|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previous: ALLIANCE PREMIER GROWTH FUND INC /, NSAR-A, 1999-07-26 |
Next: PRIME RECEIVABLES CORP, 8-K, 1999-07-26 |
<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) July 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
20.37 Monthly Servicing Report for the June 1999 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: July 19, 1999 By: /s/ Jeffrey P. Fritz
Name: Jeffrey P. Fritz
Title: Chief Financial Officer
<PAGE>
INDEX TO EXHIBITS
Exhibit Sequential
No. Document Description Page No.
20.37 Monthly Servicing Report for the June 1999 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 7/15/99
Collection Period 6/99
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 $1,361,387.64
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $99,118.00
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,262,269.64
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $16.12
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $1.17
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $14.95
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $74,279.96
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $7,844.72
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $66,435.24
(j) Scheduled Payments due in such Collection Period $1,071,888.44
(k) Scheduled Payments collected in such
Collection Period $1,069,453.88
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $18,827,321.84
(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 $17,498,616.93
(c) The Pool factor as of the close of business
on the last day set forth above 0.9294268
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 $52,926.16
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $1,255.15
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.63
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $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 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 $14,879.62
(b) Distributions (to) from Collection Account $5,671.93
for Payaheads
(c) Interest earned on Payahead Balances $63.78
(d) Ending Payahead Account Balance $20,615.33
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $16,623,686.10
Spread Account Balance $6,119,694.10
(b) The change in the spread account on the Distribution
Date set forth above $131,815.86
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 $18,701.65
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $151,739.63
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 79
Aggregate Gross Amount $431,000.00
(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 70
Aggregate Gross Amount $468,000.00
8 Performance Triggers.
(a) Delinquency Ratio 4.76%
(b) Average Delinquency Ratio 4.56%
(c) Cumulative Default Ratio 19.53%
(d) Cumulative Net Loss Ratio 14.69%
(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: 1,614,502.53
LOCK BOX NSF ITEMS: (18,967.52)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (5,671.93)
COLLECTION ACCOUNT INTEREST 4,863.55
PAYAHEAD ACCOUNT INTEREST 63.78
TOTAL COLLECTION PROCEEDS: 1,594,790.41
FOR DISTRIBUTION DATE: 7/15/99
FOR DETERMINATION DATE: 7/8/99
FOR COLLECTION PERIOD: 6/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 18,827,321.84
Principal portion of payments collected (non-prepayments) 718,968.76
Prepayments in full allocable to principal 396,153.00
Collections allocable to principal 1,115,121.76
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 61,843.50
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 1,176,965.26
Realized Losses 151,739.63
Cram Down Losses 0.00
Ending Principal Balance 17,498,616.96
INTEREST
Collections allocable to interest 350,485.12
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 67,340.03
---------------
Total Interest 417,825.15
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 17,885,955.74
Beginning of Period Class B Principal Balance 941,366.07
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 5,987,878.25
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 21,547.29
Aggregate Payahead Balance 20,551.55
Aggregate Payahead Balance for preceding Distribution Date 14,879.62
Interest Earned on Payahead Balances 63.78
Scheduled Payments due in Collection Period 1,071,888.44
Scheduled Payments collected in Collection Period 1,069,453.88
Aggregate Amount of Realized Losses for preceding Distribution Date 151,739.63
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 79 431,000.00
60+ days delinquent 70 468,000.00
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 899,000.00
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 112,735.70
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 5.04%
Delinquency Ratio for third preceding Determination Date 3.87%
Cumulative Defaults for preceding Determination Date 17,251,238.59
Cumulative Net Losses for preceding Determination Date 12,970,827.09
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 1,465,606.88
Liquidation Proceeds 61,843.50
Recoveries 67,340.03
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 1,594,790.41
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 718,968.76
Prepayments in full allocable to principal 396,153.00
Principal Balance of Liquidated Receivables 213,583.13
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 1,328,704.89
Class A Principal Distributable Amount
Principal Distributable Amount 1,328,704.89
Times Class A Percentage (95%) 95%
---------------
1,262,269.64
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 1,262,269.64
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 17,885,955.74
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 99,118.00
Class B Principal Distributable Amount
Principal Distributable Amount 1,328,704.89
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 66,435.24
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 941,366.07
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 7,844.72
Class B Excess Interest Amount
Total Distribution Amount 1,594,790.41
minus
Class A Principal and Interest Distributable Amount 1,361,387.64
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 7,844.72
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 66,435.24
Class B Principal Carryover Shortfall 0.00
Trustee distributions 235.34
Standby Servicer distributions 1,255.15
Servicer distributions 52,926.16
Collateral Agent distributions 235.34
Reimbursement Obligations 18,701.65
---------------
85,769.17
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(c) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 1,255.15
Servicing Fee (2.0%) 31,378.87
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 21,547.29
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 235.34
Trustee's out-of-pocket expenses 0.00
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 235.34
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 99,118.00
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 99,118.00
(viii)(A) Class B Coupon Interest - Unadjusted 7,844.72
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 7,844.72
(v)(B) Class A Principal Distributable Amount - Current Month 1,262,269.64
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 1,262,269.64
(vi) Certificate Insurer Premium 4,848.58
Certificate Insurer Premium Supplement 13,853.07
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 66,435.24
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class B Principal Shortfall 0.00
Adjustment for Prior Month Overpayment 66,435.24
(C) Excess Interest Amount for Deposit in Spread Account 85,769.17
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 17,885,955.74
Class A Principal Distributions 1,262,269.64
Class A End of Period Principal Balance 16,623,686.10
Class B Beginning of Period Principal Balance 941,366.07
Class B Principal Distributable Amount 66,435.24
Class B End of Period Principal Balance BEFORE Spread Account Distributions 874,930.83
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 874,930.83
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 1,594,790.41
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 153,769.99
(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 Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,441,020.42
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 1,441,020.42
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 7,844.72
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,433,175.70
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 1,433,175.70
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 1,262,269.64
(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) 170,906.06
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 170,906.06
(vi) Certificate Insurer Premium 4,848.58
(v) Certificate Insurer Premium Supplement 13,853.07
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) 152,204.41
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 152,204.41
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 66,435.24
(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) 85,769.17
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 85,769.17
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 899,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 899,000.00
Aggregate Gross Principal Balance as of the close of 18,884,424.95
business on the last day of the Collection Period.
DELINQUENCY RATIO 4.76%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.76%
Delinquency Ratio for second preceding Determination Date 5.04%
Delinquency Ratio for third preceding Determination Date 3.87%
---------------
Average Delinquency Ratio 4.56%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 17,251,238.59
Current Period Defaulted Receivables 112,735.70
---------------
Total 17,363,974.29
Cumulative Defaulted Receivables 17,363,974.29
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 19.53%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 213,583.13
Cram Down Losses 0.00
Net Liquidation Proceeds (129,183.53)
---------------
Net Liquidation Losses 84,399.60
Cumulative Previous Net Losses 12,970,827.09
---------------
Cumulative Net Losses 13,055,226.69
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 14.69%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 21.07
Weighted Average Annual Percentage Rate 20.23%
SPREAD ACCOUNT
Spread Account Cap
10% of Outstanding Certificate Balance 1,749,861.69
15% of Outstanding Certificate Balance 2,624,792.54
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
---------------
Cap Amount 16,623,686.10
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 17,498,616.93
Minimum Floor 100,000.00
---------------
Floor Amount 2,667,022.51
Required Spread Account Amount 16,623,686.10
Beginning of Period Spread Account Balance 5,987,878.25
Spread Account Deposit (Withdrawal) from Current Distributions 85,769.17
Transfer (to) from Cross-Collateralized Spread Accounts 24,460.22
Required addition to/(eligible withdrawal from) Spread Account 10,525,578.47
Earnings on Spread Account Balance 21,586.47
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 6,119,694.10
</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 1996-2
6.70% ASSET-BACKED CERTIFICATES
Distribution Date 7/15/99
Collection Period 6/99
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 $1,626,911.82
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $132,410.01
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,494,501.81
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $18.59
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $1.51
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $17.08
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $174,247.03
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $15,047.15
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $159,199.88
(j) Scheduled Payments due in such Collection Period $1,255,063.89
(k) Scheduled Payments collected in such
Collection Period $1,195,446.02
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $24,963,395.12
(b) The aggregate balance of the Certificates as of the close
of business on the last day set forth
above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $23,659,451.51
(c) The Pool factor as of the close of business
on the last day set forth above 0.9477658
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 $57,394.87
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $1,664.23
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.66
(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 $18,669.46
(b) Distributions (to) from Collection Account $3,386.81
for Payaheads
(c) Interest earned on Payahead Balances $70.98
(d) Ending Payahead Account Balance $22,127.25
5 Spread Account.
(a) The Specified Spread Account Balance with
respect to such Distribution Date and the Spread
Account Balance on the Distribution Date
set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $22,220,723.53
Spread Account Balance $4,964,003.96
(b) The change in the spread account on the Distribution
Date set forth above $57,847.49
6 Policy.
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $24,998.31
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $220,256.40
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 108
Aggregate Gross Amount $812,000.00
(d) The number of Receivables and the aggregate
gross amount scheduled to be paid,
including unearned finance and other
charges, for which Obligors are delinquent
60 days or more
Number 57
Aggregate Gross Amount $510,000.00
8 Performance Triggers.
(a) Delinquency Ratio 5.17%
(b) Average Delinquency Ratio 4.78%
(c) Cumulative Default Ratio 19.30%
(d) Cumulative Net Loss Ratio 14.62%
(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 1996-2
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 1,902,371.98
LOCK BOX NSF ITEMS: (18,818.05)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (3,386.81)
COLLECTION ACCOUNT INTEREST 5,606.61
PAYAHEAD ACCOUNT INTEREST 70.98
TOTAL COLLECTION PROCEEDS: 1,885,844.71
FOR DISTRIBUTION DATE: 7/15/99
FOR DETERMINATION DATE: 7/8/99
FOR COLLECTION PERIOD: 6/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 24,963,395.12
Principal portion of payments collected (non-prepayments) 787,438.04
Prepayments in full allocable to principal 494,161.00
Collections allocable to principal 1,281,599.04
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 71,304.35
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 1,352,903.39
Realized Losses 220,256.40
Cram Down Losses 0.00
Ending Principal Balance 23,390,235.32
INTEREST
Collections allocable to interest 408,007.98
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 124,933.34
---------------
Total Interest 532,941.32
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 23,715,225.33
Beginning of Period Class B Principal Balance 1,597,927.87
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 4,906,156.47
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 15,789.21
Aggregate Payahead Balance 22,056.27
Aggregate Payahead Balance for preceding Distribution Date 18,669.46
Interest Earned on Payahead Balances 70.98
Scheduled Payments due in Collection Period 1,255,063.89
Scheduled Payments collected in Collection Period 1,195,446.02
Aggregate Amount of Realized Losses for preceding Distribution Date 220,256.40
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 108 812,000.00
60+ days delinquent 57 510,000.00
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 1,322,000.00
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 99,877.10
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 4.77%
Delinquency Ratio for third preceding Determination Date 4.41%
Cumulative Defaults for preceding Determination Date 17,678,822.60
Cumulative Net Losses for preceding Determination Date 13,374,670.34
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 1,689,607.02
Liquidation Proceeds 71,304.35
Recoveries 124,933.34
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 1,885,844.71
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 787,438.04
Prepayments in full allocable to principal 494,161.00
Principal Balance of Liquidated Receivables 291,560.75
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 1,573,159.79
Class A Principal Distributable Amount
Principal Distributable Amount 1,573,159.79
Times Class A Percentage (95%) 95%
---------------
1,494,501.81
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 1,494,501.81
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 23,715,225.33
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 132,410.01
Class B Principal Distributable Amount
Principal Distributable Amount 1,573,159.79
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 78,657.99
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 1,597,927.87
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 15,047.15
Class B Excess Interest Amount
Total Distribution Amount 1,885,844.71
minus
Class A Principal and Interest Distributable Amount 1,626,911.82
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 15,047.15
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 78,657.99
Class B Principal Carryover Shortfall 349,758.10
Trustee distributions 312.04
Standby Servicer distributions 1,664.23
Servicer distributions 57,394.87
Collateral Agent distributions 316.41
Reimbursement Obligations 24,998.31
---------------
0.00
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 349,758.10
---------------
349,758.10
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 1,664.23
Servicing Fee (2.0%) 41,605.66
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 15,789.21
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 312.04
Trustee's out-of-pocket expenses 0.00
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 316.41
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 132,410.01
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 132,410.01
(viii)(A) Class B Coupon Interest - Unadjusted 15,047.15
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 15,047,15
(v)(B) Class A Principal Distributable Amount - Current Month 1,494,501.81
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,494,501.81
(vi) Certificate Insurer Premium 6,481.04
Certificate Insurer Premium Supplement 18,517.27
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 78,657.99
Class B Principal Carryover Shortfall - Previous Month(s) 349,758.10
Current Month Class B Principal Shortfall (269,216.20)
Adjusted Class B Principal Distributable Amount 159,199.88
(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 23,715,225.33
Class A Principal Distributions 1,494,501.81
Class A End of Period Principal Balance 22,220,723.53
Class B Beginning of Period Principal Balance 1,597,927.87
Class B Principal Distributable Amount 159,199.88
Class B End of Period Principal Balance BEFORE Spread Account Distributions 1,438,727.99
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 1,438,727.99
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 1,885,844.71
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 192,097.56
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,693,747.15
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 1,693,747.15
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 15,047.15
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(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) 1,678,700.00
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 1,678,700.00
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 1,494,501.81
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 184,198.19
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 184,198.19
(vi) Certificate Insurer Premium 6,481.04
(v) Certificate Insurer Premium Supplement 18,517.27
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) 159,199.88
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 159,199.88
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 78,657.99
(iii)Prior month(s) carryover shortfalls 349,758.10
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (269,216.20)
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (269,216.20)
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 1,322,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 1,322,000.00
Aggregate Gross Principal Balance as of the close of 25,589,084.17
business on the last day of the Collection Period.
DELINQUENCY RATIO 5.17%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.17%
Delinquency Ratio for second preceding Determination Date 4.77%
Delinquency Ratio for third preceding Determination Date 4.41%
---------------
Average Delinquency Ratio 4.78%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 17,678,822.60
Current Period Defaulted Receivables 99,877.10
---------------
Total 17,778,699.70
Cumulative Defaulted Receivables 17,778,699.70
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 19.30%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 291,560.75
Cram Down Losses 0.00
Net Liquidation Proceeds (196,237.69)
---------------
Net Liquidation Losses 95,323.06
Cumulative Previous Net Losses 13,374,670.34
---------------
Cumulative Net Losses 13,469,993.40
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 14.62%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 24.50
Weighted Average Annual Percentage Rate 20.41%
SPREAD ACCOUNT
Spread Account Cap
10% of Outstanding Certificate Balance 2,365,945.15
15% of Outstanding Certificate Balance 3,548,917.73
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
---------------
Cap Amount 22,220,723.53
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 23,659,451.51
Minimum Floor 100,000.00
---------------
Floor Amount 2,763,878.99
Required Spread Account Amount 22,220,723.53
Beginning of Period Spread Account Balance 4,906,156.47
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 40,185.03
Required addition to/(eligible withdrawal from) Spread Account 17,274,382.03
Earnings on Spread Account Balance 17,662.46
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 4,964,003.96
</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 7/15/99
Collection Period 6/99
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below. Certain of the information is presented
on the basis of an original principal amount of $1,000 per Certificate, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C>
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 $1,869,304.54
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $151,679.72
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,717,624.82
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $21.19
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $1.72
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $19.47
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $122,242.80
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $17,648.55
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $104,594.25
(j) Scheduled Payments due in such Collection Period $1,380,542.16
(k) Scheduled Payments collected in such
Collection Period $1,383,914.50
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $30,411,974.64
(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 $29,155,684.44
(c) The Pool factor as of the close of business
on the last day set forth above 0.9586909
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 $72,823.97
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,027.46
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.83
(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 $18,458.05
(b) Distributions (to) from Collection Account $4,679.29
for Payaheads
(c) Interest earned on Payahead Balances $78.92
(d) Ending Payahead Account Balance $23,216.26
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,152,125.32
Spread Account Balance $6,077,212.00
(b) The change in the spread account on the Distribution
Date set forth above $26,686.94
6 Policy.
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $30,570.47
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $341,812.71
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 100
Aggregate Gross Amount $869,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 70
Aggregate Gross Amount $730,000.00
8 Performance Triggers.
(a) Delinquency Ratio 5.05%
(b) Average Delinquency Ratio 5.15%
(c) Cumulative Default Ratio 18.00%
(d) Cumulative Net Loss Ratio 14.65%
(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 1996-3
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 2,134,179.22
LOCK BOX NSF ITEMS: (38,393.02)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (4,679.29)
COLLECTION ACCOUNT INTEREST 6,550.78
PAYAHEAD ACCOUNT INTEREST 78.92
TOTAL COLLECTION PROCEEDS: 2,097,736.61
FOR DISTRIBUTION DATE: 7/15/99
FOR DETERMINATION DATE: 7/8/99
FOR COLLECTION PERIOD: 6/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 30,411,974.64
Principal portion of payments collected (non-prepayments) 827,913.23
Prepayments in full allocable to principal 516,548.00
Collections allocable to principal 1,344,461.23
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 121,752.19
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 1,466,213.42
Realized Losses 341,812.71
Cram Down Losses 0.00
Ending Principal Balance 28,603,948.51
INTEREST
Collections allocable to interest 556,001.27
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 75,521.92
---------------
Total Interest 631,523.19
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 28,891,375.87
Beginning of Period Class B Principal Balance 2,086,527.64
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 6,050,525.06
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 22,137.35
Aggregate Payahead Balance 23,137.34
Aggregate Payahead Balance for preceding Distribution Date 18,458.05
Interest Earned on Payahead Balances 78.92
Scheduled Payments due in Collection Period 1,380,542.16
Scheduled Payments collected in Collection Period 1,383,914.50
Aggregate Amount of Realized Losses for preceding Distribution Date 341,812.71
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 100 869,000.00
60+ days delinquent 70 730,000.00
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 1,599,000.00
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 242,095.69
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 5.74%
Delinquency Ratio for third preceding Determination Date 4.62%
Cumulative Defaults for preceding Determination Date 16,473,202.02
Cumulative Net Losses for preceding Determination Date 13,341,500.29
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 1,900,462.50
Liquidation Proceeds 121,752.19
Recoveries 75,521.92
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------
TOTAL DISTRIBUTION AMOUNT 2,097,736.61
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 827,913.23
Prepayments in full allocable to principal 516,548.00
Principal Balance of Liquidated Receivables 463,564.90
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 1,808,026.13
Class A Principal Distributable Amount
Principal Distributable Amount 1,808,026.13
Times Class A Percentage (95%) 95%
---------------
1,717,624.82
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 1,717,624.82
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 28,891,375.87
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
---------------
Class A Interest Distributable Amount 151,679.72
Class B Principal Distributable Amount
Principal Distributable Amount 1,808,026.13
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 90,401.31
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,086,527.64
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 17,648.55
Class B Excess Interest Amount
Total Distribution Amount 2,097,736.61
minus
Class A Principal and Interest Distributable Amount 1,869,304.54
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 17,648.55
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 90,401.31
Class B Principal Carryover Shortfall 565,928.89
Trustee distributions 380.15
Standby Servicer distributions 2,027.46
Servicer distributions 72,823.97
Collateral Agent distributions 387.22
Reimbursement Obligations 30,570.47
---------------
0.00
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 565,928.89
---------------
565,928.89
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 2,027.46
Servicing Fee (2.0%) 50,686.62
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 22,137.35
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 380.15
Trustee's out-of-pocket expenses 0.00
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 387.22
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 151,679.72
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 151,679.72
(viii)(A) Class B Coupon Interest - Unadjusted 17,648.55
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 17,648.55
(v)(B) Class A Principal Distributable Amount - Current Month 1,717,624.82
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,717,624.82
(vi) Certificate Insurer Premium 7,925.68
Certificate Insurer Premium Supplement 22,644.79
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 90,401.31
Class B Principal Carryover Shortfall - Previous Month(s) 565,928.89
Current Month Class B Principal Shortfall (551,735.95)
Adjusted Class B Principal Distributable Amount 104,594.25
(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 28,891.375.87
Class A Principal Distributions 1,717,624.82
Class A End of Period Principal Balance 27,173,751.05
Class B Beginning of Period Principal Balance 2,086,527.64
Class B Principal Distributable Amount 104,594.25
Class B End of Period Principal Balance BEFORE Spread Account Distributions 1,981,933.39
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 1,981,933.39
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 2,097,736.61
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 227,298.52
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,870,438.09
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,870,438.09
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 17,648.55
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,852,789.54
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,852,789.54
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 1,717,624.82
(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) 135,164.72
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 135,164.72
(vi) Certificate Insurer Premium 7,925.68
(v) Certificate Insurer Premium Supplement 22,644.79
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) 104,594.25
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 104,594.25
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 90,401.31
(iii)Prior month(s) carryover shortfalls 565,928.89
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (551,735.95)
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (551,735.95)
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 1,599,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 1,599,000.00
Aggregate Gross Principal Balance as of the close of 31,678,953.30
business on the last day of the Collection Period.
DELINQUENCY RATIO 5.05%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.05%
Delinquency Ratio for second preceding Determination Date 5.74%
Delinquency Ratio for third preceding Determination Date 4.62%
---------------
Average Delinquency Ratio 5.14%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 16,473,202.02
Current Period Defaulted Receivables 242,095.69
---------------
Total 16,715,297.71
Cumulative Defaulted Receivables 16,715,297.71
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 18.00%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 463,564.90
Cram Down Losses 0.00
Net Liquidation Proceeds (197,274.11)
---------------
Net Liquidation Losses 266,290.79
Cumulative Previous Net Losses 13,341,500.29
---------------
Cumulative Net Losses 13,607,791.08
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 14.65%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 27.41
Weighted Average Annual Percentage Rate 20.44%
SPREAD ACCOUNT
Spread Account Cap
10% of Outstanding Certificate Balance 2,915,568.44
15% of Outstanding Certificate Balance 4,373,352.67
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
---------------
Cap Amount 8,152,125.32
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 29,155,684.44
Minimum Floor 100,000.00
---------------
Floor Amount 2,785,734.33
Required Spread Account Amount 8,152,125.32
Beginning of Period Spread Account Balance 6,050,525.06
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 4,831.77
Required addition to/(eligible withdrawal from) Spread Account 2,096,768.49
Earnings on Spread Account Balance 21,855.17
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 6,077,212.00
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /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 7/15/99
Collection Period 6/99
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 $2,382,652.51
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $199,818.89
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,182,833.62
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $24.51
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.06
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $22.45
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $40,397.18
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $26,813.86
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $13,583.32
(j) Scheduled Payments due in such Collection Period $1,612,418.77
(k) Scheduled Payments collected in such
Collection Period $1,603,622.21
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 $38,534,779.18
(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 $37,171,196.78
(c) The Pool factor as of the close of business
on the last day set forth above 0.9646142
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 $82,168.13
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,568.99
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.85
(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 $15,273.56
(b) Distributions (to) from Collection Account $9,170.21
for Payaheads
(c) Interest earned on Payahead Balances $266.15
(d) Ending Payahead Account Balance $24,709.92
5 Spread Account.
(a) The Specified Spread Account Balance with
respect to such Distribution Date and the Spread
Account Balance on the Distribution Date
set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $10,327,561.98
Spread Account Balance $7,273,642.56
(b) The change in the spread account on the Distribution
Date set forth above $33,262.41
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 $43,581.21
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $500,513.41
(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 126
Aggregate Gross Amount $1,112,000.00
(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 108
Aggregate Gross Amount $994,000.00
8 Performance Triggers.
(a) Delinquency Ratio 5.23%
(b) Average Delinquency Ratio 5.19%
(c) Cumulative Default Ratio 18.33%
(d) Cumulative Net Loss Ratio 14.60%
(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: 2,578,012.12
Lock Box NSF Items: (24,849.12)
Transfers from (to) Payahead Account: (9,170.21)
Collection Account Interest 8,082.86
Payahead Account Interest 266.15
Total Collection Proceeds: 2,552,341.80
For Distribution Date: 7/15/99
For Determination Date: 7/8/99
For Collection Period: 6/99
COLLATERAL ACTIVITY INFORMATION
Principal
Beginning Principal Balance 38,534,779.18
Principal portion of payments collected (non-prepayments) 971,575.90
Prepayments in full allocable to principal 639,257.00
Collections allocable to principal 1,610,832.90
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 186,373.29
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 1,797,206.19
Realized Losses 500,513.41
Cram Down Losses 0.00
Ending Principal Balance 36,237,059.58
INTEREST
Collections allocable to interest 632,046.31
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 123,089.30
---------------
Total Interest 755,135.61
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 36,608,040.22
Beginning of Period Class B Principal Balance 2,759,573.50
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 7,240,380.15
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 17,943.50
Aggregate Payahead Balance 24,443.77
Aggregate Payahead Balance for preceding Distribution Date 15,273.56
Interest Earned on Payahead Balances 266.15
Scheduled Payments due in Collection Period 1,612,418.77
Scheduled Payments collected in Collection Period 1,603,622.21
Aggregate Amount of Realized Losses for preceding Distribution Date 500,513.41
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate
Gross Amount
# of Receivables of Receivables
31 - 59 days delinquent 126 1,112,000.00
60+ days delinquent 108 994,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close
of business on the last day of the related Collection Period. 2,106,000.00
Principal Balance of all Receivables that became Purchased Receivables as of
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more. 0.00
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 336,346.12
Delinquency Ratio for second preceding Determination Date 5.65%
Delinquency Ratio for third preceding Determination Date 4.69%
Cumulative Defaults for preceding Determination Date 18,419,491.47
Cumulative Net Losses for preceding Determination Date 14,563,447.57
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,242,879.21
Liquidation Proceeds 186,373.29
Recoveries 123,089.30
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------
Total Distribution Amount 2,552,341.80
DISTRIBUTABLE AMOUNT
PRINCIPAL DISTRIBUTABLE AMOUNT
Principal portion of payments collected (non-prepayments) 971,575.90
Prepayments in full allocable to principal 639,257.00
Principal Balance of Liquidated Receivables 686,886.70
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 2,297,719.60
CLASS A PRINCIPAL DISTRIBUTABLE AMOUNT
Principal Distributable Amount 2,297,719.60
Times Class A Percentage (95%) 95%
---------------
2,182,833.62
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 2,182,833.62
CLASS A INTEREST DISTRIBUTABLE AMOUNT
Beginning of Period Principal Balance of the Certificates 36,608,040.22
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 199,818.89
CLASS B PRINCIPAL DISTRIBUTABLE AMOUNT
Principal Distributable Amount 2,297,719.60
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 114,885.98
CLASS B COUPON INTEREST AMOUNT
Beginning of Period Principal Balance of the Certificates 2,759,573.50
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 26,813.86
CLASS B EXCESS INTEREST AMOUNT
Total Distribution Amount 2,552,341.80
minus
Class A Principal and Interest Distributable Amount 2,382,652.51
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 26,813.86
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 114,885.98
Class B Principal Carryover Shortfall 832,834.54
Trustee distributions 481.68
Standby Servicer distributions 2,568.99
Servicer distributions 82,168.13
Collateral Agent distributions 492.10
Reimbursement Obligations 43,581.21
---------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 832,834.54
---------------
832,834.54
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 2,568.99
Servicing Fee (2.0%) 64,224.63
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 17,943.50
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 481.68
Trustee's out-of-pocket expenses 0.00
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 492.10
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 199,818.89
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 199,818.89
(viii)(A) Class B Coupon Interest - Unadjusted 26,813.86
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 26,813.86
(v)(B) Class A Principal Distributable Amount - Current Month 2,182,833.62
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 2,182,833.62
(vi) Certificate Insurer Premium 10,040.69
Certificate Insurer Premium Supplement 28,687.67
Certificate Insurer Premium Supplement - May 15 Dist. Shortfall Paid 4,852.85
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 114,885.98
Class B Principal Carryover Shortfall - Previous Month(s) 832,834.54
Current Month Class B Principal Shortfall (934,137.20)
Adjustment for May 15 Distribution Overpayment (4,852.85)
Adjusted Class B Principal Distributable Amount 13,583.32
(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 36,608,040.22
Class A Principal Distributions 2,182,833.62
Class A End of Period Principal Balance 34,425,206.59
Class B Beginning of Period Principal Balance 2,759,573.50
Class B Principal Distributable Amount 13,583.32
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,745,990.18
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,745,990.18
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 2,552,341.80
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 285,529.79
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,266,812.01
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 2,266,812.01
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 26,813.86
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,239,998.15
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 2,239,998.15
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 2,182,833.62
(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) 57,164.53
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 57,164.53
(vi) Certificate Insurer Premium 10,040.69
(v) Certificate Insurer Premium Supplement 28,687.67
Certificate Insurer Premium Supplement - Prior Month Shortfall 4,852.85
Certificate Insurer Premium Supplement Paid in Current Month 33,540.52
Current Month Certificate Insurer Premium Supplement Shortfall 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) 13,583.32
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 13,583.32
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 114,885.98
(iii)Prior month(s) carryover shortfalls 832,834.54
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (934,137.20)
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (934,137.20)
Prior Month Overpayment Carryover Amount 0.00
CALCULATIONS
PERFORMANCE MEASURES
CALCULATION OF DELINQUENCY RATIO (CURRENT PERIOD)
DELINQUENCY AMOUNT
Receivables more than 30 days delinquent 2,106,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 2,106,000.00
Aggregate Gross Principal Balance as of the close of 40,240,303.18
business on the last day of the Collection Period.
DELINQUENCY RATIO 5.23%
CALCULATION OF AVERAGE DELINQUENCY RATIO
Delinquency Ratio for most recent Determination Date 5.23%
Delinquency Ratio for second preceding Determination Date 5.65%
Delinquency Ratio for third preceding Determination Date 4.69%
---------------
AVERAGE DELINQUENCY RATIO 5.19%
CALCULATION OF CUMULATIVE DEFAULT RATIO
DEFAULT AMOUNT
Principal Balance of Previously Defaulted Receivables 18,419,491.47
Current Period Defaulted Receivables 336,346.12
---------------
Total 18,755,837.59
Cumulative Defaulted Receivables 18,755,837.59
Original Pool Balance 102,327,009.71
CUMULATIVE DEFAULT RATIO 18.33%
CALCULATION OF CUMULATIVE NET LOSS RATIO
CALCULATION OF NET LIQUIDATION LOSSES
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 686,886.70
Cram Down Losses 0.00
Net Liquidation Proceeds (309,462.59)
---------------
Net Liquidation Losses 377,424.11
Cumulative Previous Net Losses 14,563,447.57
---------------
Cumulative Net Losses 14,940,871.68
Original Pool Balance 102,327,009.71
CUMULATIVE NET LOSS RATIO 14.60%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 30.16
Weighted Average Annual Percentage Rate 20.50%
SPREAD ACCOUNT
SPREAD ACCOUNT CAP
10% of Outstanding Certificate Balance 3,717,119.68
15% of Outstanding Certificate Balance 5,575,679.52
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
---------------
Cap Amount 10,327,561.98
SPREAD ACCOUNT FLOOR
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 37,171,196.78
Minimum Floor 100,000.00
---------------
FLOOR AMOUNT 3,069,810.29
Required Spread Account Amount 10,327,561.98
Beginning of Period Spread Account Balance 7,240,380.15
Spread Account Deposit (Withdrawal) from Current Distributions (0.00)
Transfer (to) from Cross-Collateralized Spread Accounts 7,111.54
Required addition to/(eligible withdrawal from) Spread Account 3,080.070.29
Earnings on Spread Account Balance 26,150.87
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 7,273,642.56
</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 7/15/99
Collection Period 6/99
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 $3,001,281.89
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $277,761.84
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,723,520.05
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $26.47
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.45
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $24.02
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $33,320.70
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $33,320.70
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $2,066,220.12
(k) Scheduled Payments collected in such
Collection Period $1,907,058.35
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 $52,760,459.37
(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 $50,894,094.99
(c) The Pool factor as of the close of business
on the last day set forth above 0.9646257
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $111,458.78
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,517.36
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.98
(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 $16,079.80
(b) Distributions (to) from Collection Account $10,010.30
for Payaheads
(c) Interest earned on Payahead Balances $84.40
(d) Ending Payahead Account Balance $26,174.50
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 $15,268,228.50
Spread Account Balance $9,288,751.50
(b) The change in the spread account on the Distribution
Date set forth above $20,792.66
6 Policy.
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $53,323.78
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $653,610.20
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 180
Aggregate Gross Amount $1,748,000.00
(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 129
Aggregate Gross Amount $1,349,000.00
8 Performance Triggers.
(a) Delinquency Ratio 5.61%
(b) Average Delinquency Ratio 5.00%
(c) Cumulative Default Ratio 16.19%
(d) Cumulative Net Loss Ratio 12.83%
(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 1997-2
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 3,208,062.72
LOCK BOX NSF ITEMS: (29,529.28)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (10,010.30)
COLLECTION ACCOUNT INTEREST 9,026.26
PAYAHEAD ACCOUNT INTEREST 84.40
TOTAL COLLECTION PROCEEDS: 3,177,633.80
FOR DISTRIBUTION DATE: 7/15/99
FOR DETERMINATION DATE: 7/8/99
FOR COLLECTION PERIOD: 6/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 52,760,459.37
Principal portion of payments collected (non-prepayments) 1,050,166.39
Prepayments in full allocable to principal 858,843.00
Collections allocable to principal 1,909,009.39
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 304,243.62
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 2,213,253.01
Realized Losses 653,610.20
Cram Down Losses 0.00
Ending Principal Balance 49,893,596.16
INTEREST
Collections allocable to interest 856,891.96
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 107,488.83
---------------
Total Interest 964,380.79
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 50,122,436.42
Beginning of Period Class B Principal Balance 3,495,178.62
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 9,267,958.84
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 23,524.68
Aggregate Payahead Balance 26,090.10
Aggregate Payahead Balance for preceding Distribution Date 16,079.80
Interest Earned on Payahead Balances 84.40
Scheduled Payments due in Collection Period 2,066,220.12
Scheduled Payments collected in Collection Period 1,907,058.35
Aggregate Amount of Realized Losses for preceding Distribution Date 653,610.20
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate
Gross Amount
# of Receivables of Receivables
31 - 59 days delinquent 180 1,748,000.00
60+ days delinquent 129 1,349,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close
of business on the last day of the related Collection Period. 3,097,000.00
Principal Balance of all Receivables that became Purchased Receivables as of
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more. 0.00
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 424,159.88
Delinquency Ratio for second preceding Determination Date 4.99%
Delinquency Ratio for third preceding Determination Date 4.41%
Cumulative Defaults for preceding Determination Date 18,899,285.54
Cumulative Net Losses for preceding Determination Date 14,770,449.41
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,765,901.35
Liquidation Proceeds 304,243.62
Recoveries 107,488.83
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------
TOTAL DISTRIBUTION AMOUNT 3,177,633.80
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,050,166.39
Prepayments in full allocable to principal 858,843.00
Principal Balance of Liquidated Receivables 957,853.82
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 2,866,863.21
Class A Principal Distributable Amount
Principal Distributable Amount 2,866,863.21
Times Class A Percentage (95%) 95%
---------------
2,723,520.05
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 2,723,520.05
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 50,122,436.42
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 277,761.84
Class B Principal Distributable Amount
Principal Distributable Amount 2,866,863.21
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 143,343.16
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,495,178.62
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
---------------
Class B Coupon Interest Amount 33,320.70
Class B Excess Interest Amount
Total Distribution Amount 3,177,633.80
minus
Class A Principal and Interest Distributable Amount 3,001,281.89
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 33,320.70
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 143,343.16
Class B Principal Carryover Shortfall 857,155.66
Trustee distributions 659.51
Standby Servicer distributions 3,517.36
Servicer distributions 111,458.78
Collateral Agent distributions 670.22
Reimbursement Obligations 53,323.78
---------------
0.00
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 857,155.66
---------------
857,155.66
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 3,517.36
Servicing Fee (2.0%) 87,934.10
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 23,524.68
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 659.51
Trustee's out-of-pocket expenses 0.00
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 670.22
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 277,761.84
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 277,761.84
(viii)(A) Class B Coupon Interest - Unadjusted 33,320.70
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 33,320.70
(v)(B) Class A Principal Distributable Amount - Current Month 2,723,520.05
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,723,520.05
(vi) Certificate Insurer Premium 13,824.68
Certificate Insurer Premium Supplement 39,499.10
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 143,343.16
Class B Principal Carryover Shortfall - Previous Month(s) 857,155.66
Current Month Class B Principal Shortfall (1,000,498.82)
Adjusted Class B Principal Distributable Amount 0.00
(C) Excess Interest (Shortage) Amount for Deposit to (withdrawal from) Spread Account (26,598.44)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 50,122,436.42
Class A Principal Distributions 2,723,520.05
Class A End of Period Principal Balance 47,398,916.37
Class B Beginning of Period Principal Balance 3,495,178.62
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,495,178.62
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,495,178.62
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 3,177,633.80
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 394,067.71
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,783,566.09
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 2,783,566.09
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 33,320.70
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,750,245.39
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 2,750,245.39
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 2,723,520.05
(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) 26,725.34
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 26,725.34
(vi) Certificate Insurer Premium 13,824.68
(v) Certificate Insurer Premium Supplement 39,499.10
Deficiency Amount (26,598.44)
Withdrawal from Spread Account to Cover Deficiency 26,598.44
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 143,343.16
(iii) Prior month(s) carryover shortfalls 857,155.66
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (1,000,498.82)
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (1,000,498.82)
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,097,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 3,097,000.00
Aggregate Gross Principal Balance as of the close of 55,231,376.08
business on the last day of the Collection Period.
DELINQUENCY RATIO 5.61%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.61%
Delinquency Ratio for second preceding Determination Date 4.99%
Delinquency Ratio for third preceding Determination Date 4.41%
---------------
Average Delinquency Ratio 5.00%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 18,899,285.54
Current Period Defaulted Receivables 424,159.88
---------------
Total 19,323,445.42
Cumulative Defaulted Receivables 19,323,445.42
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 16.19%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 957,853.82
Cram Down Losses 0.00
Net Liquidation Proceeds (411,732.45)
---------------
Net Liquidation Losses 546,121.37
Cumulative Previous Net Losses 14,770,449.41
---------------
Cumulative Net Losses 15,316,570.78
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 12.83%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 32.55
Weighted Average Annual Percentage Rate 20.42%
SPREAD ACCOUNT
Spread Account Cap
9% of Outstanding Certificate Balance 4,580,468.55
15% of Outstanding Certificate Balance 7,634,114.25
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
---------------
Cap Amount 15,268,228.50
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 50,894,094.99
Minimum Floor 100,000.00
---------------
Floor Amount 3,580,860.93
Required Spread Account Amount 15,268,228.50
Beginning of Period Spread Account Balance 9,267,958.84
Spread Account Deposit (Withdrawal) from Current Distributions (26,598.44)
Transfer (to) from Cross-Collateralized Spread Accounts 13,924.17
Required addition to/(eligible withdrawal from) Spread Account 6,012,943.92
Earnings on Spread Account Balance 33,466.93
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 9,288,751.50
</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
----------------------------------------------------
<PAGE>
MONTHLY NOTEHOLDER STATEMENT
CPS AUTO RECEIVABLES TRUST 1997-3
6.10% ASSET-BACKED NOTES, CLASS A-1
6.38% ASSET-BACKED NOTES, CLASS A-2
10.65% ASSET-BACKED NOTES, CLASS B
10.65% ASSET-BACKED CERTIFICATES
Distribution Date 7/15/99
Collection Period 6/99
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
<TABLE>
<CAPTION>
<S> <C> <C>
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 $2,381,027.13
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $12,042.34
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,368,984.79
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $29.46
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $0.15
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $29.31
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $1,062,255.73
(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 $734,387.53
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $17.22
(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 $164,291.55
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $16,930.93
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $147,360.62
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $358,688.85
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $55,432.60
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $303,256.25
(s) Scheduled Payments due in such Collection Period $2,747,549.69
(t) Scheduled Payments collected in such
Collection Period $2,771,379.50
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 $73,824,298.11
(b) The aggregate principal amount of the Securities as
of the close of business on the last day set forth
above, after giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(r) above $64,454,312.44
(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 $62,693,962.46
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8492321
(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 $1,760,349.98
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0238451
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 $153,184.59
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,691.21
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $1.90
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the 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 $21,124,199.66
Spread Account Balance $3,958,522.34
(b) The change in the spread account on the Distribution
Date set forth above $58,217.00
5 Policy.
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $68,550.31
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $697,671.84
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 223
Aggregate Gross Amount $2,418,000.00
(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 164
Aggregate Gross Amount $1,798,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.42%
(b) Average Delinquency Ratio 4.93%
(c) Cumulative Default Ratio 14.91%
(d) Cumulative Net Loss Ratio 11.73%
(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 RECEIVABLES TRUST 1997-3
STATEMENT TO NOTEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 4,235,640.95
LOCK BOX NSF ITEMS: (51,325.89)
TOTAL COLLECTION PROCEEDS: 4,184,315.06
FOR DISTRIBUTION DATE: 7/15/99
FOR DETERMINATION DATE: 7/8/99
FOR COLLECTION PERIOD: 6/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 73,824,298.11
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
---------------
Aggregate Beginning Principal Balance 73,824,298.11
Principal portion of payments collected (non-prepayments) 1,461,669.35
Prepayments in full allocable to principal 977,994.00
Collections allocable to principal 2,439,663.35
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 272,964.06
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 2,712,627.41
Realized Losses 697,671.84
Cram Down Losses 0.00
Ending Principal Balance 70,413,998.86
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 1,309,710.15
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 161,977.50
---------------
Total Interest 1,471,687.65
NOTE & CERTIFICATE INFORMATION,
Beginning of Period Class A-1 Principal Balance 2,368,984.79
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 1,907,710.60
Beginning of Period Certificate Balance 2,063,606.23
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 3,900,305.34
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 30,144.09
Scheduled Payments due in Collection Period 2,747,549.69
Scheduled Payments collected in Collection Period 2,771,379.50
Aggregate Amount of Realized Losses for preceding Distribution Date 697,671.84
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate
Gross Amount
# of Receivables of Receivables
31 - 59 days delinquent 223 2,418,000.00
60+ days delinquent 164 1,798,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close
of business on the last day of the related Collection Period. 4,216,000.00
Principal Balance of all Receivables that became Purchased Receivables as of
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more. 0.00
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 557,726.59
Delinquency Ratio for second preceding Determination Date 5.01%
Delinquency Ratio for third preceding Determination Date 4.36%
Cumulative Defaults for preceding Determination Date 21,803,613.39
Cumulative Net Losses for preceding Determination Date 17,058,164.96
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) Y
CALCULATIONS
REQUISITE RESERVE AMOUNT
Weighted Average of the Interest Rates and Pass-Through Rates 6.6196%
minus 2.5% 2.50%
---------------
4.1196%
divided by 360 0.0114%
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) 3,749,373.50
Liquidation Proceeds 272,964.06
Recoveries 161,977.50
Purchase Amounts 0.00
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 0.00
Investment earnings from Note Distribution Account 0.16
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 266.94
Investment earnings from Collection Account 12,493.27
---------------
TOTAL DISTRIBUTION AMOUNT 4,197,075.43
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,461,669.35
Prepayments in full allocable to principal 977,994.00
Principal Balance of Liquidated Receivables 970,635.90
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 3,410,299.25
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 70,413,998.86
---------------
63,372,598.97
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? Yes
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 90.7%
---------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 3,410,299.25
Times Class A Noteholders' Percentage 91%
---------------
3,103,372.32
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 3,103,372.32
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 2,368,984.79
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 12,042.34
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 3,410,299.25
Times Class B Percentage 2.5%
---------------
Class B Principal Distributable Amount 85,257.48
Certificate Principal Distributable Amount
Principal Distributable Amount 3,410,299.25
Times Certificate Percentage 2.5%
---------------
Certificate Principal Distributable Amount 85,257.48
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 1,907,710.60
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 16,930.93
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 2,063,606.23
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 18,314.51
Class B Excess Interest Amount
Total Distribution Amount 4,197,075.43
minus
Class A Principal and Interest Distributable Amount 3,115,414.66
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 16,930.93
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 85,257.48
Class B Principal Carryover Shortfall 62,103.14
Trustee distributions 615.20
Standby Servicer distributions 3,691.21
Servicer distributions 153,184.59
Collateral Agent distributions 566.74
Reimbursement Obligations 68,550.31
---------------
690,761.16
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B and Certificates Principal Carryover Shortfall from previous period 62,103.14
---------------
62,103.14
Certificates Principal Carryover Shortfall from previous period 217,998.77
---------------
217,998.77
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
Certificate Interest Carryover Shortfall from pervious perid 36,791.56
Interest on Certificate Interest Carryover Shortfall 326.53
---------------
37,118.09
Interest Carryover on Certificate 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>
<CAPTION>
<S> <C> <C>
CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(c) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 3,691.21
Servicing Fee (2.0%) 123,040.50
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 30,144.09
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 615.20
Indenture Trustee's out-of-pocket expenses 0.00
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 566.74
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 12,042.34
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 12,042.34
(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 16,930.93
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 16,930.93
(vii) Class A Principal Distributable Amount - Current Month 3,103,372.32
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shorfall 0.00
Class A Principal Distribution Amount to Class A-1 2,368,984.79
Class A Principal Distribution Amount to Class A-2 734,387.53
(viii) Note Insurer Premium 17,772.30
Note Insurer Premium Supplement 50,778.01
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 85,257.48
Class B Principal Carryover Shortfall - Previous Month(s) 62,103.14
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 147,360.62
(B) Certificate Interest - Unadjusted 18,314.51
Certificate Interest Carryover Shortfall - Previous Month(s) 36,791.56
Interest on Certificate Interest Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Carryover from Prior Months 326.53
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 55,432.60
Certificate Principal Distributable Amount - Current Month Unadjusted 85,257.48
Certificate Principal Carryover Shorfall - Previous Month(s) 217,998.77
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 303,256.25
(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. 4,204.12
Spread Account withdrawal for deficiencies 0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SECURITIES BALANCE
Class A-1 Beginning of Period Principal Amount 2,368,984.79
Class A-1 Principal Distributions 2,368,984.79
Class A-1 End of Period Principal Amount (prior to turbo) 0.00
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 0.00
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 734,387.53
Class A-2 End of Period Principal Amount (prior to turbo) 60,933,612.47
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 60,933,612.47
Class B Beginning of Period Principal Amount 1,907,710.60
Class B Principal Distributable Amount 147,360.62
Class B End of Period Principal Amount BEFORE Spread Account Distributions 1,760,349.98
Allocations of Cash Releases to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 1,760,349.98
Certificate Beginning of Period Principal Amount 2,063,606.23
Certificate Principal Distributable Amount 303,256.25
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 1,760,349.98
Allocation of Cash Releases to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 1,760,349.98
CLASS A-1 DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 4,197,075.43
(ii) Current distribution amounts payable pursuant to Section 5.8(a)(i) and (v)A 170,100.08
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 4,026,975.35
CLASS A-2 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a)(v) B 4,026,975.35
(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) 3,699,107.15
CLASS B NOTE DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a)(vi)A 3,699,107.15
(ii) Current distribution amounts payable pursuant to Section 5.8(a)(v)A 16,930.93
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,682,176.22
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.8(a)(vii) 3,682,176.22
(ii) Current distribution amounts payable pursuant to Section 5.8(a)(vii) 3,103,372.32
(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) 578,803.90
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 5.8(a)(viii) 578,803.90
(vi) Note Insurer Premium 17,772.30
(v) Note Insurer Premium Supplement 50,778.01
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) 510,253.59
CLASS B NOTES & CERTIFICATES DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.8(a)(vi) and (x) 510,253.59
(ii) Amounts payable pursuant to Section 5.8(a)(vi) and (x) 85,257.48
(iii) Prior month(s) carryover shortfalls 62,103.14
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/ B Notes (Deficiency) 362,892.96
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 362,892.96
CERTIFICATE DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a)(vi) and (x) 362,892.96
(ii) Current distribution amounts payable pursuant to Section 5.8(a)(vi) and (x) 18,314.51
(iii) Prior month(s) carryover shortfalls 36,791.56
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 326.53
If (i) is less than sum of (ii)-(v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 307,460.37
CERTIFICATES DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.8(a)(vi) and (x) 307,460.37
(ii) Amounts payable pursuant to Section 5.8(a)(vi) and (x) 85,257.48
(iii) Prior month(s) carryover shortfalls 217,998.77
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/B Notes (Deficiency) 4,204.12
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 4,024.12
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,216,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 4,216,000.00
Aggregate Gross Principal Balance as of the close of 77,762,173.79
business on the last day of the Collection Period.
DELINQUENCY RATIO 5.42%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.42%
Delinquency Ratio for second preceding Determination Date 5.01%
Delinquency Ratio for third preceding Determination Date 4.36%
----------------
Average Delinquency Ratio 4.93%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 21,803,613.39
Current Period Defaulted Receivables 557,726.59
---------------
Total 22,361,339.98
Cumulative Defaulted Receivables 22,361,339.98
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 14.91%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 970,635.90
Cram Down Losses 0.00
Net Liquidation Proceeds (434,941.56)
---------------
Net Liquidation Losses 535,694.34
Cumulative Previous Net Losses 17,058,164.96
---------------
Cumulative Net Losses 17,593,859.30
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 11.73%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 35.16
Weighted Average Annual Percentage Rate 20.36%
SPREAD ACCOUNT
OC Percent
Aggregate Principal Balance 70,413,998.86
minus the Securities Balance 64,454,312.44
---------------
5,959,686.42
divided by the Aggregate Principal Balance 8.46%
Floor OC Percent
Aggregate Principal Balance 70,413,998.86
minus the Securities Balance 64,454,312.44
---------------
5,959,686.42
divided by the initial Aggregate Principal Balance 150,000,000.00
---------------
3.97%
Floor Amount
greater of
(a) $100,000 100,000.00
(b) the lesser of
(i) Securities Balance 64,454,312.44
(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 0.54%
if a Trigger Event, 15% minus the OC Percent 6.54%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 21.54%
if an Insurance Agreement Event of Default, 30% 30.00%
30.00%
times the Aggregate Principal Balance 70,413,998.86
---------------
21,124,199.66
Requisite Amount 21,124,199.66
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) Y
Required Spread Account Amount 21,124,199.66
Beginning of Period Spread Account Balance 3,900,305.34
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 4,204.12
Transfer (to) from Cross-Collateralized Spread Accounts 39,973.02
Required addition to/(eligible withdrawal from) Spread Account 17,179,717.18
Earnings on Spread Account Balance 14,039.86
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 3,958,522.34
</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 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 7/15/99
Collection Period 6/99
Under the Sale and Servicing Agreement dated as of October 9, 1997 and
amended as of October 17, 1997 (the "Agreement") by and among CPS Receivables
Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner
Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Noteholders and Certificateholders
and the performance of the Trust during the previous month. The information
which is required to be prepared with respect to the Distribution Date and
Collection Period listed above is set forth below. Certain of the information is
presented on the basis of an original principal amount of $1,000 per Note, and
certain other information is presented based upon the aggregate amounts for the
Trust as a whole.
<TABLE>
<CAPTION>
<S> <C> <C>
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 $2,645,703.78
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $22,653.65
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,623,050.13
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $48.76
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $0.42
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $48.34
(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 $237,694.61
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $26,509.90
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $211,184.71
(p) Scheduled Payments due in such Collection Period $2,076,683.69
(q) Scheduled Payments collected in such
Collection Period $2,074,349.74
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $58,281,907.90
(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 $50,955,798.85
(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 $48,163,029.07
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8263804
(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 $2,792,769.78
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0479183
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $121,144.27
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,914.10
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.23
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the 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 ($22.798.01)
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 $16.619.830.57
Spread Account Balance $3,434.182.48
(b) The change in the spread account on the Distribution
Date set forth above $42.913.41
5 Policy.
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $54.183.41
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $635.473.96
(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 161
Aggregate Gross Amount $1,774,000.00
(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 103
Aggregate Gross Amount $1,128,000.00
7 Performance Triggers.
(a) Delinquency Ratio 4.75%
(b) Average Delinquency Ratio 4.54%
(c) Cumulative Default Ratio 12.84%
(d) Cumulative Net Loss Ratio 9.68%
(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 RECEIVABLES TRUST 1997-4
STATEMENT TO NOTEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 3,358,896.93
LOCK BOX NSF ITEMS: (62,520.92)
TOTAL COLLECTION PROCEEDS: 3,296,376.01
FOR DISTRIBUTION DATE: 7/15/99
FOR DETERMINATION DATE: 7/8/99
FOR COLLECTION PERIOD: 6/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 58,281,907.90
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
---------------
Aggregate Beginning Principal Balance 58,281,907.90
Principal portion of payments collected (non-prepayments) 1,171,281.69
Prepayments in full allocable to principal 836,150.00
Collections allocable to principal 2,007,431.69
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 239,567.02
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 2,246,998.71
Realized Losses 635,473.96
Cram Down Losses 0.00
Ending Principal Balance 55,399,435.23
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 $903,068.05
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 146,309.25
---------------
Total Interest $1,049,377.30
NOTE & CERTIFICATE INFORMATION
Beginning of Period Class A-1 Principal Balance 4,478,480.60
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 3,003,954.50
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 3,391,269.07
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 24,007.76
Scheduled Payments due in Collection Period 2,076,683.69
Scheduled Payments collected in Collection Period 2,074,349.74
Aggregate Amount of Realized Losses for preceding Distribution Date 635,473.96
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate
Gross Amount
# of Receivables of Receivables
31 - 59 days delinquent 161 1,774,000.00
60+ days delinquent 103 1,128,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close
of business on the last day of the related Collection Period. 2,902,000.00
Principal Balance of all Receivables that became Purchased Receivables as of
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more. 0.00
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 530,256.70
Delinquency Ratio for second preceding Determination Date 4.54%
Delinquency Ratio for third preceding Determination Date 4.34%
Cumulative Defaults for preceding Determination Date 13,059,103.60
Cumulative Net Losses for preceding Determination Date 9,757,265.80
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) Y
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,910,499.74
Liquidation Proceeds 239,567.02
Recoveries 146,309.25
Purchase Amounts 0.00
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 9,312.98
---------------
TOTAL DISTRIBUTION AMOUNT 3,305,688.99
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,171,281.69
Prepayments in full allocable to principal 836,150.00
Principal Balance of Liquidated Receivables 875,040.98
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 2,882,472.67
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 55,399,435.23
---------------
49,859,491.71
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 86.1%
---------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,882,472.67
Times Class A Noteholders' Percentage 91%
---------------
2,623,050.13
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 2,623,050.13
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 4,478,480.60
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 22,653.65
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 2,882,472.67
Times Certificate Percentage 5.0%
---------------
Class B Principal Distributable Amount 144,123.63
Certificateholders' Interest Amount
Total Distribution Amount 3,305,688.99
minus
Class A Principal and Interest Distributable Amount 2,888,818.67
Beginning of Period Principal Balance of the Certificates 3,003,954.50
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 26,509.90
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 26,509.90
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 144,123.63
Class B Principal Carryover Shortfall 89,859.10
Trustee distributions 485.68
Standby Servicer distributions 2,914.10
Servicer distributions 121,144.27
Collateral Agent distributions 448.25
Reimbursement Obligations 54,183.41
---------------
0.00
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 89,859.10
---------------
89,859.10
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>
<CAPTION>
<S> <C> <C>
CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 2,914.10
Servicing Fee (2.0%) 97,136.51
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 24,007.76
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 485.68
Indenture Trustee's out-of-pocket expenses 0.00
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 448.25
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 22,653.65
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 22,653.65
(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
(vii) Class A Principal Distributable Amount - Current Month 2,623,050.13
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 2,623,050.13
Class A Principal Distribution Amount to Class A-2 0.00
(viii) Note Insurer Premium 14,047.55
Note Insurer Premium Supplement 40,135.86
Other Reimbursement Obligations to Note Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
(vi)(A) Certificate Note Interest - Unadjusted 26,509.90
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 Diestributable Amount 26,509.90
(x) Certificate Principal Distributable Amount - Current Month Unadjusted 144,123.63
Certificate Principal Carryover Shortfall - Previous Month(s) 89,859.10
Current Month Certificate Principal Shortfall (22,798.01)
Adjusted Certificate Principal Distributable Amount 211,184.71
(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. 0.00
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 4,478,480.60
Class A-1 Principal Distributions 2,623,050.13
Class A-1 End of Period Principal Amount (prior to turbo) 1,855,430.47
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 1,855,430.47
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 3,003,954.50
Certificate Principal Distributable Amount 211,184.71
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 2,792,769.78
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 2,792,769.78
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 3,305,688.99
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 390,760.84
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,914,928.15
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 2,914,928.15
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 2,623,050.13
(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) 291,878.02
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 291,878.02
(vi) Note Insurer Premium 14,047.55
(v) Note Insurer Premium Supplement 40,135.86
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) 237,694.61
CERTIFICATE - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 237,694.61
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 26,509.90
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 211,184.71
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 211,184.71
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 144,123.63
(iii) Prior month(s) carryover shortfalls 89,859.10
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (22,798.01)
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (22,798.01)
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,902,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 2,902,000.00
Aggregate Gross Principal Balance as of the close of 61,125,083.17
business on the last day of the Collection Period.
DELINQUENCY RATIO 4.75%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.75%
Delinquency Ratio for second preceding Determination Date 4.54%
Delinquency Ratio for third preceding Determination Date 4.34%
---------------
Average Delinquency Ratio 4.54%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 13,059,103.60
Current Period Defaulted Receivables 530,256.70
---------------
Total 13,589,360.30
Cumulative Defaulted Receivables 13,589,360.30
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 12.84%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 875,040.98
Cram Down Losses 0.00
Net Liquidation Proceeds (385,876.27)
---------------
Net Liquidation Losses 489,164.71
Cumulative Previous Net Losses 9,757,265.80
---------------
Cumulative Net Losses 10,246,430.51
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 9.68%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 37.26
Weighted Average Annual Percentage Rate 20.26%
SPREAD ACCOUNT
OC Percent
Aggregate Principal Balance 55,399,435.23
minus the Securities Balance 50,955,798.85
---------------
4,443,636.38
divided by the Aggregate Principal Balance 8.02%
Floor OC Percent
Aggregate Principal Balance 55,399,435.23
minus the Securities Balance 50,955,798.85
---------------
4,443,636.38
divided by the initial Aggregate Principal Balance 105,860,630.11
---------------
4.20%
Floor Amount
greater of
(a) $100,000 100,000.00
(b) the lesser of
(i) Securities Balance 50,955,798.85
(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 0.98%
if a Trigger Event, 15% minus the OC Percent 6.98%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 21.98%
if an Insurance Agreement Event of Default, 30% 30.00%
30.00%
times the Aggregate Principal Balance 55,399,435.23
---------------
16,619,830.57
Requisite Amount 16,619,830.57
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) Y
Required Spread Account Amount 16,619,830.57
Beginning of Period Spread Account Balance 3,391,269.07
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 30,704.89
Required addition to/(eligible withdrawal from) Spread Account 13,197,856.61
Earnings on Spread Account Balance 12,208.52
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 3,434,182.48
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
<PAGE>
MONTHLY NOTEHOLDER STATEMENT
CPS AUTO RECEIVABLES TRUST 1997-5
6.26% ASSET-BACKED NOTES, CLASS A-1
6.40% ASSET-BACKED NOTES, CLASS A-2
10.55% ASSET-BACKED CERTIFICATES
Distribution Date 7/15/99
Collection Period 6/99
Under the Sale and Servicing Agreement dated as of December 1, 1997, (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,452,862.52
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $71,000.73
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,381,861.79
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $44.00
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $1.27
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $42.72
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $187,600.00
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $187,600.00
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.04
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $155,355.57
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $24,484.04
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $130,871.53
(p) Scheduled Payments due in such Collection Period $1,936,679.08
(q) Scheduled Payments collected in such
Collection Period $1,835,164.64
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 $55,778,468.04
(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 $49,057,546.21
(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 $46,403,502.69
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8319250
(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 $2,654,043.52
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0475819
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $110,026.26
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,788.92
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $1.97
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of
Receivables that became Purchased Receivables
during the related Collection Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the 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 $15,948,311.25
Spread Account Balance $3,392,612.35
(b) The change in the spread account on the Distribution
Date set forth above $88,083.40
5 Policy.
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $53,750.72
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $648,430.24
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 135
Aggregate Gross Amount $1,416,000.00
(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 106
Aggregate Gross Amount $1,209,000.00
7 Performance Triggers.
(a) Delinquency Ratio 4.52%
(b) Average Delinquency Ratio 4.54%
(c) Cumulative Default Ratio 11.03%
(d) Cumulative Net Loss Ratio 8.75%
(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 RECEIVABLES TRUST 1997-5
STATEMENT TO NOTEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 3,031,307.09
LOCK BOX NSF ITEMS: (30,007.79)
TOTAL COLLECTION PROCEEDS: 3,001,299.30
FOR DISTRIBUTION DATE: 7/15/99
FOR DETERMINATION DATE: 7/8/99
FOR COLLECTION PERIOD: 6/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 55,778,468.04
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
---------------
Aggregate Beginning Principal Balance 55,778,468.04
Principal portion of payments collected (non-prepayments) 911,579.55
Prepayments in full allocable to principal 795,349.00
Collections allocable to principal 1,706,928.55
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 262,071.74
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 1,969,000.29
Realized Losses 648,430.24
Cram Down Losses 0.00
Ending Principal Balance 53,161,037.50
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 $923,585.09
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 108,713.92
---------------
Total Interest $1,032,299.01
NOTE & CERTIFICATE INFORMATION
Beginning of Period Class A-1 Principal Balance 13,610,364.47
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 2,784,915.05
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 3,304,528.95
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 17,062.15
Scheduled Payments due in Collection Period 1,936,679.08
Scheduled Payments collected in Collection Period 1,835,164.64
Aggregate Amount of Realized Losses for preceding Distribution Date 648,430.24
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to 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 135 1,416,000.00
60+ days delinquent 106 1,209,000.00
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 2,625,000.00
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 540,240.30
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 5.11%
Delinquency Ratio for third preceding Determination Date 3.99%
Cumulative Defaults for preceding Determination Date 10,018,817.14
Cumulative Net Losses for preceding Determination Date 7,832,946.06
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,630,513.64
Liquidation Proceeds 262,071.74
Recoveries 108,713.92
Purchase Amounts 0.00
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 9,014.21
---------------
TOTAL DISTRIBUTION AMOUNT 3,010,313.51
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 911,579.55
Prepayments in full allocable to principal 795,349.00
Principal Balance of Liquidated Receivables 910,501.98
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 2,617,430.53
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 53,161,037.50
--------------
47,844,933.75
Class A Noteholders' Percentage
After the Target Payment Date? Yes
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 68.2%
---------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,617,430.53
Times Class A Noteholders' Percentage 91%
---------------
2,381,861.79
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 2,381,861.79
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 13,610,364.47
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 71,000.73
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 2,617,430.53
Times Certificate Percentage 5.0%
---------------
Class B Principal Distributable Amount 130,871.53
Certificateholders' Interest Amount
Total Distribution Amount 3,010,313.51
minus
Class A Principal and Interest Distributable Amount 2,640,462.52
Beginning of Period Principal Balance of the Certificates 2,784,915.05
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 24,484.04
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 24,484.04
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 130,871.53
Class B Principal Carryover Shortfall 0.00
Trustee distributions 464.82
Standby Servicer distributions 2,788.92
Servicer distributions 110,026.26
Collateral Agent distributions 429.75
Reimbursement Obligations 53,750.72
---------------
47,034.95
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
---------------
0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(c) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 2,788.92
Servicing Fee (2.0%) 92,964.11
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 17,062.15
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 464.82
Indenture Trustee's out-of-pocket expenses 0.00
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 429.75
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 71,000.73
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 71,000.73
(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
(vii) Class A Principal Distributable Amount - Current Month 2,381,861.79
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 2,381,861.79
Class A Principal Distribution Amount to Class A-2 0.00
(viii) Note Insurer Premium 15,081.14
Note Insurer Premium Supplement 38,669.59
Other Reimbursement Obligations to Note Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
(vi)(A)Certificate Note Interest - Unadjusted 24,484.04
Certificate Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 24,484.04
(x) Certificate Principal Distributable Amount - Current Month Unadjusted 130,871.53
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 130,871.53
(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. 47,034.95
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 13,610,364.47
Class A-1 Principal Distributions 2,381,861.79
Class A-1 End of Period Principal Amount (prior to turbo) 11,228,502.69
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 11,228,502.69
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 2,784,915.05
Certificate Principal Distributable Amount 130,871.53
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 2,654,043.52
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 2,654,043.52
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 3,010,313.51
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 372,310.48
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,638,003.03
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 2,638,003.03
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 2,381,861.79
(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) 256,141.24
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 256,141.24
(vi) Note Insurer Premium 15,081.14
(v) Note Insurer Premium Supplement 38,669.59
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) 202,390.52
CERTIFICATE DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 202,390.52
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 24,484.04
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 177,906.48
CERTIFICATE DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 177,906.48
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 130,871.53
(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) 47,034.95
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 2,625,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 2,625,000.00
Aggregate Gross Principal Balance as of the close of 58,077,054.78
business on the last day of the Collection Period.
DELINQUENCY RATIO 4.52%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.52%
Delinquency Ratio for second preceding Determination Date 5.11%
Delinquency Ratio for third preceding Determination Date 3.99%
----------------
Average Delinquency Ratio 4.54%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 10,018,817.14
Current Period Defaulted Receivables 540,240.30
---------------
Total 10,559,057.44
Cumulative Defaulted Receivables 10,559,057.44
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 11.03%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 910,501.98
Cram Down Losses 0.00
Net Liquidation Proceeds (370,785.66)
---------------
Net Liquidation Losses 539,716.32
Cumulative Previous Net Losses 7,832,946.06
---------------
Cumulative Net Losses 8,372,662.38
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 8.75%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 38.52
Weighted Average Annual Percentage Rate 20.20%
SPREAD ACCOUNT
OC Percent
Aggregate Principal Balance 53,161,037.50
minus the Securities Balance 49,057,546.21
---------------
4,103,491.30
divided by the Aggregate Principal Balance 7.72%
Floor OC Percent
Aggregate Principal Balance 53,161,037.50
minus the Securities Balance 49,057,546.21
---------------
4,103,491.30
divided by the initial Aggregate Principal Balance 95,706,307.00
---------------
4.29%
Floor Amount
greater of
(a) $100,000 100,000.00
(b) the lesser of
(i) Securities Balance 49,057,546.21
(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 1.3%
if a Trigger Event, 15% minus the OC Percent 7.3%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 22.3%
if an Insurance Agreement Event of Default, 30% 30%
30%
times the Aggregate Principal Balance 53,161,037.50
---------------
15,948,311.25
Requisite Amount 15,948,311.25
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) Y
Required Spread Account Amount 15,948,311.25
Beginning of Period Spread Account Balance 3,304,528.95
Spread Account Deposit (Withdrawal) from Current Distributions 47,034.95
Transfer (to) from Cross-Collateralized Spread Accounts 29,237.95
Required addition to/(eligible withdrawal from) Spread Account 12,567,509.40
Earnings on Spread Account Balance 11,810.50
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,392,612.35
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
<PAGE>
MONTHLY CERTIFICATEHOLDER STATEMENT
CPS AUTO GRANTOR TRUST 1998-1
6.00% ASSET-BACKED CERTIFICATES, CLASS A
10.25% ASSET-BACKED CERTIFICATES, CLASS B
Distribution Date 7/15/99
Collection Period 6/99
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 $5,711,738.30
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $587,809.81
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $5,123,928.49
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $32.16
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.31
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $28.85
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $54,139.17
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $54,139.17
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $4,097,987.94
(k) Scheduled Payments collected in such
Collection Period $3,765,785.83
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 $123,749,433.31
(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 $118,776,277.96
(c) The Pool factor as of the close of business
on the last day set forth above 0.9598127
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 $244,892.88
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,578.11
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.38
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.01
(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 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 $26,882.28
(b) Distributions (to) from Collection Account $8,529.61
for Payaheads
(c) Interest earned on Payahead Balances $321.32
(d) Ending Payahead Account Balance $35,733.21
5 Spread Account.
(a) The Specified Spread Account Balance with
respect to such Distribution Date and the Spread
Account Balance on the Distribution Date
set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $35,632,883.39
Spread Account Balance $22,684,601.67
(b) The change in the spread account on the Distribution
Date set forth above $30,462.42
6 Policy.
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $132,114.69
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,272,242.24
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 314
Aggregate Gross Amount $3,659,000.00
(d) The number of Receivables and the aggregate
gross amount scheduled to be paid,
including unearned finance and other
charges, for which Obligors are delinquent
60 days or more
Number 265
Aggregate Gross Amount $3,138,000.00
8 Performance Triggers.
(a) Delinquency Ratio 5.24%
(b) Average Delinquency Ratio 5.00%
(c) Cumulative Default Ratio 8.82%
(d) Cumulative Net Loss Ratio 6.67%
(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: 6,112,542.36
LOCK BOX NSF ITEMS: (55,985.68)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (8,529.61)
COLLECTION ACCOUNT INTEREST 17,676.24
PAYAHEAD ACCOUNT INTEREST 321.32
TOTAL COLLECTION PROCEEDS: 6,066,024.63
FOR DISTRIBUTION DATE: 7/15/99
FOR DETERMINATION DATE: 7/8/99
FOR COLLECTION PERIOD: 6/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 123,749,433.31
Principal portion of payments collected (non-prepayments) 1,987,893.25
Prepayments in full allocable to principal 1,550,613.00
Collections allocable to principal 3,538,506.25
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 582,860.45
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 4,121,366.70
Realized Losses 1,272,242.24
Cram Down Losses 0.00
Ending Principal Balance 118,355,824.37
INTEREST
Collections allocable to interest 1,777,892.58
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 166,765.35
---------------
Total Interest 1,944,657.93
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 117,561,961.97
Beginning of Period Class B Principal Balance 6,338,244.48
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 22,654,139.25
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 38,643.82
Aggregate Payahead Balance 35,411.89
Aggregate Payahead Balance for preceding Distribution Date 26,882.28
Interest Earned on Payahead Balances 321.32
Scheduled Payments due in Collection Period 4,097,987.94
Scheduled Payments collected in Collection Period 3,765,785.83
Aggregate Amount of Realized Losses for preceding Distribution Date 1,272,242.24
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 314 3,659,000.00
60+ days delinquent 265 3,138,000.00
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 6,797,000.00
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 1,131,897.95
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 5.24%
Delinquency Ratio for third preceding Determination Date 4.52%
Cumulative Defaults for preceding Determination Date 15,359,997.07
Cumulative Net Losses for preceding Determination Date 11,370,319.30
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 5,316,398.83
Liquidation Proceeds 582,860.45
Recoveries 166,765.35
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 6,066,024.63
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,987,893.25
Prepayments in full allocable to principal 1,550,613.00
Principal Balance of Liquidated Receivables 1,855,102.69
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 5,393,608.94
Class A Principal Distributable Amount
Principal Distributable Amount 5,393,608.94
Times Class A Percentage (95%) 95%
---------------
5,123,928.49
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 5,123,928.49
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 117,561,961.97
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 587,809.81
Class B Principal Distributable Amount
Principal Distributable Amount 5,393,608.94
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 269,680.45
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 6,338,244.48
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 54,139.17
Class B Excess Interest Amount
Total Distribution Amount 6,066,024.63
minus
Class A Principal and Interest Distributable Amount 5,711,738.30
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 54,139.17
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 269,680.45
Class B Principal Carryover Shortfall 150,773.13
Trustee distributions 1,031.25
Standby Servicer distributions 2,578.11
Servicer distributions 244,892.88
Collateral Agent distributions 1,032.50
Reimbursement Obligations 132,114.69
---------------
0.00
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 150,773.13
---------------
150,773.13
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 2,578.11
Servicing Fee (2.0%) 206,249.06
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 38,643.82
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 1,031.25
Trustee's out-of-pocket expenses 0.00
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 1,032.50
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 587,809.81
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 587,809.81
(viii)(A)Class B Coupon Interest - Unadjusted 54,139.17
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 54,139.17
(v)(B) Class A Principal Distributable Amount - Current Month 5,123,928.49
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 5,123,928.49
(vi) Certificate Insurer Premium 38,416.33
Certificate Insurer Premium Supplement 93,698.36
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 269,680.45
Class B Principal Carryover Shortfall - Previous Month(s) 150,773.13
Current Month Class B Principal Shortfall (420,453.58)
Adjusted Class B Principal Distributable Amount 0.00
(C)Excess Interest (Shortage) Amount for Deposit to (withdrawal from) Spread Account (81,502.27)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 117,561,961.97
Class A Principal Distributions 5,123,928.49
Class A End of Period Principal Balance 112,438,033.48
Class B Beginning of Period Principal Balance 6,338,244.48
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 6,338,244.48
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 6,338,244.48
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 6,066,024.63
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 837,344.55
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 5,228,680.08
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 5,228,680.08
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 54,139.17
(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) 5,174,540.91
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 5,174,540.91
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 5,123,928.49
(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) 50,612.42
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 50,612.42
(vi) Certificate Insurer Premium 38,416.33
(v) Certificate Insurer Premium Supplement 93,698.36
Deficiency Amount (81,502.27)
Withdrawal from Spread Account to Cover Deficiency 81,502.27
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 269,680.45
(iii) Prior month(s) carryover shortfalls 150,773.13
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (420,453.58)
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (420,453.58)
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,797,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 6,797,000.00
Aggregate Gross Principal Balance as of the close of 129,759,259.53
business on the last day of the Collection Period.
DELINQUENCY RATIO 5.24%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.24%
Delinquency Ratio for second preceding Determination Date 5.24%
Delinquency Ratio for third preceding Determination Date 4.52%
---------------
Average Delinquency Ratio 5.00%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 15,359,997.07
Current Period Defaulted Receivables 1,131,897.95
---------------
Total 16,491,895.02
Cumulative Defaulted Receivables 16,491,895.02
Original Pool Balance 186,954,818.61
Cumulative Default Ratio 8.82%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,855,102.69
Cram Down Losses 0.00
Net Liquidation Proceeds (749,625.80)
---------------
Net Liquidation Losses 1,105,476.89
Cumulative Previous Net Losses 11,370,319.30
---------------
Cumulative Net Losses 12,475,796.19
Original Pool Balance 186,954,818.61
Cumulative Net Loss Ratio 6.67%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.10
Weighted Average Remaining Term 41.32
Weighted Average Annual Percentage Rate 20.29%
SPREAD ACCOUNT
Spread Account Cap
13.5% of Outstanding Certificate Balance 16,034,797.52
18.5% of Outstanding Certificate Balance 21,973,611.42
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
---------------
Cap Amount 35,632,883.39
Spread Account Floor
3% of the Initial Certificate Balance 5,608,644.56
Outstanding Certificate Balance 118,776,277.96
Minimum Floor 100,000.00
---------------
Floor Amount 5,608,644.56
Required Spread Account Amount 35,632,883.39
Beginning of Period Spread Account Balance 22,654,139.25
Spread Account Deposit (Withdrawal) from Current Distributions (81,502.27)
Transfer (to) from Cross-Collateralized Spread Accounts 30,152.14
Allocations of cash releases from previous pools 0.00
Required addition to/(eligible withdrawal from) Spread Account 13,030,094.26
Earnings on Spread Account Balance 81,812.55
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 22,684,601.67
</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 1998-2
6.09% CLASS A ASSET-BACKED CERTIFICATES
10.34% CLASS B ASSET-BACKED CERTIFICATES
Distribution Date 7/15/99
Collection Period 6/99
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 $6,220,290.54
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $735,902.11
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $5,484,388.43
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $31.03
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.67
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $27.35
(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) $625,388.63
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $68,076.15
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $557,312.48
(j) Scheduled Payments due in such Collection Period $4,878,858.02
(k) Scheduled Payments collected in such
Collection Period $4,969,421.89
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 $146,864,160.36
(c) The Aggregate Pool factor as of the close of business
on the last day set forth above 0.6958992
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 $292,553.37
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,179.94
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.46
(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 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 $27,122.44
(b) Distributions (to) from Collection Account $10,374.25
for Payaheads
(c) Interest earned on Payahead Balances $280.22
(d) Ending Payahead Account Balance $37,776.91
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $44,059,248.11
Spread Account Balance $22,266,017.46
(b) The change in the spread account on the Distribution
Date set forth above $316,542.04
6 Policy.
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $163,937.12
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,203,055.90
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 371
Aggregate Gross Amount $4,385,000.00
(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 338
Aggregate Gross Amount $4,146,000.00
8 Performance Triggers.
(a) Delinquency Ratio 5.34%
(b) Average Delinquency Ratio 4.74%
(c) Cumulative Default Ratio 7.38%
(d) Cumulative Net Loss Ratio 5.33%
(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 1998-2
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 7,635,189.41
LOCK BOX NSF ITEMS: (101,959.18)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (10,374.25)
COLLECTION ACCOUNT INTEREST 21,313.42
PAYAHEAD ACCOUNT INTEREST 280.22
TOTAL COLLECTION PROCEEDS: 7,544,449.62
FOR DISTRIBUTION DATE: 7/15/99
FOR DETERMINATION DATE: 7/8/99
FOR COLLECTION PERIOD: 6/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 152,637,201.37
Principal portion of payments collected (non-prepayments) 2,202,427.11
Prepayments in full allocable to principal 1,756,781.00
Collections allocable to principal 3,959,208.11
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 610,776.44
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 4,569,984.55
Realized Losses 1,203,055.90
Cram Down Losses 0.00
Ending Principal Balance 146,864,160.92
INTEREST
Collections allocable to interest 2,766,994.78
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 207,470.29
---------------
Total Interest 2,974,465.07
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 145,005,341.26
Beginning of Period Class B Principal Balance 7,900,520.00
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 21,949,475.42
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 38,158.03
Aggregate Payahead Balance 37,496.69
Aggregate Payahead Balance for preceding Distribution Date 27,122.44
Interest Earned on Payahead Balances 280.22
Scheduled Payments due in Collection Period 4,878,858.02
Scheduled Payments collected in Collection Period 4,969,421.89
Aggregate Amount of Realized Losses for preceding Distribution Date 1,203,055.90
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 371 4,385,000.00
60+ days delinquent 338 4,146,000.00
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 8,531,000.00
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 1,368,048.66
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 4.92%
Delinquency Ratio for third preceding Determination Date 3.95%
Cumulative Defaults for preceding Determination Date 14,203,106.43
Cumulative Net Losses for preceding Determination Date 10,251,097.27
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 6,726,202.89
Liquidation Proceeds 610,776.44
Recoveries 207,470.29
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------
TOTAL DISTRIBUTION AMOUNT 7,544,449.62
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 2,202,427.11
Prepayments in full allocable to principal 1,756,781.00
Principal Balance of Liquidated Receivables 1,813,832.34
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 5,773,040.45
Class A Principal Distributable Amount
Principal Distributable Amount 5,773,040.45
Times Class A Percentage (95%) 95%
---------------
5,484,388.43
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 5,484,388.43
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 145,005,341.26
Multiplied by Certificate Pass-Through Rate 6.09%
Multiplied by 30/360 0.0833333
---------------
Class A Interest Distributable Amount 735,902.11
Class B Principal Distributable Amount
Principal Distributable Amount 5,773,040.45
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 288,652.02
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 7,900,520.00
Multiplied by Certificate Pass-Through Rate 10.34%
Multiplied by 30/360 0.0833333
---------------
Class B Coupon Interest Amount 68,076.15
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 268,660.46
---------------
268,660.46
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 3,179.94
Servicing Fee (2.0%) 254,395.34
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 38,158.03
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 953.98
Trustee's out-of-pocket expenses 0.00
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 955.66
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 735.902.11
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 735,902.11
(vi) Class B Coupon Interest - Unadjusted 68,076.15
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 68,076.15
(vii) Class A Principal Distributable Amount - Current Month 5,484,388.43
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 5,484,388.43
(viii) Certificate Insurer Premium 47,669.66
Certificate Insurer Premium Supplement 116,267.46
Other Reimbursement Obligations to Certificate Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
(x) Class B Principal Distributable Amount - Unadjusted 288,652.02
Class B Principal Carryover Shortfall - Previous Month(s) 268,660.46
Current Month Class B Principal Carryover Shortfall 0.00
Adjusted Class B Principal Distributable Amount 557,312.48
(xi) Remaining amounts to Collateral Agent for deposit in Spread Account 237,190.39
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 145,005,341.26
Class A Principal Distributions 5,484,388.43
Class A End of Period Principal Balance 139,520,952.84
Class B Beginning of Period Principal Balance 7,900,520.00
Class B Principal Distributable Amount 557,312.48
Class B End of Period Principal Balance BEFORE Spread Account Distributions 7,343,207.52
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 7,343,207.52
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 7,544,449.62
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 1,033,545.06
(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) 6,510,904.56
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 6,510,904.56
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 68,076.15
(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) 6,442,828.41
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 6,442,828.41
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 5,484,388.43
(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) 958,439.98
OTHER DEFICIENCIES - INSURANCE
(i) Amounts available to make payments for insurance 958,439.98
Certificate Insurer Premium 47,669.66
Certificate Insurer Premium Supplement 116,267.46
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) 794,502.86
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 794,502.86
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 288,652.02
(iii)Prior month(s) carryover shortfalls 268,660.46
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 237,190.39
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 237,190.39
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,531,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 8,531,000.00
Aggregate Gross Principal Balance as of the close of 159,626,422.93
business on the last day of the Collection Period.
Delinquency Ratio 5.34%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.34%
Delinquency Ratio for second preceding Determination Date 4.92%
Delinquency Ratio for third preceding Determination Date 3.95%
---------------
Average Delinquency Ratio 4.74%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 14,203,106.43
Current Period Defaulted Receivables 1,368,048.66
---------------
Total 15,571,155.09
Cumulative Defaulted Receivables 15,571,155.09
Original Pool Balance 211,042,290.56
Cumulative Default Ratio 7.38%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,813,832.34
Cram Down Losses 0.00
Net Liquidation Proceeds (818,246.73)
---------------
Net Liquidation Losses 995,585.61
Cumulative Previous Net Losses 10,251,097.27
---------------
Cumulative Net Losses 11,246,682.88
Original Pool Balance 211,042,290.56
Cumulative Net Loss Ratio 5.33%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.46
Weighted Average Remaining Term 43.74
Weighted Average Annual Percentage Rate 20.38%
SPREAD ACCOUNT
Spread Account Cap
13.5% of Outstanding Certificate Balance 19,826,661.65
19.5% of Outstanding Certificate Balance 28,638,511.27
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
---------------
Cap Amount 44,059,248.11
Spread Account Floor
3% of the Initial Certificate Balance 6,331,268.70
Outstanding Certificate Balance 146,864,160.36
Minimum Floor 100,000.00
---------------
Floor Amount 6,331,268.70
Required Spread Account Amount 44,059,248.11
Beginning of Period Spread Account Balance 21,949,475.42
Spread Account Deposit (Withdrawal) from Current Distributions 237,190.39
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 21,872,582.30
Earnings on Spread Account Balance 79,351.65
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 22,266,017.46
Reserve Fund
Initial Class B Certificate Balance 10,552,114.40
Aggregate Pool Factor 0.6958992
Class B Principal % 5.00%
Have both tests for Reserve Fund reduction been satisfied? (Y/N) N
Requisite Amount
If both tests for reduction have NOT been met, then
10% of Original Class B Outstanding Certificate Balance 1,055,211.40
otherwise
10% of Class B Outstanding Certificate Balance 734,320.75
or
Cap Amount 1,055,211.40
Reserve Fund Floor
Outstanding Class B Certificate Balance 7,343,207.52
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 3,819.85
Amount of Reserve Fund deposit (withdrawal) (3,819.85)
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
----------------------------------------------------
<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 7/15/99
Collection Period 6/99
Under the Sale and Servicing Agreement dated as of July 8, 1998 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below. Certain of the information is presented on the basis
of an original principal amount of $1,000 per Note, and certain other
information is presented based upon the aggregate amounts for the Trust as a
whole.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $0.00
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $0.00
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $0.00
(d) The amount of the distribution set forth in
paragraph A.1. (a) above $0.00
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $0.00
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $0.00
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $7,444,469.04
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $289,235.74
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $7,155,233.30
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $80.92
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $3.14
(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 $185,173,925.17
(b) The aggregate principal amount of the Securities as
of the close of business on the last day set forth above,
after giving effect to payments
allocated to principal in paragraph A.1.(c),(i),(o),(u) above $159,656,507.45
(c) The Note Pool Factor as of the close of business
on the last day set forth above 0.8621976
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 $351,316.22
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,857.79
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $9.76
(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 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A-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 $178,230,290.93
Spread Account Balance $20,162,048.99
(b) The change in the spread account on the Distribution
Date set forth above $72,596.11
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 $222,101.81
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,549,175.35
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 400
Aggregate Gross Amount $4,996,000.00
(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 335
Aggregate Gross Amount $4,051,000.00
7 Performance Triggers
(a) Delinquency Ratio 4.68%
(b) Average Delinquency Ratio 4.12%
(c) Cumulative Default Ratio 5.45%
(d) Cumulative Net Loss Ratio 4.84%
(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 RECEIVABLES TRUST 1998-3
STATEMENT TO NOTEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 8,628,256.61
LOCK BOX NSF ITEMS: (86,255.76)
TOTAL COLLECTION PROCEEDS: 8,542,000.86
FOR DISTRIBUTION DATE: 7/15/99
FOR DETERMINATION DATE: 7/8/99
FOR COLLECTION PERIOD: 6/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 185,173,925.17
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
---------------
Aggregate Beginning Principal Balance 185,173,925.17
Principal portion of payments collected (non-prepayments) 2,512,228.26
Prepayments in full allocable to principal 2,054,877.00
Collections allocable to principal 4,567,105.26
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 827,353.63
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 5,394,458.89
Realized Losses 1,549,175.35
Cram Down Losses 0.00
Ending Principal Balance 178,230,290.93
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 2,868,948.12
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 278,593.85
---------------
Total Interest 3,147,541.97
NOTE & CERTIFICATE INFORMATION
Beginning of Period Class A-1 Principal Balance 0.00
Beginning of Period Class A-2 Principal Balance 59,279,740.75
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 20,089,452.88
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 42,693.01
Scheduled Payments due in Collection Period 5,736,550.20
Scheduled Payments collected in Collection Period 5,381,176.38
Aggregate Amount of Realized Losses for preceding Distribution Date 1,549,175.35
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 400 4,996,000.00
60 - 89 days delinquent 200 2,401,000.00
90 - 119 days delinquent 83 1,027,000.00
120+ days delinquent 52 623,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close 9,047,000.00
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 1,485,199.40
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 4.38%
Delinquency Ratio for third preceding Determination Date 3.31%
Cumulative Defaults for preceding Determination Date 11,612,022.83
Cumulative Net Losses for preceding Determination Date 10,280,133.22
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 7,436,053.38
Liquidation Proceeds 827,353.63
Recoveries 278,593.85
Purchase Amounts 0.00
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 0.00
Investment earnings from Note Distribution Account 34.91
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account N/A
Investment earnings from Collection Account 24,966.96
---------------
TOTAL DISTRIBUTION AMOUNT 8,567,002.73
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 2,512,228.26
Prepayments in full allocable to principal 2,054,877.00
Principal Balance of Liquidated Receivables 2,376,528.98
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 6,943,634.24
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 178,230,290.93
---------------
160,407,261.84
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 98.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 90.1%
On Payment Date when Class A-2 Notes will be reduced to 0 35.5%
---------------
98.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 6,943,634.24
Times Class A Noteholders' Percentage 90.1%
---------------
6,256,214.45
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 6,256,214.45
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 0.00
Multiplied by the Note Rate 5.6375%
Multiplied by actual/360, or for the first Distribution Date, by 18/360 0.0833333
---------------
Class A Interest Distributable Amount 0.00
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 59,279,740.75
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 289,235.74
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 8,567,002.73
minus
Class A Principal and Interest Distributable Amount 7,088,508.15
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Trustee and Collateral Agent distributions 2,199.91
Standby Servicer distributions 3,857.79
Servicer distributions 351,316.22
Insurance and Reimbursement Obligations 222,101.81
---------------
899,018.85
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
</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 3,857.79
Servicing Fee (2.0%) 308,623.21
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 42,693.01
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 1,157.34
Indenture Trustee's out-of-pocket expenses 0.00
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 1,042.57
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 0.00
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 0.00
(B) Class A-2 Interest Distributable Amount - Current Month 289,235.74
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 289,235.74
(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 6,256,214.45
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 6,256,214.45
Class A Principal Distribution Amount to Class A-1 0.00
Class A Principal Distribution Amount to Class A-2 6,256,214.45
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 88,305.54
Note Insurer Premium Supplement 133,796.27
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 899,018.85
Amount to Class A-1 Noteholders 0.00
Amount to Class A-2 Noteholders 899,018.85
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
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SECURITIES BALANCE
Class A-1 Beginning of Period Principal Amount 0.00
Class A-1 Principal Distributions 0.00
Class A-1 End of Period Principal Amount (prior to turbo) 0.00
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 0.00
Class A-2 Beginning of Period Principal Amount 59,279,740.75
Class A-2 Principal Distributions 6,256,214.45
Class A-2 End of Period Principal Amount (prior to turbo) 53,023,526.31
Additional Principal Distribution 899,018.85
Class A-2 End of Period Principal Amount 52,124,507.45
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 8,567,002.73
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (i) and (v)A 357,373.92
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 8,209,628.81
CLASS A-2 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a) (v) B 8,209,628.81
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) B 289,235.74
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 7,920,393.07
CLASS A-3 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A 7,920,393.07
(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) 7,795,497.24
CLASS A-4 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 7,795,497.24
(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) 7,377,335.11
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 7,377,335.11
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 6,256,214.45
(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) 1,121,120.66
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 5.8(a) (viii) 1,121,120.66
(vi) Note Insurer Premium 88,305.54
(v) Note Insurer Premium Supplement 133,796.27
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) 899,018.85
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 9,047,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 9,047,000.00
Aggregate Gross Principal Balance as of the close of 193,329,065.98
business on the last day of the Collection Period.
DELINQUENCY RATIO 4.68%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.68%
Delinquency Ratio for second preceding Determination Date 4.38%
Delinquency Ratio for third preceding Determination Date 3.31%
----------------
Average Delinquency Ratio 4.12%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 11,612,022.83
Current Period Defaulted Receivables 1,485,199.40
---------------
Total 13,097,222.23
Cumulative Defaulted Receivables 13,097,222.23
Original Pool Balance 240,339,160.19
Cumulative Default Ratio 5.45%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of 120+ Delinquent Losses:
Principal Balance of Delinquent Accts > 120 days 63,000.00
Principal Balance of Delinquent Accts > 90 < 120 days 1,027,000.00
Estimated Loss % 50%
---------------
Estimated Loss $'s 1,136,500.00
Calculation of Net Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,376,528.98
Cram Down Losses 0.00
Net Liquidation Proceeds (1,105,947.48)
---------------
Net Losses 2,407,081.50
Cumulative Previous Net Losses 10,280,133.22
Less: Previous Month's Delinquency Loss Estimate (1,054,500.00)
---------------
Cumulative Net Losses 11,632,714.72
Original Pool Balance 240,339,160.19
Cumulative Net Loss Ratio 4.84%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.60
Weighted Average Remaining Term 45.80
Weighted Average Annual Percentage Rate 20.42%
SPREAD ACCOUNT
OC Percent
Aggregate Principal Balance 178,230,290.93
minus the Securities Balance 159,656,507.45
---------------
18,573,783.48
divided by the Aggregate Principal Balance 10.42%
Floor OC Percent
Aggregate Principal Balance 178,230,290.93
minus the Securities Balance 159,656,507.45
---------------
18,573,783.48
divided by the initial Aggregate Principal Balance 240,339,160.19
---------------
7.73%
Floor Amount
greater of
(a) $100,000 100,000.00
(b) the lesser of
(i) Securities Balance 159,656,507.45
(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 178,230,290.93
---------------
178,230,290.93
Requisite Amount 178,230,290.93
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Required Spread Account Amount 178,230,290.93
Beginning of Period Spread Account Balance 20,089,452.88
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 158,140,838.05
Earnings on Spread Account Balance 72,596.11
Amount of Spread Account deposit (withdrawal) 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 20,162,048.99
</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 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 7/15/99
Collection Period 6/99
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>
<CAPTION>
<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 $5,486,729.56
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $25,804.60
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $5,460,924.96
(d) The amount of total the distribution set forth in
paragraph A.1. (a) above, per $1,000 $168.82
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $0.79
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $168.03
(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 $3,258,704.64
(t) The amount of the distribution set forth in
paragraph A.1. (s) above in respect of interest $407,719.46
(u) The amount of the distribution set forth in
in paragraph A.1. (s) above in respect of principal $2,850,985.18
(v) The amount of the distribution set forth in
paragraph A.1. (s) above, per $1,000 $32.59
(w) The amount of the distribution set forth in
paragraph A.1. (t) above, per $1,000 $4.08
(x) The amount of the distribution set forth in
paragraph A.1. (u) above, per $1,000 $28.51
(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 $269,144,399.16
(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 $260,832,489.03
(c) The Note Pool Factor as of the close of business
on the last day set forth above 0.9691173
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 $502,637.20
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,607.17
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $15.47
(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 0
Aggregate Purchase Amount $0.00
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 $80,858,071.60
Spread Account Balance $23,146,176.71
(b) The change in the spread account on the Distribution
Date set forth above $304,251.22
5 Policy.
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $539,948.45
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,745,439.46
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 516
Aggregate Gross Amount $6,679,000.00
(d) The number of Receivables and the aggregate
gross amount scheduled to be paid,
including unearned finance and other
charges, for which Obligors are delinquent
60 days or more
Number 377
Aggregate Gross Amount $4,668,000.00
7 Performance Triggers.
(a) Delinquency Ratio 4.05%
(b) Average Delinquency Ratio 3.55%
(c) Cumulative Default Ratio 3.50%
(d) Cumulative Net Loss Ratio 2.06%
(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 RECEIVABLES TRUST 1998-4
STATEMENT TO NOTEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 11,003,448.57
LOCK BOX NSF ITEMS: (154,463.90)
TOTAL COLLECTION PROCEEDS: 10,848,984.67
FOR DISTRIBUTION DATE: 7/15/99
FOR DETERMINATION DATE: 7/8/99
FOR COLLECTION PERIOD: 6/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 269,144,399.16
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
---------------
Aggregate Beginning Principal Balance 269,144,399.16
Principal portion of payments collected (non-prepayments) 3,443,579.42
Prepayments in full allocable to principal 2,142,711.00
Collections allocable to principal 5,586,290.42
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 980,180.25
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 6,566,470.67
Realized Losses 1,745,439.46
Cram Down Losses 0.00
Ending Principal Balance 260,832,489.03
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 4,119,867.38
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 162,646.62
---------------
Total Interest 4,282,514.00
NOTE INFORMATION
Beginning of Period Class A-1 Principal Balance 5,657,870.25
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 85,986,528.91
Beginning of Period Class A-5 Principal Balance 18,625,000.00
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 22,841,925.50
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 54,063.20
Scheduled Payments due in Collection Period 8,048,603.04
Scheduled Payments collected in Collection Period 7,563,446.80
Aggregate Amount of Realized Losses for preceding Distribution Date 1,745,439.46
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 516 6,679,000.00
60 - 89 days delinquent 220 2,756,000.00
90 - 119 days delinquent 102 1,246,000.00
120+ days delinquent 55 666,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close
of business on the last day of the related Collection Period. 11,347,000.00
Principal Balance of all Receivables that became Purchased Receivables as of
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more. 0.00
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 1,663,707.06
Delinquency Ratio for second preceding Determination Date 3.69%
Delinquency Ratio for third preceding Determination Date 2.92%
Cumulative Defaults for preceding Determination Date 9,181,094.02
Cumulative Net Losses for preceding Determination Date 4,649,993.01
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
CALCULATIONS
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) 9,706,157.80
Liquidation Proceeds 980,180.25
Recoveries 162,646.62
Purchase Amounts 0.00
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 0.21
Investment earnings from Interest Reserve Account 1.25
Investment earnings from Collection Account 31,365.47
---------------
TOTAL DISTRIBUTION AMOUNT 10,880,351.60
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 3,443,579.42
Prepayments in full allocable to principal 2,142,711.00
Principal Balance of Liquidated Receivables 2,725,619.71
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 8,311,910.13
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 8,311,910.13
Sequential Pay Noteholders Percentage 65.7%
---------------
Sequential Pay Noteholders' Principal Distributable Amount 5,460,924.96
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 8,311,910.13
Class A-4 Noteholders Percentage 34.3%
---------------
Class A-4 Noteholders' Principal Distributable Amount 2,850,985.18
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 5,657,870.25
Multiplied by the Note Rate 5.4730%
Multiplied by actual/360, or for the first Distribution Date, by 11/360 0.0833333
---------------
Class A Interest Distributable Amount 25,804.60
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 85,986,528.91
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 407,719.46
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 10,880,351.60
minus
Class A Principal and Interest Distributable Amount 9,600,033.15
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Trustee and Collateral Agent distributions 3,364.30
Standby Servicer distributions 5,607.17
Servicer distributions 502,637.20
Insurance and Reimbursement Obligations 539,948.45
---------------
228,761.33
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 5,607.17
Backup Servicer Fee 6,500.00
Servicing Fee (2.0%) 448,574.00
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 54,063.20
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 1,682.15
Indenture Trustee's out-of-pocket expenses 0.00
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 1,682.15
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 25,804.60
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 25,804.60
(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 407,719.46
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 407,719.46
(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 5,460,924.96
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 5,460,924.96
Class A Principal Distribution Amount to Class A-1 5,460,924.96
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 2,850,985.18
Class A Principal Distribution Amount to Class A-5 0.00
(viii) Note Insurer Premium 108,680.20
Short-Term Reinsurance 33,074.51
Long-Term Reinsurance 180,833.33
Note Insurer Premium Supplement 217,360.41
Other Reimbursement Obligations to Note Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
Spread Account Deposit (withdrawal) 222,261.33
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SECURITIES BALANCE
Class A-1 Beginning of Period Principal Amount 5,657,870.25
Class A-1 Principal Distributions 5,460,924.96
Class A-1 End of Period Principal Amount 196,945.29
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 85,986,528.91
Class A-4 Principal Distributable Amount 2,850,985.18
Class A-4 End of Period Principal Amount 83,135,543.74
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 260,832,489.03
CLASS A-1 DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 10,880,351.60
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(i) thru (v)A 543,913.27
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 10,336,438.33
CLASS A-2 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.7(a)(v)B 10,336,438.33
(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) 9,962,500.83
CLASS A-3 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.7(a)(v)C 9,962,500.83
(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) 9,573,257.08
CLASS A-4 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.7(a)(v)D 9,573,257.08
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(v)D 407,719.46
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 9,165,537.62
CLASS A-5 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.7(a)(v)E 9,165,537.62
(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) 9,074,119.91
SEQUENTIAL PAY NOTES DEFICIENCY - PRINCIPAL (A-1, A-2 & A-3)
(i) Amounts available to make payments pursuant to Section 5.7(a)(vi) 9,074,119.91
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(vi) 5,460,924.96
(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) 3,613,194.95
CLASS A-4 DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.7(a)(vii) 3,613,194.95
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(vii) 2,850,985.18
(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) 762,209.78
CLASS A-5 DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.7(a)(vii) 762,209.78
(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) 762,209.78
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 5.7(a)(viii) 762,209.78
(vi) Note Insurer Premium 322,588.04
(v) Note Insurer Premium Supplement 217,360.41
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) 222,261.33
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 11,347,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 11,347,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the Collection Period. 280,009,869.06
DELINQUENCY RATIO 4.05%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.05%
Delinquency Ratio for second preceding Determination Date 3.69%
Delinquency Ratio for third preceding Determination Date 2.92%
---------------
Average Delinquency Ratio 3.55%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 9,181,094.02
Current Period Defaulted Receivables 1,663,707.06
---------------
Total 10,844,801.08
Cumulative Defaulted Receivables 10,844,801.08
Original Pool Balance 275,647,271.04
Add: Subsequent Receivables 34,352,728.96
---------------
Total Original Balance 310,000,000.00
Cumulative Default Ratio 3.50%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of 120+ Delinquent Losses:
Principal Balance of Delinquent Accts > 120 days 666,000.00
Principal Balance of Delinquent Accts >90 <120 days 1,246,000.00
Estimated Loss % 50%
----------------
Estimated Loss $'s 1,289,000.00
Calculation of Net Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,725,619.71
Cram Down Losses 0.00
Net Liquidation Proceeds (1,142,826.87)
---------------
Net Losses 2,871,792.84
Cumulative Previous Net Losses 4,649,993.01
Less: Previous Month's Delinquency Loss Estimate (1,138,000.00)
---------------
Cumulative Net Losses 6,383,785.85
Original Pool Balance 310,000,000.00
Cumulative Net Loss Ratio 2.06%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.84
Weighted Average Remaining Term 48.54
Weighted Average Annual Percentage Rate 20.24%
SPREAD ACCOUNT
Spread Account Cap
Current Spread Account % 8.8%
21.0% of Outstanding Notes Balance if no Trigger Event 54,774,822.70
26.0% of Outstanding Notes Balance if a Trigger Event Exists 67,816,447.15
31.0% of Outstanding Notes Balance if an Insurance Event of Default 80,858,071.60
Is a Trigger Event continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) Y
Requisite Amount 80,858,071.60
Spread Account Floor
2.5% of the Initial Certificate Balance 7,750,000.00
Outstanding Certificate Balance 260,832,489.03
Minimum Floor 100,000.00
---------------
Floor Amount 7,750,000.00
Required Spread Account Amount 80,858,071.60
Beginning of Period Spread Account Balance 22,841,925.50
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 222,261.33
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 57,793,884.78
Earnings on Spread Account Balance 81,989.89
Amount of Spread Account deposit (withdrawal) 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 23,146,176.71
</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
---------------------------------
|
|