0.00
(ix) Transition Expenses to successor Servicer 0.00 433,359.82 0.00
(x) Certificate Principal Distributable Amount - 153,151.19
Current Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 486.22 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 153,637.41 433,359.82 153,637.41
(xi) Until the Target Payment Date, remaining amount to 279,722.41 279,722.41 279,722.41
Class A Noteholders
Amount to Class A-1 Noteholders 279,722.41 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00 3,862,633.63 Total Disbursements
Spread Accout Withdrawl to cover deficiencies 0.00 3,862,810.47 Total Distribution Amt
======================
(176.84)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 32,579,999.97
Class A-1 Principal Distributions 2,787,351.66
Class A-1 End of Period Principal Amount (prior to turbo) 29,792,648.31
Additional Principal Distribution 279,722.41
Class A-1 End of Period Principal Amount 29,512,925.91
Class A-2 Beginning of Period Principal Amount 46,307,598.60
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 46,307,598.60
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 46,307,598.60
Certificate Beginning of Period Principal Amount 4,434,335.55
Certificate Principal Distributable Amount 153,637.41
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,280,698.14
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,280,698.14
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,862,810.47
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 580,770.08
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,282,040.39
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,282,040.39
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 39,133.01
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,242,907.38
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,242,907.38
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,787,351.66
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 455,555.72
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 455,555.72
(vi) Note Insurer Premium 22,195.91
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 433,359.82
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 433,359.82
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 153,151.19
(iii)Prior month(s) carryover shortfalls 486.22
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 279,722.41
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 279,722.41
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,301,000.00
Purchased receivables more than 30 days delinquent 0.00
-----------------------
Total 5,301,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 97,128,424.18
Delinquency Ratio 5.46%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.46%
Delinquency Ratio for second preceding Determination Date 4.52%
Delinquency Ratio for third preceding Determination Date 5.67%
-----------------------
Average Delinquency Ratio 5.22% 5.22%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 4,900,844.04
Current Period Defaulted Receivables 849,345.83
-----------------------
Total 5,750,189.87
Cumulative Defaulted Receivables 5,750,189.87
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 5.43%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,317,927.06
Cram Down Losses 0.00
Net Liquidation Proceeds (482,714.99)
-----------------------
Net Liquidation Losses 835,212.07
Cumulative Previous Net Losses 2,472,821.64
-----------------------
Cumulative Net Losses 3,308,033.71
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 3.12%
Additional Pool Information:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 47.48
Weighted Average Annual Percentage Rate 20.31%
Spread Account
OC Percent
Aggregate Principal Balance 85,613,962.59
minus the Securities Balance 80,101,222.65
-----------------------
5,512,739.94
divided by the Aggregate Principal Balance 6.44%
Floor OC Percent
Aggregate Principal Balance 85,613,962.59
minus the Securities Balance 80,101,222.65
-----------------------
5,512,739.94
divided by the initial Aggregate Principal Balance 105,860,630.11
-----------------------
5.21%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 80,101,222.65
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 105,860,630.11
(II) balance of all Subsequent Receivables 0.00
---------------------
2,117,212.60
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 105,860,630.11
0.00
Floor Amount 2,117,212.60
Requisite Amount
the greater of
(1)the Floor Amount 2,117,212.60
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 2.56%
if a Trigger Event, 15% minus the OC Percent 8.56%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.56%
if an Insurance Agreement Event of Default, unlimited 100.00%
2.56%
times the Aggregate Principal Balance 85,613,962.59
-----------------------
2,192,516.69
Requisite Amount 2,192,516.69
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 2,192,516.69
Beginning of Period Spread Account Balance 2,800,741.50
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (621,776.06)
Required addition to/(eligible withdrawal from) Spread Account 13,551.25
Earnings on Spread Account Balance 13,551.25
Amount of Spread Account deposit (withdrawal) (0.00)
Amount of Withdrawal Allocated to Certificates' Shortfalls 0.00
Net Spread Account Withdrawal to Seller (0.00)
Ending Spread Account Balance 2,192,516.69
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-5
6.26% Asset-Backed Notes, Class A-1
6.40% Asset-Backed Notes, Class A-2
10.55% Asset-Backed Certificates
Distribution Date 8/17/98
Collection Period 7/98
Under the Sale and Servicing Agreement dated as of December 1, 1997, (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,783,632.38
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $207,786.48
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,575,845.90
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $49.93
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.73
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $46.20
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $187,600.00
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $187,600.00
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.04
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $155,089.62
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $36,844.58
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $118,245.04
(p) Scheduled Payments due in such Collection Period $2,506,643.94
(q) Scheduled Payments collected in such
Collection Period $2,449,649.91
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $83,897,230.09
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $76,926,822.94
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $72,430,428.67
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8633232
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $4,072,608.12
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0485428
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $154,570.05
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,194.86
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.77
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.08
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $2,308,617.15
Spread Account Balance $2,308,617.15
(b) The change in the spread account on the Distribution
Date set forth above ($954,163.29)
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $23,677.62
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $451,266.02
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 216
Aggregate Gross Amount $2,804,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 184
Aggregate Gross Amount $2,465,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.78%
(b) Average Delinquency Ratio 5.45%
(c) Cumulative Default Ratio 3.31%
(d) Cumulative Net Loss Ratio 1.70%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-5
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,353,363.96
Lock Box NSF Items: (55,428.46)
Total Collection Proceeds: 3,297,935.50
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 83,897,230.09
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 83,897,230.09
Principal portion of payments collected (non-prepayments) 1,085,424.00
Prepayments in full allocable to principal 651,017.00
Collections allocable to principal 1,736,441.00
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 177,193.80
Purchase Amounts allocable to principal 0.00
-----------------------
Total Principal 1,913,634.80
Realized Losses 451,266.02
Cram Down Losses 0.00
Ending Principal Balance 81,532,329.27
Interest
Collections allocable to interest $1,364,225.91
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 20,074.79
-----------------------
Total Interest $1,384,300.70
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 39,831,274.57
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 4,190,853.16 79,197,127.73
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,262,780.44
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 14,741.33
Scheduled Payments due in Collection Period 2,506,643.94
Scheduled Payments collected in Collection Period 2,449,649.91
Aggregate Amount of Realized Losses for preceding Distribution Date 451,266.02
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 216.17
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 216 2,804,000.00
60+ days delinquent 184 2,465,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,269,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 839,023.49
Delinquency Ratio for second preceding Determination Date 5.02%
Delinquency Ratio for third preceding Determination Date 5.54%
Cumulative Defaults for preceding Determination Date 2,330,059.71
Cumulative Net Losses for preceding Determination Date 1,194,695.23
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,100,666.91
Liquidation Proceeds 177,193.80
Recoveries 20,074.79
Purchase Amounts 0.00
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 12,404.32
-----------------------
Total Distribution Amount 3,310,339.82
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,085,424.00
Prepayments in full allocable to principal 651,017.00
Principal Balance of Liquidated Receivables 628,459.82
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 2,364,900.82
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 81,532,329.27
-----------------------
73,379,096.34
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 44.4%
-----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,364,900.82
Times Class A Noteholders' Percentage 91%
-----------------------
2,152,059.75
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 2,152,059.75
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 39,831,274.57
Multiplied by the Note Rate 6.26%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 207,786.48
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 35,175,000.00
Multiplied by the Note Rate 6.40%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 187,600.00
Certificateholders Principal Distributable Amount
Principal Distributable Amount 2,364,900.82
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 118,245.04
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,190,853.16
Multiplied by Note Pass-Through Rate 10.55%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 36,844.58
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 4,194.86 3,310,339.82 4,194.86
Servicing Fee (2.0%) 139,828.72 3,306,144.96 139,828.72 0.00
Additional Servicing Fee Amounts 14,741.33 3,166,316.24 14,741.33 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,151,574.91 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,151,574.91 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,151,574.91 0.00
(iii) Indenture Trustee Fee 699.14 3,151,574.91 699.14
Indenture Trustee's out-of-pocket expenses 216.17 3,150,875.77 216.17
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 3,150,659.60 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 3,150,659.60 0.00
prior Collection Periods
Owner Trustee Fee 0.00 3,150,659.60 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,150,659.60 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,150,659.60 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 3,150,659.60 0.00
Prior Collection Periods
(iv) Collateral Agent Fee 659.98 3,150,659.60 659.98
Collateral Agent Expenses 0.00 3,149,999.62 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,149,999.62 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,149,999.62 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 207,786.48
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 207,786.48 3,149,999.62 207,786.48
(B) Class A-2 Interest Distributable Amount - Current Month 187,600.00
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 187,600.00 2,942,213.14 187,600.00
(vi)(A) Certificate Note Interest - Unadjusted 36,844.58
Certificate Note Interest Carryover Shortfall - 0.00
Previouis Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 36,844.58 2,754,613.14 36,844.58
(vii) Class A Principal Distributable Amount - Current Month 2,152,059.75
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 2,152,059.75 2,717,768.56 2,152,059.75 0.00
Class A Principal Distribution Amount to Class A-2 0.00 565,708.81 0.00 0.00
(viii) Note Insurer Premium 23,677.62 565,708.81 23,677.62
Note Insurer Premium Supplement 0.00 542,031.19 0.00
Other Reimbursement Obligations to Note Insurer 0.00 542,031.19 0.00
(ix) Transition Expenses to successor Servicer 0.00 542,031.19 0.00
(x) Certificate Principal Distributable Amount - 118,245.04
Current Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 118,245.04 542,031.19 118,245.04
(xi) Until the Target Payment Date, remaining amount to 423,786.15 423,786.15 423,786.15
Class A Noteholders
Amount to Class A-1 Noteholders 423,786.15 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00 3,310,123.65 Total Disbursements
Spread Accoujnt Withdrawl to cover deficiencies 0.00 3,310,339.82 Total Distribution Amt
======================
(216.17)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 39,831,274.57
Class A-1 Principal Distributions 2,152,059.75
Class A-1 End of Period Principal Amount (prior to turbo) 37,679,214.82
Additional Principal Distribution 423,786.15
Class A-1 End of Period Principal Amount 37,255,428.67
Class A-2 Beginning of Period Principal Amount 35,175,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 35,175,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 35,175,000.00
Certificate Beginning of Period Principal Amount 4,190,853.16
Certificate Principal Distributable Amount 118,245.04
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,072,608.12
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,072,608.12
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,310,339.82
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 555,726.68
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,754,613.14
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,754,613.14
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 36,844.58
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,717,768.56
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,717,768.56
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,152,059.75
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 565,708.81
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 565,708.81
(vi) Note Insurer Premium 23,677.62
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 542,031.19
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 542,031.19
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 118,245.04
(iii)Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 423,786.15
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 423,786.15
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,269,000.00
Purchased receivables more than 30 days delinquent 0.00
-----------------------
Total 5,269,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 91,192,131.98
Delinquency Ratio 5.78%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.78%
Delinquency Ratio for second preceding Determination Date 5.02%
Delinquency Ratio for third preceding Determination Date 5.54%
-----------------------
Average Delinquency Ratio 5.45% 5.45%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 2,330,059.71
Current Period Defaulted Receivables 839,023.49
-----------------------
Total 3,169,083.20
Cumulative Defaulted Receivables 3,169,083.20
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 3.31%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 628,459.82
Cram Down Losses 0.00
Net Liquidation Proceeds (197,268.59)
-----------------------
Net Liquidation Losses 431,191.23
Cumulative Previous Net Losses 1,194,695.23
-----------------------
Cumulative Net Losses 1,625,886.46
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 1.70%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 48.75
Weighted Average Annual Percentage Rate 20.22%
Spread Account
OC Percent
Aggregate Principal Balance 81,532,329.27
minus the Securities Balance 76,503,036.79
-----------------------
5,029,292.48
divided by the Aggregate Principal Balance 6.17%
Floor OC Percent
Aggregate Principal Balance 81,532,329.27
minus the Securities Balance 76,503,036.79
-----------------------
5,029,292.48
divided by the initial Aggregate Principal Balance 95,706,307.00
-----------------------
5.25%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 76,503,036.79
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 95,706,307.00
(II) balance of all Subsequent Receivables 0.00
1,914,126.14
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 95,706,307.00
0.00
Floor Amount 1,914,126.14
Requisite Amount
the greater of
(1)the Floor Amount 1,914,126.14
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 2.8%
if a Trigger Event, 15% minus the OC Percent 8.8%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.8%
if an Insurance Agreement Event of Default, unlimited 100%
3%
times the Aggregate Principal Balance 81,532,329.27
-----------------------
2,308,617.15
Requisite Amount 2,308,617.15
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 2,308,617.15
Beginning of Period Spread Account Balance 3,262,780.44
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (970,726.00)
Required addition to/(eligible withdrawal from) Spread Account 16,562.71
Earnings on Spread Account Balance 16,562.71
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 2,308,617.15
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1998-1
6.00% Asset-Backed Certificates, Class A
10.25% Asset-Backed Certificates, Class B
Distribution Date 8/17/98
Collection Period 7/98
Under the Pooling and Servicing Agreement dated as of March 16, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,761,261.88
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $838,109.11
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,923,152.77
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $21.18
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.72
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $16.46
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $229,206.45
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $75,356.30
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $153,850.15
(j) Scheduled Payments due in such Collection Period $5,156,833.04
(k) Scheduled Payments collected in such
Collection Period $5,195,510.25
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $176,444,023.32
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $173,367,020.40
(c) The Pool factor as of the close of business
on the last day set forth above 0.9825610
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $322,769.93
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,675.92
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.82
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.02
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 5
Aggregate Purchase Amount $59,560.55
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $58,677.20
(b) Distributions (to) from Collection Account ($8,066.35)
for Payaheads
(c) Interest earned on Payahead Balances $457.03
(d) Ending Payahead Account Balance $51,067.88
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $23,404,547.75
Spread Account Balance $19,250,510.45
(b) The change in the spread account on the Distribution
Date set forth above $1,706,228.25
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $56,272.05
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $21,184.11
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 397
Aggregate Gross Amount $5,204,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 326
Aggregate Gross Amount $4,317,000.00
8 Performance Triggers
(a) Delinquency Ratio 4.92%
(b) Average Delinquency Ratio 4.32%
(c) Cumulative Default Ratio 1.00%
(d) Cumulative Net Loss Ratio 0.10%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1998-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 6,095,132.32
Lock Box NSF Items: (116,605.72)
Transfers from (to) Payahead Account: 8,066.35
Collection Account Interest 23,714.70
Payahead Account Interest 457.03
Total Collection Proceeds: 6,010,764.68
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 176,444,023.32
Principal portion of payments collected (non-prepayments) 2,243,677.26
Prepayments in full allocable to principal 750,403.00
Collections allocable to principal 2,994,080.26
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 2,178.00
Purchase Amounts allocable to principal 59,560.55
---------------------
Total Principal 3,055,818.81
Realized Losses 21,184.11
Cram Down Losses 0.00
Ending Principal Balance 173,367,020.40
Interest
Collections allocable to interest 2,951,832.99
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 3,112.88
---------------------
Total Interest 2,954,945.87
Certificate Information
Beginning of Period Class A Principal Balance 167,621,822.47
Beginning of Period Class B Principal Balance 8,822,200.85
Miscellaneous Balances
Beginning of Period Spread Account Balance 17,544,282.20
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 28,696.56
Aggregate Payahead Balance 50,610.85
Aggregate Payahead Balance for preceding Distribution Date 58,677.20
Interest Earned on Payahead Balances 457.03
Scheduled Payments due in Collection Period 5,156,833.04
Scheduled Payments collected in Collection Period 5,195,510.25
Aggregate Amount of Realized Losses for preceding Distribution Date 21,184.11
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 5,811.69
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 397 5,204,000.00
60+ days delinquent 326 4,317,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
5 59,560.55
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 9,521,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 59,560.55
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection
Period. 1,089,099.13
Delinquency Ratio for second preceding Determination Date 4.38%
Delinquency Ratio for third preceding Determination Date 3.65%
Cumulative Defaults for preceding Determination Date 788,755.90
Cumulative Net Losses for preceding Determination Date 161,874.87
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 5,945,913.25
Liquidation Proceeds 2,178.00
Recoveries 3,112.88
Purchase Amounts 59,560.55
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------------
Total Distribution Amount 6,010,764.68
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 2,243,677.26
Prepayments in full allocable to principal 750,403.00
Principal Balance of Liquidated Receivables 23,362.11
Purchase Amounts allocable to principal 59,560.55
Cram Down Losses 0.00
---------------------
Principal Distributable Amount 3,077,002.92
Class A Principal Distributable Amount
Principal Distributable Amount 3,077,002.92
Times Class A Percentage (95%) 95%
---------------------
2,923,152.77
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------------
Class A Principal Distributable Amount 2,923,152.77
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 167,621,822.47
Multiplied by Certificate Pass-Through Rate 6.00%
Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333
---------------------
Class A Interest Distributable Amount 838,109.11
Class B Principal Distributable Amount
Principal Distributable Amount 3,077,002.92
Times Class B Percentage (5%) 5%
---------------------
Class B Principal Distributable Amount 153,850.15
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 8,822,200.85
Multiplied by Certificate Pass-Through Rate 10.25%
Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333
---------------------
Class B Coupon Interest Amount 75,356.30
Class B Excess Interest Amount
Total Distribution Amount 6,010,764.68
minus
Class A Principal and Interest Distributable Amount 3,761,261.88
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 75,356.30
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 153,850.15
Class B Principal Carryover Shortfall 0.00
Trustee distributions 7,282.06
Standby Servicer distributions 3,675.92
Servicer distributions 322,769.93
Collateral Agent distributions 1,470.37
Reimbursement Obligations 56,272.05
---------------------
1,628,826.02
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
---------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
---------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 3,675.92 6,010,764.68 3,675.92 6,010,764.68
Servicing Fee (2.0%) 294,073.37 6,007,088.76 294,073.37 0.00
Additional Servicing Fee Amounts 28,696.56 5,713,015.39 28,696.56 0.00
(late fees,prepayment charges, etc.
Unpaid Standby Fee from prior Collection Periods 0.00 5,684,318.83 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 5,684,318.83 0.00
(ii) Transition Expenses to Standby Servicer 0.00 5,684,318.83 0.00
(iii) Trustee Fee 1,470.37 5,684,318.83 1,470.37
Trustee's out-of-pocket expenses 5,811.69 5,682,848.46 5,811.69
Unpaid Trustee Fee from prior Collection Periods 0.00 5,677,036.77 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 5,677,036.77 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,470.37 5,677,036.77 1,470.37
Collateral Agent Expenses 0.00 5,675,566.40 0.00
Unpaid Collateral Agent Fee from 0.00 5,675,566.40 0.00
prior Collection Periods
Unpaid Collateral Agent Expenses from 0.00 5,675,566.40 0.00
prior Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 838,109.11 5,675,566.40 838,109.11
Prior Month(s) Class A Carryover Shortfall 0.00 4,837,457.29 0.00
Class A Interest Carryover Shortfall 0.00 4,837,457.29 0.00
Interest on Interest Carryover from Prior Months 0.00 4,837,457.29 0.00
Current Month Class A Interest Carryover Shortfall 0.00 4,837,457.29 0.00
Class A Interest Distributable Amount 838,109.11 4,837,457.29 838,109.11
(viii)(A)Class B Coupon Interest - Unadjusted 75,356.30 3,999,348.18 75,356.30
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 3,923,991.88 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 3,923,991.88 0.00
Interest on Interest Carryover from Prior Months 0.00 3,923,991.88 0.00
Current Month Class B Interest Shortfall 0.00 3,923,991.88 0.00
Adjusted Class B Interest Distributable Amount 75,356.30 3,923,991.88 75,356.30
(v)(B) Class A Principal Distributable Amount - Current Month 2,923,152.77 3,848,635.58 2,923,152.77 3,087,611.91
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 925,482.81 0.00
Current Month Class A Principal Shortfall 0.00 925,482.81 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,923,152.77 925,482.81 925,482.81 164,459.13
(vi) Certificate Insurer Premium 56,272.05 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 153,850.15 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 153,850.15 0.00 0.00
(C) Excess Interest (Shortage) Amount for Deposit 1,628,826.02 0.00 0.00
to (withdrawl from) Spread Account 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 167,621,822.47
Class A Principal Distributions 2,923,152.77
Class A End of Period Principal Balance 164,698,669.70
Class B Beginning of Period Principal Balance 8,822,200.85
Class B Principal Distributable Amount 153,850.15
Class B End of Period Principal Balance BEFORE Spread Account Distributions 8,668,350.70
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 8,668,350.70
Class A Deficiency - Interest
(i) Total Distribution Amount Available 6,010,764.68
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,173,307.39
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 4,837,457.29
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 4,837,457.29
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 75,356.30
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,762,100.99
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 4,762,100.99
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,923,152.77
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,838,948.22
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,838,948.22
(vi) Certificate Insurer Premium 56,272.05
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,782,676.17
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,782,676.17
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 153,850.15
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 1,628,826.02
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,628,826.02
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 9,521,000.00
Purchased receivables more than 30 days delinquent 59,560.55
Total 9,580,560.55
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 194,636,936.06
Delinquency Ratio 4.92%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.92%
Delinquency Ratio for second preceding Determination Date 4.38%
Delinquency Ratio for third preceding Determination Date 3.65%
Average Delinquency Ratio 4.32% 4.32%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 788,755.90
Current Period Defaulted Receivables 1,089,099.13
---------------------
Total 1,877,855.03
Cumulative Defaulted Receivables 1,877,855.03
Original Pool Balance 186,954,818.61
Cumulative Default Ratio 1.00%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 23,362.11
Cram Down Losses 0.00
Net Liquidation Proceeds (5,290.88)
---------------------
Net Liquidation Losses 18,071.23
Cumulative Previous Net Losses 161,874.87
---------------------
Cumulative Net Losses 179,946.10
Original Pool Balance 186,954,818.61
Cumulative Net Loss Ratio 0.10%
Additional Pool Information:
Weighted Average Original Term 57.10
Weighted Average Remaining Term 51.43
Weighted Average Annual Percentage Rate 20.35%
Spread Account
Spread Account Cap
13.5% of Outstanding Certificate Balance 23,404,547.75
18.5% of Outstanding Certificate Balance 32,072,898.77
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 23,404,547.75
Spread Account Floor
3% of the Initial Certificate Balance 5,608,644.56
Outstanding Certificate Balance 173,367,020.40
Minimum Floor 100,000.00
Floor Amount 5,608,644.56
Required Spread Account Amount 23,404,547.75
Beginning of Period Spread Account Balance 17,544,282.20
Spread Account Deposit (Withdrawal) from Current Distributions 1,628,826.02
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Allocations of cash releases from previous pools 0.00
Required addition to/(eligible withdrawal from) Spread Account 4,231,439.53
Earnings on Spread Account Balance 77,402.23
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 19,250,510.45
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1998-2
6.09% Class A Asset-Backed Certificates
10.34% Class B Asset-Backed Certificates
Distribution Date 8/17/98
Collection Period 7/98
Under the Pooling and Servicing Agreement dated as of April 8, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,739,786.45
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $993,136.09
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,746,650.36
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $18.65
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.95
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $13.70
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above
(given to the Collateral Agent for deposit into the Spread Account) $233,308.51
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $88,747.96
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $144,560.55
(j) Scheduled Payments due in such Collection Period $5,852,900.56
(k) Scheduled Payments collected in such
Collection Period $5,762,595.23
B. Information Regarding the Performance of the Trust.
1 Certificate Balances
(a) The original aggregate Principal Balance of the
Certificates as of the closing date $211,042,290.00
(b) The aggregate principal balance of the Certificates as of the
close of business on the last day set forth above, after
giving effect to payments allocated to principal in paragraph A 1 (c) above $203,100,199.62
(c) The Aggregate Pool factor as of the close of busines
on the last day set forth above 0.9623673
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $367,935.06
(b) The aggregate amount of the Standby Fee paid to the Standby
Servicer with respect to the
Collection Period set forth above. $4,291.49
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.84
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.02
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 15
Aggregate Purchase Amount $187,009.34
3 Payment Shortfalls.
(a) The amount of the Class A Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $47,689.27
(b) Distributions (to) from Collection Account ($11,202.85)
for Payaheads
(c) Interest earned on Payahead Balances $350.42
(d) Ending Payahead Account Balance $36,836.84
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $27,418,526.95
Spread Account Balance $15,107,726.59
(b) The change in the spread account on the Distribution
Date set forth above $2,163,904.74
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $65,922.94
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $4,885.92
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 407
Aggregate Gross Amount $5,353,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 185
Aggregate Gross Amount $2,466,000.00
8 Performance Triggers
(a) Delinquency Ratio 3.55%
(b) Average Delinquency Ratio 2.32%
(c) Cumulative Default Ratio 0.06%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1998-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 6,624,899.10
Lock Box NSF Items: (134,707.16)
Transfers from (to) Payahead Account: 11,202.85
Collection Account Interest 24,191.36
Payahead Account Interest 350.42
Total Collection Proceeds: 6,525,936.57
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 205,991,411.09
Principal portion of payments collected (non-prepayments) 2,122,983.65
Prepayments in full allocable to principal 576,332.00
Collections allocable to principal 2,699,315.65
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 187,009.34
------------------------
Total Principal 2,886,324.99
Realized Losses 4,885.92
Cram Down Losses 0.00
Ending Principal Balance 203,100,200.18
Interest
Collections allocable to interest 3,639,611.58
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
------------------------
Total Interest 3,639,611.58
Certificate Information
Beginning of Period Class A Principal Balance 195,691,840.50
Beginning of Period Class B Principal Balance 10,299,570.03
Miscellaneous Balances
Beginning of Period Spread Account Balance 12,943,821.85
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 24,616.04
Aggregate Payahead Balance 36,486.42
Aggregate Payahead Balance for preceding Distribution Date 47,689.27
Interest Earned on Payahead Balances 350.42
Scheduled Payments due in Collection Period 5,852,900.56
Scheduled Payments collected in Collection Period 5,762,595.23
Aggregate Amount of Realized Losses for preceding Distribution Date 4,885.92
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 819.99
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 407 5,353,000.00
60+ days delinquent 185 2,466,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
15 187,009.34
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 7,819,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the last
day of the related Collection Period and that were delinquent
30 days or more. 187,009.34
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 91,014.11
Delinquency Ratio for second preceding Determination Date 2.16%
Delinquency Ratio for third preceding Determination Date 1.24%
Cumulative Defaults for preceding Determination Date 35,188.51
Cumulative Net Losses for preceding Determination Date 5,459.42
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 6,338,927.23
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 187,009.34
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
------------------------
Total Distribution Amount 6,525,936.57
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 2,122,983.65
Prepayments in full allocable to principal 576,332.00
Principal Balance of Liquidated Receivables 4,885.92
Purchase Amounts allocable to principal 187,009.34
Cram Down Losses 0.00
------------------------
Principal Distributable Amount 2,891,210.91
Class A Principal Distributable Amount
Principal Distributable Amount 2,891,210.91
Times Class A Percentage (95%) 95%
------------------------
2,746,650.36
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
------------------------
Class A Principal Distributable Amount 2,746,650.36
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 195,691,840.50
Multiplied by Certificate Pass-Through Rate 6.09%
Multiplied by 30/360 0.0833333
------------------------
Class A Interest Distributable Amount 993,136.09
Class B Principal Distributable Amount
Principal Distributable Amount 2,891,210.91
Times Class B Percentage (5%) 5%
------------------------
Class B Principal Distributable Amount 144,560.55
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 10,299,570.03
Multiplied by Certificate Pass-Through Rate 10.34%
Multiplied by 30/360 0.0833333
------------------------
Class B Coupon Interest Amount 88,747.96
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
------------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
------------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
------------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
------------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 4,291.49 6,525,936.57 4,291.49 6,525,936.57
Servicing Fee (2.0%) 343,319.02 6,521,645.08 343,319.02 0.00
Additional Servicing Fee Amounts 24,616.04 6,178,326.06 24,616.04 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 6,153,710.02 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 6,153,710.02 0.00
(ii) Transition Expenses to Standby Servicer 0.00 6,153,710.02 0.00
(iii) Trustee Fee 1,287.45 6,153,710.02 1,287.45
Trustee's out-of-pocket expenses 819.99 6,152,422.57 819.99
Unpaid Trustee Fee from prior Collection Periods 0.00 6,151,602.58 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 6,151,602.58 0.00
Collection Periods
(iv) Collateral Agent Fee 1,287.45 6,151,602.58 1,287.45
Collateral Agent Expenses 0.00 6,150,315.13 0.00
Unpaid Collateral Agent Fee from prior 0.00 6,150,315.13 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 6,150,315.13 0.00
Collection Periods
(v) Class A Interest Distributable Amount - 993,136.09 6,150,315.13 993,136.09
Unadjusted
Prior Month(s) Class A Carryover Shortfall 0.00 5,157,179.04 0.00
Class A Interest Carryover Shortfall 0.00 5,157,179.04 0.00
Interest on Interest Carryover from Prior Months 0.00 5,157,179.04 0.00
Current Month Class A Interest Carryover Shortfall 0.00 5,157,179.04 0.00
Class A Interest Distributable Amount 993,136.09 5,157,179.04 993,136.09
(vi) Class B Coupon Interest - Unadjusted 88,747.96 4,164,042.95 88,747.96
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 4,075,294.99 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 4,075,294.99 0.00
Interest on Interest Carryover from Prior Months 0.00 4,075,294.99 0.00
Current Month Class B Interest Shortfall 0.00 4,075,294.99 0.00
Adjusted Class B Interest Distributable Amount 88,747.96 4,075,294.99 88,747.96
(vii) Class A Principal Distributable Amount - Current Month 2,746,650.36 3,986,547.03 2,746,650.36 3,779,286.21
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 1,239,896.67 0.00
Current Month Class A Principal Shortfall 0.00 1,239,896.67 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00 1,239,896.67 0.00
Class A Principal Distribution Amount 2,746,650.36 1,239,896.67 1,239,896.67 1,032,635.84
(viii) Certificate Insurer Premium 65,922.94 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(ix) Transition Expenses to successor Servicer 0.00 0.00 0.00
(x) Class B Principal Distributable Amount - Unadjusted 144,560.55 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Carryover Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 144,560.55 0.00 0.00
(xi) Remaining amounts to Collateral Agent for deposit in 2,111,297.23 0.00 0.00
Spread Account 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 195,691,840.50
Class A Principal Distributions 2,746,650.36
Class A End of Period Principal Balance 192,945,190.14
Class B Beginning of Period Principal Balance 10,299,570.03
Class B Principal Distributable Amount 144,560.55
Class B End of Period Principal Balance BEFORE Spread Account Distributions 10,155,009.48
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 10,155,009.48
Class A Deficiency - Interest
(i) Total Distribution Amount Available 6,525,936.57
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,368,757.53
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 5,157,179.04
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 5,157,179.04
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 88,747.96
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 5,068,431.08
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 5,068,431.08
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,746,650.36
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,321,780.72
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 2,321,780.72
Certificate Insurer Premium 65,922.94
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,255,857.78
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,255,857.78
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 144,560.55
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 2,111,297.23
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 2,111,297.23
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,819,000.00
Purchased receivables more than 30 days delinquent 187,009.34
------------------------
Total 8,006,009.34
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 225,334,499.64
Delinquency Ratio 3.55%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 3.55%
Delinquency Ratio for second preceding Determination Date 2.16%
Delinquency Ratio for third preceding Determination Date 1.24%
------------------------
Average Delinquency Ratio 2.32% 2.32%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 35,188.51
Current Period Defaulted Receivables 91,014.11
------------------------
Total 126,202.62
Cumulative Defaulted Receivables 126,202.62
Original Pool Balance 211,042,290.56
Cumulative Default Ratio 0.06%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 4,885.92
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
------------------------
Net Liquidation Losses 4,885.92
Cumulative Previous Net Losses 5,459.42
------------------------
Cumulative Net Losses 10,345.34
Original Pool Balance 211,042,290.56
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.46
Weighted Average Remaining Term 53.87
Weighted Average Annual Percentage Rate 20.40%
Spread Account
Spread Account Cap
13.5% of Outstanding Certificate Balance 27,418,526.95
19.5% of Outstanding Certificate Balance 39,604,538.93
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
---------------
Cap Amount 27,418,526.95
Spread Account Floor
3% of the Initial Certificate Balance 6,331,268.70
Outstanding Certificate Balance 203,100,199.62
Minimum Floor 100,000.00
---------------
Floor Amount 6,331,268.70
Required Spread Account Amount 27,418,526.95
Beginning of Period Spread Account Balance 12,943,821.85
Spread Account Deposit (Withdrawal) from Current Distributions 2,111,297.23
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 12,363,407.87
Earnings on Spread Account Balance 52,607.51
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 15,107,726.59
Reserve Fund
Initial Class B Certificate Balance 10,552,114.40
Aggregate Pool Factor 0.9623673
Class B Principal % 5.00%
Have both tests for Reserve Fund reduction been satisfied? (Y/N) N
Requisite Amount
If both tests for reduction have NOT been met, then
10% of Original Class B Outstanding Certificate Balance 1,055,211.40
otherwise
10% of Class B Outstanding Certificate Balance 1,015,500.95
or
Cap Amount 1,055,211.40
Reserve Fund Floor
Outstanding Class B Certificate Balance 10,155,009.48
Minimum Floor 300,000.00
Floor Amount 300,000.00
Required Reserve Fund Amount 1,055,211.40
Beginning of Period Reserve Fund Balance 1,059,599.42
Reserve Fund Deposit (Withdrawal) from Current Distributions 0.00
Required addition to/(eligible withdrawal from) Reserve Fund (4,388.02)
Earnings on Reserve Fund Balance 4,545.19
Amount of Reserve Fund deposit (withdrawal) (8,933.21)
Ending Reserve Fund Balance 1,055,211.40
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1998-3
5.6375% Asset-Backed Notes, Class A-1
5.8550% Asset-Backed Notes, Class A-2
5.9950% Asset-Backed Notes, Class A-3
6.0800% Asset-Backed Notes, Class A-4
(Revised #2)
Distribution Date 8/17/98
Collection Period 7/98
Under the Sale and Servicing Agreement dated as of July 8, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $5,475,214.57
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $101,475.00
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $5,373,739.57
(d) The amount of the distribution set forth in
paragraph A.1. (a) above $152.09
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $2.82
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $149.27
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $254,367.22
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $254,367.22
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $2.76
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $2.76
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution
to Class A-3 Noteholders on the Distribution
Date set forth above $70,774.31
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $70,774.31
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $0.00
(p) The amount of the distribution set forth in
paragraph A.1. (m) above, per $1,000 $2.83
(q) The amount of the distribution set forth in
paragraph A.1. (n) above, per $1,000 $2.83
(r) The amount of the distribution set forth in
paragraph A.1. (o) above, per $1,000 $0.00
(s) The aggregate amount of the distribution
to Class A-4 Noteholders on the Distribution
Date set forth above $236,958.54
(t) The amount of the distribution set forth in
paragraph A.1. (s) above in respect of interest $236,958.54
(u) The amount of the distribution set forth in
in paragraph A.1. (s) above in respect of principal $0.00
(v) The amount of the distribution set forth in
paragraph A.1. (s) above, per $1,000 $0.00
(w) The amount of the distribution set forth in
paragraph A.1. (t) above, per $1,000 $2.87
(x) The amount of the distribution set forth in
paragraph A.1. (u) above, per $1,000 $0.00
B. Information Regarding the Performance of the Trust.
1 Pool and Notes Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $240,339,160.19
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(u) above $230,158,260.43
(c) The Note Pool Factor as of the close of business
on the last day set forth above 0.9576394
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $253,104.23
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,004.24
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $7.03
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.01
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 17
Aggregate Purchase Amount $215,639.66
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A-3 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(d) The amount of the Class A-4 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (t) above $0.00
(e) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i),(o),(u) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $26,123,331.92
Spread Account Balance $19,235,186.04
(b) The change in the spread account on the Distribution
Date set forth above $8,053.22
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $68,861.52
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 198
Aggregate Gross Amount $2,636,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 4
Aggregate Gross Amount $37,000.00
7 Performance Triggers
(a) Delinquency Ratio 1.10%
(b) Average Delinquency Ratio 1.10%
(c) Cumulative Default Ratio 0.00%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1998-3
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 6,388,973.51
Lock Box NSF Items: (22,183.08)
Total Collection Proceeds: 6,366,790.43
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 240,339,160.19
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-------------------------
Aggregate Beginning Principal Balance 240,339,160.19
Principal portion of payments collected (non-prepayments) 2,107,627.93
Prepayments in full allocable to principal 531,057.00
Collections allocable to principal 2,638,684.93
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 215,639.66
-------------------------
Total Principal 2,854,324.59
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 237,484,835.60
Prefunding
Original Amount in Prefunding Account N/A
Subsequent Loans Sold to the Trust N/A
Balance of Prefunding Account N/A
Interest
Collections allocable to interest 3,512,465.84
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------------
Total Interest 3,512,465.84
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 36,000,000.00
Beginning of Period Class A-2 Principal Balance 92,000,000.00
Beginning of Period Class A-3 Principal Balance 25,000,000.00
Beginning of Period Class A-4 Principal Balance 82,532,000.00
Miscellaneous Balances
Beginning of Period Spread Account Balance 19,227,132.82
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 12,765.07
Scheduled Payments due in Collection Period 6,698,177.90
Scheduled Payments collected in Collection Period 5,620,093.77
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 4,454.80
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 198 2,636,000.00
60+ days delinquent 4 37,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
17 215,639.66
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 2,673,000.00
Principal Balance of all Receivables that became Purchased Receivables
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more. 215,639.66
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 0.00
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 0.00
Cumulative Net Losses for preceding Determination Date 0.00
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 6,151,150.77
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 215,639.66
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 0.00
Investment earnings from Note Distribution Account 0.00
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 0.00
Investment earnings from Collection Account 1,733.52
-------------------------
Total Distribution Amount 6,368,523.95
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 2,107,627.93
Prepayments in full allocable to principal 531,057.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 215,639.66
Cram Down Losses 0.00
-------------------------
Principal Distributable Amount 2,854,324.59
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 237,484,835.60
-------------------------
213,736,352.04 166.98%
Current Target %
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 98.0%
NEED TO CHANGE TO A FOMULA (SEE PG S-8 OF PROSPECTUS)
After Target Payment Date, before Payment Date when A-2 reduced to 0 90.0%
On Payment Date when Class A-2 Notes will be reduced to 0 39.1%
-------------------------
98.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,854,324.59
Times Class A Noteholders' Percentage 98%
NEED TO CHANGE TO A FOMULA (SEE PG S-8 OF PROSPECTUS)
-------------------------
2,797,238.10
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------------
Class A Principal Distributable Amount 2,797,238.10
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 36,000,000.00
Multiplied by the Note Rate 5.6375%
Multiplied by actual/360, or for the first Distribution Date, by 18/360 0.0500000
-------------------------
Class A Interest Distributable Amount 101,475.00
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 92,000,000.00
Multiplied by the Note Rate 5.8550%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0472222
-------------------------
Class A Interest Distributable Amount 254,367.22
Class A-3 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 25,000,000.00
Multiplied by the Note Rate 5.9950%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0472222
-------------------------
Class A Interest Distributable Amount 70,774.31
Class A-4 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 82,532,000.00
Multiplied by the Note Rate 6.0800%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0472222
-------------------------
Class A Interest Distributable Amount 236,958.54
Excess Interest Amount
Total Distribution Amount 6,368,523.95
minus
Class A Principal and Interest Distributable Amount 3,460,813.17
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Trustee and Collateral Agent distributions 6,239.32
Standby Servicer distributions 3,004.24
Servicer distributions 253,104.23
Insurance and Reimbursement Obligations 68,861.52
-------------------------
2,576,501.47
Carryover Shortfalls from Prior Periods
Class A-1 Principal Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-2 Principal Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-3 Principal Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-4 Principal Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-3 Interest Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-4 Interest Carryover Shortfall from previous period 0.00
-------------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 3,004.24 6,368,523.95 3,004.24 6,368,523.95
Servicing Fee (2.0%) 240,339.16 6,365,519.71 240,339.16 0.00
Additional Servicing Fee Amounts 12,765.07 6,125,180.55 12,765.07 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 6,112,415.48 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 6,112,415.48 0.00
(ii) Transition Expenses to Standby Servicer 0.00 6,112,415.48 0.00
(iii) Indenture Trustee Fee 901.27 6,112,415.48 901.27
Indenture Trustee's out-of-pocket expenses 4,454.80 6,111,514.20 4,454.80
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 6,107,059.40 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 6,107,059.40 0.00
prior Collection Periods
Owner Trustee Fee 0.00 6,107,059.40 0.00
Owner Trustee's out-of-pocket expenses 0.00 6,107,059.40 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 6,107,059.40 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 6,107,059.40 0.00
prior Collection Periods
(iv) Collateral Agent Fee 883.25 6,107,059.40 883.25
Collateral Agent Expenses 0.00 6,106,176.16 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 6,106,176.16 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 6,106,176.16 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 101,475.00 6,106,176.16 0.00
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00 6,004,701.16 0.00
Class A-1 Interest Carryover Shortfall 0.00 6,004,701.16 0.00
Interest on Interest Carryover from Prior Months 0.00 6,004,701.16 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00 6,004,701.16 0.00
Class A-1 Interest Distributable Amount 101,475.00 6,106,176.16 101,475.00
(B) Class A-2 Interest Distributable Amount - Current Month 254,367.22
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 254,367.22 6,004,701.16 254,367.22
(vi) (A) Class A-3 Note Interest - Unadjusted 70,774.31
Class A-3 Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Interest Shortfall - Previous Month(s) 0.00
Current Month Class A-3 Interest Shortfall 0.00
Adjusted Class A-3 Interest Distributable Amount 70,774.31 5,750,333.94 70,774.31
(B) Class A-4 Note Interest - Unadjusted 236,958.54
Class A-4 Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Interest Shortfall - Previous Month(s) 0.00
Current Month Class A-4 Interest Shortfall 0.00
Adjusted Class A-4 Interest Distributable Amount 236,958.54 5,679,559.63 236,958.54
(vii) Class A Principal Distributable Amount - Current Month 2,797,238.10
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Total Adjusted Distributable Amount 2,797,238.10 5,442,601.09 2,797,238.10
Class A Principal Distribution Amount to Class A-1 2,797,238.10 5,442,601.09 2,797,238.10 0.00
Class A Principal Distribution Amount to Class A-2 0.00 2,645,362.99 0.00 0.00
Class A Principal Distribution Amount to Class A-3 0.00 2,645,362.99 0.00
Class A Principal Distribution Amount to Class A-4 0.00 2,645,362.99 0.00
(viii) Note Insurer Premium 68,861.52 2,645,362.99 68,861.52
Note Insurer Premium Supplement 0.00 2,576,501.47 0.00 0.00
Other Reimbursement Obligations to Note Insurer 0.00 2,576,501.47 0.00
(ix) Transition Expenses to successor Servicer 0.00 2,576,501.47 0.00
(xi) Until the Target Payment Date, remaining amount to 2,576,501.47 2,576,501.47 2,576,501.47
Class A Noteholders
Amount to Class A-1 Noteholders 2,576,501.47 0.00 0.00
Amount to Class A-2 Noteholders 0.00
Amount to Class A-3 Noteholders 0.00
Amount to Class A-4 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. 0.00
Amount
(xiii) After an Event of Default, Certificateholders' Prin. Dist. 0.00
Amount
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
Spread Account withdrawl for deficiencies 0.00
Securities Balance
Class A-1 Beginning of Period Principal Amount 36,000,000.00
Class A-1 Principal Distributions 2,797,238.10
Class A-1 End of Period Principal Amount (prior to turbo) 33,202,761.90
Additional Principal Distribution 2,576,501.47
Class A-1 End of Period Principal Amount 30,626,260.43
Class A-2 Beginning of Period Principal Amount 92,000,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 92,000,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 92,000,000.00
Class A-3 Beginning of Period Principal Amount 25,000,000.00
Class A-3 Principal Distributable Amount 0.00
Class A-3 End of Period Principal Amount (prior to turbo) 25,000,000.00
Additional Principal Distribution 0.00
Class A-3 End of Period Principal Amount 25,000,000.00
Class A-4 Beginning of Period Principal Amount 82,532,000.00
Class A-4 Principal Distributable Amount 0.00
Class A-4 End of Period Principal Amount (prior to turbo) 82,532,000.00
Additional Principal Distribution 0.00
Class A-4 End of Period Principal Amount 82,532,000.00
Class A-1 Deficiency - Interest
(i) Total Distribution Amount Available 6,368,523.95
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (i) and (v)A 363,822.79
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 6,004,701.16
Class A-2 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (v) B 6,004,701.16
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) B 254,367.22
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 5,750,333.94
Class A-3 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A 5,750,333.94
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) A 70,774.31
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 5,679,559.63
Class A-4 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 5,679,559.63
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vi) and (x) 236,958.54
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 5,442,601.09
Class A-1 Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 5,442,601.09
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 2,797,238.10
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,645,362.99
Class A-2 Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 2,645,362.99
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 68,861.52
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,576,501.47
Class A-3 Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 2,576,501.47
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 0.00
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,576,501.47
Class A-4 Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 2,576,501.47
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 0.00
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,576,501.47
Other Distributions
(i) Amounts available to make payments pursuant to Section 5.8(a) (viii) 2,645,362.99
(vi) Note Insurer Premium 68,861.52
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,576,501.47
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,673,000.00
Purchased receivables more than 30 days delinquent 215,639.66
-------------------------
Total 2,888,639.66
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 262,703,754.53
Delinquency Ratio 1.10%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 1.10%
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
-------------------------
Average Delinquency Ratio 1.10% 0.37%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 0.00
-------------------------
Total 0.00
Cumulative Defaulted Receivables 0.00
Original Pool Balance 240,339,160.19
Cumulative Default Ratio 0.00%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-------------------------
Cumulative Net Losses 0.00
Original Pool Balance 240,339,160.19
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.60
Weighted Average Remaining Term 55.88
Weighted Average Annual Percentage Rate 20.45%
Spread Account
OC Percent
Aggregate Principal Balance 237,484,835.60
minus the Securities Balance 230,158,260.43
-------------------------
7,326,575.17
divided by the Aggregate Principal Balance 3.09%
Floor OC Percent
Aggregate Principal Balance 237,484,835.60
minus the Securities Balance 230,158,260.43
-------------------------
7,326,575.17
divided by the initial Aggregate Principal Balance 240,339,160.19
-------------------------
3.05%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 230,158,260.43
(ii) the sum of
(A)2.5% of the sum of 2.50%
(I) initial Aggregate Principal Balance 240,339,160.19
(II) balance of all Subsequent Receivables 0.00
6,008,479.00
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 240,339,160.19
0.00
Floor Amount 6,008,479.00
Requisite Amount
the greater of
(1)the Floor Amount 6,008,479.00
(2)the product of:
if no Trigger Event, 11% 11.00%
if a Trigger Event, 20% 20.00%
if a Portfolio Performance Event of Default, 30% 30.00%
if an Insurance Agreement Event of Default, unlimited 100.00%
11.00%
times the Aggregate Principal Balance 237,484,835.60
-------------------------
26,123,331.92
Requisite Amount 26,123,331.92
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 26,123,331.92
Beginning of Period Spread Account Balance 19,227,132.82
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 6,896,199.10
Earnings on Spread Account Balance 8,053.22
Amount of Spread Account deposit (withdrawal) 0.00 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 19,235,186.04
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
--------------------------------------------------
Name: James L. Stock
--------------------------------------------------
Title: Vice President
--------------------------------------------------
</TABLE>
Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Revision #2
Distribution Date 9/15/98
Collection Period 8/98
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $1,922,285.90
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $181,526.37
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,740,759.53
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $22.76
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.15
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $20.61
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $105,985.87
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $14,366.95
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $91,618.92
(j) Scheduled Payments due in such Collection Period $1,493,813.77
(k) Scheduled Payments collected in such
Collection Period $1,518,148.18
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $34,480,671.28
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $32,648,292.81
(c) The Pool factor as of the close of business
on the last day set forth above 0.9468578
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $75,553.54
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,298.71
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.89
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.03
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $20,602.30
(b) Distributions (to) from Collection Account $1,276.37
for Payaheads
(c) Interest earned on Payahead Balances $96.05
(d) Ending Payahead Account Balance $21,974.72
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $31,015,878.19
Spread Account Balance $5,254,599.59
(b) The change in the spread account on the Distribution
Date set forth above $66,142.69
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $9,046.30
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $423,706.61
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 135
Aggregate Gross Amount $1,237,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 82
Aggregate Gross Amount $780,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.51%
(b) Average Delinquency Ratio 5.41%
(c) Cumulative Default Ratio 17.32%
(d) Cumulative Net Loss Ratio 12.75%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? Yes
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,172,586.69
Lock Box NSF Items: (27,723.21)
Transfers from (to) Payahead Account: (1,276.37)
Collection Account Interest 9,195.91
Payahead Account Interest 96.05
Total Collection Proceeds: 2,152,879.07
For Distribution Date: 9/15/98
For Determination Date: 9/8/98
For Collection Period: 8/98
Collateral Activity Information
Principal
Beginning Principal Balance 34,480,671.28
Principal portion of payments collected (non-prepayments) 873,453.70
Prepayments in full allocable to principal 450,160.00
Collections allocable to principal 1,323,613.70
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 85,058.14
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,408,671.84
Realized Losses 423,706.61
Cram Down Losses 0.00
Ending Principal Balance 32,648,292.83
Interest
Collections allocable to interest 644,694.48
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 99,512.75
-------------------
Total Interest 744,207.23
Certificate Information
Beginning of Period Class A Principal Balance 32,756,637.72
Beginning of Period Class B Principal Balance 1,724,033.54
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,188,456.90
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 18,085.75
Aggregate Payahead Balance 21,878.67
Aggregate Payahead Balance for preceding Distribution Date 20,602.30
Interest Earned on Payahead Balances 96.05
Scheduled Payments due in Collection Period 1,493,813.77
Scheduled Payments collected in Collection Period 1,518,148.18
Aggregate Amount of Realized Losses for preceding Distribution Date 423,706.61
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 213.05
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 135 1,237,000.00
60+ days delinquent 82 780,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 2,017,000.00
Principal Balance of all Receivables that became Purchased Receivables as of
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more. 0.00
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 328,677.15
Delinquency Ratio for second preceding Determination Date 5.56%
Delinquency Ratio for third preceding Determination Date 5.17%
Cumulative Defaults for preceding Determination Date 15,072,003.10
Cumulative Net Losses for preceding Determination Date 11,009,375.56
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 1,968,308.18
Liquidation Proceeds 85,058.14
Recoveries 99,512.75
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,152,879.07
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 873,453.70
Prepayments in full allocable to principal 450,160.00
Principal Balance of Liquidated Receivables 508,764.75
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,832,378.45
Class A Principal Distributable Amount
Principal Distributable Amount 1,832,378.45
Times Class A Percentage (95%) 95%
-------------------
1,740,759.53
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,740,759.53
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 32,756,637.72
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 181,526.37
Class B Principal Distributable Amount
Principal Distributable Amount 1,832,378.45
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 91,618.92
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 1,724,033.54
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 14,366.95
Class B Excess Interest Amount
Total Distribution Amount 2,152,879.07
minus
Class A Principal and Interest Distributable Amount 1,922,285.90
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 14,366.95
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 91,618.92
Class B Principal Carryover Shortfall 0.00
Trustee distributions 644.06
Standby Servicer distributions 2,298.71
Servicer distributions 75,553.54
Collateral Agent distributions 431.01
Reimbursement Obligations 9,046.30
-------------------
36,633.68
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 2,298.71 2,152,879.07 2,298.71 2,152,879.07
Servicing Fee (2.0%) 57,467.79 2,150,580.36 57,467.79 0.00
Additional Servicing Fee Amounts 18,085.75 2,093,112.57 18,085.75 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,075,026.82 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,075,026.82 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,075,026.82 0.00
(iii) Trustee Fee 431.01 2,075,026.82 431.01
Trustee's out-of-pocket expenses 213.05 2,074,595.81 213.05
Unpaid Trustee Fee from prior Collection Periods 0.00 2,074,382.76 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,074,382.76 0.00
Collection Periods
(iv) Collateral Agent Fee 431.01 2,074,382.76 431.01
Collateral Agent Expenses 0.00 2,073,951.75 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,073,951.75 0.00
Unpaid Collateral Agent Expenses from prior Collection 0.00 2,073,951.75 0.00
Periods
(v) (A) Class A Interest Distributable Amount - Current Month 181,526.37 2,073,951.75 181,526.37
Prior Month(s) Class A Carryover Shortfall 0.00 1,892,425.38 0.00
Class A Interest Carryover Shortfall 0.00 1,892,425.38 0.00
Interest on Interest Carryover from Prior Months 0.00 1,892,425.38 0.00
Current Month Class A Interest Carryover Shortfall 0.00 1,892,425.38 0.00
Class A Interest Distributable Amount 181,526.37 1,892,425.38 181,526.37
(viii)(A)Class B Coupon Interest - Unadjusted 14,366.95 1,710,899.01 14,366.95
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,696,532.06 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,696,532.06 0.00
Interest on Interest Carryover from Prior Months 0.00 1,696,532.06 0.00
Current Month Class B Interest Shortfall 0.00 1,696,532.06 0.00
Adjusted Class B Interest Distributable Amount 14,366.95 1,696,532.06 14,366.95
(v) (B) Class A Principal Distributable Amount - Current Month 1,740,759.53 1,682,165.11 1,682,165.11 412,119.54
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,740,759.53 0.00 0.00 0.00
(vi) Certificate Insurer Premium 9,046.30 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 91,618.92 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 91,618.92 0.00 0.00
(C) Excess Interest Amount for Deposit in Spread Account 36,633.68 0.00 0.00
0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 32,756,637.72
Class A Principal Distributions 1,740,759.53
Class A End of Period Principal Balance 31,015,878.19
Class B Beginning of Period Principal Balance 1,724,033.54
Class B Principal Distributable Amount 91,618.92
Class B End of Period Principal Balance BEFORE Spread Account Distributions 1,632,414.62
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 1,632,414.62
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,152,879.07
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 260,453.69
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,892,425.38
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,892,425.38
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 14,366.95
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,878,058.43
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,878,058.43
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,740,759.53
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 137,298.90
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 137,298.90
(vi) Certificate Insurer Premium 9,046.30
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 128,252.60
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 128,252.60
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 91,618.92
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 36,633.68
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 36,633.68
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,017,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 2,017,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 36,623,368.15
Delinquency Ratio 5.51%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.51%
Delinquency Ratio for second preceding Determination Date 5.56%
Delinquency Ratio for third preceding Determination Date 5.17%
-------------------
Average Delinquency Ratio 5.41% 5.41%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 15,072,003.10
Current Period Defaulted Receivables 328,677.15
-------------------
Total 15,400,680.25
Cumulative Defaulted Receivables 15,400,680.25
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 17.32%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 508,764.75
Cram Down Losses 0.00
Net Liquidation Proceeds (184,570.89)
-------------------
Net Liquidation Losses 324,193.86
Cumulative Previous Net Losses 11,009,375.56
-------------------
Cumulative Net Losses 11,333,569.42
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 12.75%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 29.52
Weighted Average Annual Percentage Rate 20.34%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 3,264,829.28
15% of Outstanding Certificate Balance 4,897,243.92
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
--------------------
Cap Amount 31,015,878.19
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 32,648,292.81
Minimum Floor 100,000.00
--------------------
Floor Amount 2,667,022.51
Required Spread Account Amount 31,015,878.19
Beginning of Period Spread Account Balance 5,188,456.90
Spread Account Deposit (Withdrawal) from Current Distributions 36,633.68
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 25,790,787.61
Earnings on Spread Account Balance 29,509.01
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 5,254,599.59
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
Revision #2
Distribution Date 9/15/98
Collection Period 8/98
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
</TABLE>
<TABLE>
<CAPTION>
A. Information Regarding the Current Monthly Distribution:
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,484,687.85
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $227,365.77
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,257,322.08
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $28.39
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.60
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $25.79
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $22,554.80
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $22,554.80
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $1,668,179.23
(k) Scheduled Payments collected in such
Collection Period $1,599,194.14
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $42,865,502.96
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in paragraph A.1.(c) above $40,860,105.35
(c) The Pool factor as of the close of business
on the last day set forth above 0.9532165
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $88,328.69
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,857.70
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.01
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.03
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 4
Aggregate Purchase Amount $28,000.22
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $26,364.20
(b) Distributions (to) from Collection Account $1,282.69
for Payaheads
(c) Interest earned on Payahead Balances $115.51
(d) Ending Payahead Account Balance $27,762.40
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $38,464,905.70
Spread Account Balance $4,727,025.08
(b) The change in the spread account on the Distribution
Date set forth above $4,532.56
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $11,218.93
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $629,594.90
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 136
Aggregate Gross Amount $1,500,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 112
Aggregate Gross Amount $1,224,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.96%
(b) Average Delinquency Ratio 5.85%
(c) Cumulative Default Ratio 16.22%
(d) Cumulative Net Loss Ratio 11.61%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No (a)
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,618,060.41
Lock Box NSF Items: (35,727.22)
Transfers from (to) Payahead Account: (1,282.69)
Collection Account Interest 10,473.26
Payahead Account Interest 115.51
Total Collection Proceeds: 2,591,639.27
For Distribution Date: 9/15/98
For Determination Date: 9/8/98
For Collection Period: 8/98
Collateral Activity Information
Principal
Beginning Principal Balance 42,865,502.96
Principal portion of payments collected (non-prepayments) 851,897.35
Prepayments in full allocable to principal 696,341.00
Collections allocable to principal 1,548,238.35
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 170,295.04
Purchase Amounts allocable to principal 28,000.22
-------------------
Total Principal 1,746,533.61
Realized Losses 629,594.90
Cram Down Losses 0.00
Ending Principal Balance 40,489,374.45
Interest
Collections allocable to interest 747,296.79
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 97,808.87
-------------------
Total Interest 845,105.66
Certificate Information
Beginning of Period Class A Principal Balance 40,722,227.78
Beginning of Period Class B Principal Balance 2,395,199.65
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,722,492.52
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 16,886.19
Aggregate Payahead Balance 27,646.89
Aggregate Payahead Balance for preceding Distribution Date 26,364.20
Interest Earned on Payahead Balances 115.51
Scheduled Payments due in Collection Period 1,668,179.23
Scheduled Payments collected in Collection Period 1,599,194.14
Aggregate Amount of Realized Losses for preceding Distribution Date 629,594.90
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 289.25
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 136 1,500,000.00
60+ days delinquent 112 1,224,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
4 28,000.22
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 2,724,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 28,000.22
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 381,635.96
Delinquency Ratio for second preceding Determination Date 5.57%
Delinquency Ratio for third preceding Determination Date 6.03%
Cumulative Defaults for preceding Determination Date 14,563,849.82
Cumulative Net Losses for preceding Determination Date 10,161,168.99
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,295,535.14
Liquidation Proceeds 170,295.04
Recoveries 97,808.87
Purchase Amounts 28,000.22
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,591,639.27
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 851,897.35
Prepayments in full allocable to principal 696,341.00
Principal Balance of Liquidated Receivables 799,889.94
Purchase Amounts allocable to principal 28,000.22
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,376,128.51
Class A Principal Distributable Amount
Principal Distributable Amount 2,376,128.51
Times Class A Percentage (95%) 95%
-------------------
2,257,322.08
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,257,322.08
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 40,722,227.78
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 227,365.77
Class B Principal Distributable Amount
Principal Distributable Amount 2,376,128.51
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 118,806.43
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,395,199.65
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 22,554.80
Class B Excess Interest Amount
Total Distribution Amount 2,591,639.27
minus
Class A Principal and Interest Distributable Amount 2,484,687.85
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 22,554.80
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 118,806.43
Class B Principal Carryover Shortfall 251,924.50
Trustee distributions 825.07
Standby Servicer distributions 2,857.70
Servicer distributions 88,328.69
Collateral Agent distributions 538.97
Reimbursement Obligations 11,218.93
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 251,924.50
-------------------
251,924.50
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 2,857.70 0.00 0.00 118,806.43
Servicing Fee (2.0%) 71,442.50 0.00 0.00 0.00
Additional Servicing Fee Amounts 16,886.19 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 535.82 0.00 0.00
Trustee's out-of-pocket expenses 289.25 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 0.00 0.00
Collection Periods
(iv) Collateral Agent Fee 538.97 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 0.00 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 227,365.77 0.00 0.00
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00
Class A Interest Distributable Amount 227,365.77 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 22,554.80 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00 118,806.43
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00 118,806.43
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 22,554.80 0.00 0.00
(v) (B) Class A Principal Distributable Amount - Current Month 2,257,322.08 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (8,153.81) 0.00 (8,153.81)
Withdrawl from Spread Account to Cover Shortfall 8,153.81
Class A Principal Distribution Amount 2,257,322.08 8,153.81 8,153.81
(vi) Certificate Insurer Premium 11,218.93 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current 118,806.43 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 251,924.50 0.00 0.00
Current Month Class B Principal Shortfall (370,730.93) 0.00 (370,730.93)
Adjusted Class B Principal Distributable Amount 0.00 370,730.93 0.00
(C) Excess Interest Amount for Deposit in Spread Account (19,372.75) 370,730.93 (19,372.75)
390,103.67 390,103.67
Certificate Balance
Class A Beginning of Period Principal Balance 40,722,227.78
Class A Principal Distributions 2,257,322.08
Class A End of Period Principal Balance 38,464,905.70
Class B Beginning of Period Principal Balance 2,395,199.65
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,395,199.65
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,395,199.65
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,591,639.27
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 319,916.20
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,271,723.07
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,271,723.07
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 22,554.80
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,249,168.27
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,249,168.27
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,257,322.08
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 8,153.81
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 11,218.93
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (11,218.93)
Withdrawl from Spread Account to Cover Deficiency 11,218.93
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 118,806.43
(iii) Prior month(s) carryover shortfalls 251,924.50
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (370,730.93)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (370,730.93)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,724,000.00
Purchased receivables more than 30 days delinquent 28,000.22
-------------------
Total 2,752,000.22
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 46,177,308.14
Delinquency Ratio 5.96%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.96%
Delinquency Ratio for second preceding Determination Date 5.57%
Delinquency Ratio for third preceding Determination Date 6.03%
Average Delinquency Ratio 5.85% 5.85%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 14,563,849.82
Current Period Defaulted Receivables 381,635.96
-------------------
Total 14,945,485.78
Cumulative Defaulted Receivables 14,945,485.78
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 16.22%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 799,889.94
Cram Down Losses 0.00
Net Liquidation Proceeds (268,103.91)
-------------------
Net Liquidation Losses 531,786.03
Cumulative Previous Net Losses 10,161,168.99
-------------------
Cumulative Net Losses 10,692,955.02
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 11.61%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 33.30
Weighted Average Annual Percentage Rate 20.46%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,086,010.53
15% of Outstanding Certificate Balance 6,129,015.80
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Cap Amount 38,464,905.70
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 40,860,105.35
Minimum Floor 100,000.00
Floor Amount 2,763,878.99
Required Spread Account Amount 38,464,905.70
Beginning of Period Spread Account Balance 4,722,492.52
Spread Account Deposit (Withdrawal) from Current Distributions (19,372.75)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 33,761,785.92
Earnings on Spread Account Balance 23,905.31
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 4,727,025.08
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-4, 1996-1, FASCO 1996-1, and 1997-1.
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Revision #2
Distribution Date 9/15/98
Collection Period 8/98
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,766,476.28
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $253,763.72
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,512,712.56
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $31.36
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.88
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $28.48
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $43,050.97
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $23,434.35
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $19,616.62
(j) Scheduled Payments due in such Collection Period $1,844,160.99
(k) Scheduled Payments collected in such
Collection Period $1,971,958.47
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $50,879,944.53
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in paragraph A.1.(c) above $48,574,182.04
(c) The Pool factor as of the close of business
on the last day set forth above 0.9546823
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $103,424.81
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,392.00
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.17
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $31,976.49
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $23,108.37
(b) Distributions (to) from Collection Account ($91.64)
for Payaheads
(c) Interest earned on Payahead Balances $117.58
(d) Ending Payahead Account Balance $23,134.31
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $13,746,970.41
Spread Account Balance $6,002,292.11
(b) The change in the spread account on the Distribution
Date set forth above $27,846.42
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $13,365.11
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $810,326.04
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 161
Aggregate Gross Amount $1,767,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 142
Aggregate Gross Amount $1,579,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.08%
(b) Average Delinquency Ratio 6.28%
(c) Cumulative Default Ratio 14.01%
(d) Cumulative Net Loss Ratio 10.48%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No (a)
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,988,254.86
Lock Box NSF Items: (68,885.45)
Transfers from (to) Payahead Account: 91.64
Collection Account Interest 11,771.18
Payahead Account Interest 117.58
Total Collection Proceeds: 2,931,349.81
For Distribution Date: 9/15/98
For Determination Date: 9/8/98
For Collection Period: 8/98
Collateral Activity Information
Principal
Beginning Principal Balance 50,879,944.53
Principal portion of payments collected (non-prepayments) 1,036,665.13
Prepayments in full allocable to principal 587,555.00
Collections allocable to principal 1,624,220.13
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 178,437.93
Purchase Amounts allocable to principal 31,976.49
-------------------
Total Principal 1,834,634.55
Realized Losses 810,326.04
Cram Down Losses 0.00
Ending Principal Balance 48,234,983.94
Interest
Collections allocable to interest 935,293.34
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 161,421.92
-------------------
Total Interest 1,096,715.26
Certificate Information
Beginning of Period Class A Principal Balance 48,335,947.27
Beginning of Period Class B Principal Balance 2,770,563.95
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,974,445.69
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 18,624.90
Aggregate Payahead Balance 23,016.73
Aggregate Payahead Balance for preceding Distribution Date 23,108.37
Interest Earned on Payahead Balances 117.58
Scheduled Payments due in Collection Period 1,844,160.99
Scheduled Payments collected in Collection Period 1,971,958.47
Aggregate Amount of Realized Losses for preceding Distribution Date 810,326.04
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 365.81
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 161 1,767,000.00
60+ days delinquent 142 1,579,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 31,976.49
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 3,346,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 31,976.49
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 576,543.57
Delinquency Ratio for second preceding Determination Date 6.44%
Delinquency Ratio for third preceding Determination Date 6.33%
Cumulative Defaults for preceding Determination Date 12,430,077.42
Cumulative Net Losses for preceding Determination Date 9,085,693.94
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,559,513.47
Liquidation Proceeds 178,437.93
Recoveries 161,421.92
Purchase Amounts 31,976.49
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,931,349.81
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,036,665.13
Prepayments in full allocable to principal 587,555.00
Principal Balance of Liquidated Receivables 988,763.97
Purchase Amounts allocable to principal 31,976.49
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,644,960.59
Class A Principal Distributable Amount
Principal Distributable Amount 2,644,960.59
Times Class A Percentage (95%) 95%
-------------------
2,512,712.56
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,512,712.56
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 48,335,947.27
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 253,763.72
Class B Principal Distributable Amount
Principal Distributable Amount 2,644,960.59
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 132,248.03
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,770,563.95
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 23,434.35
Class B Excess Interest Amount
Total Distribution Amount 2,931,349.81
minus
Class A Principal and Interest Distributable Amount 2,766,476.28
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 23,434.35
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 132,248.03
Class B Principal Carryover Shortfall 226,566.71
Trustee distributions 1,001.81
Standby Servicer distributions 3,392.00
Servicer distributions 103,424.81
Collateral Agent distributions 638.83
Reimbursement Obligations 13,365.11
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 226,566.71
-------------------
226,566.71
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 3,392.00 2,931,349.81 3,392.00 2,931,349.81
Servicing Fee (2.0%) 84,799.91 2,927,957.81 84,799.91 0.00
Additional Servicing Fee Amounts 18,624.90 2,843,157.90 18,624.90 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,824,533.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,824,533.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,824,533.00 0.00
(iii) Trustee Fee 636.00 2,824,533.00 636.00
Trustee's out-of-pocket expenses 365.81 2,823,897.00 365.81
Unpaid Trustee Fee from prior Collection Periods 0.00 2,823,531.19 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,823,531.19 0.00
Collection Periods
(iv) Collateral Agent Fee 638.83 2,823,531.19 638.83
Collateral Agent Expenses 0.00 2,822,892.36 0.00
Unpaid Collateral Agent Fee from prior Collection 0.00 2,822,892.36 0.00
Periods
Unpaid Collateral Agent Expenses from prior Collection 0.00 2,822,892.36 0.00
Periods
(v) (A) Class A Interest Distributable Amount - Current Month 253,763.72 2,822,892.36 253,763.72
Prior Month(s) Class A Carryover Shortfall 0.00 2,569,128.64 0.00
Class A Interest Carryover Shortfall 0.00 2,569,128.64 0.00
Interest on Interest Carryover from Prior Months 0.00 2,569,128.64 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,569,128.64 0.00
Class A Interest Distributable Amount 253,763.72 2,569,128.64 253,763.72
(viii)(A)Class B Coupon Interest - Unadjusted 23,434.35 2,315,364.92 23,434.35
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,291,930.57 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,291,930.57 0.00
Interest on Interest Carryover from Prior Months 0.00 2,291,930.57 0.00
Current Month Class B Interest Shortfall 0.00 2,291,930.57 0.00
Adjusted Class B Interest Distributable Amount 23,434.35 2,291,930.57 23,434.35
(v) (B) Class A Principal Distributable Amount - Current Month 2,512,712.56 2,268,496.22 2,268,496.22 418,637.25
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,512,712.56 0.00 0.00 0.00
(vi) Certificate Insurer Premium 13,365.11 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month 132,248.03 0.00 0.00
Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 226,566.71 0.00 0.00
Current Month Class B Principal Shortfall (339,198.12) 0.00 (339,198.12)
Adjusted Class B Principal Distributable Amount 19,616.62 339,198.12 19,616.62
Excess Interest Amount for Deposit in Spread Account 0.00 319,581.50 0.00
319,581.50 319,581.50
Certificate Balance
Class A Beginning of Period Principal Balance 48,335,947.27
Class A Principal Distributions 2,512,712.56
Class A End of Period Principal Balance 45,823,234.71
Class B Beginning of Period Principal Balance 2,770,563.95
Class B Principal Distributable Amount 19,616.62
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,750,947.33
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,750,947.33
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,931,349.81
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 362,221.17
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,569,128.64
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,569,128.64
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 23,434.35
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,545,694.29
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,545,694.29
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,512,712.56
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency ) 32,981.73
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 32,981.73
(vi) Certificate Insurer Premium 13,365.11
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 19,616.62
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 19,616.62
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 132,248.03
(iii) Prior month(s) carryover shortfalls 226,566.71
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (339,198.12)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (339,198.12)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,346,000.00
Purchased receivables more than 30 days delinquent 31,976.49
-------------------
Total 3,377,976.49
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 55,544,535.18
Delinquency Ratio 6.08%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.08%
Delinquency Ratio for second preceding Determination Date 6.44%
Delinquency Ratio for third preceding Determination Date 6.33%
-------------------
Average Delinquency Ratio 6.28% 6.28%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 12,430,077.42
Current Period Defaulted Receivables 576,543.57
-------------------
Total 13,006,620.99
Cumulative Defaulted Receivables 13,006,620.99
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 14.01%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 988,763.97
Cram Down Losses 0.00
Net Liquidation Proceeds (339,859.85)
-------------------
Net Liquidation Losses 648,904.12
Cumulative Previous Net Losses 9,085,693.94
-------------------
Cumulative Net Losses 9,734,598.06
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 10.48%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 36.47
Weighted Average Annual Percentage Rate 20.49%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,857,418.20
15% of Outstanding Certificate Balance 7,286,127.31
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Cap Amount 13,746,970.41
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 48,574,182.04
Minimum Floor 100,000.00
Floor Amount 2,785,734.33
Required Spread Account Amount 13,746,970.41
Beginning of Period Spread Account Balance 5,974,445.69
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 7,772,524.72
Earnings on Spread Account Balance 27,846.42
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 6,002,292.11
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-4, 1996-1, FASCO 1996-1, and 1997-1.
Current month excess servicing fee #REF!
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Revision #2
Distribution Date 9/15/98
Collection Period 8/98
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,845,675.28
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $322,564.53
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,523,110.75
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $29.27
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.32
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $25.96
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $33,162.90
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $33,162.90
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $2,143,374.45
(k) Scheduled Payments collected in such
Collection Period $2,104,981.66
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $62,206,097.48
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in paragraph A.1.(c) above $59,985,672.90
(c) The Pool factor as of the close of business
on the last day set forth above 0.9643054
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $121,102.81
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,147.07
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.25
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 2
Aggregate Purchase Amount $22,440.22
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $26,826.87
(b) Distributions (to) from Collection Account $2,515.31
for Payaheads
(c) Interest earned on Payahead Balances $360.81
(d) Ending Payahead Account Balance $29,702.99
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $16,971,804.56
Spread Account Balance $7,097,951.20
(b) The change in the spread account on the Distribution
Date set forth above ($108,397.04)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $16,500.37
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,017,967.95
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 220
Aggregate Gross Amount $2,524,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 176
Aggregate Gross Amount $2,002,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.63%
(b) Average Delinquency Ratio 6.70%
(c) Cumulative Default Ratio 13.47%
(d) Cumulative Net Loss Ratio 10.01%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? Yes
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,926,291.45
Lock Box NSF Items: (56,931.91)
Transfers from (to) Payahead Account: (2,515.31)
Collection Account Interest 12,977.38
Payahead Account Interest 360.81
Total Collection Proceeds: 2,880,182.42
For Distribution Date: 9/15/98
For Determination Date: 9/8/98
For Collection Period: 8/98
Collateral Activity Information
Principal
Beginning Principal Balance 62,206,097.48
Principal portion of payments collected (non-prepayments) 952,047.77
Prepayments in full allocable to principal 413,999.00
Collections allocable to principal 1,366,046.77
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 249,451.11
Purchase Amounts allocable to principal 22,440.22
-------------------
Total Principal 1,637,938.10
Realized Losses 1,017,967.95
Cram Down Losses 0.00
Ending Principal Balance 59,550,191.43
Interest
Collections allocable to interest 1,152,933.89
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 89,310.43
-------------------
Total Interest 1,242,244.32
Certificate Information
Beginning of Period Class A Principal Balance 59,095,792.60
Beginning of Period Class B Principal Balance 3,412,991.05
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,206,348.24
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,425.98
Aggregate Payahead Balance 29,342.18
Aggregate Payahead Balance for preceding Distribution Date 26,826.87
Interest Earned on Payahead Balances 360.81
Scheduled Payments due in Collection Period 2,143,374.45
Scheduled Payments collected in Collection Period 2,104,981.66
Aggregate Amount of Realized Losses for preceding Distribution Date 1,017,967.95
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 441.28
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 220 2,524,000.00
60+ days delinquent 176 2,002,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
2 22,440.22
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 4,526,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 22,440.22
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 624,025.31
Delinquency Ratio for second preceding Determination Date 7.02%
Delinquency Ratio for third preceding Determination Date 6.44%
Cumulative Defaults for preceding Determination Date 13,160,543.08
Cumulative Net Losses for preceding Determination Date 9,316,430.75
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,518,980.66
Liquidation Proceeds 249,451.11
Recoveries 89,310.43
Purchase Amounts 22,440.22
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,880,182.42
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 952,047.77
Prepayments in full allocable to principal 413,999.00
Principal Balance of Liquidated Receivables 1,267,419.06
Purchase Amounts allocable to principal 22,440.22
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,655,906.05
Class A Principal Distributable Amount
Principal Distributable Amount 2,655,906.05
Times Class A Percentage (95%) 95%
-------------------
2,523,110.75
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,523,110.75
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 59,095,792.60
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 322,564.53
Class B Principal Distributable Amount
Principal Distributable Amount 2,655,906.05
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 132,795.30
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,412,991.05
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 33,162.90
Class B Excess Interest Amount
Total Distribution Amount 2,880,182.42
minus
Class A Principal and Interest Distributable Amount 2,845,675.28
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 33,162.90
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 132,795.30
Class B Principal Carryover Shortfall 302,686.17
Trustee distributions 1,218.86
Standby Servicer distributions 4,147.07
Servicer distributions 121,102.81
Collateral Agent distributions 781.36
Reimbursement Obligations 16,500.37
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 302,686.17
-------------------
302,686.17
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 4,147.07 2,880,182.42 4,147.07
Servicing Fee (2.0%) 103,676.83 2,876,035.35 103,676.83 0.00
Additional Servicing Fee Amounts 17,425.98 2,772,358.52 17,425.98 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,754,932.54 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,754,932.54 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,754,932.54 0.00
(iii) Trustee Fee 777.58 2,754,932.54 777.58
Trustee's out-of-pocket expenses 441.28 2,754,154.96 441.28
Unpaid Trustee Fee from prior Collection Periods 0.00 2,753,713.68 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,753,713.68 0.00
Collection Periods
(iv) Collateral Agent Fee 781.36 2,753,713.68 781.36
Collateral Agent Expenses 0.00 2,752,932.32 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,752,932.32 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,752,932.32 0.00
Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 322,564.53 2,752,932.32 322,564.53
Prior Month(s) Class A Carryover Shortfall 0.00 2,430,367.79 0.00
Class A Interest Carryover Shortfall 0.00 2,430,367.79 0.00
Interest on Interest Carryover from Prior Months 0.00 2,430,367.79 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,430,367.79 0.00
Class A Interest Distributable Amount 322,564.53 2,430,367.79 322,564.53
(viii)(a)Class B Coupon Interest - Unadjusted 33,162.90 2,107,803.26 33,162.90
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,074,640.36 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,074,640.36 0.00
Interest on Interest Carryover from Prior Months 0.00 2,074,640.36 0.00
Current Month Class B Interest Shortfall 0.00 2,074,640.36 0.00
Adjusted Class B Interest Distributable Amount 33,162.90 2,074,640.36 33,162.90
(v) (B) Class A Principal Distributable Amount - Current Month 2,523,110.75 2,041,477.46 2,041,477.46 357,071.67
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (125,905.86) 0.00 (125,905.86)
Withdrawl from Spread Account to Cover Shortfall 125,905.86
Class A Principal Distribution Amount 2,523,110.75 125,905.86 125,905.86 0.00
(vi) Certificate Insurer Premium 16,500.37 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 132,795.30 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 302,686.17 0.00 0.00
Current Month Class B Principal Shortfall (435,481.47) 0.00 (435,481.47)
Adjusted Class B Principal Distributable Amount 0.00 435,481.47 0.00
(C) Excess Interest Amount for Deposit in Spread Account (142,406.22) 435,481.47 (142,406.22)
577,887.70 577,887.70
Certificate Balance
Class A Beginning of Period Principal Balance 59,095,792.60
Class A Principal Distributions 2,523,110.75
Class A End of Period Principal Balance 56,572,681.85
Class B Beginning of Period Principal Balance 3,412,991.05
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,412,991.05
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,412,991.05
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,880,182.42
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 449,814.63
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,430,367.79
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,430,367.79
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 33,162.90
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,397,204.89
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,397,204.89
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,523,110.75
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 125,905.86
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 16,500.37
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (16,500.37)
Withdrawl from Spread Account to Cover Deficiency 16,500.37
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 132,795.30
(iii) Prior month(s) carryover shortfalls 302,686.17
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (435,481.47)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (435,481.47)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,526,000.00
Purchased receivables more than 30 days delinquent 22,440.22
-------------------
Total 4,548,440.22
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 68,561,614.01
Delinquency Ratio 6.63%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.63%
Delinquency Ratio for second preceding Determination Date 7.02%
Delinquency Ratio for third preceding Determination Date 6.44%
-------------------
Average Delinquency Ratio 6.70% 6.70%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 13,160,543.08
Current Period Defaulted Receivables 624,025.31
-------------------
Total 13,784,568.39
Cumulative Defaulted Receivables 13,784,568.39
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 13.47%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,267,419.06
Cram Down Losses 0.00
Net Liquidation Proceeds (338,761.54)
-------------------
Net Liquidation Losses 928,657.52
Cumulative Previous Net Losses 9,316,430.75
-------------------
Cumulative Net Losses 10,245,088.27
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 10.01%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 39.32
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,998,567.29
15% of Outstanding Certificate Balance 8,997,850.94
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
Cap Amount 16,971,804.56
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 59,985,672.90
Minimum Floor 100,000.00
Floor Amount 3,069,810.29
Required Spread Account Amount 16,971,804.56
Beginning of Period Spread Account Balance 7,206,348.24
Spread Account Deposit (Withdrawal) from Current Distributions (142,406.22)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 9,907,862.54
Earnings on Spread Account Balance 34,009.18
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,097,951.20
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
Revision #2
Distribution Date 9/15/98
Collection Period 8/98
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,531,196.00
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $426,446.94
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,104,749.06
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $31.14
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.76
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $27.38
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $326,304.71
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $44,021.33
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $282,283.38
(j) Scheduled Payments due in such Collection Period $2,668,115.79
(k) Scheduled Payments collected in such
Collection Period $2,704,544.74
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $81,002,979.44
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in paragraph A.1.(c) above $78,183,420.56
(c) The Pool factor as of the close of business
on the last day set forth above 0.9651919
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $159,540.00
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,400.20
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.41
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $36,289.38
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $32,652.09
(b) Distributions (to) from Collection Account $1,678.09
for Payaheads
(c) Interest earned on Payahead Balances $152.89
(d) Ending Payahead Account Balance $34,483.07
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $11,727,513.08
Spread Account Balance $9,165,741.02
(b) The change in the spread account on the Distribution
Date set forth above $38,074.66
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $21,539.02
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $793,152.25
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 240
Aggregate Gross Amount $2,839,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 195
Aggregate Gross Amount $2,484,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.03%
(b) Average Delinquency Ratio 6.09%
(c) Cumulative Default Ratio 10.59%
(d) Cumulative Net Loss Ratio 7.64%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No (a)
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 4,106,223.54
Lock Box NSF Items: (73,843.54)
Transfers from (to) Payahead Account: (1,678.09)
Collection Account Interest 15,715.95
Payahead Account Interest 152.89
Total Collection Proceeds: 4,046,570.75
For Distribution Date: 9/15/98
For Determination Date: 9/8/98
For Collection Period: 8/98
Collateral Activity Information
Principal
Beginning Principal Balance 81,002,979.44
Principal portion of payments collected (non-prepayments) 1,298,059.06
Prepayments in full allocable to principal 930,271.00
Collections allocable to principal 2,228,330.06
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 210,385.22
Purchase Amounts allocable to principal 36,289.38
-------------------
Total Principal 2,475,004.66
Realized Losses 793,152.25
Cram Down Losses 0.00
Ending Principal Balance 77,734,822.53
Interest
Collections allocable to interest 1,406,485.68
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 165,080.41
-------------------
Total Interest 1,571,566.09
Certificate Information
Beginning of Period Class A Principal Balance 76,952,830.48
Beginning of Period Class B Principal Balance 4,617,622.53
Miscellaneous Balances
Beginning of Period Spread Account Balance 9,127,666.36
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 24,535.03
Aggregate Payahead Balance 34,330.18
Aggregate Payahead Balance for preceding Distribution Date 32,652.09
Interest Earned on Payahead Balances 152.89
Scheduled Payments due in Collection Period 2,668,115.79
Scheduled Payments collected in Collection Period 2,704,544.74
Aggregate Amount of Realized Losses for preceding Distribution Date 793,152.25
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 558.64
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 240 2,839,000.00
60+ days delinquent 195 2,484,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 36,289.38
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,323,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 36,289.38
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 757,591.15
Delinquency Ratio for second preceding Determination Date 6.58%
Delinquency Ratio for third preceding Determination Date 5.65%
Cumulative Defaults for preceding Determination Date 11,883,978.47
Cumulative Net Losses for preceding Determination Date 8,496,444.43
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,634,815.74
Liquidation Proceeds 210,385.22
Recoveries 165,080.41
Purchase Amounts 36,289.38
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 4,046,570.75
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,298,059.06
Prepayments in full allocable to principal 930,271.00
Principal Balance of Liquidated Receivables 1,003,537.47
Purchase Amounts allocable to principal 36,289.38
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 3,268,156.91
Class A Principal Distributable Amount
Principal Distributable Amount 3,268,156.91
Times Class A Percentage (95%) 95%
-------------------
3,104,749.06
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,104,749.06
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 76,952,830.48
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class A Interest Distributable Amount 426,446.94
Class B Principal Distributable Amount
Principal Distributable Amount 3,268,156.91
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 163,407.85
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,617,622.53
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 44,021.33
Class B Excess Interest Amount
Total Distribution Amount 4,046,570.75
minus
Class A Principal and Interest Distributable Amount 3,531,196.00
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 44,021.33
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 163,407.85
Class B Principal Carryover Shortfall 567,473.57
Trustee distributions 1,571.18
Standby Servicer distributions 5,400.20
Servicer distributions 159,540.00
Collateral Agent distributions 1,019.63
Reimbursement Obligations 21,539.02
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 567,473.57
-------------------
567,473.57
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 5,400.20 4,046,570.75 5,400.20
Servicing Fee (2.0%) 135,004.97 4,041,170.55 135,004.97 0.00
Additional Servicing Fee Amounts 24,535.03 3,906,165.58 24,535.03 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,881,630.55 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,881,630.55 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,881,630.55 0.00
(iii) Trustee Fee 1,012.54 3,881,630.55 1,012.54
Trustee's out-of-pocket expenses 558.64 3,880,618.01 558.64
Unpaid Trustee Fee from prior Collection Periods 0.00 3,880,059.37 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,880,059.37 0.00
Collection Periods
(iv) Collateral Agent Fee 1,019.63 3,880,059.37 1,019.63
Collateral Agent Expenses 0.00 3,879,039.74 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,879,039.74 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,879,039.74 0.00
Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 426,446.94 3,879,039.74 426,446.94
Prior Month(s) Class A Carryover Shortfall 0.00 3,452,592.80 0.00
Class A Interest Carryover Shortfall 0.00 3,452,592.80 0.00
Interest on Interest Carryover from Prior Months 0.00 3,452,592.80 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,452,592.80 0.00
Class A Interest Distributable Amount 426,446.94 3,452,592.80 426,446.94
(viii)(A)Class B Coupon Interest - Unadjusted 44,021.33 3,026,145.86 44,021.33
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,982,124.53 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,982,124.53 0.00
Interest on Interest Carryover from Prior Months 0.00 2,982,124.53 0.00
Current Month Class B Interest Shortfall 0.00 2,982,124.53 0.00
Adjusted Class B Interest Distributable Amount 44,021.33 2,982,124.53 44,021.33
(v) (B) Class A Principal Distributable Amount - Current Month 3,104,749.06 2,938,103.20 2,938,103.20 941,821.69
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 3,104,749.06 0.00 0.00 0.00
(vi) Certificate Insurer Premium 21,539.02 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current 163,407.85 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 567,473.57 0.00 0.00
Current Month Class B Principal Shortfall (448,598.03) 0.00 (448,598.03)
Adjusted Class B Principal Distributable Amount 282,283.38 448,598.03 282,283.38
(C) Excess Interest (Shortage) Amount for Deposit 0.00 166,314.65 0.00
to (withdrawl from) Spread Account 166,314.65 166,314.65
Certificate Balance
Class A Beginning of Period Principal Balance 76,952,830.48
Class A Principal Distributions 3,104,749.06
Class A End of Period Principal Balance 73,848,081.42
Class B Beginning of Period Principal Balance 4,617,622.53
Class B Principal Distributable Amount 282,283.38
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,335,339.15
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,335,339.15
Class A Deficiency - Interest
(i) Total Distribution Amount Available 4,046,570.75
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 593,977.95
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,452,592.80
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,452,592.80
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 44,021.33
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,408,571.47
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,408,571.47
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,104,749.06
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 303,822.41
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 303,822.41
(vi) Certificate Insurer Premium 21,539.02
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 282,283.38
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 282,283.38
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 163,407.85
(iii) Prior month(s) carryover shortfalls 567,473.57
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (448,598.03)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (448,598.03)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,323,000.00
Purchased receivables more than 30 days delinquent 36,289.38
-------------------
Total 5,359,289.38
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 88,836,030.78
Delinquency Ratio 6.03%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.03%
Delinquency Ratio for second preceding Determination Date 6.58%
Delinquency Ratio for third preceding Determination Date 5.65%
Average Delinquency Ratio 6.09% 6.09%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 11,883,978.47
Current Period Defaulted Receivables 757,591.15
-------------------
Total 12,641,569.62
Cumulative Defaulted Receivables 12,641,569.62
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 10.59%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,003,537.47
Cram Down Losses 0.00
Net Liquidation Proceeds (375,465.63)
-------------------
Net Liquidation Losses 628,071.84
Cumulative Previous Net Losses 8,496,444.43
-------------------
Cumulative Net Losses 9,124,516.27
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 7.64%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 41.81
Weighted Average Annual Percentage Rate 20.47%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 7,036,507.85
15% of Outstanding Certificate Balance 11,727,513.08
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Cap Amount 11,727,513.08
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 78,183,420.56
Minimum Floor 100,000.00
Floor Amount 3,580,860.93
Required Spread Account Amount 11,727,513.08
Beginning of Period Spread Account Balance 9,127,666.36
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 2,599,846.72
Earnings on Spread Account Balance 38,074.66
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 9,165,741.02
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-4, 1996-1, FASCO 1996-1, and 1997-1.
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-3
6.10% Asset-Backed Notes, Class A-1
6.38% Asset-Backed Notes, Class A-2
10.65% Asset-Backed Notes, Class B
10.65% Asset-Backed Certificates
Revision #1
Distribution Date 9/15/98
Collection Period 8/98
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $3,853,905.66
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $189,766.73
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,664,138.93
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $47.68
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $2.35
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $45.33
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $327,868.20
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $327,868.20
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $5.31
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to Class B
Noteholders on the Distribution Date set forth above $204,741.64
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $26,596.72
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $178,144.92
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $204,741.64
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $26,596.72
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $178,144.92
(s) Scheduled Payments due in such Collection Period $3,551,051.30
(t) Scheduled Payments collected in such
Collection Period $3,458,797.78
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $112,449,139.37
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(r) above $100,972,358.87
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i),(o) above $98,153,690.11
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8728719
(e) Aggregate principal amount of Certificates as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(r) above $2,818,668.76
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0250662
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $214,435.84
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,622.46
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.65
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 5
Aggregate Purchase Amount $42,099.86
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above ($108,103.44)
(f) The amount of the Certificate Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (q) above $0.00
(g) The amount of the Certificate Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (r) above ($108,103.44)
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $32,526,783.92
Spread Account Balance $3,016,201.65
(b) The change in the spread account on the Distribution
Date set forth above $16,201.65
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $27,806.05
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,148,422.34
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 335
Aggregate Gross Amount $4,231,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 293
Aggregate Gross Amount $3,645,000.00
7 Performance Triggers
(a) Delinquency Ratio 6.43%
(b) Average Delinquency Ratio 6.09%
(c) Cumulative Default Ratio 8.67%
(d) Cumulative Net Loss Ratio 5.82%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No (a)
CPS Auto Receivables Trust 1997-3
Statement to Noteholders
Is there a Deficiency Claim Amount? YES
Deficiency Claim Amount (216,206.88)
Inputs
Gross Collection Proceeds: 4,901,765.21
Lock Box NSF Items: (81,127.86)
Total Collection Proceeds: 4,820,637.35
For Distribution Date: 9/15/98
For Determination Date: 9/8/98
For Collection Period: 8/98
Collateral Activity Information
Principal
Beginning Principal Balance 112,449,139.37
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-------------------------
Aggregate Beginning Principal Balance 112,449,139.37
Principal portion of payments collected (non-prepayments) 1,654,818.90
Prepayments in full allocable to principal 817,644.00
Collections allocable to principal 2,472,462.90
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 363,541.20
Purchase Amounts allocable to principal 42,099.86
-------------------------
Total Principal 2,878,103.96
Realized Losses 1,148,422.34
Cram Down Losses 0.00
Ending Principal Balance 108,422,613.07
Prefunding
Original Amount in Prefunding Account 27,084,817.00
Subsequent Loans Sold to the Trust 27,084,817.00
Balance of Prefunding Account 0.00
Interest
Collections allocable to interest 1,803,978.88
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 138,554.51
-------------------------
Total Interest 1,942,533.39
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 37,331,160.28
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 2,996,813.68
Beginning of Period Certificate Balance 2,996,813.68
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,000,000.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 27,020.61
Scheduled Payments due in Collection Period 3,551,051.30
Scheduled Payments collected in Collection Period 3,458,797.78
Aggregate Amount of Realized Losses for preceding Distribution Date 1,148,422.34
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 183.78
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 335 4,231,000.00
60+ days delinquent 293 3,645,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
5 42,099.86
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 7,876,000.00
Principal Balance of all Receivables that became Purchased Receivables
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more. 42,099.86
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 1,325,868.27
Delinquency Ratio for second preceding Determination Date 6.36%
Delinquency Ratio for third preceding Determination Date 5.47%
Cumulative Defaults for preceding Determination Date 11,673,133.66
Cumulative Net Losses for preceding Determination Date 7,721,077.08
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Calculations
Requisite Reserve Amount
Weighted Average of the Interest Rates and Pass-Through Rates 6.5242%
minus 2.5% 2.50%
-------------------------
4.0242%
divided by 360 0.0112%
times the prefunded amount 0.00
times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00
-------------------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
Excess in Interest Reserve Account 0.00
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 4,276,441.78
Liquidation Proceeds 363,541.20
Recoveries 138,554.51
Purchase Amounts 42,099.86
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 0.00
Investment earnings from Note Distribution Account 668.66
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 314.25
Investment earnings from Collection Account 19,497.03
-------------------------
Total Distribution Amount 4,841,117.29
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,654,818.90
Prepayments in full allocable to principal 817,644.00
Principal Balance of Liquidated Receivables 1,511,963.54
Purchase Amounts allocable to principal 42,099.86
Cram Down Losses 0.00
-------------------------
Principal Distributable Amount 4,026,526.30
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 108,422,613.07
-------------------------
97,580,351.76 98.57%
-------------------------
Current Target %
Class A Noteholders' Percentage
After the Target Payment Date? Yes 3,664,138.93
Current Month Prin Reduction
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 58.7%
-------------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 4,026,526.30
Times Class A Noteholders' Percentage 91%
-------------------------
3,664,138.93
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------------
Class A Principal Distributable Amount 3,664,138.93
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 37,331,160.28
Multiplied by the Note Rate 6.10%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------------
Class A Interest Distributable Amount 189,766.73
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,668,000.00
Multiplied by the Note Rate 6.38%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------------
Class A Interest Distributable Amount 327,868.20
Class B Noteholders Principal Distributable Amount
Principal Distributable Amount 4,026,526.30
Times Class B Percentage 2.5%
-------------------------
Class B Principal Distributable Amount 100,663.16
Certificate Principal Distributable Amount
Principal Distributable Amount 4,026,526.30
Times Certificate Percentage 2.5%
-------------------------
Certificate Principal Distributable Amount 100,663.16
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 2,996,813.68
Multiplied by Note Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------------
Class B Coupon Interest Amount 26,596.72
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 2,996,813.68
Multiplied by Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------------
Certificateholders' Interest Amount 26,596.72
Carryover Shortfalls from Prior Periods
Class B and Certificates Principal Carryover Shortfall from previous period 371,170.40
-------------------------
371,170.40
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-------------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-------------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-------------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-------------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 5,622.46 4,841,117.29 5,622.46 4,841,117.29
Servicing Fee (2.0%) 187,415.23 4,835,494.83 187,415.23 0.00
Additional Servicing Fee Amounts 27,020.61 4,648,079.60 27,020.61 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,621,058.99 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,621,058.99 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,621,058.99 0.00
(iii) Indenture Trustee Fee 937.08 4,621,058.99 937.08
Indenture Trustee's out-of-pocket expenses 183.78 4,620,121.91 183.78
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 4,619,938.13 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 4,619,938.13 0.00
prior Collection Periods
Owner Trustee Fee 0.00 4,619,938.13 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,619,938.13 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,619,938.13 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 4,619,938.13 0.00
prior Collection Periods
(iv) Collateral Agent Fee 874.94 4,619,938.13 874.94
Collateral Agent Expenses 0.00 4,619,063.19 0.00
Unpaid Collateral Agent Fee from prior 0.00 4,619,063.19 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 4,619,063.19 0.00
Collection Periods
(v) (A) Class A-1 Interest Distributable Amount - Current Month 189,766.73
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 189,766.73 4,619,063.19 189,766.73
(B) Class A-2 Interest Distributable Amount - Current Month 327,868.20
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 327,868.20 4,429,296.46 327,868.20
(vi)(A) Class B Note Interest - Unadjusted 26,596.72
Class B Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 26,596.72 4,101,428.26 26,596.72
(B) Certificate Interest - Unadjusted 26,596.72
Certificate Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 26,596.72 4,074,831.54 26,596.72
(vii) Class A Principal Distributable Amount - Current Month 3,664,138.93
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 3,664,138.93 4,048,234.82 3,664,138.93 0.00
Class A Principal Distribution Amount to Class A-2 0.00 384,095.89 0.00 0.00
(viii) Note Insurer Premium 27,806.05 384,095.89 27,806.05
Note Insurer Premium Supplement 0.00 356,289.84 0.00
Other Reimbursement Obligations to Note Insurer 0.00 356,289.84 0.00
(ix) Transition Expenses to successor Servicer 0.00 356,289.84 0.00
(x) Class B Principal Distributable Amount - Current 100,663.16
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 185,585.20
Current Month Class B Principal Shortfall (108,103.44)
Adjusted Class B Principal Distributable Amount 178,144.92 356,289.84 178,144.92
Certificate Principal Distributable Amount - Current 100,663.16
Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 185,585.20
Current Month Certificate Principal Shortfall (108,103.44)
Adjusted Certificate Principal Distributable Amount 178,144.92 178,144.92 178,144.92
(xi) Until the Target Payment Date, remaining amount to 0.00 0.00 0.00
Class A Noteholders
Amount to Class A-1 Noteholders 0.00 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. 0.00
Amount
(xiii) After an Event of Default, Certificateholders' Prin. Dist 0.00
Amount
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
Sread Account withdrawl for deficiencies 0.00
Securities Balance
Class A-1 Beginning of Period Principal Amount 37,331,160.28
Class A-1 Principal Distributions 3,664,138.93
Class A-1 End of Period Principal Amount (prior to turbo) 33,667,021.35
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 33,667,021.35
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 61,668,000.00
Class B Beginning of Period Principal Amount 2,996,813.68
Class B Principal Distributable Amount 178,144.92
Class B End of Period Principal Amount BEFORE Spread Account Distributions 2,818,668.76
Allocations of Cash Releases to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 2,818,668.76
Certificate Beginning of Period Principal Amount 2,996,813.68
Certificate Principal Distributable Amount 178,144.92
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 2,818,668.76
Allocation of Cash Releases to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 2,818,668.76
Class A-1 Deficiency - Interest
(i) Total Distribution Amount Available 4,841,117.29
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (i) and (v)A 411,820.83
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 4,429,296.46
Class A-2 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (v) B 4,429,296.46
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) B 327,868.20
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,101,428.26
Class B Note Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A 4,101,428.26
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) A 26,596.72
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,074,831.54
Class B Certificate Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 4,074,831.54
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vi) and (x) 26,596.72
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,048,234.82
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 4,048,234.82
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 3,664,138.93
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 384,095.89
Other Distributions
(i) Amounts available to make payments pursuant to Section 5.8(a) (viii) 384,095.89
(vi) Note Insurer Premium 27,806.05
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 356,289.84
Class B Notes & Certificates Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 356,289.84
(ii) Amounts payable pursuant to Section 5.8(a) (vi) and (x) 201,326.32
(iii)Prior month(s) carryover shortfalls 371,170.40
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Amount Remaining for Further Distribution/ B Notes (Deficiency) (108,103.44)
Amount Remaining for Further Distribution/ B Certificates (Deficiency) (108,103.44)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (216,206.88)
If neg, Carryover Shortfall
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,876,000.00
Purchased receivables more than 30 days delinquent 42,099.86
-------------------------
Total 7,918,099.86
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 123,148,084.43
Delinquency Ratio 6.43%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.43%
Delinquency Ratio for second preceding Determination Date 6.36%
Delinquency Ratio for third preceding Determination Date 5.47%
-------------------------
Average Delinquency Ratio 6.09% 6.09%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 11,673,133.66
Current Period Defaulted Receivables 1,325,868.27
-------------------------
Total 12,999,001.93
Cumulative Defaulted Receivables 12,999,001.93
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 8.67%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,511,963.54
Cram Down Losses 0.00
Net Liquidation Proceeds (502,095.71)
-------------------------
Net Liquidation Losses 1,009,867.83
Cumulative Previous Net Losses 7,721,077.08
-------------------------
Cumulative Net Losses 8,730,944.91
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 5.82%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 44.50
Weighted Average Annual Percentage Rate 20.39%
Spread Account
OC Percent
Aggregate Principal Balance 108,422,613.07
minus the Securities Balance 100,972,358.87
-------------------------
7,450,254.20
divided by the Aggregate Principal Balance 6.87%
Floor OC Percent
Aggregate Principal Balance 108,422,613.07
minus the Securities Balance 100,972,358.87
-------------------------
7,450,254.20
divided by the initial Aggregate Principal Balance 150,000,000.00
-------------------------
4.97%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 100,972,358.87
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 27,084,817.00
3,000,000.00
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 150,000,000.00
0.00
Floor Amount 3,000,000.00
Requisite Amount
the greater of
(1)the Floor Amount 3,000,000.00
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 2.13%
if a Trigger Event, 15% minus the OC Percent 8.13%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.13%
if an Insurance Agreement Event of Default, 30% 30.00%
30.00%
times the Aggregate Principal Balance 108,422,613.07
-------------------------
32,526,783.92
Requisite Amount 32,526,783.92
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Required Spread Account Amount 32,526,783.92
Beginning of Period Spread Account Balance 3,000,000.00
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 29,526,783.92
Earnings on Spread Account Balance 16,201.65
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Notes Shortfalls 0.00
Amount of Withdrawl Allocated to B Certificates Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 3,016,201.65
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
--------------------------------------------------
Name: James L. Stock
--------------------------------------------------
Title: Vice President
--------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-4, 1996-1, FASCO 1996-1, and 1997-1.
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-4
6.07% Asset-Backed Notes, Class A-1
6.30% Asset-Backed Notes, Class A-2
10.59% Asset-Backed Certificates
Revision #1
Distribution Date 9/15/98
Collection Period 8/98
Under the Sale and Servicing Agreement dated as of October 9, 1997 and
amended as of October 17, 1997 (the "Agreement") by and among CPS Receivables
Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner
Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Noteholders and Certificateholders
and the performance of the Trust during the previous month. The information
which is required to be prepared with respect to the Distribution Date and
Collection Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,896,042.75
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $149,286.22
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,746,756.53
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $53.37
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $2.75
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $50.62
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $243,114.89
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $243,114.89
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.94
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $186,535.47
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $37,777.16
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $148,758.31
(p) Scheduled Payments due in such Collection Period $2,627,024.85
(q) Scheduled Payments collected in such
Collection Period $2,598,066.36
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $85,613,962.59
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments allocated to principal in
paragraph A.1.(c),(i),(o) above $77,205,707.81
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $73,073,767.98
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8535263
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect to payments allocated to principal in paragraph A.1.(o) above $4,131,939.83
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0482625
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $159,180.24
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,280.70
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.93
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.08
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $17,485.65
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $24,791,638.94
Spread Account Balance $2,206,357.00
(b) The change in the spread account on the Distribution
Date set forth above $13,840.31
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $21,324.66
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $952,274.33
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 212
Aggregate Gross Amount $2,672,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 172
Aggregate Gross Amount $2,195,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.22%
(b) Average Delinquency Ratio 5.07%
(c) Cumulative Default Ratio 6.04%
(d) Cumulative Net Loss Ratio 3.92%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No (a)
CPS Auto Receivables Trust 1997-4
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,544,386.91
Lock Box NSF Items: (47,767.68)
Total Collection Proceeds: 3,496,619.23
For Distribution Date: 9/15/98
For Determination Date: 9/8/98
For Collection Period: 8/98
Collateral Activity Information
Principal
Beginning Principal Balance 85,613,962.59
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 85,613,962.59
Principal portion of payments collected (non-prepayments) 1,236,518.96
Prepayments in full allocable to principal 503,527.00
Collections allocable to principal 1,740,045.96
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 265,360.18
Purchase Amounts allocable to principal 17,485.65
-----------------------
Total Principal 2,022,891.79
Realized Losses 952,274.33
Cram Down Losses 0.00
Ending Principal Balance 82,638,796.47
Interest
Collections allocable to interest $1,361,547.40
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 112,180.04
-----------------------
Total Interest $1,473,727.44
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 29,512,925.91
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 4,280,698.14 80,101,222.65
Miscellaneous Balances
Beginning of Period Spread Account Balance 2,192,516.69
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 16,490.30
Scheduled Payments due in Collection Period 2,627,024.85
Scheduled Payments collected in Collection Period 2,598,066.36
Aggregate Amount of Realized Losses for preceding Distribution Date 952,274.33
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 134.73
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 212 2,672,000.00
60+ days delinquent 172 2,195,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 17,485.65
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 4,867,000.00
Principal Balance of all Receivables that became Purchased Receivables
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more. 17,485.65
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 645,223.67
Delinquency Ratio for second preceding Determination Date 5.46%
Delinquency Ratio for third preceding Determination Date 4.52%
Cumulative Defaults for preceding Determination Date 5,750,189.87
Cumulative Net Losses for preceding Determination Date 3,308,033.71
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,101,593.36
Liquidation Proceeds 265,360.18
Recoveries 112,180.04
Purchase Amounts 17,485.65
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 15,375.17
-----------------------
Total Distribution Amount 3,511,994.40
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,236,518.96
Prepayments in full allocable to principal 503,527.00
Principal Balance of Liquidated Receivables 1,217,634.51
Purchase Amounts allocable to principal 17,485.65
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 2,975,166.12
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 82,638,796.47
-----------------------
74,374,916.82
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 57.8%
-----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,975,166.12
Times Class A Noteholders' Percentage 91%
-----------------------
2,707,401.17
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 2,707,401.17
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 29,512,925.91
Multiplied by the Note Rate 6.07%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 149,286.22
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,307,598.60
Multiplied by the Note Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 243,114.89
Certificateholders Principal Distributable Amount
Principal Distributable Amount 2,975,166.12
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 148,758.31
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,280,698.14
Multiplied by Note Pass-Through Rate 10.59%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 37,777.16
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 4,280.70 3,511,994.40 4,280.70
Servicing Fee (2.0%) 142,689.94 3,507,713.70 142,689.94 0.00
Additional Servicing Fee Amounts 16,490.30 3,365,023.76 16,490.30 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,348,533.46 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,348,533.46 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,348,533.46 0.00
(iii) Indenture Trustee Fee 713.45 3,348,533.46 713.45
Indenture Trustee's out-of-pocket expenses 134.73 3,347,820.01 134.73
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 3,347,685.28 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - prior 0.00 3,347,685.28 0.00
Collection Periods
Owner Trustee Fee 0.00 3,347,685.28 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,347,685.28 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,347,685.28 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior 0.00 3,347,685.28 0.00
Collection Periods
(iv) Collateral Agent Fee 667.51 3,347,685.28 667.51
Collateral Agent Expenses 0.00 3,347,017.77 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,347,017.77 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,347,017.77 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 149,286.22
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 149,286.22 3,347,017.77 149,286.22
(B) Class A-2 Interest Distributable Amount - Current Month 243,114.89
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 243,114.89 3,197,731.55 243,114.89
(vi)(A) Certificate Note Interest - Unadjusted 37,777.16
Certificate Note Interest Carryover Shortfall - Previous 0.00
Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 37,777.16 2,954,616.66 37,777.16
(vii) Class A Principal Distributable Amount - Current Month 2,707,401.17
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 2,707,401.17 2,916,839.50 2,707,401.17 0.00
Class A Principal Distribution Amount to Class A-2 0.00 209,438.33 0.00 0.00
(viii) Note Insurer Premium 21,324.66 209,438.33 21,324.66
Note Insurer Premium Supplement 0.00 188,113.67 0.00
Other Reimbursement Obligations to Note Insurer 0.00 188,113.67 0.00
(ix) Transition Expenses to successor Servicer 0.00 188,113.67 0.00
(x) Certificate Principal Distributable Amount - Current 148,758.31
Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 148,758.31 188,113.67 148,758.31
(xi) Until the Target Payment Date, remaining amount to 39,355.36 39,355.36 39,355.36
Class A Noteholders
Amount to Class A-1 Noteholders 39,355.36 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00 3,511,859.67 Total Disbursements
Spread Accout Withdrawl to cover deficiencies 0.00 3,511,994.40 Total Distribution Amt
======================
(134.73)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 29,512,925.91
Class A-1 Principal Distributions 2,707,401.17
Class A-1 End of Period Principal Amount (prior to turbo) 26,805,524.74
Additional Principal Distribution 39,355.36
Class A-1 End of Period Principal Amount 26,766,169.38
Class A-2 Beginning of Period Principal Amount 46,307,598.60
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 46,307,598.60
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 46,307,598.60
Certificate Beginning of Period Principal Amount 4,280,698.14
Certificate Principal Distributable Amount 148,758.31
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,131,939.83
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,131,939.83
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,511,994.40
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 557,377.74
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,954,616.66
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,954,616.66
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 37,777.16
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,916,839.50
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,916,839.50
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,707,401.17
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 209,438.33
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 209,438.33
(vi) Note Insurer Premium 21,324.66
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 188,113.67
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 188,113.67
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 148,758.31
(iii)Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 39,355.36
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 39,355.36
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,867,000.00
Purchased receivables more than 30 days delinquent 17,485.65
-----------------------
Total 4,884,485.65
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 93,499,002.36
Delinquency Ratio 5.22%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.22%
Delinquency Ratio for second preceding Determination Date 5.46%
Delinquency Ratio for third preceding Determination Date 4.52%
-----------------------
Average Delinquency Ratio 5.07% 5.07%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 5,750,189.87
Current Period Defaulted Receivables 645,223.67
-----------------------
Total 6,395,413.54
Cumulative Defaulted Receivables 6,395,413.54
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 6.04%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,217,634.51
Cram Down Losses 0.00
Net Liquidation Proceeds (377,540.22)
-----------------------
Net Liquidation Losses 840,094.29
Cumulative Previous Net Losses 3,308,033.71
-----------------------
Cumulative Net Losses 4,148,128.00
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 3.92%
Additional Pool Information:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 46.54
Weighted Average Annual Percentage Rate 20.31%
Spread Account
OC Percent
Aggregate Principal Balance 82,638,796.47
minus the Securities Balance 77,205,707.81
-----------------------
5,433,088.66
divided by the Aggregate Principal Balance 6.57%
Floor OC Percent
Aggregate Principal Balance 82,638,796.47
minus the Securities Balance 77,205,707.81
-----------------------
5,433,088.66
divided by the initial Aggregate Principal Balance 105,860,630.11
-----------------------
5.13%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 77,205,707.81
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 105,860,630.11
(II) balance of all Subsequent Receivables 0.00
2,117,212.60
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 105,860,630.11
0.00
Floor Amount 2,117,212.60
Requisite Amount
the greater of
(1)the Floor Amount 2,117,212.60
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 2.43%
if a Trigger Event, 15% minus the OC Percent 8.43%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.43%
if an Insurance Agreement Event of Default, 30% 30.00%
30.00%
times the Aggregate Principal Balance 82,638,796.47
-----------------------
24,791,638.94
Requisite Amount 24,791,638.94
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Required Spread Account Amount 24,791,638.94
Beginning of Period Spread Account Balance 2,192,516.69
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 22,599,122.25
Earnings on Spread Account Balance 13,840.31
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to Certificates' Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 2,206,357.00
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-4, 1996-1, FASCO 1996-1, and 1997-1.
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-5
6.26% Asset-Backed Notes, Class A-1
6.40% Asset-Backed Notes, Class A-2
10.55% Asset-Backed Certificates
Revision #1
Distribution Date 9/15/98
Collection Period 8/98
Under the Sale and Servicing Agreement dated as of December 1, 1997, (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,887,151.03
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $194,349.15
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,692,801.88
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $51.79
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.49
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $48.30
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $187,600.00
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $187,600.00
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.04
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $173,661.18
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $35,805.01
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $137,856.17
(p) Scheduled Payments due in such Collection Period $2,456,786.92
(q) Scheduled Payments collected in such
Collection Period $2,440,046.91
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $81,532,329.27
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth above, after
giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $73,672,378.74
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $69,737,626.79
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8553371
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after
giving effect
to payments allocated to principal in paragraph A.1.(o) above $3,934,751.95
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0482600
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $152,641.16
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,076.62
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.74
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 5
Aggregate Purchase Amount $52,613.86
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $23,632,561.78
Spread Account Balance $2,325,561.36
(b) The change in the spread account on the Distribution
Date set forth above $16,944.21
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $22,724.47
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $732,911.78
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 228
Aggregate Gross Amount $2,879,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 168
Aggregate Gross Amount $2,245,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.88%
(b) Average Delinquency Ratio 5.56%
(c) Cumulative Default Ratio 4.21%
(d) Cumulative Net Loss Ratio 2.38%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No (a)
CPS Auto Receivables Trust 1997-5
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,468,116.31
Lock Box NSF Items: (52,638.45)
Total Collection Proceeds: 3,415,477.86
For Distribution Date: 9/15/98
For Determination Date: 9/8/98
For Collection Period: 8/98
Collateral Activity Information
Principal
Beginning Principal Balance 81,532,329.27
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 81,532,329.27
Principal portion of payments collected (non-prepayments) 1,129,844.54
Prepayments in full allocable to principal 558,865.00
Collections allocable to principal 1,688,709.54
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 282,888.15
Purchase Amounts allocable to principal 52,613.86
-----------------------
Total Principal 2,024,211.55
Realized Losses 732,911.78
Cram Down Losses 0.00
Ending Principal Balance 78,775,205.94
Interest
Collections allocable to interest $1,310,202.37
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 81,063.94
-----------------------
Total Interest $1,391,266.31
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 37,255,428.67
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 4,072,608.12 76,503,036.79
Miscellaneous Balances
Beginning of Period Spread Account Balance 2,308,617.15
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 16,753.94
Scheduled Payments due in Collection Period 2,456,786.92
Scheduled Payments collected in Collection Period 2,440,046.91
Aggregate Amount of Realized Losses for preceding Distribution Date 732,911.78
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 151.73
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 228 2,879,000.00
60+ days delinquent 168 2,245,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
5 52,613.86
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,124,000.00
Principal Balance of all Receivables that became Purchased Receivables
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more. 52,613.86
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 863,188.54
Delinquency Ratio for second preceding Determination Date 5.78%
Delinquency Ratio for third preceding Determination Date 5.02%
Cumulative Defaults for preceding Determination Date 3,169,083.20
Cumulative Net Losses for preceding Determination Date 1,625,886.46
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,998,911.91
Liquidation Proceeds 282,888.15
Recoveries 81,063.94
Purchase Amounts 52,613.86
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 13,845.30
-----------------------
Total Distribution Amount 3,429,323.16
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,129,844.54
Prepayments in full allocable to principal 558,865.00
Principal Balance of Liquidated Receivables 1,015,799.93
Purchase Amounts allocable to principal 52,613.86
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 2,757,123.33
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 78,775,205.94
-----------------------
70,897,685.35
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 46.0%
-----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,757,123.33
Times Class A Noteholders' Percentage 91%
-----------------------
2,508,982.23
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 2,508,982.23
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 37,255,428.67
Multiplied by the Note Rate 6.26%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 194,349.15
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 35,175,000.00
Multiplied by the Note Rate 6.40%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 187,600.00
Certificateholders Principal Distributable Amount
Principal Distributable Amount 2,757,123.33
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 137,856.17
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,072,608.12
Multiplied by Note Pass-Through Rate 10.55%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 35,805.01
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
---- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 4,076.62 3,429,323.16 4,076.62
Servicing Fee (2.0%) 135,887.22 3,425,246.54 135,887.22 0.00
Additional Servicing Fee Amounts 16,753.94 3,289,359.32 16,753.94 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,272,605.38 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,272,605.38 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,272,605.38 0.00
(iii) Indenture Trustee Fee 679.44 3,272,605.38 679.44
Indenture Trustee's out-of-pocket expenses 151.73 3,271,925.94 151.73
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 3,271,774.21 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 3,271,774.21 0.00
prior Collection Periods
Owner Trustee Fee 0.00 3,271,774.21 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,271,774.21 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,271,774.21 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior 0.00 3,271,774.21 0.00
Collection Periods
(iv) Collateral Agent Fee 637.53 3,271,774.21 637.53
Collateral Agent Expenses 0.00 3,271,136.68 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,271,136.68 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,271,136.68 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 194,349.15
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 194,349.15 3,271,136.68 194,349.15
(B) Class A-2 Interest Distributable Amount - Current Month 187,600.00
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 187,600.00 3,076,787.53 187,600.00
(vi) (A) Certificate Note Interest - Unadjusted 35,805.01
Certificate Note Interest Carryover Shortfall - Previous 0.00
Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 35,805.01 2,889,187.53 35,805.01
(vii) Class A Principal Distributable Amount - Current Month 2,508,982.23
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 2,508,982.23 2,853,382.52 2,508,982.23 0.00
Class A Principal Distribution Amount to Class A-2 0.00 344,400.29 0.00 0.00
(viii) Note Insurer Premium 22,724.47 344,400.29 22,724.47
Note Insurer Premium Supplement 0.00 321,675.82 0.00
Other Reimbursement Obligations to Note Insurer 0.00 321,675.82 0.00
(ix) Transition Expenses to successor Servicer 0.00 321,675.82 0.00
(x) Certificate Principal Distributable Amount - Current 137,856.17
Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 137,856.17 321,675.82 137,856.17
(xi) Until the Target Payment Date, remaining amount to 183,819.65 183,819.65 183,819.65
Class A Noteholders
Amount to Class A-1 Noteholders 183,819.65 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00 3,429,171.43 Total Disbursements
Spread Accoujnt Withdrawl to cover deficiencies 0.00 3,429,323.16 Total Distribution Amt
======================
(151.73)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 37,255,428.67
Class A-1 Principal Distributions 2,508,982.23
Class A-1 End of Period Principal Amount (prior to turbo) 34,746,446.44
Additional Principal Distribution 183,819.65
Class A-1 End of Period Principal Amount 34,562,626.79
Class A-2 Beginning of Period Principal Amount 35,175,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 35,175,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 35,175,000.00
Certificate Beginning of Period Principal Amount 4,072,608.12
Certificate Principal Distributable Amount 137,856.17
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,934,751.95
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,934,751.95
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,429,323.16
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 540,135.63
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,889,187.53
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,889,187.53
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 35,805.01
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,853,382.52
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,853,382.52
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,508,982.23
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 344,400.29
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 344,400.29
(vi) Note Insurer Premium 22,724.47
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 321,675.82
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 321,675.82
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 137,856.17
(iii)Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 183,819.65
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 183,819.65
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,124,000.00
Purchased receivables more than 30 days delinquent 52,613.86
-----------------------
Total 5,176,613.86
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 87,968,308.49
Delinquency Ratio 5.88%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.88%
Delinquency Ratio for second preceding Determination Date 5.78%
Delinquency Ratio for third preceding Determination Date 5.02%
-----------------------
Average Delinquency Ratio 5.56% 5.56%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 3,169,083.20
Current Period Defaulted Receivables 863,188.54
-----------------------
Total 4,032,271.74
Cumulative Defaulted Receivables 4,032,271.74
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 4.21%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,015,799.93
Cram Down Losses 0.00
Net Liquidation Proceeds (363,952.09)
-----------------------
Net Liquidation Losses 651,847.84
Cumulative Previous Net Losses 1,625,886.46
-----------------------
Cumulative Net Losses 2,277,734.30
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 2.38%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 47.82
Weighted Average Annual Percentage Rate 20.22%
Spread Account
OC Percent
Aggregate Principal Balance 78,775,205.94
minus the Securities Balance 73,672,378.74
-----------------------
5,102,827.20
divided by the Aggregate Principal Balance 6.48%
Floor OC Percent
Aggregate Principal Balance 78,775,205.94
minus the Securities Balance 73,672,378.74
-----------------------
5,102,827.20
divided by the initial Aggregate Principal Balance 95,706,307.00
-----------------------
5.33%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 73,672,378.74
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 95,706,307.00
(II) balance of all Subsequent Receivables 0.00
1,914,126.14
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 95,706,307.00
0.00
Floor Amount 1,914,126.14
Requisite Amount
the greater of
(1)the Floor Amount 1,914,126.14
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 2.5%
if a Trigger Event, 15% minus the OC Percent 8.5%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.5%
if an Insurance Agreement Event of Default, 30% 30%
30%
times the Aggregate Principal Balance 78,775,205.94
-----------------------
23,632,561.78
Requisite Amount 23,632,561.78
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Required Spread Account Amount 23,632,561.78
Beginning of Period Spread Account Balance 2,308,617.15
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 21,323,944.63
Earnings on Spread Account Balance 16,944.21
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 2,325,561.36
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-4, 1996-1, FASCO 1996-1, and 1997-1.
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1998-1
6.00% Asset-Backed Certificates, Class A
10.25% Asset-Backed Certificates, Class B
Revision #1
Distribution Date 9/15/98
Collection Period 8/98
Under the Pooling and Servicing Agreement dated as of March 16, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $4,574,350.55
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $823,493.35
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,750,857.20
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $25.76
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.64
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $21.12
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $271,455.70
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $74,042.16
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $197,413.54
(j) Scheduled Payments due in such Collection Period $5,103,189.63
(k) Scheduled Payments collected in such
Collection Period $5,407,637.39
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $173,367,020.40
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in paragraph A.1.(c) above $169,418,749.66
(c) The Pool factor as of the close of business
on the last day set forth above 0.9772259
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $322,778.28
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,611.81
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.82
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.02
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 4
Aggregate Purchase Amount $56,699.27
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $51,067.88
(b) Distributions (to) from Collection Account ($7,983.09)
for Payaheads
(c) Interest earned on Payahead Balances $494.61
(d) Ending Payahead Account Balance $43,579.40
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $50,825,624.90
Spread Account Balance $20,710,170.64
(b) The change in the spread account on the Distribution
Date set forth above $1,459,660.19
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $54,990.50
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $571,069.03
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 400
Aggregate Gross Amount $5,179,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 377
Aggregate Gross Amount $4,911,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.35%
(b) Average Delinquency Ratio 4.88%
(c) Cumulative Default Ratio 1.81%
(d) Cumulative Net Loss Ratio 0.39%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? Yes
CPS Auto Grantor Trust 1998-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 6,650,792.19
Lock Box NSF Items: (80,637.32)
Transfers from (to) Payahead Account: 7,983.09
Collection Account Interest 26,090.08
Payahead Account Interest 494.61
Total Collection Proceeds: 6,604,722.65
For Distribution Date: 9/15/98
For Determination Date: 9/8/98
For Collection Period: 8/98
Collateral Activity Information
Principal
Beginning Principal Balance 173,367,020.40
Principal portion of payments collected (non-prepayments) 2,193,426.36
Prepayments in full allocable to principal 834,641.00
Collections allocable to principal 3,028,067.36
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 292,435.08
Purchase Amounts allocable to principal 56,699.27
---------------------
Total Principal 3,377,201.71
Realized Losses 571,069.03
Cram Down Losses 0.00
Ending Principal Balance 169,418,749.66
Interest
Collections allocable to interest 3,214,211.03
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 13,309.91
---------------------
Total Interest 3,227,520.94
Certificate Information
Beginning of Period Class A Principal Balance 164,698,669.70
Beginning of Period Class B Principal Balance 8,668,350.70
Miscellaneous Balances
Beginning of Period Spread Account Balance 19,250,510.45
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 33,833.25
Aggregate Payahead Balance 43,084.79
Aggregate Payahead Balance for preceding Distribution Date 51,067.88
Interest Earned on Payahead Balances 494.61
Scheduled Payments due in Collection Period 5,103,189.63
Scheduled Payments collected in Collection Period 5,407,637.39
Aggregate Amount of Realized Losses for preceding Distribution Date 571,069.03
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 1,178.54
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 400 5,179,000.00
60+ days delinquent 377 4,911,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
4 56,699.27
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of
the related Collection Period. 10,090,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 56,699.27
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection
Period. 1,502,923.53
Delinquency Ratio for second preceding Determination Date 4.92%
Delinquency Ratio for third preceding Determination Date 4.38%
Cumulative Defaults for preceding Determination Date 1,877,855.03
Cumulative Net Losses for preceding Determination Date 179,946.10
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 6,242,278.39
Liquidation Proceeds 292,435.08
Recoveries 13,309.91
Purchase Amounts 56,699.27
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------------
Total Distribution Amount 6,604,722.65
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 2,193,426.36
Prepayments in full allocable to principal 834,641.00
Principal Balance of Liquidated Receivables 863,504.11
Purchase Amounts allocable to principal 56,699.27
Cram Down Losses 0.00
---------------------
Principal Distributable Amount 3,948,270.74
Class A Principal Distributable Amount
Principal Distributable Amount 3,948,270.74
Times Class A Percentage (95%) 95%
---------------------
3,750,857.20
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------------
Class A Principal Distributable Amount 3,750,857.20
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 164,698,669.70
Multiplied by Certificate Pass-Through Rate 6.00%
Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333
---------------------
Class A Interest Distributable Amount 823,493.35
Class B Principal Distributable Amount
Principal Distributable Amount 3,948,270.74
Times Class B Percentage (5%) 5%
---------------------
Class B Principal Distributable Amount 197,413.54
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 8,668,350.70
Multiplied by Certificate Pass-Through Rate 10.25%
Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333
---------------------
Class B Coupon Interest Amount 74,042.16
Class B Excess Interest Amount
Total Distribution Amount 6,604,722.65
minus
Class A Principal and Interest Distributable Amount 4,574,350.55
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 74,042.16
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 197,413.54
Class B Principal Carryover Shortfall 0.00
Trustee distributions 2,623.27
Standby Servicer distributions 3,611.81
Servicer distributions 322,778.28
Collateral Agent distributions 1,444.73
Reimbursement Obligations 54,990.50
---------------------
1,373,467.81
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
---------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
---------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 3,611.81 6,604,722.65 3,611.81 6,604,722.65
Servicing Fee (2.0%) 288,945.03 6,601,110.84 288,945.03 0.00
Additional Servicing Fee Amounts 33,833.25 6,312,165.81 33,833.25 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 6,278,332.56 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 6,278,332.56 0.00
(ii) Transition Expenses to Standby Servicer 0.00 6,278,332.56 0.00
(iii) Trustee Fee 1,444.73 6,278,332.56 1,444.73
Trustee's out-of-pocket expenses 1,178.54 6,276,887.83 1,178.54
Unpaid Trustee Fee from prior Collection Periods 0.00 6,275,709.29 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 6,275,709.29 0.00
Collection Periods
(iv) Collateral Agent Fee 1,444.73 6,275,709.29 1,444.73
Collateral Agent Expenses 0.00 6,274,264.56 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 6,274,264.56 0.00
Unpaid Collateral Agent Expenses from prior 0.00 6,274,264.56 0.00
Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 823,493.35 6,274,264.56 823,493.35
Prior Month(s) Class A Carryover Shortfall 0.00 5,450,771.21 0.00
Class A Interest Carryover Shortfall 0.00 5,450,771.21 0.00
Interest on Interest Carryover from Prior Months 0.00 5,450,771.21 0.00
Current Month Class A Interest Carryover Shortfall 0.00 5,450,771.21 0.00
Class A Interest Distributable Amount 823,493.35 5,450,771.21 823,493.35
(viii)(A)Class B Coupon Interest - Unadjusted 74,042.16 4,627,277.86 74,042.16
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 4,553,235.70 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 4,553,235.70 0.00
Interest on Interest Carryover from Prior Months 0.00 4,553,235.70 0.00
Current Month Class B Interest Shortfall 0.00 4,553,235.70 0.00
Adjusted Class B Interest Distributable Amount 74,042.16 4,553,235.70 74,042.16
(v) (B) Class A Principal Distributable Amount - Current Month 3,750,857.20 4,479,193.54 3,750,857.20 2,853,865.45
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 728,336.34 0.00
Current Month Class A Principal Shortfall 0.00 728,336.34 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 3,750,857.20 728,336.34 728,336.34 0.00
(vi) Certificate Insurer Premium 54,990.50 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current 197,413.54 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 197,413.54 0.00 0.00
(C) Excess Interest (Shortage) Amount for Deposit to 1,373,467.81 0.00 0.00
(withdrawl from) Spread Account 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 164,698,669.70
Class A Principal Distributions 3,750,857.20
Class A End of Period Principal Balance 160,947,812.50
Class B Beginning of Period Principal Balance 8,668,350.70
Class B Principal Distributable Amount 197,413.54
Class B End of Period Principal Balance BEFORE Spread Account Distributions 8,470,937.16
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 8,470,937.16
Class A Deficiency - Interest
(i) Total Distribution Amount Available 6,604,722.65
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,153,951.44
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 5,450,771.21
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 5,450,771.21
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 74,042.16
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 5,376,729.05
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 5,376,729.05
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,750,857.20
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency ) 1,625,871.85
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,625,871.85
(vi) Certificate Insurer Premium 54,990.50
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,570,881.34
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,570,881.34
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 197,413.54
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 1,373,467.81
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,373,467.81
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 10,090,000.00
Purchased receivables more than 30 days delinquent 56,699.27
---------------------
Total 10,146,699.27
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 189,743,202.85
Delinquency Ratio 5.35%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.35%
Delinquency Ratio for second preceding Determination Date 4.92%
Delinquency Ratio for third preceding Determination Date 4.38%
---------------------
Average Delinquency Ratio 4.88% 4.88%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 1,877,855.03
Current Period Defaulted Receivables 1,502,923.53
---------------------
Total 3,380,778.56
Cumulative Defaulted Receivables 3,380,778.56
Original Pool Balance 186,954,818.61
Cumulative Default Ratio 1.81%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 863,504.11
Cram Down Losses 0.00
Net Liquidation Proceeds (305,744.99)
---------------------
Net Liquidation Losses 557,759.12
Cumulative Previous Net Losses 179,946.10
---------------------
Cumulative Net Losses 737,705.22
Original Pool Balance 186,954,818.61
Cumulative Net Loss Ratio 0.39%
Additional Pool Information:
Weighted Average Original Term 57.10
Weighted Average Remaining Term 50.53
Weighted Average Annual Percentage Rate 20.34%
Spread Account
Spread Account Cap
13.5% of Outstanding Certificate Balance 22,871,531.20
18.5% of Outstanding Certificate Balance 31,342,468.69
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Cap Amount 50,825,624.90
Spread Account Floor
3% of the Initial Certificate Balance 5,608,644.56
Outstanding Certificate Balance 169,418,749.66
Minimum Floor 100,000.00
Floor Amount 5,608,644.56
Required Spread Account Amount 50,825,624.90
Beginning of Period Spread Account Balance 19,250,510.45
Spread Account Deposit (Withdrawal) from Current Distributions 1,373,467.81
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Allocations of cash releases from previous pools 0.00
Required addition to/(eligible withdrawal from) Spread Account 30,201,646.64
Earnings on Spread Account Balance 86,192.38
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 20,710,170.64
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-4, 1996-1, FASCO 1996-1, and 1997-1.
<PAGE>
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1998-2
6.09% Class A Asset-Backed Certificates
10.34% Class B Asset-Backed Certificates
Revision #1
Distribution Date 9/15/98
Collection Period 8/98
Under the Pooling and Servicing Agreement dated as of April 8, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,979,870.17
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $979,196.84
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,000,673.33
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $19.85
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.88
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $14.97
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above
(given to the Collateral Agent for deposit into the Spread Account) $245,432.51
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $87,502.33
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $157,930.18
(j) Scheduled Payments due in such Collection Period $5,824,243.91
(k) Scheduled Payments collected in such
Collection Period $5,829,556.28
B. Information Regarding the Performance of the Trust.
1 Certificate Balances
(a) The original aggregate Principal Balance of the
Certificates as of the closing date $211,042,290.00
(b) The aggregate principal balance of the Certificates as of the
close of business on the last day set forth above, after
giving effect to payments allocated to principal in paragraph A 1 (c) above $199,941,596.11
(c) The Aggregate Pool factor as of the close of busines
on the last day set forth above 0.9474006
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $368,363.58
(b) The aggregate amount of the Standby Fee paid to the Standby
Servicer with respect to the
Collection Period set forth above. $4,231.25
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.84
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.02
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 9
Aggregate Purchase Amount $103,548.37
3 Payment Shortfalls.
(a) The amount of the Class A Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $36,836.84
(b) Distributions (to) from Collection Account $5,119.80
for Payaheads
(c) Interest earned on Payahead Balances $368.97
(d) Ending Payahead Account Balance $42,325.61
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $59,982,478.83
Spread Account Balance $17,180,800.90
(b) The change in the spread account on the Distribution
Date set forth above $2,073,074.31
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $64,897.71
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $37,520.01
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 425
Aggregate Gross Amount $5,691,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 327
Aggregate Gross Amount $4,331,000.00
8 Performance Triggers
(a) Delinquency Ratio 4.57%
(b) Average Delinquency Ratio 3.43%
(c) Cumulative Default Ratio 0.33%
(d) Cumulative Net Loss Ratio 0.02%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No (a)
CPS Auto Grantor Trust 1998-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 6,777,533.28
Lock Box NSF Items: (123,865.11)
Transfers from (to) Payahead Account: (5,119.80)
Collection Account Interest 26,967.48
Payahead Account Interest 368.97
Total Collection Proceeds: 6,675,884.82
For Distribution Date: 9/15/98
For Determination Date: 9/8/98
For Collection Period: 8/98
Collateral Activity Information
Principal
Beginning Principal Balance 203,100,200.18
Principal portion of payments collected (non-prepayments) 2,277,901.00
Prepayments in full allocable to principal 659,894.00
Collections allocable to principal 2,937,795.00
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 79,740.13
Purchase Amounts allocable to principal 103,548.37
------------------------
Total Principal 3,121,083.50
Realized Losses 37,520.01
Cram Down Losses 0.00
Ending Principal Balance 199,941,596.67
Interest
Collections allocable to interest 3,551,655.28
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 3,146.04
------------------------
Total Interest 3,554,801.32
Certificate Information
Beginning of Period Class A Principal Balance 192,945,190.14
Beginning of Period Class B Principal Balance 10,155,009.48
Miscellaneous Balances
Beginning of Period Spread Account Balance 15,107,726.59
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 29,863.25
Aggregate Payahead Balance 41,956.64
Aggregate Payahead Balance for preceding Distribution Date 36,836.84
Interest Earned on Payahead Balances 368.97
Scheduled Payments due in Collection Period 5,824,243.91
Scheduled Payments collected in Collection Period 5,829,556.28
Aggregate Amount of Realized Losses for preceding Distribution Date 37,520.01
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 924.69
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 425 5,691,000.00
60+ days delinquent 327 4,331,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
9 103,548.37
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 10,022,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the last
day of the related Collection Period and that were delinquent
30 days or more. 103,548.37
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 578,216.61
Delinquency Ratio for second preceding Determination Date 3.55%
Delinquency Ratio for third preceding Determination Date 2.16%
Cumulative Defaults for preceding Determination Date 126,202.62
Cumulative Net Losses for preceding Determination Date 10,345.34
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 6,489,450.28
Liquidation Proceeds 79,740.13
Recoveries 3,146.04
Purchase Amounts 103,548.37
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
------------------------
Total Distribution Amount 6,675,884.82
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 2,277,901.00
Prepayments in full allocable to principal 659,894.00
Principal Balance of Liquidated Receivables 117,260.14
Purchase Amounts allocable to principal 103,548.37
Cram Down Losses 0.00
------------------------
Principal Distributable Amount 3,158,603.51
Class A Principal Distributable Amount
Principal Distributable Amount 3,158,603.51
Times Class A Percentage (95%) 95%
------------------------
3,000,673.33
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
------------------------
Class A Principal Distributable Amount 3,000,673.33
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 192,945,190.14
Multiplied by Certificate Pass-Through Rate 6.09%
Multiplied by 30/360 0.0833333
------------------------
Class A Interest Distributable Amount 979,196.84
Class B Principal Distributable Amount
Principal Distributable Amount 3,158,603.51
Times Class B Percentage (5%) 5%
------------------------
Class B Principal Distributable Amount 157,930.18
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 10,155,009.48
Multiplied by Certificate Pass-Through Rate 10.34%
Multiplied by 30/360 0.0833333
------------------------
Class B Coupon Interest Amount 87,502.33
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
------------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
------------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
------------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
------------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
</TABLE>
<TABLE>
<CAPTION>
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 4,231.25 6,675,884.82 4,231.25 6,675,884.82
Servicing Fee (2.0%) 338,500.33 6,671,653.57 338,500.33 0.00
Additional Servicing Fee Amounts 29,863.25 6,333,153.24 29,863.25 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 6,303,289.99 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 6,303,289.99 0.00
(ii) Transition Expenses to Standby Servicer 0.00 6,303,289.99 0.00
(iii) Trustee Fee 1,269.38 6,303,289.99 1,269.38
Trustee's out-of-pocket expenses 924.69 6,302,020.61 924.69
Unpaid Trustee Fee from prior Collection Periods 0.00 6,301,095.92 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 6,301,095.92 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,269.38 6,301,095.92 1,269.38
Collateral Agent Expenses 0.00 6,299,826.54 0.00
Unpaid Collateral Agent Fee from prior 0.00 6,299,826.54 0.00
Collection Periods
Unpaid Collateral Agent Expenses from 0.00 6,299,826.54 0.00
prior Collection Periods
(v) Class A Interest Distributable Amount - Unadjusted 979,196.84 6,299,826.54 979,196.84
Prior Month(s) Class A Carryover Shortfall 0.00 5,320,629.70 0.00
Class A Interest Carryover Shortfall 0.00 5,320,629.70 0.00
Interest on Interest Carryover from Prior Months 0.00 5,320,629.70 0.00
Current Month Class A Interest Carryover Shortfall 0.00 5,320,629.70 0.00
Class A Interest Distributable Amount 979,196.84 5,320,629.70 979,196.84
(vi) Class B Coupon Interest - Unadjusted 87,502.33 4,341,432.86 87,502.33
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 4,253,930.53 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 4,253,930.53 0.00
Interest on Interest Carryover from Prior Months 0.00 4,253,930.53 0.00
Current Month Class B Interest Shortfall 0.00 4,253,930.53 0.00
Adjusted Class B Interest Distributable Amount 87,502.33 4,253,930.53 87,502.33
(vii) Class A Principal Distributable Amount - Current Month 3,000,673.33 4,166,428.20 3,000,673.33 3,675,211.49
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 1,165,754.87 0.00
Current Month Class A Principal Shortfall 0.00 1,165,754.87 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00 1,165,754.87 0.00
Class A Principal Distribution Amount 3,000,673.33 1,165,754.87 1,165,754.87 674,538.15
(viii) Certificate Insurer Premium 64,897.71 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(ix) Transition Expenses to successor Servicer 0.00 0.00 0.00
(x) Class B Principal Distributable Amount - Unadjusted 157,930.18 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Carryover Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 157,930.18 0.00 0.00
(xi) Remaining amounts to Collateral Agent for deposit in 2,009,626.15 0.00 0.00
Spread Account
0.00
Certificate Balance
Class A Beginning of Period Principal Balance 192,945,190.14
Class A Principal Distributions 3,000,673.33
Class A End of Period Principal Balance 189,944,516.81
Class B Beginning of Period Principal Balance 10,155,009.48
Class B Principal Distributable Amount 157,930.18
Class B End of Period Principal Balance BEFORE Spread Account Distributions 9,997,079.30
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 9,997,079.30
Class A Deficiency - Interest
(i) Total Distribution Amount Available 6,675,884.82
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,355,255.12
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 5,320,629.70
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 5,320,629.70
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 87,502.33
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 5,233,127.37
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 5,233,127.37
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,000,673.33
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,232,454.04
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 2,232,454.04
Certificate Insurer Premium 64,897.71
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,167,556.33
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,167,556.33
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 157,930.18
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 2,009,626.15
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 2,009,626.15
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 10,022,000.00
Purchased receivables more than 30 days delinquent 103,548.37
------------------------
Total 10,125,548.37
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 221,423,739.60
Delinquency Ratio 4.57%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.57%
Delinquency Ratio for second preceding Determination Date 3.55%
Delinquency Ratio for third preceding Determination Date 2.16%
Average Delinquency Ratio 3.43% 3.43%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 126,202.62
Current Period Defaulted Receivables 578,216.61
------------------------
Total 704,419.23
Cumulative Defaulted Receivables 704,419.23
Original Pool Balance 211,042,290.56
Cumulative Default Ratio 0.33%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 117,260.14
Cram Down Losses 0.00
Net Liquidation Proceeds (82,886.17)
------------------------
Net Liquidation Losses 34,373.97
Cumulative Previous Net Losses 10,345.34
------------------------
Cumulative Net Losses 44,719.31
Original Pool Balance 211,042,290.56
Cumulative Net Loss Ratio 0.02%
Additional Pool Information:
Weighted Average Original Term 57.46
Weighted Average Remaining Term 52.99
Weighted Average Annual Percentage Rate 20.40%
Spread Account
Spread Account Cap
13.5% of Outstanding Certificate Balance 26,992,115.47
19.5% of Outstanding Certificate Balance 38,988,611.24
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Cap Amount 59,982,478.83
Spread Account Floor
3% of the Initial Certificate Balance 6,331,268.70
Outstanding Certificate Balance 199,941,596.11
Minimum Floor 100,000.00
Floor Amount 6,331,268.70
Required Spread Account Amount 59,982,478.83
Beginning of Period Spread Account Balance 15,107,726.59
Spread Account Deposit (Withdrawal) from Current Distributions 2,009,626.15
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 42,865,126.09
Earnings on Spread Account Balance 63,448.16
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 17,180,800.90
Reserve Fund
Initial Class B Certificate Balance 10,552,114.40
Aggregate Pool Factor 0.9474006
Class B Principal % 5.00%
Have both tests for Reserve Fund reduction been satisfied? (Y/N) N
Requisite Amount
If both tests for reduction have NOT been met, then
10% of Original Class B Outstanding Certificate Balance 1,055,211.40
otherwise
10% of Class B Outstanding Certificate Balance 999,707.93
or
Cap Amount 1,055,211.40
Reserve Fund Floor
Outstanding Class B Certificate Balance 9,997,079.30
Minimum Floor 300,000.00
Floor Amount 300,000.00
Required Reserve Fund Amount 1,055,211.40
Beginning of Period Reserve Fund Balance 1,055,211.40
Reserve Fund Deposit (Withdrawal) from Current Distributions 0.00
Required addition to/(eligible withdrawal from) Reserve Fund 0.00
Earnings on Reserve Fund Balance 4,687.80
Amount of Reserve Fund deposit (withdrawal) (4,687.80)
Ending Reserve Fund Balance 1,055,211.40
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
</TABLE>
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-4, 1996-1, FASCO 1996-1, and 1997-1.
<PAGE>
Monthly Noteholder Statement
CPS Auto Receivables Trust 1998-3
5.6375% Asset-Backed Notes, Class A-1
5.8550% Asset-Backed Notes, Class A-2
5.9950% Asset-Backed Notes, Class A-3
6.0800% Asset-Backed Notes, Class A-4
Revision #1
Distribution Date 9/15/98
Collection Period 8/98
Under the Sale and Servicing Agreement dated as of July 8, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
<TABLE>
<CAPTION>
A. Information Regarding the Current Monthly Distribution:
<S> <C> <C> <C>
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $4,966,904.98
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $148,675.61
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $4,818,229.37
(d) The amount of the distribution set forth in
paragraph A.1. (a) above $137.97
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.13
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $133.84
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $448,883.33
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $448,883.33
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $4.88
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $4.88
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution
to Class A-3 Noteholders on the Distribution
Date set forth above $124,895.83
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $124,895.83
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $0.00
(p) The amount of the distribution set forth in
paragraph A.1. (m) above, per $1,000 $5.00
(q) The amount of the distribution set forth in
paragraph A.1. (n) above, per $1,000 $5.00
(r) The amount of the distribution set forth in
paragraph A.1. (o) above, per $1,000 $0.00
(s) The aggregate amount of the distribution
to Class A-4 Noteholders on the Distribution
Date set forth above $418,162.13
(t) The amount of the distribution set forth in
paragraph A.1. (s) above in respect of interest $418,162.13
(u) The amount of the distribution set forth in
in paragraph A.1. (s) above in respect of principal $0.00
(v) The amount of the distribution set forth in
paragraph A.1. (s) above, per $1,000 $0.00
(w) The amount of the distribution set forth in
paragraph A.1. (t) above, per $1,000 $5.07
(x) The amount of the distribution set forth in
paragraph A.1. (u) above, per $1,000 $0.00
B. Information Regarding the Performance of the Trust.
1 Pool and Notes Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $237,484,835.60
(b) The aggregate principal amount of the Securities as of
the close of business on the last day set forth above,
after giving effect to payments allocated to principal
in paragraph A.1.(c),(i),(o),(u) above$225,340,031.06
(c) The Note Pool Factor as of the close of business
on the last day set forth above 0.9488607
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $420,231.16
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,947.60
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $11.67
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.02
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 15
Aggregate Purchase Amount $207,564.44
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A-3 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(d) The amount of the Class A-4 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (t) above $0.00
(e) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payments set forth in
paragraph A.1.(c),(i),(o),(u) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to
such Distribution Date and the Spread Account Balance
on the Distribution Date set forth above, after giving
effect to distributions made on such Distribution Date
Specified Spread Account Balance $82,118,138.50
Spread Account Balance $19,280,748.54
(b) The change in the spread account on the Distribution
Date set forth above $45,562.50
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $184,187.25
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,321.40
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross
amount scheduled to be paid, including unearned finance
and other charges, for which Obligors are delinquent
between 31 and 59 days
Number 336
Aggregate Gross Amount $4,602,000.00
(d) The number of Receivables and the aggregate gross
amount scheduled to be paid, including unearned finance
and other charges, for which Obligors are delinquent 60 days
or more
Number 90
Aggregate Gross Amount $1,109,000.00
7 Performance Triggers
(a) Delinquency Ratio 2.29%
(b) Average Delinquency Ratio 1.69%
(c) Cumulative Default Ratio 0.00%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No (a)
CPS Auto Receivables Trust 1998-3
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 6,660,658.06
Lock Box NSF Items: (114,507.27)
Total Collection Proceeds: 6,546,150.79
For Distribution Date: 9/15/98
For Determination Date: 9/8/98
For Collection Period: 8/98
Collateral Activity Information
Principal
Beginning Principal Balance 237,484,835.60
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
----------------
Aggregate Beginning Principal Balance 237,484,835.60
Principal portion of payments collected (non-prepayments) 2,112,396.90
Prepayments in full allocable to principal 533,750.00
Collections allocable to principal 2,646,146.90
Partial prepayments relating to various contracts or 0.00
policies
Liquidation Proceeds allocable to principal 6,550.00
Purchase Amounts allocable to principal 207,564.44
----------------
Total Principal 2,860,261.34
Realized Losses 1,321.40
Cram Down Losses 0.00
Ending Principal Balance 234,623,252.86
Prefunding
Original Amount in Prefunding Account N/A
Subsequent Loans Sold to the Trust N/A
Balance of Prefunding Account N/A
Interest
Collections allocable to interest 3,685,889.45
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
--------------
Total Interest 3,685,889.45
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 30,626,260.43
Beginning of Period Class A-2 Principal Balance 92,000,000.00
Beginning of Period Class A-3 Principal Balance 25,000,000.00
Beginning of Period Class A-4 Principal Balance 82,532,000.00
Miscellaneous Balances
Beginning of Period Spread Account Balance 19,235,186.04
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 24,423.10
Scheduled Payments due in Collection Period 6,676,858.55
Scheduled Payments collected in Collection Period 5,798,286.35
Aggregate Amount of Realized Losses for preceding Distribution Date 1,321.40
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 1,172.83
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 336 4,602,000.00
60+ days delinquent 90 1,109,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
15 207,564.44
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as of
5,711,000.00 of business on the last day of the related
Collection Period.
Principal Balance of all Receivables that became Purchased Receivables
as 207,564.44 the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more.
Principal Balance of all Receivables that became Defaulted Receivables
0.00 during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 1.10%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 0.00
Cumulative Net Losses for preceding Determination Date 0.00
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead,
excl. amounts deposited into payahead) 6,332,036.35
Liquidation Proceeds 6,550.00 Recoveries 0.00 Purchase
Amounts 207,564.44 Note Insurer Optional Deposit pursuant
to Section 4.11(iii) 0.00 Excess released from Prefunding
Account 0.00 Investment earnings from Note Distribution
Account 0.00 Investment earnings from Prefunding Account
0.00 Investment earnings from Interest Reserve Account 0.00
Investment earnings from Collection Account 26,157.09
--------------
Total Distribution Amount 6,572,307.88
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments)
2,112,396.90 Prepayments in full allocable to principal
533,750.00 Principal Balance of Liquidated Receivables
7,871.40 Purchase Amounts allocable to principal 207,564.44
Cram Down Losses 0.00
--------------
Principal Distributable Amount 2,861,582.74
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 234,623,252.86
--------------
211,160,927.57 172.20%
current Target %
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 98.0%
After Target Payment Date, before Payment Date when A-2 reduced
to 0 90.0% On Payment Date when Class A-2 Notes will be reduced
to 0 40.0%
--------------------
98.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,861,582.74
Times Class A Noteholders' Percentage 98%
--------------------
2,804,351.09
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
--------------------
Class A Principal Distributable Amount 2,804,351.09
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 30,626,260.43
Multiplied by the Note Rate 5.6375%
Multiplied by actual/360, or for the first Distribution Date, by 180.0861111
--------------------
Class A Interest Distributable Amount 148,675.61
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 92,000,000.00
Multiplied by the Note Rate 5.8550%
Multiplied by 30/360, or for the first Distribution Date, by 17/3600.0833333
--------------------
Class A Interest Distributable Amount 448,883.33
Class A-3 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 25,000,000.00
Multiplied by the Note Rate 5.9950%
Multiplied by 30/360, or for the first Distribution Date, by 17/3600.0833333
--------------------
Class A Interest Distributable Amount 124,895.83
Class A-4 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 82,532,000.00
Multiplied by the Note Rate 6.0800%
Multiplied by 30/360, or for the first Distribution Date, by 17/3600.0833333
--------------------
Class A Interest Distributable Amount 418,162.13
Excess Interest Amount
Total Distribution Amount 6,572,307.88
minus
Class A Principal and Interest Distributable Amount 3,944,967.99
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Trustee and Collateral Agent distributions 4,095.60
Standby Servicer distributions 4,947.60
Servicer distributions 420,231.16
Insurance and Reimbursement Obligations 184,187.25
--------------------
2,013,878.28
Carryover Shortfalls from Prior Periods
Class A-1 Principal Carryover Shortfall from previous period 0.00
--------------------
0.00
Class A-2 Principal Carryover Shortfall from previous period 0.00
--------------------
0.00
Class A-3 Principal Carryover Shortfall from previous period 0.00
--------------------
0.00
Class A-4 Principal Carryover Shortfall from previous period 0.00
--------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
--------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period 0.00
--------------------
0.00
Class A-3 Interest Carryover Shortfall from previous period 0.00
--------------------
0.00
Class A-4 Interest Carryover Shortfall from previous period 0.00
--------------------
0.00
Calculations
</TABLE>
<TABLE>
<CAPTION>
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
Use Source act distributed Source
--- ------ --------------- ------
<S> <C> <C> <C> <C> <C>
(i) Standby Fee 4,947.60 6,572,307.88 4,947.60 6,572,307.88
Servicing Fee (2.0%) 395,808.06 6,567,360.28 395,808.06 0.00
Additional Servicing Fee Amounts 24,423.10 6,171,552.22 24,423.10 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 6,147,129.12 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 6,147,129.12 0.00
(ii) Transition Expenses to Standby Servicer 0.00 6,147,129.12 0.00
(iii) Indenture Trustee Fee 1,484.28 6,147,129.12 1,484.28
Indenture Trustee's out-of-pocket expenses 1,172.83 6,145,644.84 1,172.83
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 6,144,472.01 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 6,144,472.01 0.00
prior Collection Periods
Owner Trustee Fee 0.00 6,144,472.01 0.00
Owner Trustee's out-of-pocket expenses 0.00 6,144,472.01 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 6,144,472.01 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior 0.00 6,144,472.01 0.00
Collection Periods
(iv) Collateral Agent Fee 1,438.49 6,144,472.01 1,438.49
Collateral Agent Expenses 0.00 6,143,033.52 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 6,143,033.52 0.00
Unpaid Collateral Agent Expenses from prior 0.00 6,143,033.52 0.00
Collection Periods
(v) (A) Class A-1 Interest Distributable Amount - Current Month 148,675.61 6,143,033.52 0.00
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00 5,994,357.91 0.00
Class A-1 Interest Carryover Shortfall 0.00 5,994,357.91 0.00
Interest on Interest Carryover from Prior Months 0.00 5,994,357.91 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00 5,994,357.91 0.00
Class A-1 Interest Distributable Amount 148,675.61 6,143,033.52 148,675.61
(Class A-2 Interest Distributable Amount - Current Month 448,883.33
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 448,883.33 5,994,357.91 448,883.33
(vi) (A)Class A-3 Note Interest - Unadjusted 124,895.83
Class A-3 Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on Interest Shortfall - Previous Month(s) 0.00
Current Month Class A-3 Interest Shortfall 0.00
Adjusted Class A-3 Interest Distributable Amount 124,895.83 5,545,474.58 124,895.83
(B)Class A-4 Note Interest - Unadjusted 418,162.13
Class A-4 Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on Interest Shortfall - Previous Month(s) 0.00
Current Month Class A-4 Interest Shortfall 0.00
Adjusted Class A-4 Interest Distributable Amount 418,162.13 5,420,578.75 418,162.13
(vii) Class A Principal Distributable Amount - Current Month 2,804,351.09
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Total Adjusted Distributable Amount 2,804,351.09 5,002,416.62 2,804,351.09
Class A Principal Distribution Amount to Class A-1 2,804,351.09 5,002,416.62 2,804,351.09 0.00
Class A Principal Distribution Amount to Class A-2 0.00 2,198,065.53 0.00 0.00
Class A Principal Distribution Amount to Class A-3 0.00 2,198,065.53 0.00
Class A Principal Distribution Amount to Class A-4 0.00 2,198,065.53 0.00
(viii) Note Insurer Premium 184,187.25 2,198,065.53 184,187.25
Note Insurer Premium Supplement 0.00 2,013,878.28 0.00 0.00
Other Reimbursement Obligations to Note Insurer 0.00 2,013,878.28 0.00
(ix) Transition Expenses to successor Servicer 0.00 2,013,878.28 0.00
(xi) Until the Target Payment Date, remaining amount to 2,013,878.28 2,013,878.28 2,013,878.28
Class A Noteholders
Amount to Class A-1 Noteholders 2,013,878.28 0.00 0.00
Amount to Class A-2 Noteholders 0.00
Amount to Class A-3 Noteholders 0.00
Amount to Class A-4 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. 0.00
Dist. Amount
(xiii) After an Event of Default, Certificateholders' Prin. 0.00
Dist. Amount
(xiv) After the Target Pmt. Date, remaining amount into 0.00
Spread Acct.
Spread Account withdrawl for deficiencies 0.00
Securities Balance
Class A-1 Beginning of Period Principal Amount 30,626,260.43
Class A-1 Principal Distributions 2,804,351.09
Class A-1 End of Period Principal Amount (prior to turbo) 27,821,909.34
Additional Principal Distribution 2,013,878.28
Class A-1 End of Period Principal Amount 25,808,031.06
Class A-2 Beginning of Period Principal Amount 92,000,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 92,000,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 92,000,000.00
Class A-3 Beginning of Period Principal Amount 25,000,000.00
Class A-3 Principal Distributable Amount 0.00
Class A-3 End of Period Principal Amount (prior to turbo) 25,000,000.00
Additional Principal Distribution 0.00
Class A-3 End of Period Principal Amount 25,000,000.00
Class A-4 Beginning of Period Principal Amount 82,532,000.00
Class A-4 Principal Distributable Amount 0.00
Class A-4 End of Period Principal Amount (prior to turbo) 82,532,000.00
Additional Principal Distribution 0.00
Class A-4 End of Period Principal Amount 82,532,000.00
Class A-1 Deficiency - Interest
(i) Total Distribution Amount Available 6,572,307.88 (ii)Current
distribution amounts payable pursuant to Section 5.8(a) (i) and (v577,949.97
(iiiPrior month(s) carryover shortfalls 0.00 (iv)Interest on Prior month(s)
carryover shortfalls 0.00 (v) Interest on Interest of prior month(s)
carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 5,994,357.91
Class A-2 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (v) B
5,994,357.91 (ii)Current distribution amounts payable pursuant to Section
5.8(a) (v) B 448,883.33 (iiiPrior month(s) carryover shortfalls 0.00
(iv)Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on
Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 5,545,474.58
Class A-3 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A
5,545,474.58 (ii)Current distribution amounts payable pursuant to Section
5.8(a) (v) A 124,895.83 (iiiPrior month(s) carryover shortfalls 0.00
(iv)Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on
Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 5,420,578.75
Class A-4 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and
(5,420,578.75 (ii)Current distribution amounts payable pursuant to Section
5.8(a) (vi) and (418,162.13 (iiiPrior month(s) carryover shortfalls 0.00
(iv)Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on
Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 5,002,416.62
Class A-1 Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii)
5,002,416.62 (ii)Current distribution amounts payable pursuant to Section
5.8(a) (vii) 2,804,351.09 (iiiPrior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00 If (i) is less
than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount
Remaining for Further Distribution/(Deficiency) 2,198,065.53
Class A-2 Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii)
2,198,065.53 (ii)Current distribution amounts payable pursuant to Section
5.8(a) (vii) 184,187.25 (iiiPrior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00 If (i) is less
than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount
Remaining for Further Distribution/(Deficiency) 2,013,878.28
Class A-3 Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii)
2,013,878.28 (ii)Current distribution amounts payable pursuant to Section
5.8(a) (vii) 0.00 (iiiPrior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00 If (i) is less
than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount
Remaining for Further Distribution/(Deficiency) 2,013,878.28
Class A-4 Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii)
2,013,878.28 (ii)Current distribution amounts payable pursuant to Section
5.8(a) (vii) 0.00 (iiiPrior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00 If (i) is less
than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount
Remaining for Further Distribution/(Deficiency) 2,013,878.28
Other Distributions
(i) Amounts available to make payments pursuant to Section 5.8(a) (viii) 2,198,065.53
(vi)Note Insurer Premium 184,187.25
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00 Withdrawl from Spread Account to Cover Deficiency
0.00 If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,013,878.28
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,711,000.00
Purchased receivables more than 30 days delinquent 207,564.44
--------------
Total 5,918,564.44
Aggregate Gross Principal Balance as of the close of
258,952,548.09 business on the last day of the
Collection Period.
Delinquency Ratio 2.29%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 2.29%
Delinquency Ratio for second preceding Determination Date
1.10% Delinquency Ratio for third preceding Determination
Date 0.00%
--------------
Average Delinquency Ratio 1.69% 1.13%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 0.00
--------------
Total 0.00
Cumulative Defaulted Receivables 0.00
Original Pool Balance 240,339,160.19
Cumulative Default Ratio 0.00%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 7,871.40
Cram Down Losses 0.00
Net Liquidation Proceeds (6,550.00)
--------------
Net Liquidation Losses 1,321.40
Cumulative Previous Net Losses 0.00
--------------
Cumulative Net Losses 1,321.40
Original Pool Balance 240,339,160.19
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.60
Weighted Average Remaining Term 55.00
Weighted Average Annual Percentage Rate 20.45%
Spread Account
OC Percent
Aggregate Principal Balance 234,623,252.86
minus the Securities Balance 225,340,031.06
--------------
9,283,221.80
divided by the Aggregate Principal Balance 3.96%
Floor OC Percent
Aggregate Principal Balance 234,623,252.86
minus the Securities Balance 225,340,031.06
---------------
9,283,221.80
divided by the initial Aggregate Principal Balance 240,339,160.19
---------------
3.86%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 225,340,031.06
(ii) the sum of
(A)2.5% of the sum of 2.50%
(I) initial Aggregate Principal Balance 240,339,160.19
(II) balance of all Subsequent Receivables 0.00
-----------------
6,008,479.00
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00% (II)
initial Aggregate Principal Balance 240,339,160.19
-----------------
0.00
Floor Amount 6,008,479.00
Requisite Amount
the greater of
(1)the Floor Amount 6,008,479.00
(2)the product of:
if no Trigger Event, 11% 11.00%
if a Trigger Event, 20% 20.00%
if a Portfolio Performance Event of Default, 30% 30.00%
if an Insurance Agreement Event of Default, unlimited 35.00%
35.00%
times the Aggregate Principal Balance 234,623,252.86
---------------
82,118,138.50
Requisite Amount 82,118,138.50
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N (a)
Required Spread Account Amount 82,118,138.50
Beginning of Period Spread Account Balance 19,235,186.04
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 62,882,952.46
Earnings on Spread Account Balance 45,562.50
Amount of Spread Account deposit (withdrawal) 0.00 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 19,280,748.54
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
----------------------------------------------
Name: James L. Stock
----------------------------------------
Title: Vice President
----------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-4, 1996-1, FASCO 1996-1, and 1997-1.
</TABLE>
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