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) November 25, 1998
-----------------
CONSUMER PORTFOLIO SERVICES, INC.
---------------------------------
(Exact Name of Registrant as Specified in its Charter)
California
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(State or Other Jurisdiction of Incorporation)
333-63805 33-0459135
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(Commission File Number) (I.R.S. Employer Identification No.)
16355 Laguna Canyon, Irvine, California 92718
- --------------------------------------- -----
(Address of Principal Executive Offices) (Zip Code)
(949) 753-6800
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(Registrant's Telephone Number, Including Area Code)
2 Ada, Irvine, California
-------------------------
(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
- ------- --------------------
20.30 Computational Materials for CPS Auto Receivables Trust 1998-4
<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: November 25, 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.
- ------- -------------------- --------
20.30 Computational Materials for CPS Auto
Receivables Trust 1998-4
<PAGE>
CPS Auto Receivables Trust 1998-4
$310,000,000 of Class A Notes
Underwritten by
Wheat First Securities, Inc., acting through
First Union Capital Markets,
a Division of Wheat First Securities, Inc.
This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy securities are made only by, and this information
must be read in conjunction with, the final prospectus supplement and the
related prospectus (the "Offering Document"). Information contained herein does
not purport to be complete and is subject to the same qualifications and
assumptions, and should be considered by investors only in the light of the same
warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets set forth in the tables below has been provided by the issuer
of the securities or an affiliate thereof and has not been independently
verified by the underwriter or its respective affiliates. The tables below have
been prepared by the underwriter. None of the issuer, Consumer Portfolio
Services, Inc., or any affiliate of either has reviewed or participated in the
preparation of the tables below and, consequently, none of the issuer, Consumer
Portfolio Services, Inc., or any affiliate of either of them is responsible for
the accuracy thereof (except to the extent that any inaccuracy results from the
information provided to the underwriter by the issuer, Consumer Portfolio
Services, Inc., or any affiliate of either of them). This information was
prepared on the basis of certain assumptions (including, in certain cases
assumptions specified by the recipient hereof) regarding payments, interest
rates, weighted average lives and weighted average loan age, loss and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Different assumptions could substantially alter the results
of the analysis. Neither the underwriter, the issuer, nor any of their
respective affiliates, makes any representation or warranty as to the actual
rate or timing of payments on any of the underlying assets or the payments or
yield on the securities. This information supersedes any prior versions hereof
and will be deemed to be superseded by any subsequent versions (including, with
respect to any description of the securities or the underlying assets, the
information contained in the Offering Document and any other information
subsequently filed with the Securities and Exchange Commission).
<PAGE>
Decrement Tables
Yield Considerations
All of the Receivables can be prepaid at any time without charge. (For
this purpose "prepayments" include prepayments in full, liquidations due to
default, as well as receipts of proceeds from physical damage, credit life and
credit accident and health insurance policies and certain other Receivables
repurchased for administrative reasons.) The rate of prepayments on the
Receivables may be influenced by a variety of economic, social, and other
factors. For example, an Obligor generally may not sell or transfer the Financed
Vehicle securing a Receivable without the consent of CPS. In addition, the rate
of prepayments on the Receivables may be affected by the nature of the Obligors
and the Financed Vehicles and servicing decisions. See "Risk Factors--Nature of
Obligors: Servicing" in the Prospectus Supplement. Any reinvestment risks
resulting from a faster or slower incidence of prepayment of Receivables will be
borne entirely by the Noteholders. See also "Description of the
Securities--Optional Redemption" in this Prospectus Supplement regarding the
Servicer's option to purchase the Receivables and redeem the Notes when the
aggregate Principal Balance of the Receivables is less than or equal to 10% or
less of the sum of (i) the aggregate Principal Balance of the Initial
Receivables as of the Cut-off Date and (ii) the initial Pre-Funded Amount (the
sum of (i) and (ii), the "Original Pool Balance"). See also "Description of the
Securities--Mandatory Redemption" in this Prospectus Supplement regarding the
acceleration of the Notes after the occurrence of an Event of Default.
Average Life of the Receivables
As of the Cut-off Date, the weighted average remaining term to
scheduled maturity of the Initial Receivables was approximately 55.87 months,
based on the following assumptions: (i) the Initial Receivables have the
characteristics described herein, (ii) all scheduled payments on the Initial
Receivables will be made on the last day of each month, and (iii) no principal
prepayments in full (including prepayments resulting from defaults, from
repurchases of Initial Receivables by the Seller or the Servicer and from the
application of insurance proceeds) will be made on the Initial Receivables.
Additional payments may be scheduled at the maturity dates of certain
Receivables as a result of late payments thereon, which could have the effect of
extending the weighted average remaining scheduled maturity of the Receivables
at any given time. In addition, the maturity dates of the Receivables may be
extended under the circumstances specified in the Sale and Servicing Agreement.
Prepayments on automobile receivables can be measured relative to a
prepayment standard or model. The model used in this Prospectus Supplement, the
Absolute Prepayment Model ("ABS"), represents an assumed rate of prepayment each
month relative to the original number of receivables in a pool of receivables.
ABS further assumes that all the receivables are the same size in a given
assumed pool and amortize at the same rate and that each receivable in each
month of its life will either be paid as scheduled or be prepaid in full. For
example, in a pool of receivables originally containing 10,000 receivables, a 1%
ABS rate means that 100 receivables prepay each month. ABS does not purport to
be a historical description of prepayment experience or a prediction of the
anticipated rate of prepayment of any pool of receivables, including the
Receivables.
The following tables (the "ABS Tables") have been prepared on the basis
of the following assumptions: (i) the closing date for the Notes occurs on
December 1, 1998, (ii) distributions on the Notes are made on the 15th day of
each month regardless of the day on which the Payment Date actually occurs,
commencing on December 15, 1998, (iii) no delinquencies or defaults in the
payment of principal and interest on the Receivables are experienced, (iv) no
Receivable is repurchased for breach of representation and warranty or
otherwise, (v) the Cut-off Date for the Initial Receivables is October 21, 1998,
(vi) the Collection Period related to each Payment Date is the calendar month
preceding the month in which such Payment Date occurs (or, in the case of the
initial Payment Date, from and including the Cut-off Date to November 30 1998),
(vii) during the Funding Period new Receivables are transferred to the trust
with an aggregate principal balance equal to the Pre-Funded Amount with a term
of 58 months and an APR of 20.273% per annum, (viii) prepayments on the
Receivables are received on the last day of each month at the indicated ABS
prepayment speed, (ix) the Servicing Fee is 2% per annum, (x) no Event of
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER, IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION
CAPITAL MARKETS REPRESENTATIVE IMMEDIATELY.
<PAGE>
Default under the Indenture occurs, (xi) the Receivables pool had an aggregate
outstanding principal balance of $275,647,271.04 as of the Cut-off Date, a
weighted average remaining term of 56 months, weighted average seasoning of 2
months and a weighted average APR of 20.273%, (xii) scheduled payments on each
of the Receivables are timely received and (xiii) no Servicer Termination Event,
optional redemption or mandatory redemption occurs (collectively, the "Modeling
Assumptions").
The ABS Tables indicate, based on the assumptions set forth above, the
percentages of the initial principal amount of each Class of Notes that would be
outstanding after each of the Payment Dates shown at various percentages of ABS
and the corresponding weighted average lives of such Notes. The actual
characteristics and performance of the Receivables will differ from the
assumptions used in constructing the ABS Tables. The assumptions used are
hypothetical and have been provided only to give a general sense of how the
principal cash flow might behave under varying prepayment scenarios. For
example, it is very unlikely that the Receivables will prepay at a constant
level of ABS until maturity or that all of the Receivables will prepay at the
same level of ABS. Moreover, the diverse terms of the Receivables could produce
slower or faster principal distributions than indicated in the ABS Tables at the
various constant percentages of ABS specified, even if the original and
remaining terms to maturity of the Receivables are as assumed. Any difference
between such assumptions and the actual characteristics and performance of the
Receivables, or actual prepayment experience, will affect the percentage of
initial balances outstanding over time and the weighted average lives of the
Notes.
The Seller does not believe that the timing of principal payments on
the Receivables will have a material impact on the yield to the initial
purchasers of the Notes, unless the Notes initially are purchased at a premium
or a discount. No assurance can be given, and no prediction can be made, as to
the actual prepayment experience on the Receivables.
- --------------------------------------------------------------------------------
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER, IF YOU DID NOT
RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR FIRST UNION
CAPITAL MARKETS REPRESENTATIVE IMMEDIATELY.
<PAGE>
Distribution A-1 Tranche
Date 1.00% 1.50% 1.70% 2.00% 2.50%
- ---- ----- ----- ----- ----- -----
Closing 100.00% 100.00% 100.00% 100.00% 100.00%
12/15/98 88.33% 85.43% 84.25% 82.47% 79.45%
1/15/99 76.68% 70.94% 68.62% 65.09% 59.12%
2/15/99 65.05% 56.55% 53.10% 47.88% 39.02%
3/15/99 52.05% 40.51% 35.83% 28.73% 16.72%
4/15/99 39.08% 24.57% 18.69% 9.78% 0.00%
5/15/99 26.14% 8.75% 1.70% 0.00% 0.00%
6/15/99 13.24% 0.00% 0.00% 0.00% 0.00%
7/15/99 0.37% 0.00% 0.00% 0.00% 0.00%
8/15/99 0.00% 0.00% 0.00% 0.00% 0.00%
9/15/99 0.00% 0.00% 0.00% 0.00% 0.00%
10/15/99 0.00% 0.00% 0.00% 0.00% 0.00%
11/15/99 0.00% 0.00% 0.00% 0.00% 0.00%
12/15/99 0.00% 0.00% 0.00% 0.00% 0.00%
1/15/00 0.00% 0.00% 0.00% 0.00% 0.00%
2/15/00 0.00% 0.00% 0.00% 0.00% 0.00%
3/15/00 0.00% 0.00% 0.00% 0.00% 0.00%
4/15/00 0.00% 0.00% 0.00% 0.00% 0.00%
5/15/00 0.00% 0.00% 0.00% 0.00% 0.00%
6/15/00 0.00% 0.00% 0.00% 0.00% 0.00%
7/15/00 0.00% 0.00% 0.00% 0.00% 0.00%
8/15/00 0.00% 0.00% 0.00% 0.00% 0.00%
9/15/00 0.00% 0.00% 0.00% 0.00% 0.00%
10/15/00 0.00% 0.00% 0.00% 0.00% 0.00%
11/15/00 0.00% 0.00% 0.00% 0.00% 0.00%
12/15/00 0.00% 0.00% 0.00% 0.00% 0.00%
1/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
2/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
3/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
4/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
5/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
6/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
7/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
8/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
9/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
10/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
11/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
12/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
1/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
2/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
3/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
4/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
5/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
6/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
7/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
8/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
9/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
10/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
11/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
12/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
1/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
2/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
3/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
4/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
5/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
6/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
7/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
8/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
9/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
10/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
11/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
12/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
WAL 0.34 0.28 0.26 0.23 0.20
<PAGE>
Distribution A-2 Tranche
Date 1.00% 1.50% 1.70% 2.00% 2.50%
---- ----- ----- ----- ----- -----
Closing 100.00% 100.00% 100.00% 100.00% 100.00%
12/15/98 100.00% 100.00% 100.00% 100.00% 100.00%
1/15/99 100.00% 100.00% 100.00% 100.00% 100.00%
2/15/99 100.00% 100.00% 100.00% 100.00% 100.00%
3/15/99 100.00% 100.00% 100.00% 100.00% 100.00%
4/15/99 100.00% 100.00% 100.00% 100.00% 97.77%
5/15/99 100.00% 100.00% 100.00% 96.23% 88.65%
6/15/99 100.00% 97.08% 93.65% 88.45% 79.64%
7/15/99 100.00% 90.54% 86.65% 80.74% 70.75%
8/15/99 94.77% 84.06% 79.71% 73.13% 61.99%
9/15/99 89.41% 77.62% 72.84% 65.61% 53.36%
10/15/99 84.06% 71.24% 66.05% 58.18% 44.86%
11/15/99 78.74% 64.92% 59.32% 50.84% 36.50%
12/15/99 73.43% 58.66% 52.67% 43.61% 28.27%
1/15/00 68.14% 52.45% 46.10% 36.47% 20.19%
2/15/00 62.87% 46.31% 39.60% 29.45% 12.25%
3/15/00 57.62% 40.24% 33.19% 22.52% 4.47%
4/15/00 52.40% 34.23% 26.86% 15.71% 0.00%
5/15/00 47.20% 28.29% 20.62% 9.01% 0.00%
6/15/00 42.03% 22.42% 14.47% 2.43% 0.00%
7/15/00 36.88% 16.62% 8.41% 0.00% 0.00%
8/15/00 31.76% 10.89% 2.44% 0.00% 0.00%
9/15/00 26.67% 5.25% 0.00% 0.00% 0.00%
10/15/00 21.61% 0.00% 0.00% 0.00% 0.00%
11/15/00 16.58% 0.00% 0.00% 0.00% 0.00%
12/15/00 11.58% 0.00% 0.00% 0.00% 0.00%
1/15/01 6.61% 0.00% 0.00% 0.00% 0.00%
2/15/01 1.68% 0.00% 0.00% 0.00% 0.00%
3/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
4/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
5/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
6/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
7/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
8/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
9/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
10/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
11/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
12/15/01 0.00% 0.00% 0.00% 0.00% 0.00%
1/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
2/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
3/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
4/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
5/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
6/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
7/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
8/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
9/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
10/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
11/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
12/15/02 0.00% 0.00% 0.00% 0.00% 0.00%
1/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
2/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
3/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
4/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
5/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
6/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
7/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
8/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
9/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
10/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
11/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
12/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
WAL 1.46 1.21 1.12 1.02 0.87
<PAGE>
Distribution A-3 Tranche
Date 1.00% 1.50% 1.70% 1.80% 2.00% 2.50%
- ---- ----- ----- ----- ----- ----- -----
Closing 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
12/15/98 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
1/15/99 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
2/15/99 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
3/15/99 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
4/15/99 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
5/15/99 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
6/15/99 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
7/15/99 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
8/15/99 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
9/15/99 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
10/15/99 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
11/15/99 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
12/15/99 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
1/15/00 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
2/15/00 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
3/15/00 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
4/15/00 100.00% 100.00% 100.00% 100.00% 100.00% 96.99%
5/15/00 100.00% 100.00% 100.00% 100.00% 100.00% 89.88%
6/15/00 100.00% 100.00% 100.00% 100.00% 100.00% 82.92%
7/15/00 100.00% 100.00% 100.00% 100.00% 96.16% 76.13%
8/15/00 100.00% 100.00% 100.00% 98.27% 90.13% 69.50%
9/15/00 100.00% 100.00% 96.73% 92.57% 84.21% 63.04%
10/15/00 100.00% 99.70% 91.24% 86.98% 78.42% 56.75%
11/15/00 100.00% 94.47% 85.84% 81.50% 72.76% 50.64%
12/15/00 100.00% 89.33% 80.54% 76.12% 67.23% 44.72%
1/15/01 100.00% 84.27% 75.35% 70.86% 61.84% 38.98%
2/15/01 100.00% 79.30% 70.26% 65.72% 56.58% 33.43%
3/15/01 96.94% 74.41% 65.28% 60.70% 51.47% 28.09%
4/15/01 92.31% 69.62% 60.42% 55.80% 46.50% 22.95%
5/15/01 87.72% 64.91% 55.67% 51.03% 41.68% 18.01%
6/15/01 83.17% 60.31% 51.04% 46.39% 37.02% 13.29%
7/15/01 78.66% 55.80% 46.54% 41.88% 32.52% 8.80%
8/15/01 74.18% 51.39% 42.16% 37.51% 28.17% 4.52%
9/15/01 69.76% 47.09% 37.90% 33.29% 24.00% 0.48%
10/15/01 65.37% 42.89% 33.79% 29.21% 20.00% 0.00%
11/15/01 61.03% 38.81% 29.81% 25.28% 16.17% 0.00%
12/15/01 56.74% 34.84% 25.96% 21.50% 12.53% 0.00%
1/15/02 52.50% 30.98% 22.27% 17.88% 9.07% 0.00%
2/15/02 48.31% 27.25% 18.72% 14.43% 5.80% 0.00%
3/15/02 44.17% 23.64% 15.32% 11.14% 2.73% 0.00%
4/15/02 40.08% 20.15% 12.08% 8.02% 0.00% 0.00%
5/15/02 36.05% 16.80% 9.00% 5.08% 0.00% 0.00%
6/15/02 32.08% 13.58% 6.09% 2.32% 0.00% 0.00%
7/15/02 28.17% 10.50% 3.34% 0.00% 0.00% 0.00%
8/15/02 24.32% 7.56% 0.77% 0.00% 0.00% 0.00%
9/15/02 20.53% 4.76% 0.00% 0.00% 0.00% 0.00%
10/15/02 16.81% 2.11% 0.00% 0.00% 0.00% 0.00%
11/15/02 13.16% 0.00% 0.00% 0.00% 0.00% 0.00%
12/15/02 9.58% 0.00% 0.00% 0.00% 0.00% 0.00%
1/15/03 6.07% 0.00% 0.00% 0.00% 0.00% 0.00%
2/15/03 2.63% 0.00% 0.00% 0.00% 0.00% 0.00%
3/15/03 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
4/15/03 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
5/15/03 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
6/15/03 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
7/15/03 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
8/15/03 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
9/15/03 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
10/15/03 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
11/15/03 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
12/15/03 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
WAL 3.24 2.83 2.65 2.57 2.40 2.04
<PAGE>
Distribution A-4 Tranche
Date 1.00% 1.50% 1.70% 2.00% 2.50%
- ---- ----- ----- ----- ----- -----
Closing 100.00% 100.00% 100.00% 100.00% 100.00%
12/15/98 98.02% 97.53% 97.33% 97.02% 96.51%
1/15/99 96.04% 95.07% 94.67% 94.07% 93.06%
2/15/99 94.06% 92.62% 92.04% 91.15% 89.64%
3/15/99 91.86% 89.90% 89.10% 87.90% 85.86%
4/15/99 89.65% 87.19% 86.19% 84.68% 82.12%
5/15/99 87.46% 84.50% 83.31% 81.49% 78.42%
6/15/99 85.27% 81.84% 80.44% 78.34% 74.77%
7/15/99 83.08% 79.19% 77.61% 75.22% 71.17%
8/15/99 80.90% 76.56% 74.80% 72.14% 67.63%
9/15/99 78.73% 73.96% 72.02% 69.09% 64.13%
10/15/99 76.56% 71.37% 69.27% 66.08% 60.69%
11/15/99 74.41% 68.81% 66.54% 63.11% 57.30%
12/15/99 72.26% 66.28% 63.85% 60.18% 53.97%
1/15/00 70.11% 63.76% 61.19% 57.29% 50.70%
2/15/00 67.98% 61.28% 58.56% 54.45% 47.48%
3/15/00 65.86% 58.82% 55.96% 51.64% 44.33%
4/15/00 63.74% 56.38% 53.40% 48.88% 41.24%
5/15/00 61.64% 53.98% 50.87% 46.17% 38.22%
6/15/00 59.54% 51.60% 48.38% 43.51% 35.26%
7/15/00 57.46% 49.25% 45.93% 40.89% 32.37%
8/15/00 55.38% 46.93% 43.51% 38.32% 29.55%
9/15/00 53.32% 44.65% 41.13% 35.81% 26.80%
10/15/00 51.27% 42.39% 38.79% 33.35% 24.13%
11/15/00 49.23% 40.17% 36.50% 30.94% 21.53%
12/15/00 47.21% 37.98% 34.25% 28.59% 19.01%
1/15/01 45.20% 35.83% 32.04% 26.29% 16.57%
2/15/01 43.20% 33.72% 29.88% 24.06% 14.22%
3/15/01 41.22% 31.64% 27.76% 21.88% 11.94%
4/15/01 39.25% 29.60% 25.69% 19.77% 9.76%
5/15/01 37.30% 27.60% 23.67% 17.72% 7.66%
6/15/01 35.36% 25.64% 21.70% 15.74% 5.65%
7/15/01 33.45% 23.73% 19.79% 13.83% 3.74%
8/15/01 31.54% 21.85% 17.93% 11.98% 1.92%
9/15/01 29.66% 20.02% 16.12% 10.21% 0.20%
10/15/01 27.80% 18.24% 14.37% 8.50% 0.00%
11/15/01 25.95% 16.50% 12.67% 6.88% 0.00%
12/15/01 24.13% 14.81% 11.04% 5.33% 0.00%
1/15/02 22.32% 13.17% 9.47% 3.86% 0.00%
2/15/02 20.54% 11.59% 7.96% 2.47% 0.00%
3/15/02 18.78% 10.05% 6.52% 1.16% 0.00%
4/15/02 17.04% 8.57% 5.14% 0.00% 0.00%
5/15/02 15.33% 7.14% 3.83% 0.00% 0.00%
6/15/02 13.64% 5.77% 2.59% 0.00% 0.00%
7/15/02 11.98% 4.46% 1.42% 0.00% 0.00%
8/15/02 10.34% 3.21% 0.33% 0.00% 0.00%
9/15/02 8.73% 2.02% 0.00% 0.00% 0.00%
10/15/02 7.15% 0.90% 0.00% 0.00% 0.00%
11/15/02 5.60% 0.00% 0.00% 0.00% 0.00%
12/15/02 4.07% 0.00% 0.00% 0.00% 0.00%
1/15/03 2.58% 0.00% 0.00% 0.00% 0.00%
2/15/03 1.12% 0.00% 0.00% 0.00% 0.00%
3/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
4/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
5/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
6/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
7/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
8/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
9/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
10/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
11/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
12/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
WAL 2.03 1.74 1.63 1.47 1.25
<PAGE>
Distribution A-5 Tranche
Date 1.00% 1.50% 1.70% 2.00% 2.50%
- ---- ----- ----- ----- ----- -----
Closing 100.00% 100.00% 100.00% 100.00% 100.00%
12/15/98 100.00% 100.00% 100.00% 100.00% 100.00%
1/15/99 100.00% 100.00% 100.00% 100.00% 100.00%
2/15/99 100.00% 100.00% 100.00% 100.00% 100.00%
3/15/99 100.00% 100.00% 100.00% 100.00% 100.00%
4/15/99 100.00% 100.00% 100.00% 100.00% 100.00%
5/15/99 100.00% 100.00% 100.00% 100.00% 100.00%
6/15/99 100.00% 100.00% 100.00% 100.00% 100.00%
7/15/99 100.00% 100.00% 100.00% 100.00% 100.00%
8/15/99 100.00% 100.00% 100.00% 100.00% 100.00%
9/15/99 100.00% 100.00% 100.00% 100.00% 100.00%
10/15/99 100.00% 100.00% 100.00% 100.00% 100.00%
11/15/99 100.00% 100.00% 100.00% 100.00% 100.00%
12/15/99 100.00% 100.00% 100.00% 100.00% 100.00%
1/15/00 100.00% 100.00% 100.00% 100.00% 100.00%
2/15/00 100.00% 100.00% 100.00% 100.00% 100.00%
3/15/00 100.00% 100.00% 100.00% 100.00% 100.00%
4/15/00 100.00% 100.00% 100.00% 100.00% 100.00%
5/15/00 100.00% 100.00% 100.00% 100.00% 100.00%
6/15/00 100.00% 100.00% 100.00% 100.00% 100.00%
7/15/00 100.00% 100.00% 100.00% 100.00% 100.00%
8/15/00 100.00% 100.00% 100.00% 100.00% 100.00%
9/15/00 100.00% 100.00% 100.00% 100.00% 100.00%
10/15/00 100.00% 100.00% 100.00% 100.00% 100.00%
11/15/00 100.00% 100.00% 100.00% 100.00% 100.00%
12/15/00 100.00% 100.00% 100.00% 100.00% 100.00%
1/15/01 100.00% 100.00% 100.00% 100.00% 100.00%
2/15/01 100.00% 100.00% 100.00% 100.00% 100.00%
3/15/01 100.00% 100.00% 100.00% 100.00% 100.00%
4/15/01 100.00% 100.00% 100.00% 100.00% 100.00%
5/15/01 100.00% 100.00% 100.00% 100.00% 100.00%
6/15/01 100.00% 100.00% 100.00% 100.00% 100.00%
7/15/01 100.00% 100.00% 100.00% 100.00% 100.00%
8/15/01 100.00% 100.00% 100.00% 100.00% 100.00%
9/15/01 100.00% 100.00% 100.00% 100.00% 100.00%
10/15/01 100.00% 100.00% 100.00% 100.00% 77.89%
11/15/01 100.00% 100.00% 100.00% 100.00% 54.21%
12/15/01 100.00% 100.00% 100.00% 100.00% 32.18%
1/15/02 100.00% 100.00% 100.00% 100.00% 11.86%
2/15/02 100.00% 100.00% 100.00% 100.00% 9.15%
3/15/02 100.00% 100.00% 100.00% 100.00% 6.60%
4/15/02 100.00% 100.00% 100.00% 99.07% 4.22%
5/15/02 100.00% 100.00% 100.00% 81.34% 2.02%
6/15/02 100.00% 100.00% 100.00% 65.02% 0.00%
7/15/02 100.00% 100.00% 100.00% 50.14% 0.00%
8/15/02 100.00% 100.00% 100.00% 36.74% 0.00%
9/15/02 100.00% 100.00% 89.18% 24.86% 0.00%
10/15/02 100.00% 100.00% 74.47% 14.53% 0.00%
11/15/02 100.00% 97.48% 61.01% 5.81% 0.00%
12/15/02 100.00% 81.94% 48.83% 4.32% 0.00%
1/15/03 100.00% 67.47% 37.96% 3.00% 0.00%
2/15/03 100.00% 54.11% 28.45% 1.83% 0.00%
3/15/03 95.16% 41.88% 20.31% 0.83% 0.00%
4/15/03 73.34% 30.81% 13.60% 0.00% 0.00%
5/15/03 52.06% 20.93% 8.35% 0.00% 0.00%
6/15/03 31.35% 12.28% 4.59% 0.00% 0.00%
7/15/03 11.21% 4.89% 2.36% 0.00% 0.00%
8/15/03 8.85% 3.65% 1.58% 0.00% 0.00%
9/15/03 6.55% 2.55% 0.95% 0.00% 0.00%
10/15/03 4.30% 1.56% 0.47% 0.00% 0.00%
11/15/03 2.12% 0.71% 0.15% 0.00% 0.00%
12/15/03 0.00% 0.00% 0.00% 0.00% 0.00%
WAL 4.53 4.31 4.12 3.70 3.04
