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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) July 6, 1998
CONSUMER PORTFOLIO SERVICES, INC.
(Exact Name of Registrant as Specified in its Charter)
California
(State or Other Jurisdiction of Incorporation)
333-25301 33-0459135
(Commission File Number) (I.R.S. Employer Identification No.)
2 Ada, Irvine, California 92618
(Address of Principal Executive Offices) (Zip Code)
(714) 753-6800
(Registrant's Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
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<PAGE>
Item 5. Other Events.
The Registrant is filing final forms of the exhibits listed in Item
7(c) below.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit
No. Document Description
--- --------------------
20.1 Computational Material
-2-
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CONSUMER PORTFOLIO SERVICES, INC.,
as Originator of the Trust (Registrant)
Dated: July 27, 1998 By: /s/ Jeffrey P. Fritz
--------------------
Jeffrey P. Fritz
Senior Vice President
-3-
<PAGE>
INDEX TO EXHIBITS
Sequential
Exhibit No. Document Description Page No.
----------- -------------------- --------
20.1 Computational Material
-4-
Exhibit 20.1
Computational Material
Nomura Securities International, Inc. - Structured Finance Desk
------------------
Trading Desk:
1820
------------------
Consumer Portfolio Services Auto Receivables Trust
Asset Backed Notes, Series 1998-3
$235,532,000
Public Offering
<TABLE>
<CAPTION>
- ------- --------------- ------------------- ------------ -------------- ----------------- -----------
Class Class Size ($) Expected Ratings Average Stated Final Payment Window Day Count
S&P/Moody's Life Maturity
- ------- --------------- ------------------- ------------ -------------- ----------------- -----------
<S> <C> <C> <C> <C> <C> <C>
A-1 36,000,000 A-1+ / P-1 0.18 8/99 8/98 - 12/98 Act/360
- ------- --------------- ------------------- ------------ -------------- ----------------- -----------
A-2 92,000,000 AAA / Aaa 1.00 10/01 12/98 - 5/00 30/360
- ------- --------------- ------------------- ------------ -------------- ----------------- -----------
A-3 25,000,000 AAA / Aaa 2.00 6/02 5/00 - 10/00 30/360
- ------- --------------- ------------------- ------------ -------------- ----------------- -----------
A-4 82,532,000 AAA / Aaa 3.23 10/03 10/00 - 4/03 30/360
- ------- --------------- ------------------- ------------ -------------- ----------------- -----------
</TABLE>
Issuer: CPS Auto Receivables Trust 1998-3
Seller: CPS Receivables Corp.
Servicer: Consumer Portfolio Services, Inc. ("CPS")
Indenture Trustee: Norwest Bank Minnesota, N.A.
Backup Servicer: Norwest Bank Minnesota, N.A.
Owner Trustee: Bankers Trust (Delaware)
Bond Insurer: Financial Security Assurance Inc. ("FSA")
Rating Agencies: Standard & Poor's and Moody's Investors
Service
Underwriter: Nomura Securities International, Inc.
Anticipated Pricing Date: July 27, 1998
Anticipated Closing Date: July 31, 1998
Payment Date: 15th of each month commencing August
15, 1998
Record Date: 10th day of each month
Delay: 0 day delay
Pricing Assumption: 1.5% ABS
Call Feature: 10% clean-up
ERISA: Yes
SMMEA: No
Form of Offering: Book-entry form, same-day funds through DTC
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/23/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
Nomura Securities International, Inc. - Structured Finance Desk
CPS AUTO RECEIVABLES TRUST 1998-3
Structure: Sequential pay structure collateralized by a
pool of fixed rate automobile loans.
Interest will be paid to all classes
concurrently. Principal will be paid
sequentially to the lowest numbered
outstanding class until such class is
reduced to zero, then to the next lowest
numbered outstanding class.
Credit Enhancement: The Class A Notes will be initially
supported by over-collateralization (O/C) of
2% and a cash Spread Account deposit of 8%
of the initial aggregate principal balance
of the Receivables. Excess cashflow is used
to grow the O/C to 10% of the outstanding
balance of the Receivables and, thereafter,
cashflows are allocated so as to maintain
the O/C at 10% of the outstanding balance
for the life of the transaction. On each
Payment Date on which the O/C target has
been satisfied, excess spread will be
applied to increase or maintain the amount
on deposit in the Spread Account at an
amount equal to 11% of the current
outstanding principal balance of the
Receivables (subject to a floor of 2.5% of
the initial aggregate principal balance of
the Receivables).
Credit Enhancement is provided by the
following mechanisms:
(1) Excess Spread
(2) Over-Collateralization
(3) Spread Account
(4) 100% FSA Insurance Policy covering
timely payment of interest and principal
as defined
(1) Excess Spread: The weighted average coupon rate on the
Receivables is generally expected to be
higher than the sum of (a) the servicing and
other fees, and (b) the weighted average
pass through rate on the Notes. Excess
collections will be available, to the extent
required, to fund payments on the Notes on
each Payment Date.
(2) Over-Collateralization: Excess Spread (as described above) is
applied, to the extent available and
required, to make accelerated payments of
principal to the class of Notes then
entitled to receive distributions of
principal; such application will cause the
aggregate principal balance of the Notes to
pay down more rapidly than the Receivables,
thus increasing the O/C amount.
(3) Spread Account: The Spread Account will have an initial
deposit of 8% of the initial aggregate
principal balance of the Receivables. The
requisite amount of the Spread Account shall
be maintained at 8% of the initial aggregate
principal balance of the Receivables until
the O/C target has been met. At that time,
the amount required to be on deposit in the
Spread Account shall equal 11% of the
outstanding principal balance of the
Receivables, subject to a floor of 2.5% of
the initial aggregate principal balance of
the Receivables. To the extent that on any
Payment Date the amount on deposit in the
Spread Account exceeds the amount required
to be on deposit therein, after satisfaction
of the O/C target, such excess shall be
released to the Seller. Through a cross
collateralization program implemented by
FSA, monies in the Spread Account may, in
certain circumstances, be used to cover
losses in existing and future CPS issues
guaranteed by FSA. The Spread Account may be
terminated, or the amount required to be on
deposit therein may be modified, by FSA
without the consent of the Noteholders.
(4) FSA Policy: FSA will issue an Insurance Policy that will
unconditionally and irrevocably guarantee to
the Class A Noteholders timely payment of
the distribution amounts of interest and
principal on each payment date.
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Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
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[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/23/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
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<PAGE>
Nomura Securities International, Inc. - Structured Finance Desk
CPS AUTO RECEIVABLES TRUST 1998-3
Structural Considerations: (1) Cross Default: FSA will require that
an Insurance Agreement Event of
Default under any other existing or
future CPS Auto Receivable Trusts,
guaranteed by FSA, will constitute an
Insurance Agreement Event of Default
under the CPS Auto Receivable Trusts
Series 1998-3 issue. The Insurance
Agreement Events of Default in
existing or future transactions may be
modified, amended or waived by FSA
without Noteholder consent. Remedies
available to FSA in the event of the
occurrence of an Insurance Agreement
Event of Default include raising the
required Spread Account amount and
terminating CPS as Servicer.
(2) Credit Enhancement Levels: As a result
of collateral performance, the credit
enhancement levels (initial Spread
Account deposits plus O/C) have been
increased for the Series 1998-3 issue.
Collateral: Motor vehicle retail installment sales
contracts made to borrowers who would not be
expected to qualify for traditional
financing (sub-prime borrowers), secured by
new and used motor vehicles and light duty
trucks, vans and mini-vans purchased by CPS
and its affiliates, Samco Acceptance Corp.
(`Samco') and Linc Acceptance Company LLC
(`Linc'), from Dealers and financial
institutions who regularly originate and
sell such contracts to CPS and its
affiliates.
Servicing/Trustee Fees: The Receivables are subject to certain
fees, including a Servicing Fee of 2.00% per
annum payable monthly and based on the
current aggregate principal balance of the
Receivables. Fees payable to the Trustee,
Collateral Agent, and Backup Servicer equal
to a per annum rate of 0.04% on the current
aggregate principal balance of the Notes
will be payable by the Trust.
Tax Considerations: The Trust will not be characterized as an
association taxable as a corporation or as a
publicly traded partnership. The Class A
Notes will be characterized as debt for
federal income tax purposes.
Prospectus: The Class A Notes are being offered pursuant
to a Prospectus which includes a Prospectus
Supplement (together, the `Prospectus').
Complete information with respect to the
Class A Notes and the collateral is
contained in the Prospectus. The material
presented herein is qualified in its
entirety by the information appearing in the
Prospectus. To the extent that the material
herein is inconsistent with the Prospectus,
the Prospectus shall govern in all respects.
Sales of the Class A Notes may not be
consummated unless the purchaser has
received the Prospectus.
Origination: The Receivables were originated under the
following programs:
(1) Standard Program;
(2) First Time Buyers, for first time
automobile buyers, with higher credit
standards than the Standard Program;
(3) Alpha Program, for buyers who exceed the
credit guidelines of the Standard
Program;
(4) Super Alpha Program, for buyers who
exceed the credit guidelines of the
Alpha Program;
(5) Delta Program, for buyers who fall
beneath the credit guidelines of the
Standard Program and
(6) Linc Program, offered by Linc and
including credit requirements which are
slightly more stringent than those under
the Alpha Program.
The Receivables were originated by CPS and
its affiliates, Samco and Linc. Samco is an
80% owned subsidiary of CPS, which
originates loans to CPS' underwriting
criteria through independent finance
companies located primarily in rural areas
of the South and Southeast. Linc is an 80%
owned subsidiary of CPS which originates
loans to the underwriting criteria of the
Linc Program from deposit institutions such
as banks, thrifts, and credit unions.
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/23/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
Nomura Securities International, Inc. - Structured Finance Desk
CPS AUTO RECEIVABLES TRUST 1998-3
Derived Information
$235,532,000 Notes
Consumer Portfolio Services Auto Receivables Trust
Asset Backed Notes, Series 1998-3
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/23/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
Nomura Securities International, Inc. - Structured Finance Desk
CPS AUTO RECEIVABLES TRUST 1998-3
To Maturity
<TABLE>
<CAPTION>
- ----------- ------------- -------- ------------- -------------- --------------- ------------ ----------- -------------
Securities Size Class % Benchmark Expected WAL Est. Prin. Expected Stated Expected
(1) of Coll. Pmt. Window Final Final Ratings
(mos.) Maturity Maturity S&P/Moody's
- ----------- ------------- -------- ------------- -------------- --------------- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 $36,000,000 14.98 2M LIBOR 0.18 1-5 12/98 8/99 A-1+/P-1
- ----------- ------------- -------- ------------- -------------- --------------- ------------ ----------- -------------
A-2 $92,000,000 38.28 12M LIBOR 1.00 5-22 5/00 10/01 AAA/Aaa
- ----------- ------------- -------- ------------- -------------- --------------- ------------ ----------- -------------
A-3 $25,000,000 10.40 6% 8/00 2.00 22-27 10/00 6/02 AAA/Aaa
- ----------- ------------- -------- ------------- -------------- --------------- ------------ ----------- -------------
A-4 $82,532,000 34.34 6 1/4% 10/01 3.23 27-57 4/03 10/03 AAA/Aaa
- ----------- ------------- -------- ------------- -------------- --------------- ------------ ----------- -------------
</TABLE>
To Clean-up Call
<TABLE>
<CAPTION>
- ----------- ------------- --------- -------------- ------------- -------------- ------------ ---------- ---------------
Securities Size Class % Benchmark Expected WAL Est. Prin. Expected Stated Expected
(1) Pmt. Window Final Final Ratings
(mos.) Maturity Maturity S&P/Moody's
- ----------- ------------- --------- -------------- ------------- -------------- ------------ ---------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-4 $82,532,000 34.34 6 1/4% 10/01 3.12 27-45 4/02 N/A AAA/Aaa
- ----------- ------------- --------- -------------- ------------- -------------- ------------ ---------- ---------------
</TABLE>
(1) Prepayments are sized at 1.50 ABS
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/23/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
Nomura Securities International, Inc. - Structured Finance Desk
CPS AUTO RECEIVABLES TRUST 1998-3
PROJECTED PERFORMANCE
Under Varying Prepayment Assumptions
To Maturity
ABS Speed 0.00 1.00 1.50 1.75 2.00
Class A-1
Average Life (yrs) 0.29 0.20 0.18 0.16 0.15
Window (begin-end) (mos.) 1-8 1-5 1-5 1-4 1-4
Expected Final Maturity 3/99 12/98 12/98 11/98 11/98
Class A-2
Average Life (yrs) 1.85 1.21 1.00 0.92 0.84
Window (begin-end) (mos.) 8-36 5-26 5-22 4-20 4-18
Expected Final Maturity 7/01 9/00 5/00 3/00 1/00
Class A-3
Average Life (yrs) 3.18 2.38 2.00 1.83 1.69
Window (begin-end) (mos.) 36-42 26-32 22-27 20-25 18-23
Expected Final Maturity 1/02 3/01 10/00 8/00 6/00
Class A-4
Average Life (yrs) 4.12 3.63 3.23 3.00 2.76
Window (begin-end) (mos.) 42-57 32-57 27-57 25-57 23-49
Expected Final Maturity 4/03 4/03 4/03 4/03 8/02
To Clean-up Call
ABS Speed 0.00 1.00 1.50 1.75 2.00
Class A-4
Average Life (yrs) 4.08 3.55 3.12 2.89 2.65
Window (begin-end) (mos.) 42-54 32-50 27-45 25-42 23-38
Expected Final Maturity 1/03 9/02 4/02 1/02 9/01
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/23/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
Nomura Securities International, Inc. - Structured Finance Desk
CPS AUTO RECEIVABLES TRUST 1998-3
Collateral Summary
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/23/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
NOMURA ASSET CAPITAL CORPORATION Page 1 of 4
CPS SECURITY 1998-3 SENT 07/02/98
Records: 18,847
Balance: 240,339,160.19
Selection: All Records
- --------------------------------------------------------------------------------
No of % of Total % of
Current Balance Loans Count Balance Balance
- --------------- ----- ----- ------- -------
0.01- 5,000.00 126 0.67 546,383.38 0.23
5,000.01- 10,000.00 4,037 21.42 33,989,045.42 14.14
10,000.01- 15,000.00 10,422 55.30 129,397,411.64 53.84
15,000.01- 20,000.00 3,428 18.19 58,146,021.89 24.19
20,000.01- 25,000.00 801 4.25 17,411,309.11 7.24
25,000.01- 30,000.00 33 0.18 848,988.75 0.35
Total: 18,847 100.00 240,339,160.19 100.00
Min: 1,045 Max: 27,493 Avg: 12,752
No of % of Total % of
Gross Coupon Loans Count Balance Balance
- ------------ ----- ----- ------- -------
15.501-16.000 1 0.01 22,723.78 0.01
16.501-17.000 354 1.88 5,341,017.90 2.22
17.001-17.500 179 0.95 2,659,588.01 1.11
17.501-18.000 2,232 11.84 31,427,137.70 13.08
18.001-18.500 262 1.39 3,630,512.87 1.51
18.501-19.000 2,314 12.28 32,992,606.85 13.73
19.001-19.500 13 0.07 164,154.61 0.07
19.501-20.000 1,803 9.57 24,980,158.16 10.39
20.001-20.500 1,656 8.79 22,719,156.20 9.45
20.501-21.000 5,502 29.19 66,778,742.74 27.79
21.001-21.500 109 0.58 1,153,346.43 0.48
21.501-22.000 729 3.87 8,843,205.83 3.68
22.001-22.500 5 0.03 58,589.13 0.02
22.501-23.000 1,300 6.90 14,822,295.87 6.17
23.001-23.500 23 0.12 237,273.07 0.10
23.501-24.000 2,207 11.71 22,942,983.59 9.55
24.001-24.500 7 0.04 86,680.83 0.04
24.501-25.000 114 0.60 1,159,432.58 0.48
25.001-25.500 6 0.03 52,869.90 0.02
25.501-26.000 6 0.03 49,599.03 0.02
26.501-27.000 3 0.02 27,127.24 0.01
27.001-27.500 3 0.02 19,094.52 0.01
27.501-28.000 3 0.02 25,263.28 0.01
28.501-29.000 10 0.05 87,638.67 0.04
29.001-29.500 2 0.01 13,981.22 0.01
29.501-30.000 4 0.02 43,980.18 0.02
Total: 18,847 100.00 240,339,160.19 100.00
Min: 15.950 Max: 30.000 WAC: 20.447
No of % of Total % of
Original Term Loans Count Balance Balance
- ------------- ----- ----- ------- -------
19- 24 92 0.49 526,800.94 0.22
25- 30 147 0.78 1,075,262.30 0.45
31- 36 618 3.28 5,037,244.09 2.10
37- 42 458 2.43 4,443,044.82 1.85
43- 48 1,762 9.35 18,165,357.54 7.56
49- 54 1,329 7.05 16,092,435.72 6.70
55- 60 14,441 76.62 194,999,014.78 81.13
Total: 18,847 100.00 240,339,160.19 100.00
Min: 24 Max: 60 Wgt Avg: 57.6
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/23/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
NOMURA ASSET CAPITAL CORPORATION Page 2 of 4
CPS SECURITY 1998-3 SENT 07/02/98
Records: 18,847
Balance: 240,339,160.19
Selection: All Records
- --------------------------------------------------------------------------------
No of % of Total % of
Remaining Term Loans Count Balance Balance
- -------------- ----- ----- ------- -------
19- 24 92 0.49 526,800.94 0.22
25- 30 148 0.79 1,079,813.73 0.45
31- 36 618 3.28 5,035,828.81 2.10
37- 42 459 2.44 4,456,663.59 1.85
43- 48 1,764 9.36 18,196,311.61 7.57
49- 54 1,336 7.09 16,179,977.60 6.73
55- 60 14,430 76.56 194,863,763.91 81.08
Total: 18,847 100.00 240,339,160.19 100.00
Min: 21 Max: 60 Wgt Avg: 56.7
No of % of Total % of
Year Loans Count Balance Balance
- ---- ----- ----- ------- -------
90 107 0.57 805,481.11 0.34
91 279 1.48 2,193,352.33 0.91
92 552 2.93 4,927,961.83 2.05
93 1,181 6.27 11,868,728.42 4.94
94 2,395 12.71 27,190,270.02 11.31
95 5,018 26.62 62,817,398.47 26.14
96 4,357 23.12 58,334,570.18 24.27
97 3,461 18.36 48,008,903.02 19.98
98 1,485 7.88 24,005,811.14 9.99
99 12 0.06 186,683.67 0.08
Total: 18,847 100.00 240,339,160.19 100.00
No of % of Total % of
New or Used Loans Count Balance Balance
- ----------- ----- ----- ------- -------
New 1,371 7.27 21,968,477.72 9.14
Used 17,476 92.73 218,370,682.47 90.86
Total: 18,847 100.00 240,339,160.19 100.00
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/23/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
NOMURA ASSET CAPITAL CORPORATION Page 3 of 4
CPS SECURITY 1998-3 SENT 07/02/98
Records: 18,847
Balance: 240,339,160.19
Selection: All Records
- --------------------------------------------------------------------------------
State No of % of Total % of
Concentrations Loans Count Balance Balance
- -------------- ----- ----- ------- -------
CA 3,384 17.96 45,656,756.59 19.00
FL 1,257 6.67 15,891,893.01 6.61
NC 1,157 6.14 15,420,378.26 6.42
TX 1,116 5.92 14,899,131.82 6.20
AL 1,040 5.52 13,057,850.53 5.43
LA 996 5.28 12,982,914.54 5.40
PA 1,005 5.33 12,555,024.13 5.22
MI 884 4.69 11,233,838.04 4.67
IL 876 4.65 10,587,808.44 4.41
GA 667 3.54 8,454,152.84 3.52
TN 642 3.41 7,759,040.05 3.23
NY 621 3.29 7,524,218.52 3.13
MD 442 2.35 5,671,424.72 2.36
SC 400 2.12 5,094,582.25 2.12
WA 359 1.90 4,638,893.12 1.93
IN 389 2.06 4,564,868.10 1.90
NJ 345 1.83 4,306,983.71 1.79
OH 368 1.95 4,261,200.50 1.77
NV 332 1.76 4,098,905.63 1.71
MS 309 1.64 3,914,194.66 1.63
MN 300 1.59 3,618,831.90 1.51
VA 264 1.40 3,494,795.71 1.45
HI 279 1.48 3,366,102.89 1.40
KY 240 1.27 2,753,404.80 1.15
Other 1,175 6.23 14,531,965.43 6.05
Total: 18,847 100.00 240,339,160.19 100.00
No of % of Total % of
Contract Date Loans Count Balance Balance
- ------------- ----- ----- ------- -------
1997-05 1 0.01 9,852.99 0.00
1997-08 1 0.01 11,874.58 0.00
1997-10 1 0.01 13,618.77 0.01
1997-11 5 0.03 69,901.86 0.03
1997-12 4 0.02 47,131.45 0.02
1998-01 15 0.08 173,535.01 0.07
1998-02 105 0.56 1,206,455.35 0.50
1998-03 1,213 6.44 14,900,346.53 6.20
1998-04 5,746 30.49 72,988,797.63 30.37
1998-05 8,042 42.67 103,040,145.31 42.87
1998-06 3,714 19.71 47,877,500.71 19.92
Total: 18,847 100.00 240,339,160.19 100.00
No of % of Total % of
Rule 78 Loans Count Balance Balance
- ------- ----- ----- ------- -------
NO 15,380 81.60 194,551,311.78 80.95
YES 3,467 18.40 45,787,848.41 19.05
Total: 18,847 100.00 240,339,160.19 100.00
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/23/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
NOMURA ASSET CAPITAL CORPORATION Page 4 of 4
CPS SECURITY 1998-3 SENT 07/02/98
Records: 18,847
Balance: 240,339,160.19
Selection: All Records
- --------------------------------------------------------------------------------
No of % of Total % of
Program Loans Count Balance Balance
- ------- ----- ----- ------- -------
ALPH 8,900 47.22 120,074,410.96 49.96
DELT 1,835 9.74 21,165,688.50 8.81
FTB 1,634 8.67 17,413,914.76 7.25
LINC 316 1.68 4,266,548.44 1.78
STD 5,998 31.82 74,834,495.79 31.14
SUAL 164 0.87 2,584,101.74 1.08
Total: 18,847 100.00 240,339,160.19 100.00
No of % of Total % of
Source Loans Count Balance Balance
- ------ ----- ----- ------- -------
CPS 17,464 92.66 223,225,370.84 92.88
LINC 316 1.68 4,266,548.44 1.78
SAMCO 1,067 5.66 12,847,240.91 5.35
Total: 18,847 100.00 240,339,160.19 100.00
Table Page
- ----- ----
Current Balance 1
Gross Coupon 1
Original Term 1
Remaining Term 2
Year 2
New or Used 2
State Concentrations 3
Contract Date 3
Rule 78 3
Program 4
Source 4
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/23/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
NOMURA ASSET CAPITAL CORPORATION Page 1 of 1
CPS SECURITY 1998-3 SENT 07/02/98
Records: 18,847
Balance: 240,339,160.19
Selection: All Records
- --------------------------------------------------------------------------------
Total Total % of
No of % of Original Current Current
Amount Financed Loans Count Balance Balance Balance
- --------------- ----- ----- ------- ------- -------
0.01- 5,000.00 107 0.57 469,041.42 459,438.50 0.19
5,000.01- 10,000.00 3,908 20.74 32,978,643.69 32,629,597.54 13.58
10,000.01- 15,000.00 10,452 55.46 130,063,549.13 129,105,357.88 53.72
15,000.01- 20,000.00 3,502 18.58 59,412,865.74 59,016,155.82 24.56
20,000.01- 25,000.00 845 4.48 18,392,270.47 18,282,424.08 7.61
25,000.01- 35,000.00 33 0.18 850,729.89 846,186.37 0.35
Total: 18,847 100.00 242,167,100.34 240,339,160.19 100.00
Min: 2,597 Max: 27,849 Wgt Avg: 12,849
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/23/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
Nomura Securities International, Inc. - Structured Finance Desk
------------------
Trading Desk:
1820
------------------
Consumer Portfolio Services Auto Receivables Trust
Asset Backed Notes, Series 1998-3
$235,532,000
Public Offering
<TABLE>
<CAPTION>
- ------- --------------- ------------------- ------------ -------------- ----------------- -----------
Class Class Size ($) Expected Ratings Average Stated Final Payment Window Day Count
S&P/Moody's Life Maturity
- ------- --------------- ------------------- ------------ -------------- ----------------- -----------
<S> <C> <C> <C> <C> <C> <C>
A-1 36,000,000 A-1+ / P-1 0.22 8/99 8/98 - 12/98 Act/360
- ------- --------------- ------------------- ------------ -------------- ----------------- -----------
A-2 87,500,000 AAA / Aaa 1.00 10/01 12/98 - 4/00 30/360
- ------- --------------- ------------------- ------------ -------------- ----------------- -----------
A-3 30,000,000 AAA / Aaa 2.00 6/02 4/00 - 10/00 30/360
- ------- --------------- ------------------- ------------ -------------- ----------------- -----------
A-4 82,032,000 AAA / Aaa 3.28 10/03 10/00 - 4/03 30/360
- ------- --------------- ------------------- ------------ -------------- ----------------- -----------
</TABLE>
Issuer: CPS Auto Receivables Trust 1998-3
Seller: CPS Receivables Corp.
Servicer: Consumer Portfolio Services, Inc. ("CPS")
Indenture Trustee: Norwest Bank Minnesota, N.A.
Backup Servicer: Norwest Bank Minnesota, N.A.
Owner Trustee: Bankers Trust (Delaware)
Bond Insurer: Financial Security Assurance Inc. ("FSA")
Rating Agencies: Standard & Poor's and Moody's Investors
Service
2a-7 Eligibility: Class A-1 Notes will be eligible under Rule
2a-7 of the Investment Company Act of 1940,
as amended
Underwriter: Nomura Securities International, Inc.
Anticipated Pricing Date: July 9, 1998
Anticipated Closing Date: July 15, 1998
Payment Date: 15th of each month commencing August 15,
1998
Record Date: 10th day of each month
Delay: 0 day delay
Pricing Assumption: 1.5% ABS
Call Feature: 10% clean-up
ERISA: Yes
SMMEA: No
Form of Offering: Book-entry form, same-day funds through DTC
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/6/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
Nomura Securities International, Inc. - Structured Finance Desk
CPS AUTO RECEIVABLES TRUST 1998-3
Structure: Sequential pay structure collateralized by a
pool of fixed rate automobile loans.
Interest will be paid to all classes
concurrently. Principal will be paid
sequentially to the lowest numbered
outstanding Class A Note until such class is
reduced to zero, then to the next lowest
number outstanding Class A Note.
Credit Enhancement: The Notes will be initially supported by
over-collateralization (O/C) of 2% and a
cash Spread Account deposit of 3% of the
initial aggregate principal balance of the
Receivables. Excess cashflow is used to grow
the O/C to 10% of the outstanding balance of
the Receivables and, thereafter, cashflows
are allocated so as to maintain the O/C at
10% of the outstanding balance for the life
of the transaction. Once the O/C target has
been satisfied, excess cashflow is used to
build the Spread Account to 6% of the
current outstanding principal balance of the
Receivables from time to time subject to a
floor of 2.5% of the initial aggregate
principal balance of the Receivables.
Credit Enhancement is provided by the
following mechanisms:
(1) Excess Spread
(2) Over-Collateralization
(3) Spread Account
(4) 100% FSA Insurance Policy covering
timely payment of interest and
principal
(1) Excess Spread: The weighted average coupon rate on the
Receivables is generally expected to be
higher than the sum of (a) the servicing and
other fees, and (b) the weighted average
pass through rate on the Notes. Excess
collections will be available, to the extent
required, to fund payments on the Notes on
each Payment Date.
(2) Over-Collateralization: Excess Spread (as described above) is
applied, to the extent available and
required, to make accelerated payments of
principal to the Class A Notes then entitled
to receive distributions of principal; such
application will cause the Aggregate
Principal balance of the Notes to pay down
more rapidly than the Receivables, thus
increasing the O/C amount.
(3) Spread Account: The Spread Account will have an initial
deposit of 3.0% of the initial aggregate
principal balance of the Receivables. On
each Payment Date, if the O/C is at least
10% of the outstanding balance of the
Receivables, excess cashflow will be
deposited to the Spread Account to build it
to 6% of outstanding principal balance of
the Receivables, and can step down over time
to 2.5% of the initial aggregate principal
balance of the Receivables.
(4) FSA Policy: FSA will issue an Insurance Policy that will
unconditionally and irrevocably guarantee to
the Class A Noteholders timely payment of
the distribution amounts of interest and
principal on each payment date.
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/6/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
Nomura Securities International, Inc. - Structured Finance Desk
CPS AUTO RECEIVABLES TRUST 1998-3
Collateral: Motor vehicle retail installment sales
contracts made to borrowers who would not be
expected to qualify for traditional
financing (sub-prime borrowers), secured by
new and used motor vehicles and light duty
trucks, vans and mini-vans purchased by CPS
and its affiliates, Samco Acceptance Corp.
(`Samco') and Linc Acceptance Company LLC
(`Linc'), from Dealers and financial
institutions who regularly originate and
sell such contracts to CPS and its
affiliates.
Servicing/Trustee Fees: The Receivables are subject to certain fees,
including a Servicing Fee of 2.00% per annum
payable monthly and based on the current
Aggregate Principal balance of the
Receivables. Fees payable to the Trustee and
Backup Servicer equal to a per annum rate
0.08% on the current aggregate principal
balance of the Receivables will be payable
by the Trust.
Tax Considerations: The trust will not be characterized as an
association taxable as a corporation or as a
publicly traded partnership. The Class A
Notes will be characterized as debt for
federal income tax purposes.
Prospectus: The Class A Notes are being offered pursuant
to a Prospectus which includes a Prospectus
Supplement (together, the `Prospectus').
Complete information with respect to the
Class A Notes and the collateral is
contained in the Prospectus. The material
presented herein is qualified in its
entirety by the information appearing in the
Prospectus. To the extent that the foregoing
is inconsistent with the Prospectus, the
Prospectus shall govern in all respects.
Sales of the Class A notes may not be
consummated unless the purchaser has
received the Prospectus.
Origination: The Receivables were originated under the
following programs:
(1) Standard Program;
(2) First Time Buyers, for first time
automobile buyers, with higher credit
standards than the Standard Program;
(3) Alpha Program, for buyers who exceed the
credit guidelines of the Standard
Program;
(4) Super Alpha Program, for buyers who
exceed the credit guidelines of the
Alpha Program;
(5) Delta Program, for buyers who fall
beneath the credit guidelines of the
Standard Program and
(6) Linc Program, offered by Linc and
including credit requirements which are
slightly more stringent than those under
the Alpha Program.
The Receivables were originated by CPS and
its affiliates, Samco and Linc. Samco is an
80% owned subsidiary of CPS, which
originates loans to CPS' underwriting
criteria through independent finance
companies located primarily in rural areas
of the South and Southeast. Linc is an 80%
owned subsidiary of CPS which originates
loans to the underwriting criteria of the
Linc Program from deposit institutions such
as banks, thrifts, and credit unions.
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/6/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
Nomura Securities International, Inc. - Structured Finance Desk
CPS AUTO RECEIVABLES TRUST 1998-3
Derived Information
$235,532,000 Notes
Consumer Portfolio Services Auto Receivables Trust
Asset Backed Notes, Series 1998-3
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/6/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
Nomura Securities International, Inc. - Structured Finance Desk
CPS AUTO RECEIVABLES TRUST 1998-3
To Maturity
<TABLE>
<CAPTION>
- ----------- ------------- -------- ------------- -------------- --------------- ------------ ----------- -------------
Securities Size Class % Benchmark Expected WAL Est. Prin. Expected Stated Expected
(1) of Coll. Pmt. Window Final Final Ratings
(mos.) Maturity Maturity S&P/Moody's
- ----------- ------------- -------- ------------- -------------- --------------- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-1 $36,000,000 14.98 2M LIBOR 0.22 1-5 12/98 8/99 A-1+/P-1
- ----------- ------------- -------- ------------- -------------- --------------- ------------ ----------- -------------
A-2 $87,500,000 36.41 12M LIBOR 1.00 5-21 4/00 10/01 AAA/Aaa
- ----------- ------------- -------- ------------- -------------- --------------- ------------ ----------- -------------
A-3 $30,000,000 12.48 5 3/8% 6/00 2.00 21-27 10/00 6/02 AAA/Aaa
- ----------- ------------- -------- ------------- -------------- --------------- ------------ ----------- -------------
A-4 $82,032,000 34.13 6 3/8% 9/01 3.28 27-57 4/03 10/03 AAA/Aaa
- ----------- ------------- -------- ------------- -------------- --------------- ------------ ----------- -------------
</TABLE>
To Clean-up Call
<TABLE>
<CAPTION>
- ----------- ------------- --------- -------------- ------------- -------------- ------------ ---------- ---------------
Securities Size Class % Benchmark Expected WAL Est. Prin. Expected Stated Expected
(1) Pmt. Window Final Final Ratings
(mos.) Maturity Maturity S&P/Moody's
- ----------- ------------- --------- -------------- ------------- -------------- ------------ ---------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
A-4 $82,032,000 34.13 6 3/8% 9/01 3.17 27-45 4/02 N/A AAA/Aaa
- ----------- ------------- --------- -------------- ------------- -------------- ------------ ---------- ---------------
</TABLE>
(1) Prepayments are sized at 1.50 ABS
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/6/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
Nomura Securities International, Inc. - Structured Finance Desk
CPS AUTO RECEIVABLES TRUST 1998-3
PROJECTED PERFORMANCE
Under Varying Prepayment Assumptions
To Maturity
ABS Speed 0.00 1.00 1.50 1.75 2.00
Class A-1
Average Life (yrs) 0.34 0.25 0.22 0.21 0.20
Window (begin-end) (mos.) 1-8 1-5 1-5 1-4 1-4
Expected Final Maturity 3/99 12/98 12/98 11/98 11/98
Class A-2
Average Life (yrs) 1.84 1.21 1.00 0.92 0.85
Window (begin-end) (mos.) 8-35 5-25 5-21 4-19 4-18
Expected Final Maturity 6/01 8/00 4/00 2/00 1/00
Class A-3
Average Life (yrs) 3.19 2.38 2.00 1.84 1.70
Window (begin-end) (mos.) 35-42 25-32 21-27 19-25 18-23
Expected Final Maturity 1/02 3/01 10/00 8/00 6/00
Class A-4
Average Life (yrs) 4.16 3.67 3.28 3.05 2.80
Window (begin-end) (mos.) 42-57 32-57 27-57 25-57 23-49
Expected Final Maturity 4/03 4/03 4/03 4/03 8/02
To Clean-up Call
ABS Speed 0.00 1.00 1.50 1.75 2.00
Class A-4
Average Life (yrs) 4.13 3.60 3.17 2.94 2.69
Window (begin-end) (mos.) 42-54 32-50 27-45 25-42 23-38
Expected Final Maturity 1/03 9/02 4/02 1/02 9/01
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/6/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
Nomura Securities International, Inc. - Structured Finance Desk
CPS AUTO RECEIVABLES TRUST 1998-3
Collateral Summary
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/6/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
NOMURA ASSET CAPITAL CORPORATION Page 1 of 4
CPS SECURITY 1998-3 SENT 07/02/98
Records: 18,847
Balance: 240,339,160.19
Selection: All Records
- --------------------------------------------------------------------------------
No of % of Total % of
Current Balance Loans Count Balance Balance
- --------------- ----- ----- ------- -------
0.01- 5,000.00 126 0.67 546,383.38 0.23
5,000.01- 10,000.00 4,037 21.42 33,989,045.42 14.14
10,000.01- 15,000.00 10,422 55.30 129,397,411.64 53.84
15,000.01- 20,000.00 3,428 18.19 58,146,021.89 24.19
20,000.01- 25,000.00 801 4.25 17,411,309.11 7.24
25,000.01- 30,000.00 33 0.18 848,988.75 0.35
Total: 18,847 100.00 240,339,160.19 100.00
Min: 1,045 Max: 27,493 Avg: 12,752
No of % of Total % of
Gross Coupon Loans Count Balance Balance
- ------------ ----- ----- ------- -------
15.501-16.000 1 0.01 22,723.78 0.01
16.501-17.000 354 1.88 5,341,017.90 2.22
17.001-17.500 179 0.95 2,659,588.01 1.11
17.501-18.000 2,232 11.84 31,427,137.70 13.08
18.001-18.500 262 1.39 3,630,512.87 1.51
18.501-19.000 2,314 12.28 32,992,606.85 13.73
19.001-19.500 13 0.07 164,154.61 0.07
19.501-20.000 1,803 9.57 24,980,158.16 10.39
20.001-20.500 1,656 8.79 22,719,156.20 9.45
20.501-21.000 5,502 29.19 66,778,742.74 27.79
21.001-21.500 109 0.58 1,153,346.43 0.48
21.501-22.000 729 3.87 8,843,205.83 3.68
22.001-22.500 5 0.03 58,589.13 0.02
22.501-23.000 1,300 6.90 14,822,295.87 6.17
23.001-23.500 23 0.12 237,273.07 0.10
23.501-24.000 2,207 11.71 22,942,983.59 9.55
24.001-24.500 7 0.04 86,680.83 0.04
24.501-25.000 114 0.60 1,159,432.58 0.48
25.001-25.500 6 0.03 52,869.90 0.02
25.501-26.000 6 0.03 49,599.03 0.02
26.501-27.000 3 0.02 27,127.24 0.01
27.001-27.500 3 0.02 19,094.52 0.01
27.501-28.000 3 0.02 25,263.28 0.01
28.501-29.000 10 0.05 87,638.67 0.04
29.001-29.500 2 0.01 13,981.22 0.01
29.501-30.000 4 0.02 43,980.18 0.02
Total: 18,847 100.00 240,339,160.19 100.00
Min: 15.950 Max: 30.000 WAC: 20.447
No of % of Total % of
Original Term Loans Count Balance Balance
- ------------- ----- ----- ------- -------
19- 24 92 0.49 526,800.94 0.22
25- 30 147 0.78 1,075,262.30 0.45
31- 36 618 3.28 5,037,244.09 2.10
37- 42 458 2.43 4,443,044.82 1.85
43- 48 1,762 9.35 18,165,357.54 7.56
49- 54 1,329 7.05 16,092,435.72 6.70
55- 60 14,441 76.62 194,999,014.78 81.13
Total: 18,847 100.00 240,339,160.19 100.00
Min: 24 Max: 60 Wgt Avg: 57.6
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/6/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
NOMURA ASSET CAPITAL CORPORATION Page 2 of 4
CPS SECURITY 1998-3 SENT 07/02/98
Records: 18,847
Balance: 240,339,160.19
Selection: All Records
- --------------------------------------------------------------------------------
No of % of Total % of
Remaining Term Loans Count Balance Balance
- -------------- ----- ----- ------- -------
19- 24 92 0.49 526,800.94 0.22
25- 30 148 0.79 1,079,813.73 0.45
31- 36 618 3.28 5,035,828.81 2.10
37- 42 459 2.44 4,456,663.59 1.85
43- 48 1,764 9.36 18,196,311.61 7.57
49- 54 1,336 7.09 16,179,977.60 6.73
55- 60 14,430 76.56 194,863,763.91 81.08
Total: 18,847 100.00 240,339,160.19 100.00
Min: 21 Max: 60 Wgt Avg: 56.7
No of % of Total % of
Year Loans Count Balance Balance
- ---- ----- ----- ------- -------
90 107 0.57 805,481.11 0.34
91 279 1.48 2,193,352.33 0.91
92 552 2.93 4,927,961.83 2.05
93 1,181 6.27 11,868,728.42 4.94
94 2,395 12.71 27,190,270.02 11.31
95 5,018 26.62 62,817,398.47 26.14
96 4,357 23.12 58,334,570.18 24.27
97 3,461 18.36 48,008,903.02 19.98
98 1,485 7.88 24,005,811.14 9.99
99 12 0.06 186,683.67 0.08
Total: 18,847 100.00 240,339,160.19 100.00
No of % of Total % of
New or Used Loans Count Balance Balance
- ----------- ----- ----- ------- -------
New 1,371 7.27 21,968,477.72 9.14
Used 17,476 92.73 218,370,682.47 90.86
Total: 18,847 100.00 240,339,160.19 100.00
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/6/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
NOMURA ASSET CAPITAL CORPORATION Page 3 of 4
CPS SECURITY 1998-3 SENT 07/02/98
Records: 18,847
Balance: 240,339,160.19
Selection: All Records
- --------------------------------------------------------------------------------
State No of % of Total % of
Concentrations Loans Count Balance Balance
- -------------- ----- ----- ------- -------
CA 3,384 17.96 45,656,756.59 19.00
FL 1,257 6.67 15,891,893.01 6.61
NC 1,157 6.14 15,420,378.26 6.42
TX 1,116 5.92 14,899,131.82 6.20
AL 1,040 5.52 13,057,850.53 5.43
LA 996 5.28 12,982,914.54 5.40
PA 1,005 5.33 12,555,024.13 5.22
MI 884 4.69 11,233,838.04 4.67
IL 876 4.65 10,587,808.44 4.41
GA 667 3.54 8,454,152.84 3.52
TN 642 3.41 7,759,040.05 3.23
NY 621 3.29 7,524,218.52 3.13
MD 442 2.35 5,671,424.72 2.36
SC 400 2.12 5,094,582.25 2.12
WA 359 1.90 4,638,893.12 1.93
IN 389 2.06 4,564,868.10 1.90
NJ 345 1.83 4,306,983.71 1.79
OH 368 1.95 4,261,200.50 1.77
NV 332 1.76 4,098,905.63 1.71
MS 309 1.64 3,914,194.66 1.63
MN 300 1.59 3,618,831.90 1.51
VA 264 1.40 3,494,795.71 1.45
HI 279 1.48 3,366,102.89 1.40
KY 240 1.27 2,753,404.80 1.15
Other 1,175 6.23 14,531,965.43 6.05
Total: 18,847 100.00 240,339,160.19 100.00
No of % of Total % of
Contract Date Loans Count Balance Balance
- ------------- ----- ----- ------- -------
1997-05 1 0.01 9,852.99 0.00
1997-08 1 0.01 11,874.58 0.00
1997-10 1 0.01 13,618.77 0.01
1997-11 5 0.03 69,901.86 0.03
1997-12 4 0.02 47,131.45 0.02
1998-01 15 0.08 173,535.01 0.07
1998-02 105 0.56 1,206,455.35 0.50
1998-03 1,213 6.44 14,900,346.53 6.20
1998-04 5,746 30.49 72,988,797.63 30.37
1998-05 8,042 42.67 103,040,145.31 42.87
1998-06 3,714 19.71 47,877,500.71 19.92
Total: 18,847 100.00 240,339,160.19 100.00
No of % of Total % of
Rule 78 Loans Count Balance Balance
- ------- ----- ----- ------- -------
NO 15,380 81.60 194,551,311.78 80.95
YES 3,467 18.40 45,787,848.41 19.05
Total: 18,847 100.00 240,339,160.19 100.00
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/6/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
NOMURA ASSET CAPITAL CORPORATION Page 4 of 4
CPS SECURITY 1998-3 SENT 07/02/98
Records: 18,847
Balance: 240,339,160.19
Selection: All Records
- --------------------------------------------------------------------------------
No of % of Total % of
Program Loans Count Balance Balance
- ------- ----- ----- ------- -------
ALPH 8,900 47.22 120,074,410.96 49.96
DELT 1,835 9.74 21,165,688.50 8.81
FTB 1,634 8.67 17,413,914.76 7.25
LINC 316 1.68 4,266,548.44 1.78
STD 5,998 31.82 74,834,495.79 31.14
SUAL 164 0.87 2,584,101.74 1.08
Total: 18,847 100.00 240,339,160.19 100.00
No of % of Total % of
Source Loans Count Balance Balance
- ------ ----- ----- ------- -------
CPS 17,464 92.66 223,225,370.84 92.88
LINC 316 1.68 4,266,548.44 1.78
SAMCO 1,067 5.66 12,847,240.91 5.35
Total: 18,847 100.00 240,339,160.19 100.00
Table Page
- ----- ----
Current Balance 1
Gross Coupon 1
Original Term 1
Remaining Term 2
Year 2
New or Used 2
State Concentrations 3
Contract Date 3
Rule 78 3
Program 4
Source 4
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/6/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
<PAGE>
- --------------------------------------------------------------------------------
NOMURA ASSET CAPITAL CORPORATION Page 1 of 1
CPS SECURITY 1998-3 SENT 07/02/98
Records: 18,847
Balance: 240,339,160.19
Selection: All Records
- --------------------------------------------------------------------------------
Total Total % of
No of % of Original Current Current
Amount Financed Loans Count Balance Balance Balance
0.01- 5,000.00 107 0.57 469,041.42 459,438.50 0.19
5,000.01-10,000.00 3,908 20.74 32,978,643.69 32,629,597.54 13.58
10,000.01-15,000.00 10,452 55.46 130,063,549.13 129,105,357.88 53.72
15,000.01-20,000.00 3,502 18.58 59,412,865.74 59,016,155.82 24.56
20,000.01-25,000.00 845 4.48 18,392,270.47 18,282,424.08 7.61
25,000.01-35,000.00 33 0.18 850,729.89 846,186.37 0.35
Total: 18,847 100.00 242,167,100.34 240,339,160.19 100.00
Min: 2,597 Max: 27,849 Wgt Avg: 12,849
- --------------------------------------------------------------------------------
Neither the Seller nor the Servicer referred to above (i) has reviewed or
participated in the preparation hereof, (ii) is responsible for the accuracy
hereof or (iii) has authorized the dissemination hereof.
- --------------------------------------------------------------------------------
[NOMURA LOGO] ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
___&___S-8 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
7/6/98 reliable. Nomura makes no representation or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to buy
any securities. All information is hypothetical or preliminary
and subject to change. No such information should be viewed as
projections, forecast, predictions or opinions. The same may be
based on assumptions which may or may not be accurate, and any
such assumption may differ from actual results. Prospective
investors are advised to consult the final prospectus,
prospectus supplement, or private placement memorandum in
connection with their investments. Nomura and its affiliates
may have a position in the securities discussed herein and may
purchase or sell the same on a principal basis, or as agent
for another person. In addition, Nomura and certain of its
affiliates may have acted as an underwriter of such securities,
and may currently be providing investment banking or other
services to the issuers of such securities and/or borrowers and
their affiliates.
Copyrights(c) 1995. Nomura Securities International, Inc. Form No. 124
- --------------------------------------------------------------------------------
