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Previous: VAN KAMPEN U S GOVERNMENT TRUST FOR INCOME, 485BPOS, 1999-01-28 |
Next: GREEN TREE FINANCIAL CORP, 8-K, 1999-01-28 |
<PAGE>
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) January 15, 1999
CONSUMER PORTFOLIO SERVICES, INC.
(Exact Name of Registrant as Specified in its Charter)
California
(State or Other Jurisdiction of Incorporation)
333-09343
333-26355
333-25301
333-1548
333-49945 33-0459135
(Commission File Number) (I.R.S. Employer Identification No.)
16355 Laguna Canyon Road, Irvine, California 92618
(Address of Principal Executive Offices) (Zip Code)
(949) 753-6800
(Registrant's Telephone Number, Including Area Code)
<PAGE>
Item 5. Other Events.
None
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit
No. Document Description
20.31 Monthly Servicing Report for the December 1998 collection period
for FASCO Auto Grantor Trust 1996-1, CPS Auto Grantor Trust
1996-2, CPS Auto Grantor Trust 1996-3, CPS Auto Grantor Trust
1997-1, CPS Auto Grantor Trust 1997-2, CPS Auto Receivables Trust
1997-3, CPS Auto Receivables Trust 1997-4, CPS Auto Receivables
Trust 1997-5, CPS Grantor Trust 1998-1, CPS Auto Grantor Trust
1998-2, CPS Auto Receivables Trust 1998-3, and CPS Auto
Receivables Trust 1998-4.
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: January 21, 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.
20.31 Monthly Servicing Report for the December 1998 collection period
for FASCO Auto Grantor Trust 1996-1, CPS Auto Grantor Trust
1996-2, CPS Auto Grantor Trust 1996-3, CPS Auto Grantor Trust
1997-1, CPS Auto Grantor Trust 1997-2, CPS Auto Receivables Trust
1997-3, CPS Auto Receivables Trust 1997-4, CPS Auto Receivables
Trust 1997-5, CPS Grantor Trust 1998-1, CPS Auto Grantor Trust
1998-2, CPS Auto Receivables Trust 1998-3 and CPS Auto
Receivables Trust 1998-4.
<PAGE>
MONTHLY CERTIFICATEHOLDER STATEMENT
FASCO AUTO GRANTOR TRUST 1996-1
6.65% ASSET-BACKED CERTIFICATES
Distribution Date 1/15/99
Collection Period 12/98
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $1,524,236.15
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $145,919.52
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,378,316.63
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $18.05
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $1.73
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $16.32
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $84,091.81
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $11,548.83
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $72,542.98
(j) Scheduled Payments due in such Collection Period $1,340,431.53
(k) Scheduled Payments collected in such
Collection Period $1,268,325.39
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $27,717,202.75
(b) The aggregate balance of the Certificates as of the close
of business on the last day set forth
above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $26,266,343.11
(c) The Pool factor as of the close of business
on the last day set forth above 0.9476549
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $58,291.40
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $1,847.81
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.69
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.02
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of
Receivables that became Purchased Receivables
during the related Collection Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $21,760.65
(b) Distributions (to) from Collection Account $1,476.21
for Payaheads
(c) Interest earned on Payahead Balances $76.09
(d) Ending Payahead Account Balance $23,312.95
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $24,953,025.98
Spread Account Balance $5,602,416.21
(b) The change in the spread account on the Distribution
Date set forth above $151,898.15
6 Policy.
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $7,277.97
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $249,944.95
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 134
Aggregate Gross Amount $1,083,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 115
Aggregate Gross Amount $1,028,000.00
8 Performance Triggers.
(a) Delinquency Ratio 7.26%
(b) Average Delinquency Ratio 6.68%
(c) Cumulative Default Ratio 18.34%
(d) Cumulative Net Loss Ratio 13.64%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? Yes
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
FASCO AUTO GRANTOR TRUST 1996-1
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 1,828,741.66
LOCK BOX NSF ITEMS: (28,028.33)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (1,476.21)
COLLECTION ACCOUNT INTEREST 6,413.77
PAYAHEAD ACCOUNT INTEREST 76.09
TOTAL COLLECTION PROCEEDS: 1,805,726.98
FOR DISTRIBUTION DATE: 1/15/99
FOR DETERMINATION DATE: 1/8/99
FOR COLLECTION PERIOD: 12/98
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 27,717,202.75
Principal portion of payments collected (non-prepayments) 739,589.87
Prepayments in full allocable to principal 384,376.00
Collections allocable to principal 1,123,965.87
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 76,948.79
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 1,200,914.66
Realized Losses 249,944.95
Cram Down Losses 0.00
Ending Principal Balance 26,266,343.14
INTEREST
Collections allocable to interest 528,735.52
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 76,076.80
---------------
Total Interest 604,812.32
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 26,331,342.61
Beginning of Period Class B Principal Balance 1,385,860.11
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 5,450,518.06
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 12,096.06
Aggregate Payahead Balance 23,236.86
Aggregate Payahead Balance for preceding Distribution Date 21,760.65
Interest Earned on Payahead Balances 76.09
Scheduled Payments due in Collection Period 1,340,431.53
Scheduled Payments collected in Collection Period 1,268,325.39
Aggregate Amount of Realized Losses for preceding Distribution Date 249,944.95
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 325.94
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 134 1,083,000.00
60+ days delinquent 115 1,028,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close 2,111,000.00
of business on the last day of the related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables 233,686.93
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.21%
Delinquency Ratio for third preceding Determination Date 5.58%
Cumulative Defaults for preceding Determination Date 16,069,444.93
Cumulative Net Losses for preceding Determination Date 11,948,508.68
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 1,652,701.39
Liquidation Proceeds 76,948.79
Recoveries 76,076.80
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------
TOTAL DISTRIBUTION AMOUNT 1,805,726.98
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 739,589.87
Prepayments in full allocable to principal 384,376.00
Principal Balance of Liquidated Receivables 326,893.74
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 1,450,859.61
Class A Principal Distributable Amount
Principal Distributable Amount 1,450,859.61
Times Class A Percentage (95%) 95%
---------------
1,378,316.63
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 1,378,316.63
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 26,331,342.61
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
---------------
Class A Interest Distributable Amount 145,919.52
Class B Principal Distributable Amount
Principal Distributable Amount 1,450,859.61
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 72,542.98
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 1,385,860.11
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
---------------
Class B Coupon Interest Amount 11,548.83
Class B Excess Interest Amount
Total Distribution Amount 1,805,726.98
minus
Class A Principal and Interest Distributable Amount 1,524,236.15
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 11,548.83
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 72,542.98
Class B Principal Carryover Shortfall 0.00
Trustee distributions 672.41
Standby Servicer distributions 1,847.81
Servicer distributions 58,291.40
Collateral Agent distributions 346.47
Reimbursement Obligations 7,277.97
---------------
128,962.96
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 1,847.81
Servicing Fee (2.0%) 46,195.34
Additional Servicing Fee Amounts
(late fees, prepayment charges, etc.) 12,096.06
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
(ii) Transition Expenses to Standby Servicer 0.00
(iii) Trustee Fee 346.47
Trustee's out-of-pocket expenses 325.94
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior
Collection Periods 0.00
(iv) Collateral Agent Fee 346.47
Collateral Agent Expenses 0.00
Unpaid Collateral Agent Fee from prior Collection
Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection
Periods 0.00
(v)(A) Class A Interest Distributable Amount - Current Month 145,919.52
Prior Month(s) Class A Carryover Shortfall 0.00
Class A Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A Interest Carryover Shortfall 0.00
Class A Interest Distributable Amount 145,919.52
(viii)(A) Class B Coupon Interest - Unadjusted 11,548.83
Class B Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Interest Distributable Amount 11,548.83
(v)(B) Class A Principal Distributable Amount - Current Month 1,378,316.63
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,378,316.63
(vi) Certificate Insurer Premium 7,277.97
Certificate Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00
(vii) Transition Expenses to successor Servicer 0.00
(B) Class B Principal Distributable Amount - Current Month
Unadjusted 72,542.98
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 72,542.98
(C) Excess Interest Amount for Deposit in Spread Account 128,962.96
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 26,331,342.61
Class A Principal Distributions 1,378,316.63
Class A End of Period Principal Balance 24,953,025.98
Class B Beginning of Period Principal Balance 1,385,860.11
Class B Principal Distributable Amount 72,542.98
Class B End of Period Principal Balance BEFORE Spread Account Distributions 1,313,317.13
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 1,313,317.13
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 1,805,726.98
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 207,077.61
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,598,649.37
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 1,598,649.37
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 11,548.83
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,587,100.54
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 1,587,100.54
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 1,378,316.63
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 208,783.91
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 208,783.91
(vi) Certificate Insurer Premium 7,277.97
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 201,505.94
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 201,505.94
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 72,542.98
(iii)Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 128,962.96
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 128,962.96
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,111,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 2,111,000.00
Aggregate Gross Principal Balance as of the close of 29,071,813.39
business on the last day of the Collection Period.
DELINQUENCY RATIO 7.26%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.26%
Delinquency Ratio for second preceding Determination Date 7.21%
Delinquency Ratio for third preceding Determination Date 5.58%
---------------
Average Delinquency Ratio 6.68%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 16,069,444.93
Current Period Defaulted Receivables 233,686.93
---------------
Total 16,303,131.86
Cumulative Defaulted Receivables 16,303,131.86
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 18.34%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 326,893.74
Cram Down Losses 0.00
Net Liquidation Proceeds (153,025.59)
---------------
Net Liquidation Losses 173,868.15
Cumulative Previous Net Losses 11,948,508.68
---------------
Cumulative Net Losses 12,122,376.83
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 13.64%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 26.13
Weighted Average Annual Percentage Rate 20.30%
SPREAD ACCOUNT
Spread Account Cap
10% of Outstanding Certificate Balance 2,626,634.31
15% of Outstanding Certificate Balance 3,939,951.47
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
---------------
Cap Amount 24,953,025.98
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 26,266,343.11
Minimum Floor 100,000.00
---------------
Floor Amount 2,667,022.51
Required Spread Account Amount 24,953,025.98
Beginning of Period Spread Account Balance 5,450,518.06
Spread Account Deposit (Withdrawal) from Current Distributions 128,962.96
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 19,373,544.96
Earnings on Spread Account Balance 22,935.19
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 5,602,416.21
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
<PAGE>
MONTHLY CERTIFICATEHOLDER STATEMENT
CPS AUTO GRANTOR TRUST 1996-2
6.70% ASSET-BACKED CERTIFICATES
Distribution Date 1/15/99
Collection Period 12/98
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $1,693,243.18
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $185,518.17
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,507,725.01
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $19.35
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.12
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $17.23
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $165,963.07
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $20,615.98
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $145,347.09
(j) Scheduled Payments due in such Collection Period $1,507,100.80
(k) Scheduled Payments collected in such
Collection Period $1,422,425.10
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $34,975,930.97
(b) The aggregate balance of the Certificates as of the close
of business on the last day set forth
above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $33,763,370.21
(c) The Pool factor as of the close of business
on the last day set forth above 0.9653316
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $70,348.11
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,331.73
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.80
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.03
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of
Receivables that became Purchased Receivables
during the related Collection Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $21,687.80
(b) Distributions (to) from Collection Account $5,787.80
for Payaheads
(c) Interest earned on Payahead Balances $83.02
(d) Ending Payahead Account Balance $27,558.62
5 Spread Account.
(a) The Specified Spread Account Balance with
respect to such Distribution Date and the Spread
Account Balance on the Distribution Date
set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $31,719,409.38
Spread Account Balance $4,761,013.39
(b) The change in the spread account on the Distribution
Date set forth above $20,126.03
6 Policy.
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $9,251.49
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $393,749.89
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 144
Aggregate Gross Amount $1,250,000.00
(d) The number of Receivables and the aggregate
gross amount scheduled to be paid,
including unearned finance and other
charges, for which Obligors are delinquent
60 days or more
Number 122
Aggregate Gross Amount $1,302,000.00
8 Performance Triggers.
(a) Delinquency Ratio 6.81%
(b) Average Delinquency Ratio 7.14%
(c) Cumulative Default Ratio 17.63%
(d) Cumulative Net Loss Ratio 13.02%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? Yes
</TABLE>
<PAGE>
<TABLE>
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CPS AUTO GRANTOR TRUST 1996-2
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 1,973,527.27
LOCK BOX NSF ITEMS: (32,347.80)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (5,787.80)
COLLECTION ACCOUNT INTEREST 6,826.34
PAYAHEAD ACCOUNT INTEREST 83.02
TOTAL COLLECTION PROCEEDS: 1,942,301.03
FOR DISTRIBUTION DATE: 1/15/99
FOR DETERMINATION DATE: 1/8/99
FOR COLLECTION PERIOD: 12/98
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 34,975,930.97
Principal portion of payments collected (non-prepayments) 753,741.04
Prepayments in full allocable to principal 333,219.00
Collections allocable to principal 1,086,960.04
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 106,369.03
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 1,193,329.07
Realized Losses 393,749.89
Cram Down Losses 0.00
Ending Principal Balance 33,388,852.01
INTEREST
Collections allocable to interest 668,684.06
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 80,287.90
---------------
Total Interest 748,971.96
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 33,227,134.39
Beginning of Period Class B Principal Balance 2,189,307.93
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 4,740,887.36
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 12,054.89
Aggregate Payahead Balance 27,475.60
Aggregate Payahead Balance for preceding Distribution Date 21,687.80
Interest Earned on Payahead Balances 83.02
Scheduled Payments due in Collection Period 1,507,100.80
Scheduled Payments collected in Collection Period 1,422,425.10
Aggregate Amount of Realized Losses for preceding Distribution Date 393,749.89
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 283.53
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 144 1,250,000.00
60+ days delinquent 122 1,302,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close 2,552,000.00
of business on the last day of the related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables 332,846.47
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.71%
Delinquency Ratio for third preceding Determination Date 6.91%
Cumulative Defaults for preceding Determination Date 15,910,572.94
Cumulative Net Losses for preceding Determination Date 11,677,787.97
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 1,755,644.10
Liquidation Proceeds 106,369.03
Recoveries 80,287.90
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------
TOTAL DISTRIBUTION AMOUNT 1,942,301.03
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 753,741.04
Prepayments in full allocable to principal 333,219.00
Principal Balance of Liquidated Receivables 500,118.92
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 1,587,078.96
Class A Principal Distributable Amount
Principal Distributable Amount 1,587,078.96
Times Class A Percentage (95%) 95%
---------------
1,507,725.01
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 1,507,725.01
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 33,227,134.39
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
---------------
Class A Interest Distributable Amount 185,518.17
Class B Principal Distributable Amount
Principal Distributable Amount 1,587,078.96
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 79,353.95
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,189,307.93
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
---------------
Class B Coupon Interest Amount 20,615.98
Class B Excess Interest Amount
Total Distribution Amount 1,942,301.03
minus
Class A Principal and Interest Distributable Amount 1,693,243.18
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 20,615.98
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 79,353.95
Class B Principal Carryover Shortfall 440,511.38
Trustee distributions 720.73
Standby Servicer distributions 2,331.73
Servicer distributions 70,348.11
Collateral Agent distributions 442.71
Reimbursement Obligations 9,251.49
---------------
0.00
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 440,511.38
---------------
440,511.38
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
</TABLE>
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<TABLE>
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CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 2,331.73
Servicing Fee (2.0%) 58,293.22
Additional Servicing Fee Amounts (late fees, prepayment
charges, etc.) 12,054.89
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
(ii) Transition Expenses to Standby Servicer 0.00
(iii) Trustee Fee 437.20
Trustee's out-of-pocket expenses 283.53
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior
Collection Periods 0.00
(iv) Collateral Agent Fee 442.71
Collateral Agent Expenses 0.00
Unpaid Collateral Agent Fee from prior Collection
Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection
Periods 0.00
(v)(A) Class A Interest Distributable Amount - Current Month 185,518.17
Prior Month(s) Class A Carryover Shortfall 0.00
Class A Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A Interest Carryover Shortfall 0.00
Class A Interest Distributable Amount 185,518.17
(viii)(A) Class B Coupon Interest - Unadjusted 20,615.98
Class B Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Interest Distributable Amount 20,615.98
(v)(B) Class A Principal Distributable Amount - Current Month 1,507,725.01
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,507,725.01
(vi) Certificate Insurer Premium 9,251.49
Certificate Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00
(vii) Transition Expenses to successor Servicer 0.00
(B) Class B Principal Distributable Amount - Current Month
Unadjusted 79,353.95
Class B Principal Carryover Shortfall - Previous Month(s) 440,511.38
Current Month Class B Principal Shortfall (374,518.23)
Adjusted Class B Principal Distributable Amount 145,347.09
(C) Excess Interest Amount for Deposit in Spread Account 0.00
</TABLE>
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<TABLE>
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CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 33,227,134.39
Class A Principal Distributions 1,507,725.01
Class A End of Period Principal Balance 31,719,409.38
Class B Beginning of Period Principal Balance 2,189,307.93
Class B Principal Distributable Amount 145,347.09
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,043,960.84
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,043,960.84
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 1,942,301.03
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 259,361.45
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,682,939.58
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 1,682,939.58
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 20,615.98
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,662,323.60
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 1,662,323.60
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 1,507,725.01
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 154,598.59
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 154,598.59
(vi) Certificate Insurer Premium 9,251.49
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 145,347.09
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 145,347.09
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 79,353.95
(iii)Prior month(s) carryover shortfalls 440,511.38
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (374,518.23)
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (374,518.23)
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,552,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 2,552,000.00
Aggregate Gross Principal Balance as of the close of 37,494,691.79
business on the last day of the Collection Period.
DELINQUENCY RATIO 6.81%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.81%
Delinquency Ratio for second preceding Determination Date 7.71%
Delinquency Ratio for third preceding Determination Date 6.91%
---------------
Average Delinquency Ratio 7.14%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 15,910,572.94
Current Period Defaulted Receivables 332,846.47
---------------
Total 16,243,419.41
Cumulative Defaulted Receivables 16,243,419.41
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 17.63%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 500,118.92
Cram Down Losses 0.00
Net Liquidation Proceeds (186,656.93)
---------------
Net Liquidation Losses 313,461.99
Cumulative Previous Net Losses 11,677,787.97
---------------
Cumulative Net Losses 11,991,249.96
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 13.02%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 29.79
Weighted Average Annual Percentage Rate 20.43%
SPREAD ACCOUNT
Spread Account Cap
10% of Outstanding Certificate Balance 3,376,337.02
15% of Outstanding Certificate Balance 5,064,505.53
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
---------------
Cap Amount 31,719,409.38
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 33,763,370.21
Minimum Floor 100,000.00
---------------
Floor Amount 2,763,878.99
Required Spread Account Amount 31,719,409.38
Beginning of Period Spread Account Balance 4,740,887.36
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 26,978,522.02
Earnings on Spread Account Balance 20,126.03
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 4,761,013.39
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
<PAGE>
MONTHLY CERTIFICATEHOLDER STATEMENT
CPS AUTO GRANTOR TRUST 1996-3
6.30% ASSET-BACKED CERTIFICATES
Distribution Date 1/15/99
Collection Period 12/98
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
<TABLE>
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<S> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $1,886,200.27
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $209,593.92
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,676,606.35
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $21.38
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.38
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $19.01
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $223,575.45
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $22,854.23
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $200,721.22
(j) Scheduled Payments due in such Collection Period $1,664,247.09
(k) Scheduled Payments collected in such
Collection Period $1,677,962.47
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $42,023,843.39
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in paragraph
A.1.(c) above $40,747,302.06
(c) The Pool factor as of the close of business
on the last day set forth above 0.9696234
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $85,778.45
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,801.59
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.97
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.03
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $6,570.51
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $20,936.98
(b) Distributions (to) from Collection Account $4,317.57
for Payaheads
(c) Interest earned on Payahead Balances $75.47
(d) Ending Payahead Account Balance $25,330.02
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $11,473,813.45
Spread Account Balance $6,020,426.10
(b) The change in the spread account on the Distribution
Date set forth above $25,447.89
6 Policy.
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $11,155.10
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $417,347.72
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 156
Aggregate Gross Amount $1,809,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 152
Aggregate Gross Amount $1,622,000.00
8 Performance Triggers.
(a) Delinquency Ratio 7.52%
(b) Average Delinquency Ratio 7.12%
(c) Cumulative Default Ratio 15.83%
(d) Cumulative Net Loss Ratio 12.40%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? Yes
</TABLE>
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CPS AUTO GRANTOR TRUST 1996-3
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 2,248,198.56
LOCK BOX NSF ITEMS: (40,906.36)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (4,317.57)
COLLECTION ACCOUNT INTEREST 7,877.43
PAYAHEAD ACCOUNT INTEREST 75.47
TOTAL COLLECTION PROCEEDS: 2,210,927.53
FOR DISTRIBUTION DATE: 1/15/99
FOR DETERMINATION DATE: 1/8/99
FOR COLLECTION PERIOD: 12/98
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 42,023,843.39
Principal portion of payments collected (non-prepayments) 871,376.49
Prepayments in full allocable to principal 352,350.00
Collections allocable to principal 1,223,726.49
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 117,204.07
Purchase Amounts allocable to principal 6,570.51
---------------
Total Principal 1,347,501.07
Realized Losses 417,347.72
Cram Down Losses 0.00
Ending Principal Balance 40,258,994.60
INTEREST
Collections allocable to interest 806,585.98
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 56,840.48
---------------
Total Interest 863,426.46
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 39,922,651.19
Beginning of Period Class B Principal Balance 2,701,978.44
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 5,994,978.21
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 15,738.71
Aggregate Payahead Balance 25,254.55
Aggregate Payahead Balance for preceding Distribution Date 20,936.98
Interest Earned on Payahead Balances 75.47
Scheduled Payments due in Collection Period 1,644,247.09
Scheduled Payments collected in Collection Period 1,677,962.47
Aggregate Amount of Realized Losses for preceding Distribution Date 417,347.72
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 358.56
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 156 1,809,000.00
60+ days delinquent 152 1,622,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
1 6,570.51
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close 3,431,000.00
of business on the last day of the related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 6,570.51
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables 396,322.79
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.27%
Delinquency Ratio for third preceding Determination Date 6.56%
Cumulative Defaults for preceding Determination Date 14,305,387.79
Cumulative Net Losses for preceding Determination Date 11,155,558.25
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,030,312.47
Liquidation Proceeds 117,204.07
Recoveries 56,840.48
Purchase Amounts 6,570.51
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------
TOTAL DISTRIBUTION AMOUNT 2,210,927.53
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 871,376.49
Prepayments in full allocable to principal 352,350.00
Principal Balance of Liquidated Receivables 534,551.79
Purchase Amounts allocable to principal 6,570.51
Cram Down Losses 0.00
---------------
Principal Distributable Amount 1,764,848.79
Class A Principal Distributable Amount
Principal Distributable Amount 1,764,848.79
Times Class A Percentage (95%) 95%
---------------
1,676,606.35
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 1,676,606.35
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 39,922,651.19
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
---------------
Class A Interest Distributable Amount 209,593.92
Class B Principal Distributable Amount
Principal Distributable Amount 1,764,848.79
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 88,242.44
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,701,978.44
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
---------------
Class B Coupon Interest Amount 22,854.23
Class B Excess Interest Amount
Total Distribution Amount 2,210,927.53
minus
Class A Principal and Interest Distributable Amount 1,886,200.27
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 22,854.23
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 88,242.44
Class B Principal Carryover Shortfall 600,786.26
Trustee distributions 883.86
Standby Servicer distributions 2,801.59
Servicer distributions 85,778.45
Collateral Agent distributions 532.81
Reimbursement Obligations 11,155.10
---------------
0.00
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 600,786.26
---------------
600,786.26
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 2,801.59
Servicing Fee (2.0%) 70,039.74
Additional Servicing Fee Amounts
(late fees, prepayment charges, etc.) 15,738.71
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
(ii) Transition Expenses to Standby Servicer 0.00
(iii) Trustee Fee 525.30
Trustee's out-of-pocket expenses 358.56
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior
Collection Periods 0.00
(iv) Collateral Agent Fee 532.81
Collateral Agent Expenses 0.00
Unpaid Collateral Agent Fee from prior Collection
Periods 0.00
Unpaid Collateral Agent Expenses from prior
Collection Periods 0.00
(v)(A) Class A Interest Distributable Amount - Current Month 209,593.92
Prior Month(s) Class A Carryover Shortfall 0.00
Class A Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A Interest Carryover Shortfall 0.00
Class A Interest Distributable Amount 209,593.92
(viii)(A) Class B Coupon Interest - Unadjusted 22,854.23
Class B Interest Carryover Shortfall - Previous
Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Interest Distributable Amount 22,854.23
(v)(B) Class A Principal Distributable Amount - Current
Month 1,676,606.35
Class A Principal Carryover Shortfall - Previous
Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,676,606.35
(vi) Certificate Insurer Premium 11,155.10
Certificate Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Certificate
Insurer 0.00
(vii) Transition Expenses to successor Servicer 0.00
(B) Class B Principal Distributable Amount - Current
Month Unadjusted 88,242.44
Class B Principal Carryover Shortfall - Previous
Month(s) 600,786.26
Current Month Class B Principal Shortfall (488,307.48)
Adjusted Class B Principal Distributable Amount 200,721.22
(C) Excess Interest Amount for Deposit in Spread Account 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 39,922,651.19
Class A Principal Distributions 1,676,606.35
Class A End of Period Principal Balance 38,246,044.84
Class B Beginning of Period Principal Balance 2,701,978.44
Class B Principal Distributable Amount 200,721.22
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,501,257.22
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,501,257.22
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 2,210,927.53
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 299,590.63
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,911,336.90
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,911,336.90
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 22,854.23
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,888,482.67
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,888,482.67
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 1,676,606.35
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 211,876.32
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 211,876.32
(vi) Certificate Insurer Premium 11,155.10
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 200,721.22
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 200,721.22
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 88,242.44
(iii)Prior month(s) carryover shortfalls 600,786.26
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (488,307.48)
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (488,307.48)
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,431,000.00
Purchased receivables more than 30 days delinquent 6,570.51
---------------
Total 3,437,570.51
Aggregate Gross Principal Balance as of the close of 45,733,411.69
business on the last day of the Collection Period.
DELINQUENCY RATIO 7.52%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.52%
Delinquency Ratio for second preceding Determination Date 7.27%
Delinquency Ratio for third preceding Determination Date 6.56%
---------------
Average Delinquency Ratio 7.12%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 14,305,387.79
Current Period Defaulted Receivables 398,322.79
---------------
Total 14,701,710.58
Cumulative Defaulted Receivables 14,701,710.58
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 15.83%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 534,551.79
Cram Down Losses 0.00
Net Liquidation Proceeds (174,044.55)
---------------
Net Liquidation Losses 360,507.24
Cumulative Previous Net Losses 11,155,558.25
---------------
Cumulative Net Losses 11,516,065.49
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 12.40%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 32.95
Weighted Average Annual Percentage Rate 20.47%
SPREAD ACCOUNT
Spread Account Cap
10% of Outstanding Certificate Balance 4,074,730.21
15% of Outstanding Certificate Balance 6,112,095.31
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
---------------
Cap Amount 11,473,813.45
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 40,747,302.06
Minimum Floor 100,000.00
---------------
Floor Amount 2,785,734.33
Required Spread Account Amount 11,473,813.45
Beginning of Period Spread Account Balance 5,994,978.21
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 5,478,835.24
Earnings on Spread Account Balance 25,447.89
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 6,020,426.10
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
<PAGE>
MONTHLY CERTIFICATEHOLDER STATEMENT
CPS AUTO GRANTOR TRUST 1997-1
6.55% ASSET-BACKED CERTIFICATES
Distribution Date 1/15/99
Collection Period 12/98
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,441,180.56
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $271,203.88
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,169,976.68
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $25.11
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.79
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $22.32
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $117,947.17
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $32,257.42
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $85,689.75
(j) Scheduled Payments due in such Collection Period $1,935,313.13
(k) Scheduled Payments collected in such
Collection Period $1,842,527.12
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $52,301,270.53
(b) The aggregate balance of the Certificates as of the close
of business on the last day set forth
above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $50,750,343.45
(c) The Pool factor as of the close of business
on the last day set forth above 0.9703463
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $105,190.06
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,486.75
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.08
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of
Receivables that became Purchased Receivables
during the related Collection Period
Number 2
Aggregate Purchase Amount $18,470.19
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $24,208.27
(b) Distributions (to) from Collection Account $2,714.28
for Payaheads
(c) Interest earned on Payahead Balances $288.51
(d) Ending Payahead Account Balance $27,211.06
5 Spread Account.
(a) The Specified Spread Account Balance with
respect to such Distribution Date and the Spread
Account Balance on the Distribution Date
set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $14,254,869.10
Spread Account Balance $7,057,146.29
(b) The change in the spread account on the Distribution
Date set forth above $29,970.25
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $13,858.90
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $627,675.82
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 214
Aggregate Gross Amount $2,275,000.00
(d) The number of Receivables and the aggregate
gross amount scheduled to be paid,
including unearned finance and other
charges, for which Obligors are delinquent
60 days or more
Number 181
Aggregate Gross Amount $2,121,000.00
8 Performance Triggers.
(a) Delinquency Ratio 7.76%
(b) Average Delinquency Ratio 7.45%
(c) Cumulative Default Ratio 15.81%
(d) Cumulative Net Loss Ratio 12.16%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? Yes
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CPS AUTO GRANTOR TRUST 1997-1
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
Gross Collection Proceeds: 2,714,039.22
Lock Box NSF Items: (37,581.54)
Transfers from (to) Payahead Account: (2,714.28)
Collection Account Interest 9,368.19
Payahead Account Interest 288.51
Total Collection Proceeds: 2,683,400.10
For Distribution Date: 1/15/99
For Determination Date: 1/8/99
For Collection Period: 12/98
COLLATERAL ACTIVITY INFORMATION
Principal
Beginning Principal Balance 52,301,270.53
Principal portion of payments collected (non-prepayments) 915,073.92
Prepayments in full allocable to principal 524,084.00
Collections allocable to principal 1,439,157.92
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 198,882.05
Purchase Amounts allocable to principal 18,470.19
---------------
Total Principal 1,656,510.16
Realized Losses 627,675.82
Cram Down Losses 0.00
Ending Principal Balance 50,017,084.55
INTEREST
Collections allocable to interest 927,453.20
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 99,436.74
---------------
Total Interest 1,026,889.94
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 49,686,207.00
Beginning of Period Class B Principal Balance 3,319,802.88
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 7,027,176.04
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 18,021.28
Aggregate Payahead Balance 26,922.55
Aggregate Payahead Balance for preceding Distribution Date 24,208.27
Interest Earned on Payahead Balances 288.51
Scheduled Payments due in Collection Period 1,935,313.13
Scheduled Payments collected in Collection Period 1,842,527.12
Aggregate Amount of Realized Losses for preceding Distribution Date 627,675.82
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 420.31
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate
Gross Amount
# of Receivables of Receivables
31 - 59 days delinquent 214 2,275,000.00
60+ days delinquent 181 2,121,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
2 18,470.19
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close
of business on the last day of the related Collection Period. 4,396,000.00
Principal Balance of all Receivables that became Purchased Receivables as of
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more. 18,470.19
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 577,959.91
Delinquency Ratio for second preceding Determination Date 7.69%
Delinquency Ratio for third preceding Determination Date 6.90%
Cumulative Defaults for preceding Determination Date 15,595,898.45
Cumulative Net Losses for preceding Determination Date 11,916,837.60
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,366,611.12
Liquidation Proceeds 198,882.05
Recoveries 99,436.74
Purchase Amounts 18,470.19
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------
Total Distribution Amount 2,683,400.10
DISTRIBUTABLE AMOUNT
PRINCIPAL DISTRIBUTABLE AMOUNT
Principal portion of payments collected (non-prepayments) 915,073.92
Prepayments in full allocable to principal 524,084.00
Principal Balance of Liquidated Receivables 826,557.87
Purchase Amounts allocable to principal 18,470.19
Cram Down Losses 0.00
---------------
Principal Distributable Amount 2,284,185.98
CLASS A PRINCIPAL DISTRIBUTABLE AMOUNT
Principal Distributable Amount 2,284,185.98
Times Class A Percentage (95%) 95%
---------------
2,169,976.68
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 2,169,976.68
CLASS A INTEREST DISTRIBUTABLE AMOUNT
Beginning of Period Principal Balance of the Certificates 49,686,207.00
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
---------------
Class A Interest Distributable Amount 271,203.88
CLASS B PRINCIPAL DISTRIBUTABLE AMOUNT
Principal Distributable Amount 2,284,185.98
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 114,209.30
CLASS B COUPON INTEREST AMOUNT
Beginning of Period Principal Balance of the Certificates 3,319,802.88
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
---------------
Class B Coupon Interest Amount 32,257.42
CLASS B EXCESS INTEREST AMOUNT
Total Distribution Amount 2,683,400.10
minus
Class A Principal and Interest Distributable Amount 2,441,180.56
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 32,257.42
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 114,209.30
Class B Principal Carryover Shortfall 704,739.35
Trustee distributions 1,074.08
Standby Servicer distributions 3,486.75
Servicer distributions 105,190.06
Collateral Agent distributions 662.58
Reimbursement Obligations 13,858.90
---------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 704,739.35
---------------
704,739.35
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
----------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
----------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
----------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
----------------
0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
CALCULATIONS
DISTRIBUTIONS (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
Use
---
(i) Standby Fee 3,486.75
Servicing Fee (2.0%) 87,168.78
Additional Servicing Fee Amounts
(late fees, prepayment charges, etc.) 18,021.28
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
(ii) Transition Expenses to Standby Servicer 0.00
(iii) Trustee Fee 653.77
Trustee's out-of-pocket expenses 420.31
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection
Periods 0.00
(iv) Collateral Agent Fee 662.58
Collateral Agent Expenses 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
(v)(A) Class A Interest Distributable Amount - Current Month 271,203.88
Prior Month(s) Class A Carryover Shortfall 0.00
Class A Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A Interest Carryover Shortfall 0.00
Class A Interest Distributable Amount 271,203.88
(viii)(A) Class B Coupon Interest - Unadjusted 32,257.42
Class B Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Interest Distributable Amount 32,257.42
(v)(B) Class A Principal Distributable Amount - Current Month 2,169,976.68
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,169,976.68
(vi) Certificate Insurer Premium 13,858.90
Certificate Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00
(vii) Transition Expenses to successor Servicer 0.00
(B) Class B Principal Distributable Amount - Current Month
Unadjusted 114,209.30
Class B Principal Carryover Shortfall - Previous Month(s) 704,739.35
Current Month Class B Principal Shortfall (733,258.90)
Adjusted Class B Principal Distributable Amount 85,689.75
(C) Excess Interest Amount for Deposit in Spread Account 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 49,686,207.00
Class A Principal Distributions 2,169,976.68
Class A End of Period Principal Balance 47,516,230.32
Class B Beginning of Period Principal Balance 3,319,802.88
Class B Principal Distributable Amount 85,689.75
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,234,113.13
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,234,113.13
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 2,683,400.10
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 381,617.35
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,301,782.75
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 2,301,782.75
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 32,257.42
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,269,525.33
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 2,269,525.33
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 2,169,976.68
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 99,548.65
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 99,548.65
(vi) Certificate Insurer Premium 13,858.90
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 85,689.75
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 85,689.75
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 114,209.30
(iii)Prior month(s) carryover shortfalls 704,739.35
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (733,258.90)
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (733,258.90)
CALCULATIONS
PERFORMANCE MEASURES
CALCULATION OF DELINQUENCY RATIO (CURRENT PERIOD)
DELINQUENCY AMOUNT
Receivables more than 30 days delinquent 4,396,000.00
Purchased receivables more than 30 days delinquent 18,470.19
---------------
Total 4,414,470.19
Aggregate Gross Principal Balance as of the close of 56,899,999.70
business on the last day of the Collection Period.
DELINQUENCY RATIO 7.76%
CALCULATION OF AVERAGE DELINQUENCY RATIO
Delinquency Ratio for most recent Determination Date 7.76%
Delinquency Ratio for second preceding Determination Date 7.69%
Delinquency Ratio for third preceding Determination Date 6.90%
---------------
AVERAGE DELINQUENCY RATIO 7.45%
CALCULATION OF CUMULATIVE DEFAULT RATIO
DEFAULT AMOUNT
Principal Balance of Previously Defaulted Receivables 15,595,898.45
Current Period Defaulted Receivables 577,959.91
---------------
Total 16,173,858.36
Cumulative Defaulted Receivables 16,173,858.36
Original Pool Balance 102,327,009.71
CUMULATIVE DEFAULT RATIO 15.81%
CALCULATION OF CUMULATIVE NET LOSS RATIO
CALCULATION OF NET LIQUIDATION LOSSES
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 826,557.87
Cram Down Losses 0.00
Net Liquidation Proceeds (298,318.79)
---------------
Net Liquidation Losses 528,239.08
Cumulative Previous Net Losses 11,916,837.60
---------------
Cumulative Net Losses 12,445,076.68
Original Pool Balance 102,327,009.71
CUMULATIVE NET LOSS RATIO 12.16%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 35.72
Weighted Average Annual Percentage Rate 20.51%
SPREAD ACCOUNT
SPREAD ACCOUNT CAP
10% of Outstanding Certificate Balance 5,075,034.35
15% of Outstanding Certificate Balance 7,612,551.52
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
---------------
Cap Amount 14,254,869.10
SPREAD ACCOUNT FLOOR
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 50,750,343.45
Minimum Floor 100,000.00
---------------
FLOOR AMOUNT 3,069,810.29
Required Spread Account Amount 14,254,869.10
Beginning of Period Spread Account Balance 7,027,176.04
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 7,227,693.06
Earnings on Spread Account Balance 29,970.25
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 7,057,146.29
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
<PAGE>
MONTHLY CERTIFICATEHOLDER STATEMENT
CPS AUTO GRANTOR TRUST 1997-2
6.65% ASSET-BACKED CERTIFICATES
Distribution Date 1/15/99
Collection Period 12/98
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,917,215.84
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $364,613.29
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,552,602.55
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $25.73
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.22
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $22.51
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $211,416.61
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $39,908.79
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $171,507.82
(j) Scheduled Payments due in such Collection Period $2,437,814.52
(k) Scheduled Payments collected in such
Collection Period $2,337,402.21
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $69,257,768.26
(b) The aggregate balance of the Certificates as of the close
of business on the last day set forth
above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $67,257,006.24
(c) The Pool factor as of the close of business
on the last day set forth above 0.9711114
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $136,104.01
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,617.18
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.20
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables
that became Purchased Receivables during the related
Collection Period
Number 2
Aggregate Purchase Amount $22,238.66
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $27,676.82
(b) Distributions (to) from Collection Account $3,684.35
for Payaheads
(c) Interest earned on Payahead Balances $97.76
(d) Ending Payahead Account Balance $31,458.93
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $10,088,550.94
Spread Account Balance $9,142,030.02
(b) The change in the spread account on the Distribution
Date set forth above $38,639.45
6 Policy.
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $18,445.66
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $685,760.41
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 281
Aggregate Gross Amount $3,314,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and
other charges, for which Obligors are delinquent 60 days
or more
Number 198
Aggregate Gross Amount $2,328,000.00
8 Performance Triggers.
(a) Delinquency Ratio 7.54%
(b) Average Delinquency Ratio 6.88%
(c) Cumulative Default Ratio 13.19%
(d) Cumulative Net Loss Ratio 9.96%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No(a)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CPS AUTO GRANTOR TRUST 1997-2
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 3,329,124.35
LOCK BOX NSF ITEMS: (46,572.34)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (3,684.35)
COLLECTION ACCOUNT INTEREST 11,118.94
PAYAHEAD ACCOUNT INTEREST 97.76
TOTAL COLLECTION PROCEEDS: 3,290,084.36
FOR DISTRIBUTION DATE: 1/15/99
FOR DETERMINATION DATE: 1/8/99
FOR COLLECTION PERIOD: 12/98
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 69,257,768.26
Principal portion of payments collected (non-prepayments) 1,150,122.89
Prepayments in full allocable to principal 544,370.00
Collections allocable to principal 1,694,492.89
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 284,458.09
Purchase Amounts allocable to principal 22,238.66
---------------
Total Principal 2,001,189.64
Realized Losses 685,760.41
Cram Down Losses 0.00
Ending Principal Balance 66,570,818.21
INTEREST
Collections allocable to interest 1,187,279.32
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 101,615.40
---------------
Total Interest 1,288,894.72
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 65,794,879.86
Beginning of Period Class B Principal Balance 4,186,236.75
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 9,103,390.57
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 20,674.40
Aggregate Payahead Balance 31,361.17
Aggregate Payahead Balance for preceding Distribution Date 27,676.82
Interest Earned on Payahead Balances 97.76
Scheduled Payments due in Collection Period 2,437,814.52
Scheduled Payments collected in Collection Period 2,337,402.21
Aggregate Amount of Realized Losses for preceding Distribution Date 685,760.41
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 544.58
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate
Gross Amount
# of Receivables of Receivables
31 - 59 days delinquent 281 3,314,000.00
60+ days delinquent 198 2,328,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
2 22,238.66
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close
of business on the last day of the related Collection Period. 5,642,000.00
Principal Balance of all Receivables that became Purchased Receivables as of
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more. 22,238.66
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 731,171.58
Delinquency Ratio for second preceding Determination Date 6.85%
Delinquency Ratio for third preceding Determination Date 6.26%
Cumulative Defaults for preceding Determination Date 15,014,508.17
Cumulative Net Losses for preceding Determination Date 11,301,594.58
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,881,772.21
Liquidation Proceeds 284,458.09
Recoveries 101,615.40
Purchase Amounts 22,238.66
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------
TOTAL DISTRIBUTION AMOUNT 3,290,084.36
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,150,122.89
Prepayments in full allocable to principal 544,370.00
Principal Balance of Liquidated Receivables 970,218.50
Purchase Amounts allocable to principal 22,238.66
Cram Down Losses 0.00
---------------
Principal Distributable Amount 2,686,950.05
Class A Principal Distributable Amount
Principal Distributable Amount 2,686,950.05
Times Class A Percentage (95%) 95%
---------------
2,552,602.55
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 2,552,602.55
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 65,794,879.86
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
---------------
Class A Interest Distributable Amount 364,613.29
Class B Principal Distributable Amount
Principal Distributable Amount 2,686,950.05
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 134,347.50
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,186,236.75
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
---------------
Class B Coupon Interest Amount 39,908.79
Class B Excess Interest Amount
Total Distribution Amount 3,290,084.36
minus
Class A Principal and Interest Distributable Amount 2,917,215.84
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 39,908.79
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 134,347.50
Class B Principal Carryover Shortfall 723,348.35
Trustee distributions 1,410.30
Standby Servicer distributions 4,617.18
Servicer distributions 136,104.01
Collateral Agent distributions 874.76
Reimbursement Obligations 18,445.66
---------------
0.00
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 723,348.35
---------------
723,348.35
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 4,617.18
Servicing Fee (2.0%) 115,429.61
Additional Servicing Fee Amounts (late fees, prepayment
charges, etc.) 20,674.40
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
(ii) Transition Expenses to Standby Servicer 0.00
(iii) Trustee Fee 865.72
Trustee's out-of-pocket expenses 544.58
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection
Periods 0.00
(iv) Collateral Agent Fee 874.76
Collateral Agent Expenses 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
(v)(A) Class A Interest Distributable Amount - Current Month 364,613.29
Prior Month(s) Class A Carryover Shortfall 0.00
Class A Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A Interest Carryover Shortfall 0.00
Class A Interest Distributable Amount 364,613.29
(viii)(A) Class B Coupon Interest - Unadjusted 39,908.79
Class B Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Interest Distributable Amount 39,908.79
(v)(B) Class A Principal Distributable Amount - Current Month 2,552,602.55
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,552,602.55
(vi) Certificate Insurer Premium 18,445.66
Certificate Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00
(vii) Transition Expenses to successor Servicer 0.00
(B) Class B Principal Distributable Amount - Current Month
Unadjusted 134,347.50
Class B Principal Carryover Shortfall - Previous Month(s) 723,348.35
Current Month Class B Principal Shortfall (686,188.03)
Adjusted Class B Principal Distributable Amount 171,507.82
(C) Excess Interest (Shortage) Amount for Deposit to
(withdrawal from) Spread Account 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 65,794,879.86
Class A Principal Distributions 2,552,602.55
Class A End of Period Principal Balance 63,242,277.31
Class B Beginning of Period Principal Balance 4,186,236.75
Class B Principal Distributable Amount 171,507.82
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,014,728.93
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,014,728.93
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 3,290,084.36
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 507,619.54
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,782,464.82
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 2,782,464.82
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 39,908.79
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,742,556.03
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 2,742,556.03
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 2,552,602.55
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 189,953.48
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 189,953.48
(vi) Certificate Insurer Premium 18,445.66
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 171,507.82
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 171,507.82
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 134,347.50
(iii) Prior month(s) carryover shortfalls 723,348.35
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (686,188.03)
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (686,188.03)
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,642,000.00
Purchased receivables more than 30 days delinquent 22,238.66
---------------
Total 5,664,238.66
Aggregate Gross Principal Balance as of the close of 75,151,933.14
business on the last day of the Collection Period.
DELINQUENCY RATIO 7.54%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.54%
Delinquency Ratio for second preceding Determination Date 6.85%
Delinquency Ratio for third preceding Determination Date 6.26%
---------------
Average Delinquency Ratio 6.88%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 15,014,508.17
Current Period Defaulted Receivables 731,171.58
---------------
Total 15,745,679.75
Cumulative Defaulted Receivables 15,745,679.75
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 13.19%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 970,218.50
Cram Down Losses 0.00
Net Liquidation Proceeds (386,073.49)
---------------
Net Liquidation Losses 584,145.01
Cumulative Previous Net Losses 11,301,594.58
---------------
Cumulative Net Losses 11,885,739.59
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 9.96%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 38.20
Weighted Average Annual Percentage Rate 20.44%
SPREAD ACCOUNT
Spread Account Cap
9% of Outstanding Certificate Balance 6,053,130.56
15% of Outstanding Certificate Balance 10,088,550.94
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
---------------
Cap Amount 10,088,550.94
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 67,257,006.24
Minimum Floor 100,000.00
---------------
Floor Amount 3,580,860.93
Required Spread Account Amount 10,088,550.94
Beginning of Period Spread Account Balance 9,103,390.57
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 985,160.37
Earnings on Spread Account Balance 38,639.45
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 9,142,030.02
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-1, 1995-4, 1996-1, FASCO 1996-1, 1996-2, 1996-3 and 1997-1.
<PAGE>
MONTHLY NOTEHOLDER STATEMENT
CPS AUTO RECEIVABLES TRUST 1997-3
6.10% ASSET-BACKED NOTES, CLASS A-1
6.38% ASSET-BACKED NOTES, CLASS A-2
10.65% ASSET-BACKED NOTES, CLASS B
10.65% ASSET-BACKED CERTIFICATES
Distribution Date 1/15/99
Collection Period 12/98
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
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A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $3,574,862.23
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $117,224.82
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,457,637.41
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $44.23
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $1.45
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $42.78
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $327,868.20
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $327,868.20
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $5.31
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to Class B
Noteholders on the Distribution Date set forth above $153,909.65
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $21,754.61
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $132,155.04
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $153,909.65
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $21,754.61
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $132,155.04
(s) Scheduled Payments due in such Collection Period $3,227,638.85
(t) Scheduled Payments collected in such
Collection Period $3,027,951.50
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $96,562,358.98
(b) The aggregate principal amount of the Securities as
of the close of business on the last day set forth
above, after giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(r) above $85,909,120.65
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i),(o) above $83,590,051.71
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8656588
(e) Aggregate principal amount of Certificates as of the close
of business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(r) above $2,319,068.94
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0240163
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $183,863.03
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,828.12
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.27
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 2
Aggregate Purchase Amount $15,928.60
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
(f) The amount of the Certificate Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (q) above $0.00
(g) The amount of the Certificate Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (r) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $27,828,827.23
Spread Account Balance $3,115,945.50
(b) The change in the spread account on the Distribution
Date set forth above $57,373.64
5 Policy.
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $23,704.04
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,089,890.42
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 307
Aggregate Gross Amount $3,708,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 326
Aggregate Gross Amount $4,062,000.00
7 Performance Triggers
(a) Delinquency Ratio 7.46%
(b) Average Delinquency Ratio 7.15%
(c) Cumulative Default Ratio 11.61%
(d) Cumulative Net Loss Ratio 8.56%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No(a)
</TABLE>
<PAGE>
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CPS AUTO RECEIVABLES TRUST 1997-3
STATEMENT TO NOTEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 4,537,667.56
LOCK BOX NSF ITEMS: (84,525.78)
TOTAL COLLECTION PROCEEDS: 4,453,141.78
FOR DISTRIBUTION DATE: 1/15/99
FOR DETERMINATION DATE: 1/8/99
FOR COLLECTION PERIOD: 12/98
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 96,562,358.98
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
---------------
Aggregate Beginning Principal Balance 96,562,358.98
Principal portion of payments collected (non-prepayments) 1,402,451.09
Prepayments in full allocable to principal 729,261.00
Collections allocable to principal 2,131,712.09
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 562,070.44
Purchase Amounts allocable to principal 15,928.60
---------------
Total Principal 2,709,711.13
Realized Losses 1,089,890.42
Cram Down Losses 0.00
Ending Principal Balance 92,762,757.43
PREFUNDING
Original Amount in Prefunding Account 27,084,817.00
Subsequent Loans Sold to the Trust 27,084,817.00
Balance of Prefunding Account 0.00
INTEREST
Collections allocable to interest 1,625,500.41
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 117,930.24
---------------
Total Interest 1,743,430.65
NOTE & CERTIFICATE INFORMATION
Beginning of Period Class A-1 Principal Balance 23,060,620.19
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 2,451,223.97
Beginning of Period Certificate Balance 2,451,223.97
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 3,058,571.86
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 22,925.77
Scheduled Payments due in Collection Period 3,227,638.85
Scheduled Payments collected in Collection Period 3,027,951.50
Aggregate Amount of Realized Losses for preceding Distribution Date 1,089,890.42
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 182.87
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate
Gross Amount
# of Receivables of Receivables
31 - 59 days delinquent 307 3,708,000.00
60+ days delinquent 326 4,062,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
2 15,928.60
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close
of business on the last day of the related Collection Period. 7,770,000.00
Principal Balance of all Receivables that became Purchased Receivables as of
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more. 15,928.60
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 1,038,934.97
Delinquency Ratio for second preceding Determination Date 7.51%
Delinquency Ratio for third preceding Determination Date 6.49%
Cumulative Defaults for preceding Determination Date 16,383,260.61
Cumulative Net Losses for preceding Determination Date 11,867,713.59
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
CALCULATIONS
REQUISITE RESERVE AMOUNT
Weighted Average of the Interest Rates and Pass-Through Rates 6.5415%
minus 2.5% 2.50%
---------------
4.0415%
divided by 360 0.0112%
times the prefunded amount 0.00
times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00
---------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
Excess in Interest Reserve Account 0.00
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,757,212.50
Liquidation Proceeds 562,070.44
Recoveries 117,930.24
Purchase Amounts 15,928.60
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 0.00
Investment earnings from Note Distribution Account 599.19
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 281.60
Investment earnings from Collection Account 15,048.52
---------------
TOTAL DISTRIBUTION AMOUNT 4,469,071.09
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,402,451.09
Prepayments in full allocable to principal 729,261.00
Principal Balance of Liquidated Receivables 1,651,960.86
Purchase Amounts allocable to principal 15,928.60
Cram Down Losses 0.00
---------------
Principal Distributable Amount 3,799,601.55
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 92,762,757.43
---------------
83,486,481.69
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 68.8%
---------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 3,799,601.55
Times Class A Noteholders' Percentage 91%
---------------
3,457,637.41
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 3,457,637.41
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 23,060,620.19
Multiplied by the Note Rate 6.10%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
---------------
Class A Interest Distributable Amount 117,224.82
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,668,000.00
Multiplied by the Note Rate 6.38%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
---------------
Class A Interest Distributable Amount 327,868.20
Class B Noteholders Principal Distributable Amount
Principal Distributable Amount 3,799,601.55
Times Class B Percentage 2.5%
---------------
Class B Principal Distributable Amount 94,990.04
Certificate Principal Distributable Amount
Principal Distributable Amount 3,799,601.55
Times Certificate Percentage 2.5%
---------------
Certificate Principal Distributable Amount 94,990.04
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 2,451,223.97
Multiplied by Note Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
---------------
Class B Coupon Interest Amount 21,754.61
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 2,451,223.97
Multiplied by Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
---------------
Certificateholders' Interest Amount 21,754.61
Class B Excess Interest Amount
Total Distribution Amount 4,469,071.09
minus
Class A Principal and Interest Distributable Amount 3,574,862.23
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 21,754.61
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 94,990.04
Class B Principal Carryover Shortfall 74,329.99
Trustee distributions 987.56
Standby Servicer distributions 4,828.12
Servicer distributions 183,863.03
Collateral Agent distributions 746.93
Reimbursement Obligations 23,704.04
---------------
489,004.54
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B and Certificates Principal Carryover Shortfall from previous period 74,329.99
---------------
74,329.99
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
---------------
0.00
</TABLE>
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CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 4,828.12
Servicing Fee (2.0%) 160,937.26
Additional Servicing Fee Amounts (late fees, prepayment
charges, etc.) 22,925.77
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
(ii) Transition Expenses to Standby Servicer 0.00
(iii) Indenture Trustee Fee 804.69
Indenture Trustee's out-of-pocket expenses 182.87
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - prior
Collection Periods 0.00
Owner Trustee Fee 0.00
Owner Trustee's out-of-pocket expenses 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior
Collection Periods 0.00
(iv) Collateral Agent Fee 746.93
Collateral Agent Expenses 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
(v)(A) Class A-1 Interest Distributable Amount - Current Month 117,224.82
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 117,224.82
(B) Class A-2 Interest Distributable Amount - Current Month 327,868.20
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 327,868.20
(vi)(A) Class B Note Interest - Unadjusted 21,754.61
Class B Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 21,754.61
(B) Certificate Interest - Unadjusted 21,754.61
Certificate Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 21,754.61
(vii) Class A Principal Distributable Amount - Current Month 3,457,637.41
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 3,457,637.41
Class A Principal Distribution Amount to Class A-2 0.00
(viii) Note Insurer Premium 23,704.04
Note Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Note Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
(x) Class B Principal Distributable Amount - Current Month
Unadjusted 94,990.04
Class B Principal Carryover Shortfall - Previous Month(s) 37,165.00
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 132,155.04
Certificate Principal Distributable Amount - Current Month
Unadjusted 94,990.04
Certificate Principal Carryover Shortfall - Previous Month(s) 37,165.00
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 132,155.04
(xi) Until the Target Payment Date, remaining amount to Class A
Noteholders 0.00
Amount to Class A-1 Noteholders 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. Amount 0.00
(xiii) After an Event of Default, Certificateholders' Prin. Dist. Amount 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 44,391.69
Spread Account withdrawal for deficiencies 0.00
</TABLE>
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<TABLE>
<CAPTION>
<S> <C> <C> <C>
SECURITIES BALANCE
Class A-1 Beginning of Period Principal Amount 23,060,620.19
Class A-1 Principal Distributions 3,457,637.41
Class A-1 End of Period Principal Amount (prior to turbo) 19,602,982.78
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 19,602,982.78
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 61,668,000.00
Class B Beginning of Period Principal Amount 2,451,223.97
Class B Principal Distributable Amount 132,155.04
Class B End of Period Principal Amount BEFORE Spread Account Distributions 2,319,068.94
Allocations of Cash Releases to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 2,319,068.94
Certificate Beginning of Period Principal Amount 2,451,223.97
Certificate Principal Distributable Amount 132,155.04
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 2,319,068.94
Allocation of Cash Releases to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 2,319,068.94
CLASS A-1 DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 4,469,071.09
(ii) Current distribution amounts payable pursuant to Section 5.8(a)(i) and (v)A 307,650.46
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 4,161,420.63
CLASS A-2 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a)(v) B 4,161,420.63
(ii) Current distribution amounts payable pursuant to Section 5.8(a)(v) B 327,868.20
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,833,552.43
CLASS B NOTE DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a)(vi) A 3,833,552.43
(ii) Current distribution amounts payable pursuant to Section 5.8(a)(v) A 21,754.61
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,811,797.82
CLASS B CERTIFICATE DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a)(vi) and (x) 3,811,797.82
(ii) Current distribution amounts payable pursuant to Section 5.8(a)(vi) and (x) 21,754.61
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,790,043.21
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.8(a)(vii) 3,790,043.21
(ii) Current distribution amounts payable pursuant to Section 5.8(a)(vii) 3,457,637.41
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 332,405.80
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 5.8(a)(viii) 332,405.80
(vi) Note Insurer Premium 23,704.04
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 308,701.76
CLASS B NOTES & CERTIFICATES DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.8(a)(vi) and (x) 308,701.76
(ii) Amounts payable pursuant to Section 5.8(a)(vi) and (x) 189,980.08
(iii) Prior month(s) carryover shortfalls 74,329.99
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/ B Notes (Deficiency) 22,195.85
Amount Remaining for Further Distribution/ B Certificates (Deficiency) 22,195.85
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 44,391.69
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,770,000.00
Purchased receivables more than 30 days delinquent 15,928.60
---------------
Total 7,785,928.60
Aggregate Gross Principal Balance as of the close of 104,329,274.88
business on the last day of the Collection Period.
DELINQUENCY RATIO 7.46%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.46%
Delinquency Ratio for second preceding Determination Date 7.51%
Delinquency Ratio for third preceding Determination Date 6.49%
----------------
Average Delinquency Ratio 7.15%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 16,383,260.61
Current Period Defaulted Receivables 1,038,934.97
---------------
Total 17,422,195.58
Cumulative Defaulted Receivables 17,422,195.58
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 11.61%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,651,960.86
Cram Down Losses 0.00
Net Liquidation Proceeds (680,000.68)
---------------
Net Liquidation Losses 971,960.18
Cumulative Previous Net Losses 11,867,713.59
---------------
Cumulative Net Losses 12,839,673.77
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 8.56%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 40.86
Weighted Average Annual Percentage Rate 20.38%
SPREAD ACCOUNT
OC Percent
Aggregate Principal Balance 92,762,757.43
minus the Securities Balance 85,909,120.65
---------------
6,853,636.78
divided by the Aggregate Principal Balance 7.39%
Floor OC Percent
Aggregate Principal Balance 92,762,757.43
minus the Securities Balance 85,909,120.65
---------------
6,853,636.78
divided by the initial Aggregate Principal Balance 150,000,000.00
---------------
4.57%
Floor Amount
greater of
(a) $100,000 100,000.00
(b) the lesser of
(i) Securities Balance 85,909,120.65
(ii) the sum of
(A) 2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 27,084,817.00
---------------
3,000,000.00
(B) the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 150,000,000.00
---------------
0.00
Floor Amount 3,000,000.00
Requisite Amount
the greater of
(1) the Floor Amount 3,000,000.00
(2) the product of:
if no Trigger Event, 9% minus the OC Percent 1.61%
if a Trigger Event, 15% minus the OC Percent 7.61%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 22.61%
if an Insurance Agreement Event of Default, 30% 30.00%
30.00%
times the Aggregate Principal Balance 92,762,757.43
---------------
27,828,827.23
Requisite Amount 27,828,827.23
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
Required Spread Account Amount 27,828,827.23
Beginning of Period Spread Account Balance 3,058,571.86
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 44,391.69
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 24,725,863.68
Earnings on Spread Account Balance 12,981.95
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Notes Shortfalls 0.00
Amount of Withdrawal Allocated to B Certificates Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,115,945.50
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-1, 1995-4, 1996-1, FASCO 1996-1, 1996-2, 1996-3, and 1997-1.
<PAGE>
MONTHLY NOTEHOLDER STATEMENT
CPS AUTO RECEIVABLES TRUST 1997-4
6.07% ASSET-BACKED NOTES, CLASS A-1
6.30% ASSET-BACKED NOTES, CLASS A-2
10.59% ASSET-BACKED CERTIFICATES
Distribution Date 1/15/99
Collection Period 12/98
Under the Sale and Servicing Agreement dated as of October 9, 1997 and
amended as of October 17, 1997 (the "Agreement") by and among CPS Receivables
Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner
Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Noteholders and Certificateholders
and the performance of the Trust during the previous month. The information
which is required to be prepared with respect to the Distribution Date and
Collection Period listed above is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per Note, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
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A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,569,075.69
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $97,159.43
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,471,916.26
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $47.35
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $1.79
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $45.56
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $243,114.89
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $243,114.89
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.94
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $168,678.56
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $32,858.99
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $135,819.57
(p) Scheduled Payments due in such Collection Period $2,413,362.14
(q) Scheduled Payments collected in such
Collection Period $2,403,320.88
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $74,467,967.53
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth
above, after giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $66,631,056.02
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $63,043,477.21
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8465852
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(o) above $3,587,578.81
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0481761
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $141,383.92
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,723.40
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.61
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $8,665.39
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $21,525,472.81
Spread Account Balance $2,789,419.62
(b) The change in the spread account on the Distribution
Date set forth above $249,771.53
5 Policy.
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $18,387.68
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $752,291.13
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 237
Aggregate Gross Amount $2,847,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 217
Aggregate Gross Amount $2,627,000.00
7 Performance Triggers.
(a) Delinquency Ratio 6.81%
(b) Average Delinquency Ratio 6.29%
(c) Cumulative Default Ratio 8.93%
(d) Cumulative Net Loss Ratio 6.28%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No(a)
</TABLE>
<PAGE>
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CPS AUTO RECEIVABLES TRUST 1997-4
STATEMENT TO NOTEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 3,433,442.03
LOCK BOX NSF ITEMS: (57,342.16)
TOTAL COLLECTION PROCEEDS: 3,376,099.87
FOR DISTRIBUTION DATE: 1/15/99
FOR DETERMINATION DATE: 1/8/99
FOR COLLECTION PERIOD: 12/98
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 74,467,967.53
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
---------------
Aggregate Beginning Principal Balance 74,467,967.53
Principal portion of payments collected (non-prepayments) 1,065,236.82
Prepayments in full allocable to principal 485,636.00
Collections allocable to principal 1,550,872.82
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 404,562.15
Purchase Amounts allocable to principal 8,665.39
---------------
Total Principal 1,964,100.36
Realized Losses 752,291.13
Cram Down Losses 0.00
Ending Principal Balance 71,751,576.04
PREFUNDING
Original Amount in Prefunding Account 0.00
Subsequent Loans Sold to the Trust 0.00
Balance of Prefunding Account 0.00
INTEREST
Collections allocable to interest $1,338,084.06
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 73,915.45
---------------
Total Interest $1,411,999.51
NOTE & CERTIFICATE INFORMATION
Beginning of Period Class A-1 Principal Balance 19,207,794.87
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 3,723,398.38
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 2,539,648.09
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 17,270.64
Scheduled Payments due in Collection Period 2,413,362.14
Scheduled Payments collected in Collection Period 2,403,320.88
Aggregate Amount of Realized Losses for preceding Distribution Date 752,291.13
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 151.85
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate
Gross Amount
# of Receivables of Receivables
31 - 59 days delinquent 237 2,847,000.00
60+ days delinquent 217 2,627,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
1 8,665.39
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close
of business on the last day of the related Collection Period. 5,474,000.00
Principal Balance of all Receivables that became Purchased Receivables as of
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more. 8,665.39
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 543,403.36
Delinquency Ratio for second preceding Determination Date 6.62%
Delinquency Ratio for third preceding Determination Date 5.44%
Cumulative Defaults for preceding Determination Date 8,906,158.96
Cumulative Net Losses for preceding Determination Date 5,973,806.45
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,888,956.88
Liquidation Proceeds 404,562.15
Recoveries 73,915.45
Purchase Amounts 8,665.39
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,926.33
---------------
TOTAL DISTRIBUTION AMOUNT 3,388,026.20
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,065,236.82
Prepayments in full allocable to principal 485,636.00
Principal Balance of Liquidated Receivables 1,156,853.28
Purchase Amounts allocable to principal 8,665.39
Cram Down Losses 0.00
---------------
Principal Distributable Amount 2,716,391.49
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 71,751,576.04
---------------
64,576,418.44
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 66.9%
---------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,716,391.49
Times Class A Noteholders' Percentage 91%
---------------
2,471,916.26
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 2,471,916.26
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 19,207,794.87
Multiplied by the Note Rate 6.07%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
---------------
Class A Interest Distributable Amount 97,159.43
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,307,598.60
Multiplied by the Note Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
---------------
Class A Interest Distributable Amount 243,114.89
Certificateholders Principal Distributable Amount
Principal Distributable Amount 2,716,391.49
Times Certificate Percentage 5.0%
---------------
Class B Principal Distributable Amount 135,819.57
Certificateholders' Interest Amount
Total Distribution Amount 3,388,026.20
minus
Class A Principal and Interest Distributable Amount 2,812,190.58
Beginning of Period Principal Balance of the Certificates 3,723,398.38
Multiplied by Note Pass-Through Rate 10.59%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
---------------
Certificate Coupon Interest Amount 32,858.99
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 32,858.99
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 135,819.57
Class B Principal Carryover Shortfall 0.00
Trustee distributions 3.272.42
Standby Servicer distributions 3,723.40
Servicer distributions 141.383.92
Collateral Agent distributions 576.99
Reimbursement Obligations 18,387.68
---------------
239,812.65
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
---------------
0.00
</TABLE>
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CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 3,723.40
Servicing Fee (2.0%) 124,113.28
Additional Servicing Fee Amounts (late fees, prepayment
charges, etc.) 17,270.64
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
(ii) Transition Expenses to Standby Servicer 0.00
(iii) Indenture Trustee Fee 620.57
Indenture Trustee's out-of-pocket expenses 151.85
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - prior
Collection Periods 0.00
Owner Trustee Fee 2,500.00
Owner Trustee's out-of-pocket expenses 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00
(iv) Collateral Agent Fee 576.99
Collateral Agent Expenses 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection
Periods 0.00
(v)(A) Class A-1 Interest Distributable Amount - Current Month 97,159.43
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 97,159.43
(B) Class A-2 Interest Distributable Amount - Current Month 243,114.89
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 243,114.89
(vi)(A) Certificate Note Interest - Unadjusted 32,858.99
Certificate Note Interest Carryover Shortfall - Previous
Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 32,858.99
(vii) Class A Principal Distributable Amount - Current Month 2,471,916.26
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 2,471,916.26
Class A Principal Distribution Amount to Class A-2 0.00
(viii) Note Insurer Premium 18,387.68
Note Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Note Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
(x) Certificate Principal Distributable Amount - Current
Month Unadjusted 135,819.57
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 135,819.57
(xi) Until the Target Payment Date, remaining amount to Class A
Noteholders 0.00
Amount to Class A-1 Noteholders 0.00
Amount to Class A-2 Noteholders 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 239,812.65
Spread Account Withdrawal to cover deficiencies 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SECURITIES BALANCE
Class A-1 Beginning of Period Principal Amount 19,207,794.87
Class A-1 Principal Distributions 2,471,916.26
Class A-1 End of Period Principal Amount (prior to turbo) 16,735,878.61
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 16,735,878.61
Class A-2 Beginning of Period Principal Amount 46,307,598.60
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 46,307,598.60
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 46,307,598.60
Certificate Beginning of Period Principal Amount 3,723,398.38
Certificate Principal Distributable Amount 135,819.57
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,587,578.81
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,587,578.81
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 3,388,026.20
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 489,231.05
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,898,795.15
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 2,898,795.15
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 32,858.99
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,865,936.16
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 2,865,936.16
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 2,471,916.26
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 394,019.90
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 344,019.90
(vi) Note Insurer Premium 18,387.68
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 375,632.22
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 375,632.22
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 135,819.57
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 239,812.65
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 239,812.65
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,474,000.00
Purchased receivables more than 30 days delinquent 8,665.39
---------------
Total 5,482,665.39
Aggregate Gross Principal Balance as of the close of 80,483,116.50
business on the last day of the Collection Period.
DELINQUENCY RATIO 6.81%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.81%
Delinquency Ratio for second preceding Determination Date 6.62%
Delinquency Ratio for third preceding Determination Date 5.44%
---------------
Average Delinquency Ratio 6.29%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 8,906,158.96
Current Period Defaulted Receivables 543,403.36
---------------
Total 9,449,562.32
Cumulative Defaulted Receivables 9,449,562.32
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 8.93%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,156,853.28
Cram Down Losses 0.00
Net Liquidation Proceeds (478,477.60)
---------------
Net Liquidation Losses 678,375.68
Cumulative Previous Net Losses 5,973,806.45
---------------
Cumulative Net Losses 6,652,182.13
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 6.28%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 42.90
Weighted Average Annual Percentage Rate 20.30%
SPREAD ACCOUNT
OC Percent
Aggregate Principal Balance 71,751,576.04
minus the Securities Balance 66,631,056.02
---------------
5,120,520.02
divided by the Aggregate Principal Balance 7.14%
Floor OC Percent
Aggregate Principal Balance 71,751,576.04
minus the Securities Balance 66,631,056.02
---------------
5,120,520.02
divided by the initial Aggregate Principal Balance 105,860,630.11
---------------
4.84%
Floor Amount
greater of
(a) $100,000 100,000.00
(b) the lesser of
(i) Securities Balance 66,631,056.02
(ii) the sum of
(A) 2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 105,860,630.11
(II) balance of all Subsequent Receivables 0.00
---------------
2,117,212.60
(B) the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 105,860,630.11
---------------
0.00
Floor Amount 2,117,212.60
Requisite Amount
the greater of
(1)the Floor Amount 2,117,212.60
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 1.86%
if a Trigger Event, 15% minus the OC Percent 7.86%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 22.86%
if an Insurance Agreement Event of Default, 30% 30.00%
30.00%
times the Aggregate Principal Balance 71,751,576.04
---------------
21,525,472.81
Requisite Amount 21,525,472.81
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
Required Spread Account Amount 21,525,472.81
Beginning of Period Spread Account Balance 2,539,648.09
Spread Account Deposit (Withdrawal) from Current Distributions 239,812.65
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 18,746,012.07
Earnings on Spread Account Balance 9,958.88
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to Certificates' Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 2,789,419.62
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-1, 1995-4, 1996-1, FASCO 1996-1, 1996-2, 1996-3, and 1997-1.
<PAGE>
MONTHLY NOTEHOLDER STATEMENT
CPS AUTO RECEIVABLES TRUST 1997-5
6.26% ASSET-BACKED NOTES, CLASS A-1
6.40% ASSET-BACKED NOTES, CLASS A-2
10.55% ASSET-BACKED CERTIFICATES
Distribution Date 1/15/99
Collection Period 12/98
Under the Sale and Servicing Agreement dated as of December 1, 1997, (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
<TABLE>
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A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,516,895.19
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $143,886.17
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,373,009.02
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $45.15
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $2.58
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $42.57
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $187,600.00
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $187,600.00
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.04
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $161,618.28
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $31,233.17
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $130,385.11
(p) Scheduled Payments due in such Collection Period $2,253,247.02
(q) Scheduled Payments collected in such
Collection Period $2,203,191.30
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $71,131,928.59
(b) The aggregate principal amount of the Securities as of the
close of business on the last day set forth
above, after giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o) above $63,806,207.52
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $60,384,004.55
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8489016
(e) Aggregate principal amount of the Certificates as of the close
of business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(o) above $3,422,202.97
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0481106
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $133,588.54
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,556.60
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.40
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of
Receivables that became Purchased Receivables
during the related Collection Period
Number 1
Aggregate Purchase Amount $13,288.88
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with
respect to such Distribution Date and the Spread
Account Balance on the Distribution Date
set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $20,557,267.91
Spread Account Balance $2,750,513.12
(b) The change in the spread account on the Distribution
Date set forth above $150,403.06
5 Policy.
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $19,624.80
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $684,447.96
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 204
Aggregate Gross Amount $2,490,000.00
(d) The number of Receivables and the aggregate
gross amount scheduled to be paid,
including unearned finance and other
charges, for which Obligors are delinquent
60 days or more
Number 218
Aggregate Gross Amount $2,755,000.00
7 Performance Triggers.
(a) Delinquency Ratio 6.92%
(b) Average Delinquency Ratio 6.65%
(c) Cumulative Default Ratio 7.20%
(d) Cumulative Net Loss Ratio 5.15%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No(a)
</TABLE>
<PAGE>
<TABLE>
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CPS AUTO RECEIVABLES TRUST 1997-5
STATEMENT TO NOTEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 3,195,790.41
LOCK BOX NSF ITEMS: (43,078.14)
TOTAL COLLECTION PROCEEDS: 3,152,712.27
FOR DISTRIBUTION DATE: 1/15/99
FOR DETERMINATION DATE: 1/8/99
FOR COLLECTION PERIOD: 12/98
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 71,131,928.59
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
---------------
Aggregate Beginning Principal Balance 71,131,928.59
Principal portion of payments collected (non-prepayments) 1,032,290.41
Prepayments in full allocable to principal 559,044.00
Collections allocable to principal 1,591,334.41
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 318,630.97
Purchase Amounts allocable to principal 13,288.88
---------------
Total Principal 1,923,254.26
Realized Losses 684,447.96
Cram Down Losses 0.00
Ending Principal Balance 68,524,226.37
INTEREST
Collections allocable to interest $1,170,900.89
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 58,557.12
---------------
Total Interest $1,229,458.01
NOTE & CERTIFICATE INFORMATION
Beginning of Period Class A-1 Principal Balance 27,582,013.57
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 3,552,588.08
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 2,600,110.06
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 15,035.33
Scheduled Payments due in Collection Period 2,253,247.02
Scheduled Payments collected in Collection Period 2,203,191.30
Aggregate Amount of Realized Losses for preceding Distribution Date 684,447.96
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 155.47
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 204 2,490,000.00
60+ days delinquent 218 2,755,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
1 13,288.88
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close 5,245,000.00
of business on the last day of the related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 13,288.88
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables 573,877.26
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.01%
Delinquency Ratio for third preceding Determination Date 6.03%
Cumulative Defaults for preceding Determination Date 6,313,113.33
Cumulative Net Losses for preceding Determination Date 4,303,250.84
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,762,235.30
Liquidation Proceeds 318,630.97
Recoveries 58,557.12
Purchase Amounts 13,288.88
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 10,857.00
---------------
TOTAL DISTRIBUTION AMOUNT 3,163,569.27
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,032,290.41
Prepayments in full allocable to principal 559,044.00
Principal Balance of Liquidated Receivables 1,003,078.93
Purchase Amounts allocable to principal 13,288.88
Cram Down Losses 0.00
---------------
Principal Distributable Amount 2,607,702.22
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 68,524,226.37
--------------
61,671,803.73
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 53.0%
---------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,607,702.22
Times Class A Noteholders' Percentage 91%
---------------
2,373,009.02
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 2,373,009.02
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 27,582,013.57
Multiplied by the Note Rate 6.26%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
---------------
Class A Interest Distributable Amount 143,886.17
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 35,175,000.00
Multiplied by the Note Rate 6.40%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
---------------
Class A Interest Distributable Amount 187,600.00
Certificateholders Principal Distributable Amount
Principal Distributable Amount 2,607,702.22
Times Certificate Percentage 5.0%
---------------
Class B Principal Distributable Amount 130,385.11
Certificateholders' Interest Amount
Total Distribution Amount 3,163,569.27
minus
Class A Principal and Interest Distributable Amount 2,704,495.19
Beginning of Period Principal Balance of the Certificates 3,552,588.08
Multiplied by Note Pass-Through Rate 10.55%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
---------------
Certificate Coupon Interest Amount 31,233.17
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 31,233.17
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 130,385.11
Class B Principal Carryover Shortfall 0.00
Trustee distributions 748.24
Standby Servicer distributions 3,556.60
Servicer distributions 133,588.54
Collateral Agent distributions 552.58
Reimbursement Obligations 19,624.80
---------------
139,385.04
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
---------------
0.00
</TABLE>
<PAGE>
<TABLE>
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CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 3,556.60
Servicing Fee (2.0%) 118,553.21
Additional Servicing Fee Amounts
(late fees, prepayment charges, etc.) 15,035.33
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
(ii) Transition Expenses to Standby Servicer 0.00
(iii) Indenture Trustee Fee 592.77
Indenture Trustee's out-of-pocket expenses 155.47
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - prior
Collection Periods 0.00
Owner Trustee Fee 0.00
Owner Trustee's out-of-pocket expenses 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection
Periods 0.00
(iv) Collateral Agent Fee 552.58
Collateral Agent Expenses 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
(v)(A) Class A-1 Interest Distributable Amount - Current Month 143,886.17
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 143,886.17
(B) Class A-2 Interest Distributable Amount - Current Month 187,600.00
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 187,600.00
(vi)(A)Certificate Note Interest - Unadjusted 31,233.17
Certificate Note Interest Carryover Shortfall - Previous
Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 31,233.17
(vii) Class A Principal Distributable Amount - Current Month 2,373,009.02
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 2,373,009.02
Class A Principal Distribution Amount to Class A-2 0.00
(viii) Note Insurer Premium 19,624.80
Note Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Note Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
(x) Certificate Principal Distributable Amount - Current
Month Unadjusted 130,385.11
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 130,385.11
(xi) Until the Target Payment Date, remaining amount to Class A
Noteholders 0.00
Amount to Class A-1 Noteholders 0.00
Amount to Class A-2 Noteholders 0.00
(xiv) After the Target Pmt. Date, remaining amount into
Spread Acct. 139,385.04
Spread Account Withdrawal to cover deficiencies 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SECURITIES BALANCE
Class A-1 Beginning of Period Principal Amount 27,582,013.57
Class A-1 Principal Distributions 2,373,009.02
Class A-1 End of Period Principal Amount (prior to turbo) 25,209,004.55
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 25,209,004.55
Class A-2 Beginning of Period Principal Amount 35,175,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 35,175,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 35,175,000.00
Certificate Beginning of Period Principal Amount 3,552,588.08
Certificate Principal Distributable Amount 130,385.11
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,422,202.97
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,422,202.97
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 3,163,569.27
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 469,932.13
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,693,637.14
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,693,637.14
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 31,233.17
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,662,403.97
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,662,403.97
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,373,009.02
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 289,394.95
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 289,394.95
(vi) Note Insurer Premium 19,624.80
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 269,770.15
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 269,770.15
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 130,385.11
(iii)Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 139,385.04
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,245,000.00
Purchased receivables more than 30 days delinquent 13,288.88
---------------
Total 5,258,288.88
Aggregate Gross Principal Balance as of the close of 75,944,569.37
business on the last day of the Collection Period.
DELINQUENCY RATIO 6.92%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.92%
Delinquency Ratio for second preceding Determination Date 7.01%
Delinquency Ratio for third preceding Determination Date 6.03%
----------------
Average Delinquency Ratio 6.65%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 6,313,113.33
Current Period Defaulted Receivables 573,877.26
---------------
Total 6,886,990.59
Cumulative Defaulted Receivables 6,313,113.33
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 7.20%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,003,078.93
Cram Down Losses 0.00
Net Liquidation Proceeds (377,188.09)
---------------
Net Liquidation Losses 625,890.84
Cumulative Previous Net Losses 4,303,250.84
---------------
Cumulative Net Losses 4,929,141.68
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 5.15%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 44.21
Weighted Average Annual Percentage Rate 20.22%
SPREAD ACCOUNT
OC Percent
Aggregate Principal Balance 68,524,226.37
minus the Securities Balance 63,806,207.52
---------------
4,718,018.85
divided by the Aggregate Principal Balance 6.89%
Floor OC Percent
Aggregate Principal Balance 78,524,226.37
minus the Securities Balance 63,806,207.52
---------------
4,718,018.85
divided by the initial Aggregate Principal Balance 95,706,307.00
---------------
4.93%
Floor Amount
greater of
(a) $100,000 100,000.00
(b) the lesser of
(i) Securities Balance 63,806,207.52
(ii) the sum of
(A) 2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 95,706,307.00
(II) balance of all Subsequent Receivables 0.00
---------------
1,914,126.14
(B) the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 95,706,307.00
---------------
0.00
Floor Amount 1,914,126.14
Requisite Amount
the greater of
(1) the Floor Amount 1,914,126.14
(2) the product of:
if no Trigger Event, 9% minus the OC Percent 2.1%
if a Trigger Event, 15% minus the OC Percent 8.1%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.1%
if an Insurance Agreement Event of Default, 30% 30%
30%
times the Aggregate Principal Balance 68,524,226.37
---------------
20,557,267.91
Requisite Amount 20,557,267.91
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
Required Spread Account Amount 20,557,267.91
Beginning of Period Spread Account Balance 2,600,110.06
Spread Account Deposit (Withdrawal) from Current Distributions 139,385.04
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 17,817,772.81
Earnings on Spread Account Balance 11,018.02
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 2,750,513.12
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-1, 1995-4, 1996-1, FASCO 1996-1, 1996-2, 1996-3, and 1997-1.
<PAGE>
MONTHLY CERTIFICATEHOLDER STATEMENT
CPS AUTO GRANTOR TRUST 1998-1
6.00% ASSET-BACKED CERTIFICATES, CLASS A
10.25% ASSET-BACKED CERTIFICATES, CLASS B
Distribution Date 1/15/99
Collection Period 12/98
Under the Pooling and Servicing Agreement dated as of March 16, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $5,458,529.04
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $735,621.35
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $4,722,907.69
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $30.73
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.14
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $26.59
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $405,174.39
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $66,907.52
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $338,266.87
(j) Scheduled Payments due in such Collection Period $4,734,480.21
(k) Scheduled Payments collected in such
Collection Period $4,775,749.17
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $154,867,653.07
(b) The aggregate balance of the Certificates as of the close
of business on the last day set forth
above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $149,896,171.29
(c) The Pool factor as of the close of business
on the last day set forth above 0.9678985
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $290,761.90
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,226.41
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.64
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.02
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of
Receivables that became Purchased Receivables
during the related Collection Period
Number 2
Aggregate Purchase Amount $14,974.65
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $35,906.53
(b) Distributions (to) from Collection Account $7,281.11
for Payaheads
(c) Interest earned on Payahead Balances $357.67
(d) Ending Payahead Account Balance $43,545.31
5 Spread Account.
(a) The Specified Spread Account Balance with
respect to such Distribution Date and the Spread
Account Balance on the Distribution Date
set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $44,968,851.39
Spread Account Balance $21,712,056.18
(b) The change in the spread account on the Distribution
Date set forth above $314,247.93
6 Policy.
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $48,653.80
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,435,929.02
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 437
Aggregate Gross Amount $5,617,000.00
(d) The number of Receivables and the aggregate
gross amount scheduled to be paid,
including unearned finance and other
charges, for which Obligors are delinquent
60 days or more
Number 421
Aggregate Gross Amount $5,512,000.00
8 Performance Triggers.
(a) Delinquency Ratio 6.70%
(b) Average Delinquency Ratio 6.22%
(c) Cumulative Default Ratio 4.62%
(d) Cumulative Net Loss Ratio 3.03%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? Yes
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CPS AUTO GRANTOR TRUST 1998-1
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 6,522,091.64
LOCK BOX NSF ITEMS: (99,122.48)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (7,281.11)
COLLECTION ACCOUNT INTEREST 21,701.10
PAYAHEAD ACCOUNT INTEREST 357.67
TOTAL COLLECTION PROCEEDS: 6,437,746.82
FOR DISTRIBUTION DATE: 1/15/99
FOR DETERMINATION DATE: 1/8/99
FOR COLLECTION PERIOD: 12/98
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 154,867,653.07
Principal portion of payments collected (non-prepayments) 1,993,015.90
Prepayments in full allocable to principal 815,088.00
Collections allocable to principal 2,808,103.90
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 712,474.21
Purchase Amounts allocable to principal 14,974.65
---------------
Total Principal 3,535,552.76
Realized Losses 1,435,929.02
Cram Down Losses 0.00
Ending Principal Balance 149,896,171.29
INTEREST
Collections allocable to interest 2,782,733.27
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 119,460.79
---------------
Total Interest 2,902,194.06
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 147,124,270.74
Beginning of Period Class B Principal Balance 7,833,075.11
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 21,397,808.25
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 32,649.14
Aggregate Payahead Balance 43,187.64
Aggregate Payahead Balance for preceding Distribution Date 35,906.53
Interest Earned on Payahead Balances 357.67
Scheduled Payments due in Collection Period 4,734,480.21
Scheduled Payments collected in Collection Period 4,775,749.17
Aggregate Amount of Realized Losses for preceding Distribution Date 1,435,929.02
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 5,404.12
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 437 5,617,000.00
60+ days delinquent 421 5,512,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
2 14,974.65
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close 11,129,000.00
of business on the last day of the related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 14,974.65
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables 1,188,879.44
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.49%
Delinquency Ratio for third preceding Determination Date 5.48%
Cumulative Defaults for preceding Determination Date 7,450,589.47
Cumulative Net Losses for preceding Determination Date 4,340,097.42
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 5,590,837.17
Liquidation Proceeds 712,474.21
Recoveries 119,460.79
Purchase Amounts 14,974.65
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------
TOTAL DISTRIBUTION AMOUNT 6,437,746.82
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,993,015.90
Prepayments in full allocable to principal 815,088.00
Principal Balance of Liquidated Receivables 2,148,403.23
Purchase Amounts allocable to principal 14,974.65
Cram Down Losses 0.00
---------------
Principal Distributable Amount 4,971,481.78
Class A Principal Distributable Amount
Principal Distributable Amount 4,971,481.78
Times Class A Percentage (95%) 95%
---------------
4,722,907.69
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 4,722,907.69
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 147,124,270.74
Multiplied by Certificate Pass-Through Rate 6.00%
Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333
---------------
Class A Interest Distributable Amount 735,621.35
Class B Principal Distributable Amount
Principal Distributable Amount 4,971,481.78
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 248,574.09
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 7,833,075.11
Multiplied by Certificate Pass-Through Rate 10.25%
Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333
---------------
Class B Coupon Interest Amount 66,907.52
Class B Excess Interest Amount
Total Distribution Amount 6,437,746.82
minus
Class A Principal and Interest Distributable Amount 5,458,529.04
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 66,907.52
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 248,574.09
Class B Principal Carryover Shortfall 89,692.78
Trustee distributions 6,694.68
Standby Servicer distributions 3,226.41
Servicer distributions 290,761.90
Collateral Agent distributions 1,291.31
Reimbursement Obligations 48,653.80
---------------
223,415.29
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 89,692.78
---------------
89,692.78
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 3,226.41
Servicing Fee (2.0%) 258,112.76
Additional Servicing Fee Amounts
(late fees, prepayment charges, etc.) 32,649.14
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
(ii) Transition Expenses to Standby Servicer 0.00
(iii) Trustee Fee 1,290.56
Trustee's out-of-pocket expenses 5,404.12
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior
Collection Periods 0.00
(iv) Collateral Agent Fee 1,291.31
Collateral Agent Expenses 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
(v)(A) Class A Interest Distributable Amount - Current Month 735,621.35
Prior Month(s) Class A Carryover Shortfall 0.00
Class A Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A Interest Carryover Shortfall 0.00
Class A Interest Distributable Amount 735,621.35
(viii)(A)Class B Coupon Interest - Unadjusted 66,907.52
Class B Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Interest Distributable Amount 66,907.52
(v)(B) Class A Principal Distributable Amount - Current Month 4,722,907.69
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 4,722,907.69
(vi) Certificate Insurer Premium 48,653.80
Certificate Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00
(vii) Transition Expenses to successor Servicer 0.00
(B)Class B Principal Distributable Amount - Current Month
Unadjusted 248,574.09
Class B Principal Carryover Shortfall - Previous Month(s) 89,692.78
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 338,266.87
(C)Excess Interest (Shortage) Amount for Deposit to
(withdrawal from) Spread Account 223,415.29
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 147,124,270.74
Class A Principal Distributions 4,722,907.69
Class A End of Period Principal Balance 142,401,363.05
Class B Beginning of Period Principal Balance 7,833,075.11
Class B Principal Distributable Amount 338,266.87
Class B End of Period Principal Balance BEFORE Spread Account Distributions 7,494,808.24
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 7,494,808.24
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 6,437,746.82
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,037,595.65
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 5,400,151.17
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 5,400,151.17
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 66,907.52
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 5,333,243.65
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 5,333,243.65
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 4,722,907.69
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 610,335.96
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 610,335.96
(vi) Certificate Insurer Premium 48,653.80
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 561,682.16
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 561,682.16
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 248,574.09
(iii) Prior month(s) carryover shortfalls 89,692.78
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 223,415.29
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 223,415.29
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 11,129,000.00
Purchased receivables more than 30 days delinquent 14,974.65
---------------
Total 11,143,974.65
Aggregate Gross Principal Balance as of the close of 166,440,332.96
business on the last day of the Collection Period.
DELINQUENCY RATIO 6.70%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.70%
Delinquency Ratio for second preceding Determination Date 6.49%
Delinquency Ratio for third preceding Determination Date 5.48%
---------------
Average Delinquency Ratio 6.22%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 7,450,589.47
Current Period Defaulted Receivables 1,188,879.44
---------------
Total 8,639,468.91
Cumulative Defaulted Receivables 8,639,468.91
Original Pool Balance 186,954,818.61
Cumulative Default Ratio 4.62%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,148,403.23
Cram Down Losses 0.00
Net Liquidation Proceeds (831,935.00)
---------------
Net Liquidation Losses 1,316,468.23
Cumulative Previous Net Losses 4,340,097.42
---------------
Cumulative Net Losses 5,656,565.65
Original Pool Balance 186,954,818.61
Cumulative Net Loss Ratio 3.03%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.10
Weighted Average Remaining Term 46.93
Weighted Average Annual Percentage Rate 20.32%
SPREAD ACCOUNT
Spread Account Cap
13.5% of Outstanding Certificate Balance 20,235,983.12
18.5% of Outstanding Certificate Balance 27,730,791.69
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
---------------
Cap Amount 44,968,851.39
Spread Account Floor
3% of the Initial Certificate Balance 5,608,644.56
Outstanding Certificate Balance 149,896,171.29
Minimum Floor 100,000.00
---------------
Floor Amount 5,608,644.56
Required Spread Account Amount 44,968,851.39
Beginning of Period Spread Account Balance 21,397,808.25
Spread Account Deposit (Withdrawal) from Current Distributions 223,415.29
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Allocations of cash releases from previous pools 0.00
Required addition to/(eligible withdrawal from) Spread Account 23,347,627.85
Earnings on Spread Account Balance 90,832.64
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 21,712,056.18
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-1, 1995-4, 1996-1, FASCO 1996-1, 1996-2, 1996-3, and 1997-1.
<PAGE>
MONTHLY CERTIFICATEHOLDER STATEMENT
CPS AUTO GRANTOR TRUST 1998-2
6.09% CLASS A ASSET-BACKED CERTIFICATES
10.34% CLASS B ASSET-BACKED CERTIFICATES
Distribution Date 1/15/99
Collection Period 12/98
Under the Pooling and Servicing Agreement dated as of April 8, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $6,105,086.42
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $903,534.82
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $5,201,551.60
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $30.45
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.51
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $25.94
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above
(given to the Collateral Agent for deposit into the Spread Account) $249,879.61
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $80,741.07
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $169,138.54
(j) Scheduled Payments due in such Collection Period $5,539,773.04
(k) Scheduled Payments collected in such
Collection Period $5,042,595.19
B. Information Regarding the Performance of the Trust.
1 Certificate Balances.
(a) The original aggregate Principal Balance of the
Certificates as of the closing date $211,042,290.00
(b) The aggregate principal balance of the Certificates as of
the close of business on the last day set forth above, after giving
effect to payments allocated to principal in paragraph A 1 (c) above $182,036,064.70
(c) The Aggregate Pool factor as of the close of business
on the last day set forth above 0.8625573
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $345,850.73
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,904.31
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.73
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.02
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 2
Aggregate Purchase Amount $21,842.54
3 Payment Shortfalls.
(a) The amount of the Class A Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $31,041.16
(b) Distributions (to) from Collection Account $9,219.21
for Payaheads
(c) Interest earned on Payahead Balances $280.89
(d) Ending Payahead Account Balance $40,541.26
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $54,610,819.41
Spread Account Balance $20,601,330.16
(b) The change in the spread account on the Distribution
Date set forth above $84,747.12
6 Policy.
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $59,051.91
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,842,856.93
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 515
Aggregate Gross Amount $6,561,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 481
Aggregate Gross Amount $6,463,000.00
8 Performance Triggers.
(a) Delinquency Ratio 6.52%
(b) Average Delinquency Ratio 6.12%
(c) Cumulative Default Ratio 3.01%
(d) Cumulative Net Loss Ratio 1.81%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No(a)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CPS AUTO GRANTOR TRUST 1998-2
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 104,627.33
INPUTS
GROSS COLLECTION PROCEEDS: 6,890,013.84
LOCK BOX NSF ITEMS: (137,494.40)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (9,219.21)
COLLECTION ACCOUNT INTEREST 23,761.74
PAYAHEAD ACCOUNT INTEREST 280.89
TOTAL COLLECTION PROCEEDS: 6,767,342.86
FOR DISTRIBUTION DATE: 1/15/99
FOR DETERMINATION DATE: 1/8/99
FOR COLLECTION PERIOD: 12/98
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 187,406,755.40
Principal portion of payments collected (non-prepayments) 1,988,038.53
Prepayments in full allocable to principal 759,450.00
Collections allocable to principal 2,747,488.53
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 863,129.47
Purchase Amounts allocable to principal 21,842.54
---------------
Total Principal 3,632,460.54
Realized Losses 1,842,856.93
Cram Down Losses 0.00
Ending Principal Balance 181,931,437.93
INTEREST
Collections allocable to interest 3,054,556.66
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 80,325.66
---------------
Total Interest 3,134,882.32
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 178,036,417.60
Beginning of Period Class B Principal Balance 9,370,337.24
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 20,516,583.04
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 33,506.14
Aggregate Payahead Balance 40,260.37
Aggregate Payahead Balance for preceding Distribution Date 31,041.16
Interest Earned on Payahead Balances 280.89
Scheduled Payments due in Collection Period 5,539,773.04
Scheduled Payments collected in Collection Period 5,042,595.19
Aggregate Amount of Realized Losses for preceding Distribution Date 1,842,856.93
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 1,227.30
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 515 6,561,000.00
60+ days delinquent 481 6,463,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
2 21,842.54
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close 13,024,000.00
of business on the last day of the related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 21,842.54
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables 1,357,962.84
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.48%
Delinquency Ratio for third preceding Determination Date 5.35%
Cumulative Defaults for preceding Determination Date 4,991,153.79
Cumulative Net Losses for preceding Determination Date 2,064,592.02
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 5,802,045.19
Liquidation Proceeds 863,129.47
Recoveries 80,325.66
Purchase Amounts 21,842.54
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------
TOTAL DISTRIBUTION AMOUNT 6,767,342.86
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,988,038.53
Prepayments in full allocable to principal 759,450.00
Principal Balance of Liquidated Receivables 2,705,986.40
Purchase Amounts allocable to principal 21,842.54
Cram Down Losses 0.00
---------------
Principal Distributable Amount 5,475,317.47
Class A Principal Distributable Amount
Principal Distributable Amount 5,475,317.47
Times Class A Percentage (95%) 95%
---------------
5,201,551.60
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 5,201,551.60
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 178,036,417.60
Multiplied by Certificate Pass-Through Rate 6.09%
Multiplied by 30/360 0.0833333
---------------
Class A Interest Distributable Amount 903,534.82
Class B Principal Distributable Amount
Principal Distributable Amount 5,475,317.47
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 273,765.87
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 9,370,337.24
Multiplied by Certificate Pass-Through Rate 10.34%
Multiplied by 30/360 0.0833333
---------------
Class B Coupon Interest Amount 80,741.07
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------
0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 3,904.31
Servicing Fee (2.0%) 312,344.59
Additional Servicing Fee Amounts (late fees,
prepayment charges, etc.) 33,506.14
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
(ii) Transition Expenses to Standby Servicer 0.00
(iii) Trustee Fee 1,171.29
Trustee's out-of-pocket expenses 1,227.30
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection
Periods 0.00
(iv) Collateral Agent Fee 1,171.29
Collateral Agent Expenses 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
(v) Class A Interest Distributable Amount - Unadjusted 903,534.82
Prior Month(s) Class A Carryover Shortfall 0.00
Class A Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A Interest Carryover Shortfall 0.00
Class A Interest Distributable Amount 903,534.82
(vi) Class B Coupon Interest - Unadjusted 80,741.07
Class B Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Interest Distributable Amount 80,741.07
(vii) Class A Principal Distributable Amount - Current Month 5,201,551.60
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 5,201,551.60
(viii) Certificate Insurer Premium 59,051.91
Certificate Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
(x) Class B Principal Distributable Amount - Unadjusted 273,765.87
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class B Principal Carryover Shortfall (104,627.33)
Adjusted Class B Principal Distributable Amount 139,138.54
(xi) Remaining amounts to Collateral Agent for deposit in
Spread Account 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 178,036,417.60
Class A Principal Distributions 5,201,551.60
Class A End of Period Principal Balance 172,834,866.00
Class B Beginning of Period Principal Balance 9,370,337.24
Class B Principal Distributable Amount 169,138.54
Class B End of Period Principal Balance BEFORE Spread Account Distributions 9,201,198.70
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 9,201,198.70
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 6,767,342.86
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 1,256,859.74
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 5,510,483.12
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 5,510,483.12
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 80,741.07
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 5,429,742.02
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 5,429,742.02
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 5,201,551.60
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 228,190.45
OTHER DEFICIENCIES - INSURANCE
(i) Amounts available to make payments for insurance 228,190.45
Certificate Insurer Premium 59,051.91
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 169,138.54
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 169,138.54
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 273,765.87
(iii)Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (104,627.33)
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (104,627.33)
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 13,024,000.00
Purchased receivables more than 30 days delinquent 21,842.54
---------------
Total 13,045,842.54
Aggregate Gross Principal Balance as of the close of 200,003,212.44
business on the last day of the Collection Period.
Delinquency Ratio 6.52%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.52%
Delinquency Ratio for second preceding Determination Date 6.48%
Delinquency Ratio for third preceding Determination Date 5.35%
---------------
Average Delinquency Ratio 6.12%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 4,991,153.79
Current Period Defaulted Receivables 1,357,962.84
---------------
Total 6,349,116.63
Cumulative Defaulted Receivables 6,349,116.63
Original Pool Balance 211,042,290.56
Cumulative Default Ratio 3.01%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,705,986.40
Cram Down Losses 0.00
Net Liquidation Proceeds (943,455.13)
---------------
Net Liquidation Losses 1,762,531.27
Cumulative Previous Net Losses 2,064,592.02
---------------
Cumulative Net Losses 3,827,123.29
Original Pool Balance 211,042,290.56
Cumulative Net Loss Ratio 1.81%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.46
Weighted Average Remaining Term 49.44
Weighted Average Annual Percentage Rate 20.40%
SPREAD ACCOUNT
Spread Account Cap
13.5% of Outstanding Certificate Balance 24,574,868.73
19.5% of Outstanding Certificate Balance 35,497,032.62
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
---------------
Cap Amount 54,610,819.41
Spread Account Floor
3% of the Initial Certificate Balance 6,331,268.70
Outstanding Certificate Balance 182,036,064.70
Minimum Floor 100,000.00
---------------
Floor Amount 6,331,268.70
Required Spread Account Amount 54,610,819.41
Beginning of Period Spread Account Balance 20,516,583.04
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 34,094,236.37
Earnings on Spread Account Balance 84,747.12
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 20,601,330.16
Reserve Fund
Initial Class B Certificate Balance 10,552,114.40
Aggregate Pool Factor 0.8625573
Class B Principal % 5.05%
Have both tests for Reserve Fund reduction been satisfied? (Y/N) N
Requisite Amount
If both tests for reduction have NOT been met, then
10% of Original Class B Outstanding Certificate Balance 1,055,211.40
otherwise
10% of Class B Outstanding Certificate Balance 920,119.87
or
Cap Amount 1,055,211.40
Reserve Fund Floor
Outstanding Class B Certificate Balance 9,201,198.70
Minimum Floor 300,000.00
---------------
Floor Amount 300,000.00
Required Reserve Fund Amount 1,055,211.40
Beginning of Period Reserve Fund Balance 1,055,211.40
Reserve Fund Deposit (Withdrawal) from Current Distributions 0.00
Required addition to/(eligible withdrawal from) Reserve Fund 0.00
Earnings on Reserve Fund Balance 4,120.37
Amount of Reserve Fund deposit (withdrawal) (4,120.37)
Ending Reserve Fund Balance 1,055,211.40
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-1, 1995-4, 1996-1, FASCO 1996-1, 1996-2, 1996-3, and 1997-1.
<PAGE>
MONTHLY NOTEHOLDER STATEMENT
CPS AUTO RECEIVABLES TRUST 1998-3
5.6375% ASSET-BACKED NOTES, CLASS A-1
5.8550% ASSET-BACKED NOTES, CLASS A-2
5.9950% ASSET-BACKED NOTES, CLASS A-3
6.0800% ASSET-BACKED NOTES, CLASS A-4
Distribution Date 1/15/99
Collection Period 12/98
Under the Sale and Servicing Agreement dated as of July 8, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
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A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $6,166,329.60
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $40,669.18
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $6,125,660.42
(d) The amount of the distribution set forth in
paragraph A.1. (a) above $171.29
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $1.13
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $170.16
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $448,883.33
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $448,883.33
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $4.88
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $4.88
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution
to Class A-3 Noteholders on the Distribution
Date set forth above $124,895.83
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $124,895.83
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $0.00
(p) The amount of the distribution set forth in
paragraph A.1. (m) above, per $1,000 $5.00
(q) The amount of the distribution set forth in
paragraph A.1. (n) above, per $1,000 $5.00
(r) The amount of the distribution set forth in
paragraph A.1. (o) above, per $1,000 $0.00
(s) The aggregate amount of the distribution
to Class A-4 Noteholders on the Distribution
Date set forth above $418,162.13
(t) The amount of the distribution set forth in
paragraph A.1. (s) above in respect of interest $418,162.13
(u) The amount of the distribution set forth in
in paragraph A.1. (s) above in respect of principal $0.00
(v) The amount of the distribution set forth in
paragraph A.1. (s) above, per $1,000 $5.07
(w) The amount of the distribution set forth in
paragraph A.1. (t) above, per $1,000 $5.07
(x) The amount of the distribution set forth in
paragraph A.1. (u) above, per $1,000 $0.00
B. Information Regarding the Performance of the Trust.
1 Pool and Notes Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $222,052,117.31
(b) The aggregate principal amount of the Securities as
of the close of business on the last day set forth above,
after giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(u) above $201,783,939.65
(c) The Note Pool Factor as of the close of business
on the last day set forth above 0.9087233
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $405,957.19
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,626.09
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $11.28
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.02
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of
Receivables that became Purchased Receivables
during the related Collection Period
Number 2
Aggregate Purchase Amount $26,352.19
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A-3 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(d) The amount of the Class A-4 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (t) above $0.00
(e) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i),(o),(u) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $216,928,105.13
Spread Account Balance $19,634,497.78
(b) The change in the spread account on the Distribution
Date set forth above $82,993.87
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $111,712.44
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,337,097.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 512
Aggregate Gross Amount $6,641,000.00
(d) The number of Receivables and the aggregate
gross amount scheduled to be paid,
including unearned finance and other
charges, for which Obligors are delinquent
60 days or more
Number 262
Aggregate Gross Amount $3,560,000.00
7 Performance Triggers
(a) Delinquency Ratio 4.30%
(b) Average Delinquency Ratio 4.40%
(c) Cumulative Default Ratio 1.47%
(d) Cumulative Net Loss Ratio 1.64%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No(a)
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CPS AUTO RECEIVABLES TRUST 1998-3
STATEMENT TO NOTEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 7,795,303.52
LOCK BOX NSF ITEMS: (137,487.45)
TOTAL COLLECTION PROCEEDS: 7,657,816.07
FOR DISTRIBUTION DATE: 1/15/99
FOR DETERMINATION DATE: 1/8/99
FOR COLLECTION PERIOD: 12/98
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 222,052,117.31
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
---------------
Aggregate Beginning Principal Balance 222,052,117.31
Principal portion of payments collected (non-prepayments) 2,491,485.20
Prepayments in full allocable to principal 763,524.00
Collections allocable to principal 3,255,009.20
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 505,553.79
Purchase Amounts allocable to principal 26,352.19
---------------
Total Principal 3,786,915.18
Realized Losses 1,337,097.00
Cram Down Losses 0.00
Ending Principal Balance 216,928,105.13
PREFUNDING
Original Amount in Prefunding Account N/A
Subsequent Loans Sold to the Trust N/A
Balance of Prefunding Account N/A
INTEREST
Collections allocable to interest 3,785,193.46
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 85,707.43
---------------
Total Interest 3,870,900.89
NOTE & CERTIFICATE INFORMATION
Beginning of Period Class A-1 Principal Balance 8,377,600.07
Beginning of Period Class A-2 Principal Balance 92,000,000.00
Beginning of Period Class A-3 Principal Balance 25,000,000.00
Beginning of Period Class A-4 Principal Balance 82,532,000.00
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 19,551,503.91
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 35,870.33
Scheduled Payments due in Collection Period 6,433,603.11
Scheduled Payments collected in Collection Period 6,276,678.66
Aggregate Amount of Realized Losses for preceding Distribution Date 1,337,097.00
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 1,169.70
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 512 6,641,000.00
60 - 89 days delinquent 262 3,560,000.00
90 - 119 days delinquent 116 1,545,000.00
120+ days delinquent 0 0.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
2 26,352.19
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close 10,201,000.00
of business on the last day of the related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 26,352.19
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted Receivables 1,388,154.08
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 4.74%
Delinquency Ratio for third preceding Determination Date 4.16%
Cumulative Defaults for preceding Determination Date 2,135,349.54
Cumulative Net Losses for preceding Determination Date 1,918,089.25
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 7,040,202.66
Liquidation Proceeds 505,553.79
Recoveries 85,707.43
Purchase Amounts 26,352.19
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 0.00
Investment earnings from Note Distribution Account 7,826.08
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account N/A
Investment earnings from Collection Account 18,781.43
---------------
TOTAL DISTRIBUTION AMOUNT 7,684,423.58
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 2,491,485.20
Prepayments in full allocable to principal 763,524.00
Principal Balance of Liquidated Receivables 1,842,650.79
Purchase Amounts allocable to principal 26,352.19
Cram Down Losses 0.00
---------------
Principal Distributable Amount 5,124,012.18
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 216,928,105.13
---------------
195,235,294.62
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 98.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 93.6%
On Payment Date when Class A-2 Notes will be reduced to 0 44.3%
---------------
98.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 5,124,012.18
Times Class A Noteholders' Percentage 93.6%
---------------
4,796,075.40
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 4,796,075.40
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 8,377,600.07
Multiplied by the Note Rate 5.6375%
Multiplied by actual/360, or for the first Distribution Date, by 18/360 0.0861111
---------------
Class A Interest Distributable Amount 40,669.18
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 92,000,000.00
Multiplied by the Note Rate 5.8550%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
---------------
Class A Interest Distributable Amount 448,883.33
Class A-3 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 25,000,000.00
Multiplied by the Note Rate 5.9950%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
---------------
Class A Interest Distributable Amount 124,895.83
Class A-4 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 82,532,000.00
Multiplied by the Note Rate 6.0800%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333
---------------
Class A Interest Distributable Amount 418,162.13
Excess Interest Amount
Total Distribution Amount 7,684,423.58
minus
Class A Principal and Interest Distributable Amount 5,828,685.87
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Trustee and Collateral Agent distributions 3,856.97
Standby Servicer distributions 4,626.09
Servicer distributions 405,957.19
Insurance and Reimbursement Obligations 111,712.44
---------------
1,329,585.02
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class A-1 Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-2 Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-3 Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-4 Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-2 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-3 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-4 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
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CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 4,626.09
Servicing Fee (2.0%) 370,086.86
Additional Servicing Fee Amounts
(late fees, prepayment charges, etc.) 35,870.33
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
(ii) Transition Expenses to Standby Servicer 0.00
(iii) Indenture Trustee Fee 1,387.83
Indenture Trustee's out-of-pocket expenses 1,169.70
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - prior
Collection Periods 0.00
Owner Trustee Fee 0.00
Owner Trustee's out-of-pocket expenses 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection
Periods 0.00
(iv) Collateral Agent Fee 1,299.44
Collateral Agent Expenses 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
(v)(A) Class A-1 Interest Distributable Amount - Current Month 40,669.18
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 40,669.18
(B) Class A-2 Interest Distributable Amount - Current Month 448,883.33
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 448,883.33
(vi)(A)Class A-3 Note Interest - Unadjusted 124,895.83
Class A-3 Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Interest Shortfall - Previous Month(s) 0.00
Current Month Class A-3 Interest Shortfall 0.00
Adjusted Class A-3 Interest Distributable Amount 124,895.83
(B)Class A-4 Note Interest - Unadjusted 418,162.13
Class A-4 Note Interest Carryover Shortfall - Previous
Month(s) 0.00
Interest on Interest Shortfall - Previous Month(s) 0.00
Current Month Class A-4 Interest Shortfall 0.00
Adjusted Class A-4 Interest Distributable Amount 418,162.13
(vii) Class A Principal Distributable Amount - Current Month 4,796,075.40
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Total Adjusted Distributable Amount 4,796,075.40
Class A Principal Distribution Amount to Class A-1 4,796,075.40
Class A Principal Distribution Amount to Class A-2 0.00
Class A Principal Distribution Amount to Class A-3 0.00
Class A Principal Distribution Amount to Class A-4 0.00
(viii) Note Insurer Premium 111,712.44
Note Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Note Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
(xi) Until the Target Payment Date, remaining amount to
Class A Noteholders 1,329,585.02
Amount to Class A-1 Noteholders 1,329,585.02
Amount to Class A-2 Noteholders 0.00
Amount to Class A-3 Noteholders 0.00
Amount to Class A-4 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. Amount 0.00
(xiii) After an Event of Default, Certificateholders' Prin. Dist. Amount 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
Spread Account withdrawal for deficiencies 0.00
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SECURITIES BALANCE
Class A-1 Beginning of Period Principal Amount 8,377,600.07
Class A-1 Principal Distributions 4,796,075.40
Class A-1 End of Period Principal Amount (prior to turbo) 3,581,524.67
Additional Principal Distribution 1,329,585.02
Class A-1 End of Period Principal Amount 2,251,939.65
Class A-2 Beginning of Period Principal Amount 92,000,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 92,000,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 92,000,000.00
Class A-3 Beginning of Period Principal Amount 25,000,000.00
Class A-3 Principal Distributable Amount 0.00
Class A-3 End of Period Principal Amount (prior to turbo) 25,000,000.00
Additional Principal Distribution 0.00
Class A-3 End of Period Principal Amount 25,000,000.00
Class A-4 Beginning of Period Principal Amount 82,532,000.00
Class A-4 Principal Distributable Amount 0.00
Class A-4 End of Period Principal Amount (prior to turbo) 82,532,000.00
Additional Principal Distribution 0.00
Class A-4 End of Period Principal Amount 82,532,000.00
CLASS A-1 DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 7,684,423.58
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (i) and (v)A 455,109.43
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 7,229,314.15
CLASS A-2 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a) (v) B 7,229,314.15
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) B 448,883.33
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 6,780,430.82
CLASS A-3 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A 6,780,430.82
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) A 124,895.83
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 6,655,534.99
CLASS A-4 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 6,655,534.99
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vi) and (x) 418,162.13
(iii)Prior month(s) carryover shortfalls 0.00 (iv)Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 6,237,372.86
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 6,237,372.86
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 4,796,075.40
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,441,297.46
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 5.8(a) (viii) 1,441,297.46
(vi) Note Insurer Premium 111,712.44
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,329,585.02
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 10,201,000.00
Purchased receivables more than 30 days delinquent 26,352.19
---------------
Total 10,227,352.19
Aggregate Gross Principal Balance as of the close of 237,769,609.07
business on the last day of the Collection Period.
DELINQUENCY RATIO 4.30%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.30%
Delinquency Ratio for second preceding Determination Date 4.74%
Delinquency Ratio for third preceding Determination Date 4.16%
----------------
Average Delinquency Ratio 4.40%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 2,135,349.54
Current Period Defaulted Receivables 1,388,154.08
---------------
Total 3,523,503.62
Cumulative Defaulted Receivables 3,523,503.62
Original Pool Balance 240,339,160.19
Cumulative Default Ratio 1.47%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of 120+ Delinquent Losses:
Principal Balance of Delinquent Accts > 120 days 0.00
Principal Balance of Delinquent Accts > 90 < 120 days 1,545,000.00
Estimated Loss % 50%
---------------
Estimated Loss $'s 772,500.00
Calculation of Net Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,842,650.79
Cram Down Losses 0.00
Net Liquidation Proceeds (591,261.22)
---------------
Net Losses 2,023,889.57
Cumulative Previous Net Losses 1,918,089.25
---------------
Cumulative Net Losses 3,941,978.82
Original Pool Balance 240,339,160.19
Cumulative Net Loss Ratio 1.64%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.60
Weighted Average Remaining Term 51.46
Weighted Average Annual Percentage Rate 20.44%
SPREAD ACCOUNT
OC Percent
Aggregate Principal Balance 216,928,105.13
minus the Securities Balance 201,783,939.65
---------------
15,144,165.48
divided by the Aggregate Principal Balance 6.98%
Floor OC Percent
Aggregate Principal Balance 216,928,105.13
minus the Securities Balance 201,783,939.65
---------------
15,144,165.48
divided by the initial Aggregate Principal Balance 240,339,160.19
---------------
6.30%
Floor Amount
greater of
(a) $100,000 100,000.00
(b) the lesser of
(i) Securities Balance 201,783,939.65
(ii) the sum of
(A) 2.5% of the sum of 2.50%
(I) initial Aggregate Principal Balance 240,339,160.19
(II) balance of all Subsequent Receivables 0.00
---------------
6,008,479.00
(B) the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 240,339,160.19
---------------
0.00
Floor Amount 6,008,479.00
Requisite Amount
the greater of
(1) the Floor Amount 6,008,479.00
(2) the product of:
if no Trigger Event, 11% 11.00%
if a Trigger Event, 20% 19.50%
if a Portfolio Performance Event of Default, 30% 35.00%
if an Insurance Agreement Event of Default, unlimited 100.00%
100.00%
times the Aggregate Principal Balance 216,928,105.13
---------------
216,928,105.13
Requisite Amount 216,928,105.13
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
Required Spread Account Amount 216,928,105.13
Beginning of Period Spread Account Balance 19,551,503.91
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 197,376,601.22
Earnings on Spread Account Balance 82,993.87
Amount of Spread Account deposit (withdrawal) 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 19,634,497.78
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-1, 1995-4, 1996-1, FASCO 1996-1, 1996-2, 1996-3, and 1997-1.
<PAGE>
MONTHLY NOTEHOLDER STATEMENT
CPS AUTO RECEIVABLES TRUST 1998-4
5.473% ASSET-BACKED NOTES, CLASS A-1
5.790% ASSET-BACKED NOTES, CLASS A-2
5.740% ASSET-BACKED NOTES, CLASS A-3
5.690% ASSET-BACKED NOTES, CLASS A-4
5.890% ASSET-BACKED NOTES, CLASS A-5
Distribution Date 1/15/99
Collection Period 12/98
Under the Sale and Servicing Agreement dated as of December 1, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
<TABLE>
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<S> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,762,419.12
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $138,222.30
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,624,196.82
(d) The amount of total the distribution set forth in
paragraph A.1. (a) above, per $1,000 $85.00
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.25
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $80.74
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $373,937.50
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $373,937.50
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $4.83
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $4.83
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution
to Class A-3 Noteholders on the Distribution
Date set forth above $389,243.75
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $389,243.75
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $0.00
(p) The amount of the distribution set forth in
paragraph A.1. (m) above, per $1,000 $4.78
(q) The amount of the distribution set forth in
paragraph A.1. (n) above, per $1,000 $4.78
(r) The amount of the distribution set forth in
paragraph A.1. (o) above, per $1,000 $0.00
(s) The aggregate amount of the distribution
to Class A-4 Noteholders on the Distribution
Date set forth above $1,836,330.75
(t) The amount of the distribution set forth in
paragraph A.1. (s) above in respect of interest $466,316.28
(u) The amount of the distribution set forth in
in paragraph A.1. (s) above in respect of principal $1,370,014.47
(v) The amount of the distribution set forth in
paragraph A.1. (s) above, per $1,000 $18.36
(w) The amount of the distribution set forth in
paragraph A.1. (t) above, per $1,000 $4.66
(x) The amount of the distribution set forth in
paragraph A.1. (u) above, per $1,000 $13.70
(y) The aggregate amount of the distribution
to Class A-5 Noteholders on the Distribution
Date set forth above $91,417.71
(z) The amount of the distribution set forth in
paragraph A.1. (y) above in respect of interest $91,417.71
(aa) The amount of the distribution set forth in
in paragraph A.1. (y) above in respect of principal $0.00
(bb) The amount of the distribution set forth in
paragraph A.1. (y) above, per $1,000 $4.91
(cc) The amount of the distribution set forth in
paragraph A.1. (z) above, per $1,000 4.91
(dd) The amount of the distribution set forth in
paragraph A.1. (aa) above, per $1,000 0.00
B. Information Regarding the Performance of the Trust.
1 Pool and Notes Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $305,173,128.80
(b) The aggregate principal amount of the Securities as
of the close of business on the last day set forth
above, after giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(u),(aa) above $301,178,917.51
(c) The Note Pool Factor as of the close of business
on the last day set forth above 0.9869117
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $549,143.00
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,357.77
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $16.90
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.01
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of
Receivables that became Purchased Receivables
during the related Collection Period
Number 4
Aggregate Purchase Amount $53,224.38
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A-3 Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(d) The amount of the Class A-4 Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (t) above $0.00
(e) The amount of the Class A-5 Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (z) above $0.00
(f) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payments set forth in
paragraph A.1.(c),(i),(o),(u),(aa) above $0.00
4 Spread Account.
(a) The Specified Spread Account Balance with
respect to such Distribution Date and the Spread
Account Balance on the Distribution Date
set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $93,365,464.43
Spread Account Balance $13,273,158.70
(b) The change in the spread account on the Distribution
Date set forth above $2,868,943.49
5 Policy.
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $363,138.21
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $15,796.01
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 456
Aggregate Gross Amount $6,118,000.00
(d) The number of Receivables and the aggregate
gross amount scheduled to be paid,
including unearned finance and other
charges, for which Obligors are delinquent
60 days or more
Number 183
Aggregate Gross Amount $2,434,000.00
7 Performance Triggers.
(a) Delinquency Ratio 2.64%
(b) Average Delinquency Ratio 2.21%
(c) Cumulative Default Ratio 0.07%
(d) Cumulative Net Loss Ratio 0.06%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No(a)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CPS AUTO RECEIVABLES TRUST 1998-4
STATEMENT TO NOTEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 8,256,551.77
LOCK BOX NSF ITEMS: (135,433.57)
TOTAL COLLECTION PROCEEDS: 8,121,118.20
FOR DISTRIBUTION DATE: 1/15/99
FOR DETERMINATION DATE: 1/8/99
FOR COLLECTION PERIOD: 12/98
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 270,820,399.84
Beginning Principal Balance of Subsequent Receivables Transferred 34,352,728.96
---------------
Aggregate Beginning Principal Balance 305,173,128.80
Principal portion of payments collected (non-prepayments) 2,922,641.90
Prepayments in full allocable to principal 1,002,549.00
Collections allocable to principal 3,925,190.90
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 53,224.38
---------------
Total Principal 3,978,415.28
Realized Losses 15,796.01
Cram Down Losses 0.00
Ending Principal Balance 301,178,917.51
PREFUNDING
Original Amount in Prefunding Account 34,352,728.96
Subsequent Loans Sold to the Trust 34,352,728.96
---------------
Balance of Prefunding Account 0.00
INTEREST
Collections allocable to interest 4,142,702.92
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
---------------
Total Interest 4,142,702.92
NOTE INFORMATION
Beginning of Period Class A-1 Principal Balance 29,328,745.62
Beginning of Period Class A-2 Principal Balance 77,500,000.00
Beginning of Period Class A-3 Principal Balance 81,375,000.00
Beginning of Period Class A-4 Principal Balance 98,344,383.18
Beginning of Period Class A-5 Principal Balance 18,625,000.00
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 10,404,215.21
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 40,521.12
Scheduled Payments due in Collection Period 8,629,817.91
Scheduled Payments collected in Collection Period 7,065,344.82
Aggregate Amount of Realized Losses for preceding Distribution Date 15,796.01
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 620.03
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 456 6,118,000.00
60 - 89 days delinquent 183 2,434,000.00
90 - 119 days delinquent 25 330,000.00
120+ days delinquent 0 0.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
4 53,224.38
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close
of business on the last day of the related Collection Period. 8,552,000.00
Principal Balance of all Receivables that became Purchased Receivables as of
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more. 53,224.38
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 194,084.83
Delinquency Ratio for second preceding Determination Date 1.79%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 13,825.25
Cumulative Net Losses for preceding Determination Date 0.00
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
CALCULATIONS
INTEREST RESERVE ACCOUNT
Weighted Average of the Interest Rates and Pass-Through Rates 5.7174%
Minus 2.5% (the assumed yield) 2.50%
---------------
3.2174%
Divided by 360 0.0089%
Times the prefunded amount 0.00
Times the number of days outstanding in prefunding period (12/4 - 2/15) 73.00
---------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
---------------
Excess in Interest Reserve Account 0.00
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 8,067,893.82
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 53,224.38
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Interest Reserve Account 0.00
Investment earnings from Note Distribution Account 0.00
Investment earnings from Prefunding Account 64,470.99
Investment earnings from Interest Reserve Account 420.61
Investment earnings from Collection Account 24,585.78
---------------
TOTAL DISTRIBUTION AMOUNT 8,210,595.58
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 2,922,641.90
Prepayments in full allocable to principal 1,002,549.00
Principal Balance of Liquidated Receivables 15,796.01
Purchase Amounts allocable to principal 53,224.38
Cram Down Losses 0.00
---------------
Principal Distributable Amount 3,994,211.29
Sequential Pay Noteholders' Percentage (A-1, A-2 & A-3)
Have the Class A-4 Notes been reduced to 0? No
Sequential Noteholders Percentage 65.7%
If Class A-4 Notes have been reduced to 0 100.0%
Sequential Pay Noteholders' Principal Distributable Amount
Principal Distributable Amount 3,994,211.29
Sequential Pay Noteholders Percentage 65.7%
---------------
Sequential Pay Noteholders' Principal Distributable Amount 2,624,196.82
Class A-4 Noteholders's Percentage
Have the Sequential Pay Notes been reduced to 0? No
Class A-4 Noteholder's Percentage 34.3%
If Sequential Pay Notes have been reduced to 0 100.0%
Class A-4 Noteholders' Principal Distributable Amount
Principal Distributable Amount 3,994,211.29
Class A-4 Noteholders Percentage 34.3%
---------------
Class A-4 Noteholders' Principal Distributable Amount 1,370,014.47
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 29,328,745.62
Multiplied by the Note Rate 5.4730%
Multiplied by actual/360, or for the first Distribution Date, by 11/360 0.0861111
---------------
Class A Interest Distributable Amount 138,222.30
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 77,500,000.00
Multiplied by the Note Rate 5.7900%
Multiplied by actual/360, or for the first Distribution Date, by 11/360 0.0833333
---------------
Class A Interest Distributable Amount 373,937.50
Class A-3 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 81,375,000.00
Multiplied by the Note Rate 5.7400%
Multiplied by actual/360, or for the first Distribution Date, by 11/360 0.0833333
---------------
Class A Interest Distributable Amount 389,243.75
Class A-4 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 98,344,383.18
Multiplied by the Note Rate 5.6900%
Multiplied by actual/360, or for the first Distribution Date, by 11/360 0.0833333
---------------
Class A Interest Distributable Amount 466,316.28
Class A-5 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 18,625,000.00
Multiplied by the Note Rate 5.8900%
Multiplied by actual/360, or for the first Distribution Date, by 11/360 0.0833333
---------------
Class A Interest Distributable Amount 91,417.71
Excess Interest Amount
Total Distribution Amount 8,210,595.58
minus
Class A Principal and Interest Distributable Amount 5,453,348.83
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Trustee and Collateral Agent distributions 4,434.69
Standby Servicer distributions 6,357.77
Servicer distributions 549,143.00
Insurance and Reimbursement Obligations 363,138.21
---------------
1,834,173.08
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Sequential Pay Noteholders' Principal Carryover Shortfall 0.00
---------------
0.00
Class A-2 Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-3 Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-4 Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-5 Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-2 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-3 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-4 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-5 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Calculations
Distributions (Pursuant to Section 5.7(a) of the Sale and Servicing Agreement):
Use
---
(i) Standby Servicer Fee 6,357.77
Backup Servicer Fee 6,500.00
Servicing Fee (2.0%) 508,621.88
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 40,521.12
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
(ii) Transition Expenses to Standby Servicer 0.00
(iii) Indenture Trustee Fee 1,907.33
Indenture Trustee's out-of-pocket expenses 620.03
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - prior Collection Periods 0.00
Owner Trustee Fee 0.00
Owner Trustee's out-of-pocket expenses 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00
(iv) Collateral Agent Fee 1,907.33
Collateral Agent Expenses 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 138,222.30
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 138,222.30
(B) Class A-2 Interest Distributable Amount - Current Month 373,937.50
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 373,937.50
(C) Class A-3 Interest Distributable Amount - Current Month 389,243.75
Class A-3 Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Interest Shortfall - Previous Month(s) 0.00
Current Month Class A-3 Interest Shortfall 0.00
Adjusted Class A-3 Interest Distributable Amount 389,243.75
(D) Class A-4 Interest Distributable Amount - Current Month 466,316.28
Class A-4 Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Interest Shortfall - Previous Month(s) 0.00
Current Month Class A-4 Interest Shortfall 0.00
Adjusted Class A-4 Interest Distributable Amount 466,316.28
(E) Class A-5 Interest Distributable Amount - Current Month 91,417.71
Class A-5 Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Interest Shortfall - Previous Month(s) 0.00
Current Month Class A-5 Interest Shortfall 0.00
Adjusted Class A-5 Interest Distributable Amount 91,417.71
(vi) Sequential Pay Noteholders' Principal Distributable Amount 2,624,196.82
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Total Adjusted Distributable Amount 2,624,196.82
Class A Principal Distribution Amount to Class A-1 2,624,196.82
Class A Principal Distribution Amount to Class A-2 0.00
Class A Principal Distribution Amount to Class A-3 0.00
(vii) Class A-4 Principal Distributable Amount 1,370,014.47
Class A Principal Distribution Amount to Class A-5 0.00
(viii) Note Insurer Premium 125,491.22
Short-Term Reinsurance 56,813.66
Long-Term Reinsurance 180,833.33
Note Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Note Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
Spread Account Deposit (withdrawal) 1,827,673.08
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SECURITIES BALANCE
Class A-1 Beginning of Period Principal Amount 29,328,745.62
Class A-1 Principal Distributions 2,624,196.82
Class A-1 End of Period Principal Amount 26,704,548.80
Class A-2 Beginning of Period Principal Amount 77,500,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount 77,500,000.00
Class A-3 Beginning of Period Principal Amount 81,375,000.00
Class A-3 Principal Distributable Amount 0.00
Class A-3 End of Period Principal Amount 81,375,000.00
Class A-4 Beginning of Period Principal Amount 98,344,383.18
Class A-4 Principal Distributable Amount 1,370,014.47
Class A-4 End of Period Principal Amount 96,974,368.71
Class A-5 Beginning of Period Principal Amount 18,625,000.00
Class A-5 Principal Distributable Amount 0.00
Class A-5 End of Period Principal Amount 18,625,000.00
Aggregate Ending Securities Balance 301,178,917.51
CLASS A-1 DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 8,210,595.58
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(i) thru (v)A 704,657.76
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 7,505,937.82
CLASS A-2 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.7(a)(v)B 7,505,937.82
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(v)B 373,937.50
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 7,132,000.32
CLASS A-3 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.7(a)(v)C 7,132,000.32
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(v)C 389,243.75
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 6,742,756.57
CLASS A-4 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.7(a)(v)D 6,742,756.57
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(v)D 466,316.28
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 6,276,440.29
CLASS A-5 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.7(a)(v)E 6,276,440.29
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(v)E 91,417.71
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 6,185,022.58
SEQUENTIAL PAY NOTES DEFICIENCY - PRINCIPAL (A-1, A-2 & A-3)
(i) Amounts available to make payments pursuant to Section 5.7(a)(vi) 6,185,022.58
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(vi) 2,624,196.82
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,560,825.76
CLASS A-4 DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.7(a)(vii) 3,560,825.76
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(vii) 1,370,014.47
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,190,811.29
CLASS A-5 DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.7(a)(vii) 2,190,811.29
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(vii) 0.00
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,190,811.29
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 5.7(a)(viii) 2,190,811.29
(vi) Note Insurer Premium 363,138.21
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,827,673.08
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,552,000.00
Purchased receivables more than 30 days delinquent 53,224.38
---------------
Total 8,605,224.38
Aggregate Gross Principal Balance as of the close of
business on the last day of the Collection Period. 326,077,395.65
DELINQUENCY RATIO 2.64%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 2.64%
Delinquency Ratio for second preceding Determination Date 1.79%
Delinquency Ratio for third preceding Determination Date 0.00%
---------------
Average Delinquency Ratio 2.21%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 13,825.25
Current Period Defaulted Receivables 194,084.83
---------------
Total 207,910.08
Cumulative Defaulted Receivables 207,910.08
Original Pool Balance 310,000,000.00
Cumulative Default Ratio 0.07%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of 120+ Delinquent Losses:
Principal Balance of Delinquent Accts > 120 days 0.00
Principal Balance of Delinquent Accts >90<120 days 330,000.00
Estimated Loss % 50%
----------------
Estimated Loss $'s 165,000.00
Calculation of Net Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 15,796.01
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
---------------
Net Losses 180,796.01
Cumulative Previous Net Losses 0.00
---------------
Cumulative Net Losses 180,796.01
Original Pool Balance 310,000,000.00
Cumulative Net Loss Ratio 0.06%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.84
Weighted Average Remaining Term 54.06
Weighted Average Annual Percentage Rate 20.25%
SPREAD ACCOUNT
Spread Account Cap
Current Spread Account % 3.5%
21.0% of Outstanding Notes Balance if no Trigger Event 63,247,572.68
26.0% of Outstanding Notes Balance if a Trigger Event Exists 78,306,518.55
31.0% of Outstanding Notes Balance if an Insurance Event of Default 93,365,464.43
Is a Trigger Event continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
Requisite Amount 93,365,464.43
Spread Account Floor
2.5% of the Initial Certificate Balance 7,750,000.00
Outstanding Certificate Balance 301,178,917.51
Minimum Floor 100,000.00
---------------
Floor Amount 7,750,000.00
Required Spread Account Amount 93,365,464.43
Beginning of Period Spread Account Balance 10,404,215.21
Additional Deposit for Subsequent Receivables Transfer 1,030,581.87
Spread Account Deposit (Withdrawal) from Current Distributions 1,827,673.08
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 81,133,576.14
Earnings on Spread Account Balance 10,688.54
Amount of Spread Account deposit (withdrawal) 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 13,273,158.70
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
---------------------------------
Name: James L. Stock
---------------------------------
Title: Vice President
---------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1995-1, 1995-4, 1996-1, FASCO 1996-1, 1996-2, 1996-3, and 1997-1
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