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Previous: CITIFUNDS INSTITUTIONAL TRUST, N-30B-2, 1999-04-22 |
Next: GREEN TREE FINANCIAL CORP, 8-K, 1999-04-22 |
<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) April 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
20.34 Monthly Servicing Report for the March 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: April 21, 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.
20.34 Monthly Servicing Report for the March 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 4/15/99
Collection Period 3/99
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 $1,847,050.74
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $123,709.64
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,723,341.10
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $21.87
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $1.46
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $20.41
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $100,493.19
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $9,791.03
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $90,702.16
(j) Scheduled Payments due in such Collection Period $1,221,686.83
(k) Scheduled Payments collected in such
Collection Period $1,400,555.33
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 $23,498,467.44
(b) The aggregate balance of the Certificates as of the close
of business on the last day set forth
above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $21,684,424.15
(c) The Pool factor as of the close of business
on the last day set forth above 0.9228016
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 $59,251.03
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $1,566.56
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.70
(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 $14,159.36
(b) Distributions (to) from Collection Account $7,519.42
for Payaheads
(c) Interest earned on Payahead Balances $59.94
(d) Ending Payahead Account Balance $21,738.72
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $20,600,202.96
Spread Account Balance $5,875,137.23
(b) The change in the spread account on the Distribution
Date set forth above $133,365.04
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 $6,008.39
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $248,358.72
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 64
Aggregate Gross Amount $446,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 90
Aggregate Gross Amount $753,000.00
8 Performance Triggers.
(a) Delinquency Ratio 5.06%
(b) Average Delinquency Ratio 6.63%
(c) Cumulative Default Ratio 19.06%
(d) Cumulative Net Loss Ratio 14.29%
(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: 2,135,919.24
LOCK BOX NSF ITEMS: (23,937.23)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (7,519.42)
COLLECTION ACCOUNT INTEREST 6,381.90
PAYAHEAD ACCOUNT INTEREST 59.94
TOTAL COLLECTION PROCEEDS: 2,110,904.43
FOR DISTRIBUTION DATE: 4/15/99
FOR DETERMINATION DATE: 4/8/99
FOR COLLECTION PERIOD: 3/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 23,498,467.44
Principal portion of payments collected (non-prepayments) 936,071.54
Prepayments in full allocable to principal 547,335.00
Collections allocable to principal 1,483,406.54
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 82,278.00
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 1,565,684.54
Realized Losses 248,358.72
Cram Down Losses 0.00
Ending Principal Balance 21,684,424.18
INTEREST
Collections allocable to interest 464,483.79
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 80,736.10
---------------
Total Interest 545,219.89
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 22,323,544.06
Beginning of Period Class B Principal Balance 1,174,923.35
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 5,741,772.19
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 20,086.92
Aggregate Payahead Balance 21,678.78
Aggregate Payahead Balance for preceding Distribution Date 14,159.36
Interest Earned on Payahead Balances 59.94
Scheduled Payments due in Collection Period 1,221,686.83
Scheduled Payments collected in Collection Period 1,400,555.33
Aggregate Amount of Realized Losses for preceding Distribution Date 248,358.72
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 509.68
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 64 446,000.00
60+ days delinquent 90 753,000.00
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 1,199,000.00
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 170,802.66
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.94%
Delinquency Ratio for third preceding Determination Date 7.90%
Cumulative Defaults for preceding Determination Date 16,771,084.42
Cumulative Net Losses for preceding Determination Date 12,532,943.37
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 1,947,890.33
Liquidation Proceeds 82,278.00
Recoveries 80,736.10
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 2,110,904.43
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 936,071.54
Prepayments in full allocable to principal 547,335.00
Principal Balance of Liquidated Receivables 330,636.72
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 1,814,043.26
Class A Principal Distributable Amount
Principal Distributable Amount 1,814,043.26
Times Class A Percentage (95%) 95%
---------------
1,723,341.10
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 1,723,341.10
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 22,323,544.06
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 123,709.64
Class B Principal Distributable Amount
Principal Distributable Amount 1,814,043.26
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 90,702.16
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 1,174,923.35
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 9,791.03
Class B Excess Interest Amount
Total Distribution Amount 2,110,904.43
minus
Class A Principal and Interest Distributable Amount 1,847,050.74
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 9,791.03
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 90,702.16
Class B Principal Carryover Shortfall 0.00
Trustee distributions 803.41
Standby Servicer distributions 1,566.56
Servicer distributions 59,251.03
Collateral Agent distributions 293.73
Reimbursement Obligations 6,008.39
---------------
95,437.38
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 1,566.56
Servicing Fee (2.0%) 39,164.11
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 20,086.92
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 293.73
Trustee's out-of-pocket expenses 509.68
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 293.73
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 123,709.64
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 123,709.64
(viii)(A) Class B Coupon Interest - Unadjusted 9,791.03
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 9,791.03
(v)(B) Class A Principal Distributable Amount - Current Month 1,723,341.10
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 1,723,341.10
(vi) Certificate Insurer Premium 6,008.39
Certificate Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00
(vii) Transition Expenses to successor Servicer 0.00
(B) Class B Principal Distributable Amount - Current Month Unadjusted 90,702.16
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 90,702.16
(C) Excess Interest Amount for Deposit in Spread Account 95,437.38
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 22,323,544.06
Class A Principal Distributions 1,723,341.10
Class A End of Period Principal Balance 20,600,202.96
Class B Beginning of Period Principal Balance 1,174,923.35
Class B Principal Distributable Amount 90,702.16
Class B End of Period Principal Balance BEFORE Spread Account Distributions 1,084,221.19
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 1,084,221.19
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 2,110,904.43
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 185,624.37
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,925,280.06
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 1,925,280.06
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 9,791.03
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,915,489.03
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 1,915,489.03
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 1,723,341.10
(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) 192,147.93
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 192,147.93
(vi) Certificate Insurer Premium 6,008.39
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 186,139.54
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 186,139.54
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 90,702.16
(iii)Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 95,437.38
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 95,437.38
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 1,199,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 1,199,000.00
Aggregate Gross Principal Balance as of the close of 23,678,950.47
business on the last day of the Collection Period.
DELINQUENCY RATIO 5.06%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.06%
Delinquency Ratio for second preceding Determination Date 6.94%
Delinquency Ratio for third preceding Determination Date 7.90%
---------------
Average Delinquency Ratio 6.63%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 16,771,084.42
Current Period Defaulted Receivables 170,802.66
---------------
Total 16,941,887.08
Cumulative Defaulted Receivables 16,941,887.08
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 19.06%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 330,636.72
Cram Down Losses 0.00
Net Liquidation Proceeds (163,014.10)
---------------
Net Liquidation Losses 167,622.62
Cumulative Previous Net Losses 12,532,943.37
---------------
Cumulative Net Losses 12,700,565.99
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 14.29%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 23.54
Weighted Average Annual Percentage Rate 20.27%
SPREAD ACCOUNT
Spread Account Cap
10% of Outstanding Certificate Balance 2,168,442.42
15% of Outstanding Certificate Balance 3,252,663.62
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
---------------
Cap Amount 20,600,202.96
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 21,684,424.15
Minimum Floor 100,000.00
---------------
Floor Amount 2,667,022.51
Required Spread Account Amount 20,600,202.96
Beginning of Period Spread Account Balance 5,741,772.19
Spread Account Deposit (Withdrawal) from Current Distributions 95,437.38
Transfer (to) from Cross-Collateralized Spread Accounts 17,333.91
Required addition to/(eligible withdrawal from) Spread Account 14,745,659.49
Earnings on Spread Account Balance 20,593.75
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 5,875,137.23
</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 4/15/99
Collection Period 3/99
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 $1,930,009.11
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $159,164.76
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,770,844.35
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $22.05
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $1.82
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $20.23
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $200,603.49
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $17,974.40
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $182,629.09
(j) Scheduled Payments due in such Collection Period $1,381,595.30
(k) Scheduled Payments collected in such
Collection Period $1,525,682.27
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 $30,007,495.78
(b) The aggregate balance of the Certificates as of the close
of business on the last day set forth
above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $28,462,433.07
(c) The Pool factor as of the close of business
on the last day set forth above 0.9485108
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 $67,701.67
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,000.50
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.77
(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 $19,943.84
(b) Distributions (to) from Collection Account $6,512.58
for Payaheads
(c) Interest earned on Payahead Balances $74.13
(d) Ending Payahead Account Balance $26,530.55
5 Spread Account.
(a) The Specified Spread Account Balance with
respect to such Distribution Date and the Spread
Account Balance on the Distribution Date
set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $26,736,276.61
Spread Account Balance $4,783,267.29
(b) The change in the spread account on the Distribution
Date set forth above $43,228.29
6 Policy.
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $7,798.08
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $366,837.71
(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 80
Aggregate Gross Amount $749,000.00
(d) The number of Receivables and the aggregate
gross amount scheduled to be paid,
including unearned finance and other
charges, for which Obligors are delinquent
60 days or more
Number 89
Aggregate Gross Amount $848,000.00
8 Performance Triggers.
(a) Delinquency Ratio 5.12%
(b) Average Delinquency Ratio 6.70%
(c) Cumulative Default Ratio 18.59%
(d) Cumulative Net Loss Ratio 13.99%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? Yes
</TABLE>
<PAGE>
<TABLE>
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CPS AUTO GRANTOR TRUST 1996-2
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 2,237,489.15
LOCK BOX NSF ITEMS: (28,935.00)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (6,512.58)
COLLECTION ACCOUNT INTEREST 7,032.90
PAYAHEAD ACCOUNT INTEREST 74.13
TOTAL COLLECTION PROCEEDS: 2,209,148.60
FOR DISTRIBUTION DATE: 4/15/99
FOR DETERMINATION DATE: 4/8/99
FOR COLLECTION PERIOD: 3/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 30,007,495.78
Principal portion of payments collected (non-prepayments) 917,034.34
Prepayments in full allocable to principal 458,279.00
Collections allocable to principal 1,375,313.34
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 121,895.63
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 1,497,208.97
Realized Losses 366,837.71
Cram Down Losses 0.00
Ending Principal Balance 28,143,449.10
INTEREST
Collections allocable to interest 608,647.93
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 103,291.70
---------------
Total Interest 711,939.63
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 28,507,120.96
Beginning of Period Class B Principal Balance 1,908,785.55
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 4,740,039.00
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 17,689.18
Aggregate Payahead Balance 26,456.42
Aggregate Payahead Balance for preceding Distribution Date 19,943.84
Interest Earned on Payahead Balances 74.13
Scheduled Payments due in Collection Period 1,381,595.30
Scheduled Payments collected in Collection Period 1,525,682.27
Aggregate Amount of Realized Losses for preceding Distribution Date 366,837.71
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 280.46
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 80 749,000.00
60+ days delinquent 89 848,000.00
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 1,597,000.00
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 272,247.27
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.13%
Delinquency Ratio for third preceding Determination Date 7.84%
Cumulative Defaults for preceding Determination Date 16,857,998.14
Cumulative Net Losses for preceding Determination Date 12,621,878.84
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 1,983,961.27
Liquidation Proceeds 121,895.63
Recoveries 103,291.70
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 2,209,148.60
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 917,034.34
Prepayments in full allocable to principal 458,279.00
Principal Balance of Liquidated Receivables 488,733.34
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 1,864,046.68
Class A Principal Distributable Amount
Principal Distributable Amount 1,864,046.68
Times Class A Percentage (95%) 95%
---------------
1,770,844.35
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 1,770,844.35
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 28,507,120.96
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 159,164.76
Class B Principal Distributable Amount
Principal Distributable Amount 1,864,046.68
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 93,202.33
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 1,908,785.55
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 17,974.40
Class B Excess Interest Amount
Total Distribution Amount 2,209,148.60
minus
Class A Principal and Interest Distributable Amount 1,930,009.11
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 17,974.40
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 93,202.33
Class B Principal Carryover Shortfall 408,410.75
Trustee distributions 655.55
Standby Servicer distributions 2,000.50
Servicer distributions 67,701.67
Collateral Agent distributions 380.20
Reimbursement Obligations 7,798.08
---------------
0.00
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 408,410.75
---------------
408,410.75
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
</TABLE>
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CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(c) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 2,000.50
Servicing Fee (2.0%) 50,012.49
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 17,689.18
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 375.09
Trustee's out-of-pocket expenses 280.46
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 380.20
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 159,164.76
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 159,164.76
(viii)(A) Class B Coupon Interest - Unadjusted 17,974.40
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 17,974.40
(v)(B) Class A Principal Distributable Amount - Current Month 1,770,844.35
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,770,844.35
(vi) Certificate Insurer Premium 7,798.08
Certificate Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00
(vii) Transition Expenses to successor Servicer 0.00
(B) Class B Principal Distributable Amount - Current Month Unadjusted 93,202.33
Class B Principal Carryover Shortfall - Previous Month(s) 408,410.75
Current Month Class B Principal Shortfall (318,983.99)
Adjusted Class B Principal Distributable Amount 182,629.09
(C) Excess Interest Amount for Deposit in Spread Account 0.00
</TABLE>
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CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 28,507,120.96
Class A Principal Distributions 1,770,844.35
Class A End of Period Principal Balance 26,736,276.61
Class B Beginning of Period Principal Balance 1,908,785.55
Class B Principal Distributable Amount 182,629.09
Class B End of Period Principal Balance BEFORE Spread Account Distributions 1,726,156.46
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 1,726,156.46
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 2,209,148.60
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 229,902.68
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,979,245.92
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 1,979,245.92
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 17,974.40
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,961,271.52
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 1,961,271.52
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 1,770,844.35
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 190,427.17
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 190,427.17
(vi) Certificate Insurer Premium 7,798.08
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 189,629.09
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 189,629.09
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 93,202.33
(iii)Prior month(s) carryover shortfalls 408,410.75
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (318,983.99)
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (318,983.99)
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 1,597,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 1,597,000.00
Aggregate Gross Principal Balance as of the close of 31,198,777.01
business on the last day of the Collection Period.
DELINQUENCY RATIO 5.12%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.12%
Delinquency Ratio for second preceding Determination Date 7.13%
Delinquency Ratio for third preceding Determination Date 7.84%
---------------
Average Delinquency Ratio 6.70%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 16,857,998.14
Current Period Defaulted Receivables 272,247.27
---------------
Total 17,130,245.41
Cumulative Defaulted Receivables 17,130,245.41
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 18.59%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 488,733.34
Cram Down Losses 0.00
Net Liquidation Proceeds (225,187.33)
---------------
Net Liquidation Losses 263,546.01
Cumulative Previous Net Losses 12,621,878.84
---------------
Cumulative Net Losses 12,885,424.85
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 13.99%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 27.06
Weighted Average Annual Percentage Rate 20.42%
SPREAD ACCOUNT
Spread Account Cap
10% of Outstanding Certificate Balance 2,846,243.31
15% of Outstanding Certificate Balance 4,269,364.96
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
---------------
Cap Amount 26,736,276.61
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 28,462,433.07
Minimum Floor 100,000.00
---------------
Floor Amount 2,763,878.99
Required Spread Account Amount 26,736,276.61
Beginning of Period Spread Account Balance 4,740,039.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 25,842.42
Required addition to/(eligible withdrawal from) Spread Account 21,970,395.19
Earnings on Spread Account Balance 17,385.87
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 4,783,267.29
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
<PAGE>
MONTHLY CERTIFICATEHOLDER STATEMENT
CPS AUTO GRANTOR TRUST 1996-3
6.30% ASSET-BACKED CERTIFICATES
Distribution Date 4/15/99
Collection Period 3/99
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>
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<S> <C> <C>
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,240,922.57
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $181,479.93
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,059,442.64
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $25.40
(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 $23.35
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $266,518.15
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $20,506.82
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $246,011.33
(j) Scheduled Payments due in such Collection Period $1,524,702.89
(k) Scheduled Payments collected in such
Collection Period $1,765,458.52
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $36,386,954.35
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in paragraph
A.1.(c) above $34,686,603.85
(c) The Pool factor as of the close of business
on the last day set forth above 0.9532703
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 $81,511.19
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,425.80
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.92
(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 $16,701.54
(b) Distributions (to) from Collection Account $8,013.34
for Payaheads
(c) Interest earned on Payahead Balances $64.57
(d) Ending Payahead Account Balance $24,779.45
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,752,449.19
Spread Account Balance $5,978,099.99
(b) The change in the spread account on the Distribution
Date set forth above $26,416.77
6 Policy.
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $9,481.55
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $462,262.99
(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 93
Aggregate Gross Amount $861,000.00
(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 101
Aggregate Gross Amount $1,014,000.00
8 Performance Triggers.
(a) Delinquency Ratio 4.89%
(b) Average Delinquency Ratio 6.54%
(c) Cumulative Default Ratio 17.07%
(d) Cumulative Net Loss Ratio 13.77%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? Yes
</TABLE>
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<TABLE>
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CPS AUTO GRANTOR TRUST 1996-3
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 2,627,542.37
LOCK BOX NSF ITEMS: (25,342.87)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (8,013.34)
COLLECTION ACCOUNT INTEREST 7,877.79
PAYAHEAD ACCOUNT INTEREST 64.57
TOTAL COLLECTION PROCEEDS: 2,602,128.52
FOR DISTRIBUTION DATE: 4/15/99
FOR DETERMINATION DATE: 4/8/99
FOR COLLECTION PERIOD: 3/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 36,386,954.35
Principal portion of payments collected (non-prepayments) 966,044.94
Prepayments in full allocable to principal 614,277.00
Collections allocable to principal 1,580,321.94
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 125,249.43
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 1,705,571.37
Realized Losses 462,262.99
Cram Down Losses 0.00
Ending Principal Balance 34,219,119.99
INTEREST
Collections allocable to interest 799,413.58
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 97,143.57
---------------
Total Interest 896,557.15
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 34,567,606.60
Beginning of Period Class B Principal Balance 2,424,451.22
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 5,951,683.22
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 20,866.27
Aggregate Payahead Balance 24,714.88
Aggregate Payahead Balance for preceding Distribution Date 16,701.54
Interest Earned on Payahead Balances 64.57
Scheduled Payments due in Collection Period 1,524,702.89
Scheduled Payments collected in Collection Period 1,765,458.52
Aggregate Amount of Realized Losses for preceding Distribution Date 462,262.99
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 352.02
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to 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 93 861,000.00
60+ days delinquent 101 1,014,000.00
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 1,875,000.00
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 331,039.76
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.92%
Delinquency Ratio for third preceding Determination Date 7.81%
Cumulative Defaults for preceding Determination Date 15,523,231.12
Cumulative Net Losses for preceding Determination Date 12,424,416.58
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,379,735.52
Liquidation Proceeds 125,249.43
Recoveries 97,143.57
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 2,602,128.52
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 966,044.94
Prepayments in full allocable to principal 614,277.00
Principal Balance of Liquidated Receivables 587,512.42
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 2,167,834.36
Class A Principal Distributable Amount
Principal Distributable Amount 2,167,834.36
Times Class A Percentage (95%) 95%
---------------
2,059,442.64
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 2,059,442.64
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 34,567,606.60
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 181,479.93
Class B Principal Distributable Amount
Principal Distributable Amount 2,167,834.36
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 108,391.72
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,424,451.22
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 20,506.82
Class B Excess Interest Amount
Total Distribution Amount 2,602,128.52
minus
Class A Principal and Interest Distributable Amount 2,240,922.57
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 20,506.82
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 108,391.72
Class B Principal Carryover Shortfall 605,103.49
Trustee distributions 806.86
Standby Servicer distributions 2,425.80
Servicer distributions 81,511.19
Collateral Agent distributions 462.40
Reimbursement Obligations 9,481.55
---------------
0.00
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 605,103.49
---------------
605,103.49
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
</TABLE>
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CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(c) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 2,425.80
Servicing Fee (2.0%) 60,644.92
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 20,866.27
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 454.84
Trustee's out-of-pocket expenses 352.02
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 462.40
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 181,479.93
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 181,479.93
(viii)(A) Class B Coupon Interest - Unadjusted 20,506.82
Class B Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Interest Distributable Amount 20,506.82
(v)(B) Class A Principal Distributable Amount - Current Month 2,059,442.64
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 2,059,442.64
(vi) Certificate Insurer Premium 9,481.55
Certificate Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00
(vii) Transition Expenses to successor Servicer 0.00
(B) Class B Principal Distributable Amount - Current Month Unadjusted 108,391.72
Class B Principal Carryover Shortfall - Previous Month(s) 605,103.49
Current Month Class B Principal Shortfall (467,483.88)
Adjusted Class B Principal Distributable Amount 246,011.33
(C) Excess Interest Amount for Deposit in Spread Account 0.00
</TABLE>
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CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 34,567,606.60
Class A Principal Distributions 2,059,442.64
Class A End of Period Principal Balance 32,508,163.96
Class B Beginning of Period Principal Balance 2,424,451.22
Class B Principal Distributable Amount 246,011.33
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,178,439.89
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,178,439.89
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 2,602,128.52
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 266,686.18
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,335,442.34
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,335,442.34
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 20,506.82
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,314,935.52
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,314,935.52
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 2,059,442.64
(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) 255,492.88
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 255,492.88
(vi) Certificate Insurer Premium 9,481.44
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 246,011.33
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 246,011.33
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 108,391.72
(iii)Prior month(s) carryover shortfalls 605,103.49
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (467,483.88)
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (467,483.88)
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 1,875,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 1,875,000.00
Aggregate Gross Principal Balance as of the close of 38,363,733.30
business on the last day of the Collection Period.
DELINQUENCY RATIO 4.89%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.89%
Delinquency Ratio for second preceding Determination Date 6.92%
Delinquency Ratio for third preceding Determination Date 7.81%
---------------
Average Delinquency Ratio 6.54%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 15,523,231.12
Current Period Defaulted Receivables 331,039.76
---------------
Total 15,854,270.88
Cumulative Defaulted Receivables 15,854,270.88
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 17.07%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 587,512.42
Cram Down Losses 0.00
Net Liquidation Proceeds (222,393.00)
---------------
Net Liquidation Losses 365,119.42
Cumulative Previous Net Losses 12,424,416.58
---------------
Cumulative Net Losses 12,789,536.00
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 13.77%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 30.16
Weighted Average Annual Percentage Rate 20.46%
SPREAD ACCOUNT
Spread Account Cap
10% of Outstanding Certificate Balance 3,468,660.38
15% of Outstanding Certificate Balance 5,202,990.58
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
---------------
Cap Amount 9,752,449.19
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 34,686,603.85
Minimum Floor 100,000.00
---------------
Floor Amount 2,785,734.33
Required Spread Account Amount 9,752,449.19
Beginning of Period Spread Account Balance 5,951,683.22
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 4,443.05
Required addition to/(eligible withdrawal from) Spread Account 3,796,322.92
Earnings on Spread Account Balance 21,973.72
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 5,978,099.99
</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 CERTIFICATEHOLDER STATEMENT
CPS AUTO GRANTOR TRUST 1997-1
6.55% ASSET-BACKED CERTIFICATES
Distribution Date 4/16/99
Collection Period 3/99
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.
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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 $2,492,932.52
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $235,452.89
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,257,479.63
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $25.64
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.42
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $23.22
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $338,673.29
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $30,920.38
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $307,752.91
(j) Scheduled Payments due in such Collection Period $1,777,615.54
(k) Scheduled Payments collected in such
Collection Period $2,058,342.38
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $45,406,745.49
(b) The aggregate balance of the Certificates as of the close
of business on the last day set forth
above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $43,753,375.51
(c) The Pool factor as of the close of business
on the last day set forth above 0.9635876
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $98,106.59
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,027.12
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.01
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.03
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of
Receivables that became Purchased Receivables
during the related Collection Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $20,686.51
(b) Distributions (to) from Collection Account $7,622.49
for Payaheads
(c) Interest earned on Payahead Balances $264.69
(d) Ending Payahead Account Balance $28,573.69
5 Spread Account.
(a) The Specified Spread Account Balance with
respect to such Distribution Date and the Spread
Account Balance on the Distribution Date
set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $12,263,678.57
Spread Account Balance $7,151,394.12
(b) The change in the spread account on the Distribution
Date set forth above $31,729.59
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $11,923.02
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $477,251.27
(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 102
Aggregate Gross Amount $1,081,000.00
(d) The number of Receivables and the aggregate
gross amount scheduled to be paid,
including unearned finance and other
charges, for which Obligors are delinquent
60 days or more
Number 125
Aggregate Gross Amount $1,446,000.00
8 Performance Triggers.
(a) Delinquency Ratio 5.22%
(b) Average Delinquency Ratio 7.19%
(c) Cumulative Default Ratio 17.31%
(d) Cumulative Net Loss Ratio 13.50%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? Yes
</TABLE>
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CPS AUTO GRANTOR TRUST 1997-1
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
Gross Collection Proceeds: 2,969,235.06
Lock Box NSF Items: (25,484.17)
Transfers from (to) Payahead Account: (7,622.49)
Collection Account Interest 9,837.23
Payahead Account Interest 264.69
Total Collection Proceeds: 2,946,230.32
For Distribution Date: 4/15/99
For Determination Date: 3/8/99
For Collection Period: 3/99
COLLATERAL ACTIVITY INFORMATION
Principal
Beginning Principal Balance 45,406,745.49
Principal portion of payments collected (non-prepayments) 1,137,171.89
Prepayments in full allocable to principal 624,763.00
Collections allocable to principal 1,761,934.89
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 137,108.19
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 1,899,043.08
Realized Losses 477,251.27
Cram Down Losses 0.00
Ending Principal Balance 43,030,451.14
INTEREST
Collections allocable to interest 921,170.49
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 126,016.75
---------------
Total Interest 1,047,187.24
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 43,136,408.21
Beginning of Period Class B Principal Balance 3,182,199.84
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 7,119,664.53
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 22,428.68
Aggregate Payahead Balance 28,309.00
Aggregate Payahead Balance for preceding Distribution Date 20,686.51
Interest Earned on Payahead Balances 264.69
Scheduled Payments due in Collection Period 1,777,615.54
Scheduled Payments collected in Collection Period 2,058,342.38
Aggregate Amount of Realized Losses for preceding Distribution Date 477,251.27
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 421.22
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to 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 102 1,081,000.00
60+ days delinquent 125 1,446,000.00
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. 2,527,000.00
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. 560,469.57
Delinquency Ratio for second preceding Determination Date 7.73%
Delinquency Ratio for third preceding Determination Date 8.61%
Cumulative Defaults for preceding Determination Date 17,149,205.26
Cumulative Net Losses for preceding Determination Date 13,467,007.82
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,683,105.38
Liquidation Proceeds 137,108.19
Recoveries 126,016.75
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------
Total Distribution Amount 2,946,230.32
DISTRIBUTABLE AMOUNT
PRINCIPAL DISTRIBUTABLE AMOUNT
Principal portion of payments collected (non-prepayments) 1,137,171.89
Prepayments in full allocable to principal 624,763.00
Principal Balance of Liquidated Receivables 614,359.46
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 2,376,294.35
CLASS A PRINCIPAL DISTRIBUTABLE AMOUNT
Principal Distributable Amount 2,376,294.35
Times Class A Percentage (95%) 95%
---------------
2,257,479.63
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 2,257,479.63
CLASS A INTEREST DISTRIBUTABLE AMOUNT
Beginning of Period Principal Balance of the Certificates 43,136,408.21
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 235,452.89
CLASS B PRINCIPAL DISTRIBUTABLE AMOUNT
Principal Distributable Amount 2,376,294.35
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 118,814.72
CLASS B COUPON INTEREST AMOUNT
Beginning of Period Principal Balance of the Certificates 3,182,199.84
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 30,920.38
CLASS B EXCESS INTEREST AMOUNT
Total Distribution Amount 2,946,230.32
minus
Class A Principal and Interest Distributable Amount 2,492,932.52
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 30,920.38
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 118,814.72
Class B Principal Carryover Shortfall 911,862.56
Trustee distributions 988.80
Standby Servicer distributions 3,027.12
Servicer distributions 98,106.59
Collateral Agent distributions 578.98
Reimbursement Obligations 11,923.02
---------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 911,862.56
---------------
911,862.56
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
----------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
----------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
----------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
----------------
0.00
</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 3,027.12
Servicing Fee (2.0%) 75,677.91
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 22,428.68
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 567.58
Trustee's out-of-pocket expenses 421.22
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 578.98
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 235,452.89
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 235,452.89
(viii)(A) Class B Coupon Interest - Unadjusted 30,920.38
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 30,920.38
(v)(B) Class A Principal Distributable Amount - Current Month 2,257,479.63
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,257,479.63
(vi) Certificate Insurer Premium 11,923.02
Certificate Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00
(vii) Transition Expenses to successor Servicer 0.00
(B) Class B Principal Distributable Amount - Current Month Unadjusted 118,814.72
Class B Principal Carryover Shortfall - Previous Month(s) 911,862.56
Current Month Class B Principal Shortfall (722,924.37)
Adjusted Class B Principal Distributable Amount 307,752.91
(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 43,136,408.21
Class A Principal Distributions 2,257,479.63
Class A End of Period Principal Balance 40,878,928.58
Class B Beginning of Period Principal Balance 3,182,199.84
Class B Principal Distributable Amount 307,752.91
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,874,446.93
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,874,446.93
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 2,946,230.32
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 338,154.38
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,608,075.94
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 2,608,075.94
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 30,920.38
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,577,155.56
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 2,577,155.56
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 2,257,479.63
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 319,675.93
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 319,675.93
(vi) Certificate Insurer Premium 11,923.02
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 307,752.91
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 307,752.91
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 118,814.72
(iii)Prior month(s) carryover shortfalls 911,862.56
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (722,924.37)
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (722,924.37)
CALCULATIONS
PERFORMANCE MEASURES
CALCULATION OF DELINQUENCY RATIO (CURRENT PERIOD)
DELINQUENCY AMOUNT
Receivables more than 30 days delinquent 2,527,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 2,527,000.00
Aggregate Gross Principal Balance as of the close of 48,378,868.90
business on the last day of the Collection Period.
DELINQUENCY RATIO 5.22%
CALCULATION OF AVERAGE DELINQUENCY RATIO
Delinquency Ratio for most recent Determination Date 5.22%
Delinquency Ratio for second preceding Determination Date 7.73%
Delinquency Ratio for third preceding Determination Date 8.61%
---------------
AVERAGE DELINQUENCY RATIO 7.19%
CALCULATION OF CUMULATIVE DEFAULT RATIO
DEFAULT AMOUNT
Principal Balance of Previously Defaulted Receivables 17,149,205.26
Current Period Defaulted Receivables 560,469.57
---------------
Total 17,709,674.83
Cumulative Defaulted Receivables 17,709,674.83
Original Pool Balance 102,327,009.71
CUMULATIVE DEFAULT RATIO 17.31%
CALCULATION OF CUMULATIVE NET LOSS RATIO
CALCULATION OF NET LIQUIDATION LOSSES
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 614,359.46
Cram Down Losses 0.00
Net Liquidation Proceeds (263,124.94)
---------------
Net Liquidation Losses 351,234.52
Cumulative Previous Net Losses 13,467,007.82
---------------
Cumulative Net Losses 13,818,242.34
Original Pool Balance 102,327,009.71
CUMULATIVE NET LOSS RATIO 13.50%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 32.92
Weighted Average Annual Percentage Rate 20.50%
SPREAD ACCOUNT
SPREAD ACCOUNT CAP
10% of Outstanding Certificate Balance 4,375,337.55
15% of Outstanding Certificate Balance 6,563,006.33
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED
---------------
Cap Amount 12,263,678.57
SPREAD ACCOUNT FLOOR
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 43,753,375.51
Minimum Floor 100,000.00
---------------
FLOOR AMOUNT 3,069,810.29
Required Spread Account Amount 12,263,678.57
Beginning of Period Spread Account Balance 7,119,664.53
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 6,018.03
Required addition to/(eligible withdrawal from) Spread Account 5,137,996.01
Earnings on Spread Account Balance 25,711.56
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 7,151,394.12
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
<PAGE>
MONTHLY CERTIFICATEHOLDER STATEMENT
CPS AUTO GRANTOR TRUST 1997-2
6.65% ASSET-BACKED CERTIFICATES
Distribution Date 4/15/99
Collection Period 3/99
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 $3,744,393.61
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $324,252.49
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,420,141.12
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $33.02
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.86
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $30.16
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $33,666.25
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $33,666.25
(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 $2,259,821.96
(k) Scheduled Payments collected in such
Collection Period $2,324,991.85
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $61,591,292.28
(b) The aggregate balance of the Certificates as of the close
of business on the last day set forth
above, after giving effect to payments
allocated to principal in paragraph A.1.(c) above $58,623,011.86
(c) The Pool factor as of the close of business
on the last day set forth above 0.9518068
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $132,590.94
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,106.09
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.17
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables
that became Purchased Receivables during the related
Collection Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $19,046.92
(b) Distributions (to) from Collection Account $9,805.66
for Payaheads
(c) Interest earned on Payahead Balances $69.85
(d) Ending Payahead Account Balance $28,922.43
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 $17,586,903.56
Spread Account Balance $9,182,790.82
(b) The change in the spread account on the Distribution
Date set forth above ($42,629.71)
6 Policy.
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $16,068.38
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $966,355.46
(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 136
Aggregate Gross Amount $1,486,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and
other charges, for which Obligors are delinquent 60 days
or more
Number 168
Aggregate Gross Amount $1,876,000.00
8 Performance Triggers.
(a) Delinquency Ratio 5.19%
(b) Average Delinquency Ratio 7.01%
(c) Cumulative Default Ratio 14.94%
(d) Cumulative Net Loss Ratio 11.49%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No(a)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CPS AUTO GRANTOR TRUST 1997-2
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 3,879,321.03
LOCK BOX NSF ITEMS: (34,103.50)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (9,805.66)
COLLECTION ACCOUNT INTEREST 11,569.89
PAYAHEAD ACCOUNT INTEREST 69.85
TOTAL COLLECTION PROCEEDS: 3,847,051.61
FOR DISTRIBUTION DATE: 4/15/99
FOR DETERMINATION DATE: 4/8/99
FOR COLLECTION PERIOD: 3/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 61,591,292.28
Principal portion of payments collected (non-prepayments) 1,209,630.54
Prepayments in full allocable to principal 963,539.00
Collections allocable to principal 2,173,169.54
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 460,623.55
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 2,633,793.09
Realized Losses 966,355.46
Cram Down Losses 0.00
Ending Principal Balance 57,991,143.73
INTEREST
Collections allocable to interest 1,115,361.31
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 97,897.21
---------------
Total Interest 1,213,258.52
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 58,511,727.68
Beginning of Period Class B Principal Balance 3,531,425.30
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 9,225,420.53
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 29,938.79
Aggregate Payahead Balance 28,852.58
Aggregate Payahead Balance for preceding Distribution Date 19,046.92
Interest Earned on Payahead Balances 69.85
Scheduled Payments due in Collection Period 2,259,821.96
Scheduled Payments collected in Collection Period 2,324,991.85
Aggregate Amount of Realized Losses for preceding Distribution Date 966,355.46
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 545.65
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate
Gross Amount
# of Receivables of Receivables
31 - 59 days delinquent 136 1,486,000.00
60+ days delinquent 169 1,876,000.00
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. 3,362,000.00
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. 749,187.44
Delinquency Ratio for second preceding Determination Date 7.41%
Delinquency Ratio for third preceding Determination Date 8.43%
Cumulative Defaults for preceding Determination Date 17,083,279.50
Cumulative Net Losses for preceding Determination Date 12,846,449.30
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,288,530.85
Liquidation Proceeds 460,623.55
Recoveries 97,897.21
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
---------------
TOTAL DISTRIBUTION AMOUNT 3,847,051.61
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,209,630.54
Prepayments in full allocable to principal 963,539.00
Principal Balance of Liquidated Receivables 1,426,979.01
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 3,600,148.55
Class A Principal Distributable Amount
Principal Distributable Amount 3,600,148.55
Times Class A Percentage (95%) 95%
---------------
3,420,141.12
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 3,420,141.12
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 58,511,727.68
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 324,252.49
Class B Principal Distributable Amount
Principal Distributable Amount 3,600,148.55
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 180,007.43
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,531,425.30
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 33,666.25
Class B Excess Interest Amount
Total Distribution Amount 3,847,051.61
minus
Class A Principal and Interest Distributable Amount 3,744,393.61
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 33,666.25
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 180,007.43
Class B Principal Carryover Shortfall 451,860.69
Trustee distributions 1,315.54
Standby Servicer distributions 4,106.09
Servicer distributions 132,590.94
Collateral Agent distributions 775.54
Reimbursement Obligations 16,068.38
---------------
0.00
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 451,860.69
---------------
451,860.69
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(c) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 4,106.09
Servicing Fee (2.0%) 102,652.15
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 29,938.79
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 769.89
Trustee's out-of-pocket expenses 545.65
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 775.54
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 324,252.49
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 324,252.49
(viii)(A) Class B Coupon Interest - Unadjusted 33,666.25
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 33,666.25
(v)(B) Class A Principal Distributable Amount - Current Month 3,420,141.12
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall (69,796.36)
Withdrawal from Spread Account to Cover Shortfall 69,796.36
Class A Principal Distribution Amount 3,420,141.12
(vi) Certificate Insurer Premium 16,068.38
Certificate Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00
(vii) Transition Expenses to successor Servicer 0.00
(B) Class B Principal Distributable Amount - Current Month Unadjusted 180,007.43
Class B Principal Carryover Shortfall - Previous Month(s) 451,860.69
Current Month Class B Principal Shortfall (631,868.12)
Adjusted Class B Principal Distributable Amount 0.00
(C) Excess Interest (Shortage) Amount for Deposit to (withdrawal from) Spread Account (85,864.74)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 58,511,727.68
Class A Principal Distributions 3,420,141.12
Class A End of Period Principal Balance 55,091,586.56
Class B Beginning of Period Principal Balance 3,531,425.30
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,531,425.30
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,531,425.30
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 3,847,051.61
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 463,040.60
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,384,011.01
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 3,384,011.01
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 33,666.25
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,350,344.76
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 3,350,344.76
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 3,420,141.12
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 69,796.36
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 0.00
(vi) Certificate Insurer Premium 16,068.38
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (16,068.38)
Withdrawal from Spread Account to Cover Deficiency 16,068.38
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) 180,007.43
(iii) Prior month(s) carryover shortfalls 451,860.69
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (631,868.12)
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (631,868.12)
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,362,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 3,362,000.00
Aggregate Gross Principal Balance as of the close of 64,785,756.31
business on the last day of the Collection Period.
DELINQUENCY RATIO 5.19%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.19%
Delinquency Ratio for second preceding Determination Date 7.41%
Delinquency Ratio for third preceding Determination Date 8.43%
---------------
Average Delinquency Ratio 7.01%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 17,083,279.50
Current Period Defaulted Receivables 749,187.44
---------------
Total 17,832,466.94
Cumulative Defaulted Receivables 17,832,466.94
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 14.94%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,426,979.01
Cram Down Losses 0.00
Net Liquidation Proceeds (558,520.76)
---------------
Net Liquidation Losses 868,458.25
Cumulative Previous Net Losses 12,846,449.30
---------------
Cumulative Net Losses 13,714,907.55
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 11.49%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 35.34
Weighted Average Annual Percentage Rate 20.43%
SPREAD ACCOUNT
Spread Account Cap
9% of Outstanding Certificate Balance 5,276,071.07
15% of Outstanding Certificate Balance 8,793,451.78
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
---------------
Cap Amount 17,586,903.56
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 58,623,011.86
Minimum Floor 100,000.00
---------------
Floor Amount 3,580,860.93
Required Spread Account Amount 17,586,903.56
Beginning of Period Spread Account Balance 9,225,420.53
Spread Account Deposit (Withdrawal) from Current Distributions (85,864.74)
Transfer (to) from Cross-Collateralized Spread Accounts 9,893.07
Required addition to/(eligible withdrawal from) Spread Account 8,437,454.70
Earnings on Spread Account Balance 33,341.96
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 9,182,790.82
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1994-2, 1995-1, 1995-4, 1996-1, FASCO 1996-1, 1996-2, 1996-3 and 1997-1.
<PAGE>
MONTHLY NOTEHOLDER STATEMENT
CPS AUTO RECEIVABLES TRUST 1997-3
6.10% ASSET-BACKED NOTES, CLASS A-1
6.38% ASSET-BACKED NOTES, CLASS A-2
10.65% ASSET-BACKED NOTES, CLASS B
10.65% ASSET-BACKED CERTIFICATES
Distribution Date 4/15/99
Collection Period 3/99
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.
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A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $4,273,293.05
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $67,920.57
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $4,205,372.48
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $52.87
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $0.84
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $52.03
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $327,868.20
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $327,868.20
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $5.31
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to Class B
Noteholders on the Distribution Date set forth above $103,051.23
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $19,059.93
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $83,991.30
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $103,051.23
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $19,059.93
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $83,991.30
(s) Scheduled Payments due in such Collection Period $2,996,032.01
(t) Scheduled Payments collected in such
Collection Period $3,372,713.90
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $85,903,900.86
(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 $74,951,263.28
(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 $72,887,657.05
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8484790
(e) Aggregate principal amount of Certificates as of the close
of business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(r) above $2,063,606.23
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0240223
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $175,900.08
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,295.20
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.18
(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 ($31,540.91)
(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 ($31,540.91)
4 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $24,384,783.73
Spread Account Balance $3,790,425.04
(b) The change in the spread account on the Distribution
Date set forth above $35,761.12
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 $20,657.01
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,419,550.68
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 189
Aggregate Gross Amount $2,185,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 216
Aggregate Gross Amount $2,592,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.28%
(b) Average Delinquency Ratio 6.89%
(c) Cumulative Default Ratio 13.59%
(d) Cumulative Net Loss Ratio 10.31%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No(a)
</TABLE>
<PAGE>
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CPS AUTO RECEIVABLES TRUST 1997-3
STATEMENT TO NOTEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? YES
DEFICIENCY CLAIM AMOUNT (63,081.83)
INPUTS
GROSS COLLECTION PROCEEDS: 5,034,690.12
LOCK BOX NSF ITEMS: (41,236.71)
TOTAL COLLECTION PROCEEDS: 4,993,453.41
FOR DISTRIBUTION DATE: 4/15/99
FOR DETERMINATION DATE: 4/8/99
FOR COLLECTION PERIOD: 3/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 85,903,900.86
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
---------------
Aggregate Beginning Principal Balance 85,903,900.86
Principal portion of payments collected (non-prepayments) 1,732,019.75
Prepayments in full allocable to principal 934,722.00
Collections allocable to principal 2,666,741.75
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 534,996.01
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 3,201,737.76
Realized Losses 1,419,550.68
Cram Down Losses 0.00
Ending Principal Balance 81,282,612.42
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 1,640,694.15
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 151,021.50
---------------
Total Interest 1,791,715.65
NOTE & CERTIFICATE INFORMATION
Beginning of Period Class A-1 Principal Balance 13,361,423.30
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 2,147,597.53
Beginning of Period Certificate Balance 2,147,597.53
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 3,754,663.92
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 32,726.91
Scheduled Payments due in Collection Period 2,996,032.01
Scheduled Payments collected in Collection Period 3,372,713.90
Aggregate Amount of Realized Losses for preceding Distribution Date 1,419,550.68
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 221.77
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to 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 189 2,185,000.00
60+ days delinquent 216 2,592,000.00
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. 4,777,000.00
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. 999,706.51
Delinquency Ratio for second preceding Determination Date 7.45%
Delinquency Ratio for third preceding Determination Date 7.94%
Cumulative Defaults for preceding Determination Date 19,391,448.75
Cumulative Net Losses for preceding Determination Date 14,199,440.61
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
CALCULATIONS
REQUISITE RESERVE AMOUNT
Weighted Average of the Interest Rates and Pass-Through Rates 6.5640%
minus 2.5% 2.50%
---------------
4.0640%
divided by 360 0.0113%
times the prefunded amount 0.00
times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00
---------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
Excess in Interest Reserve Account 0.00
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 4,307,435.90
Liquidation Proceeds 534,996.01
Recoveries 151,021.50
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 0.00
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 275.28
Investment earnings from Collection Account 15,985.99
---------------
TOTAL DISTRIBUTION AMOUNT 5,009,714.68
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,732,019.75
Prepayments in full allocable to principal 934,722.00
Principal Balance of Liquidated Receivables 1,954,546.69
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 4,621,288.44
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 81,282,612.42
---------------
73,154,351.18
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 77.7%
---------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 4,621,288.44
Times Class A Noteholders' Percentage 91%
---------------
4,205,372.48
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 4,205,372.48
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 13,361,423.30
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 67,920.57
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,668,000.00
Multiplied by the Note Rate 6.38%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
---------------
Class A Interest Distributable Amount 327,868.20
Class B Noteholders Principal Distributable Amount
Principal Distributable Amount 4,621,288.44
Times Class B Percentage 2.5%
---------------
Class B Principal Distributable Amount 115,532.21
Certificate Principal Distributable Amount
Principal Distributable Amount 4,621,288.44
Times Certificate Percentage 2.5%
---------------
Certificate Principal Distributable Amount 115,532.21
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 2,147,597.53
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 19,059.93
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 2,147,597.53
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 19,059.93
Class B Excess Interest Amount
Total Distribution Amount 5,009,714.68
minus
Class A Principal and Interest Distributable Amount 4,273,293.05
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 19,059.93
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 115,532.21
Class B Principal Carryover Shortfall 0.00
Trustee distributions 937.64
Standby Servicer distributions 4,925.20
Servicer distributions 175,900.08
Collateral Agent distributions 661.04
Reimbursement Obligations 20,657.01
---------------
399,378.51
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B and Certificates Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
---------------
0.00
</TABLE>
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CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(c) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 4,295.20
Servicing Fee (2.0%) 143,173.17
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 32,726.91
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 715.87
Indenture Trustee's out-of-pocket expenses 221.77
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 661.04
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 67,920.57
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 67,920.57
(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 19,059.93
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 19,059.93
(B) Certificate Interest - Unadjusted 19,059.93
Certificate Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 19,059.93
(vii) Class A Principal Distributable Amount - Current Month 4,205,372.48
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 4,205,372.48
Class A Principal Distribution Amount to Class A-2 0.00
(viii) Note Insurer Premium 20,657.01
Note Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Note Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
(x) Class B Principal Distributable Amount - Current Month Unadjusted 115,532.21
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class B Principal Shortfall (31,540.91)
Adjusted Class B Principal Distributable Amount 83,991.30
Certificate Principal Distributable Amount - Current Month Unadjusted 115,532.21
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Certificate Principal Shortfall (31,540.91)
Adjusted Certificate Principal Distributable Amount 83,991.30
(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. 0.00
Spread Account withdrawal for deficiencies 0.00
</TABLE>
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SECURITIES BALANCE
Class A-1 Beginning of Period Principal Amount 13,361,423.30
Class A-1 Principal Distributions 4,205,372.48
Class A-1 End of Period Principal Amount (prior to turbo) 9,156,050.82
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 9,156,050.82
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 61,668,000.00
Class B Beginning of Period Principal Amount 2,147,597.53
Class B Principal Distributable Amount 83,991.30
Class B End of Period Principal Amount BEFORE Spread Account Distributions 2,063,606.23
Allocations of Cash Releases to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 2,063,606.23
Certificate Beginning of Period Principal Amount 2,147,597.53
Certificate Principal Distributable Amount 83,991.30
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 2,063,606.23
Allocation of Cash Releases to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 2,063,606.23
CLASS A-1 DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 5,009,714.68
(ii) Current distribution amounts payable pursuant to Section 5.8(a)(i) and (v)A 249,714.53
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 4,760,000.15
CLASS A-2 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a)(v) B 4,760,000.15
(ii) Current distribution amounts payable pursuant to Section 5.8(a)(v) B 327,868.20
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,432,131.95
CLASS B NOTE DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a)(vi) A 4,432,131.95
(ii) Current distribution amounts payable pursuant to Section 5.8(a)(v) A 19,059.93
(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) 4,413,072.02
CLASS B CERTIFICATE DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a)(vi) and (x) 4,413,072.02
(ii) Current distribution amounts payable pursuant to Section 5.8(a)(vi) and (x) 19,059.93
(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) 4,394,012.09
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.8(a)(vii) 4,394,012.09
(ii) Current distribution amounts payable pursuant to Section 5.8(a)(vii) 4,205,372.48
(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) 188,639.61
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 5.8(a)(viii) 188,639.61
(vi) Note Insurer Premium 20,657.01
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 167,982.59
CLASS B NOTES & CERTIFICATES DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.8(a)(vi) and (x) 167,982.59
(ii) Amounts payable pursuant to Section 5.8(a)(vi) and (x) 231,064.42
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Amount Remaining for Further Distribution/ B Notes (Deficiency) (31,540.91)
Amount Remaining for Further Distribution/ B Certificates (Deficiency) (31,540.91)
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (63,081.83)
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,777,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 4,777,000.00
Aggregate Gross Principal Balance as of the close of 90,511,972.40
business on the last day of the Collection Period.
DELINQUENCY RATIO 5.28%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.28%
Delinquency Ratio for second preceding Determination Date 7.45%
Delinquency Ratio for third preceding Determination Date 7.95%
----------------
Average Delinquency Ratio 6.89%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 19,391,448.75
Current Period Defaulted Receivables 999,706.51
---------------
Total 20,391,155.26
Cumulative Defaulted Receivables 20,391,155.26
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 13.59%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,954,546.69
Cram Down Losses 0.00
Net Liquidation Proceeds (686,017.51)
---------------
Net Liquidation Losses 1,268,529.18
Cumulative Previous Net Losses 14,199,440.61
---------------
Cumulative Net Losses 15,467,969.79
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 10.31%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 37.94
Weighted Average Annual Percentage Rate 20.37%
SPREAD ACCOUNT
OC Percent
Aggregate Principal Balance 81,282,612.42
minus the Securities Balance 74,951,263.28
---------------
6,331,349.14
divided by the Aggregate Principal Balance 7.79%
Floor OC Percent
Aggregate Principal Balance 81,282,612.42
minus the Securities Balance 74,951,263.28
---------------
6,331,349.14
divided by the initial Aggregate Principal Balance 150,000,000.00
---------------
4.42%
Floor Amount
greater of
(a) $100,000 100,000.00
(b) the lesser of
(i) Securities Balance 74,951,263.28
(ii) the sum of
(A) 2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 27,084,817.00
---------------
3,000,000.00
(B) the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 150,000,000.00
---------------
0.00
Floor Amount 3,000,000.00
Requisite Amount
the greater of
(1) the Floor Amount 3,000,000.00
(2) the product of:
if no Trigger Event, 9% minus the OC Percent 1.21%
if a Trigger Event, 15% minus the OC Percent 7.21%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 22.21%
if an Insurance Agreement Event of Default, 30% 30.00%
30.00%
times the Aggregate Principal Balance 81,282,612.42
---------------
24,384,783.73
Requisite Amount 24,384,783.73
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
Required Spread Account Amount 24,384,783.73
Beginning of Period Spread Account Balance 3,754,663.92
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 24,243.06
Required addition to/(eligible withdrawal from) Spread Account 20,605,876.75
Earnings on Spread Account Balance 11,518.06
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 3,790,425.04
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1994-2, 1995-1, 1995-4, 1996-1, FASCO 1996-1, 1996-2, 1996-3, and 1997-1.
<PAGE>
MONTHLY NOTEHOLDER STATEMENT
CPS AUTO RECEIVABLES TRUST 1997-4
6.07% ASSET-BACKED NOTES, CLASS A-1
6.30% ASSET-BACKED NOTES, CLASS A-2
10.59% ASSET-BACKED CERTIFICATES
Distribution Date 4/15/99
Collection Period 3/99
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.
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A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,906,161.99
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $61,461.40
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,844,700.59
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $53.56
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $1.13
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $52.43
(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 $185,739.22
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $29,436.99
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $156,302.23
(p) Scheduled Payments due in such Collection Period $2,251,838.25
(q) Scheduled Payments collected in such
Collection Period $2,579,793.23
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 $66,712,725.45
(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 $58,792,756.63
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $55,613,422.58
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8336254
(e) Aggregate principal amount of the Certificates as of the
close of business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(o) above $3,179,334.05
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0476571
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $138,556.27
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,335.64
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.55
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 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 $19,076,004.26
Spread Account Balance $3,260,267.42
(b) The change in the spread account on the Distribution
Date set forth above $315,466.46
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 $16,220.58
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $696,488.21
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 121
Aggregate Gross Amount $1,433,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 169
Aggregate Gross Amount $2,005,000.00
7 Performance Triggers.
(a) Delinquency Ratio 4.86%
(b) Average Delinquency Ratio 6.48%
(c) Cumulative Default Ratio 11.09%
(d) Cumulative Net Loss Ratio 8.07%
(e) Is a Portfolio Performance Test violation continuing? Yes
(f) Has an Insurance Agreement Event of Default occurred? No(a)
</TABLE>
<PAGE>
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CPS AUTO RECEIVABLES TRUST 1997-4
STATEMENT TO NOTEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 3,807,159.85
LOCK BOX NSF ITEMS: (36,734.20)
TOTAL COLLECTION PROCEEDS: 3,770,425.65
FOR DISTRIBUTION DATE: 4/15/99
FOR DETERMINATION DATE: 4/8/99
FOR COLLECTION PERIOD: 3/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 66,712,725.45
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
---------------
Aggregate Beginning Principal Balance 66,712,725.45
Principal portion of payments collected (non-prepayments) 1,359,418.01
Prepayments in full allocable to principal 852,013.00
Collections allocable to principal 2,201,431.01
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 228,125.38
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 2,429,556.39
Realized Losses 696,488.21
Cram Down Losses 0.00
Ending Principal Balance 63,586,680.85
PREFUNDING
Original Amount in Prefunding Account 0.00
Subsequent Loans Sold to the Trust 0.00
Balance of Prefunding Account 0.00
INTEREST
Collections allocable to interest $1,220,375.22
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 120,494.04
---------------
Total Interest $1,340,869.26
NOTE & CERTIFICATE INFORMATION
Beginning of Period Class A-1 Principal Balance 12,150,524.57
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 3,335,636.28
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 2,944,800.96
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 27,368.39
Scheduled Payments due in Collection Period 2,251,838.25
Scheduled Payments collected in Collection Period 2,579,793.23
Aggregate Amount of Realized Losses for preceding Distribution Date 696,488.21
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 174.19
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 121 1,433,000.00
60+ days delinquent 169 2,005,000.00
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. 3,438,000.00
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. 770,204.55
Delinquency Ratio for second preceding Determination Date 6.90%
Delinquency Ratio for third preceding Determination Date 7.68%
Cumulative Defaults for preceding Determination Date 10,974,760.84
Cumulative Net Losses for preceding Determination Date 7,962,034.04
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,421,806.23
Liquidation Proceeds 228,125.38
Recoveries 120,494.04
Purchase Amounts 0.00
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,329.92
---------------
TOTAL DISTRIBUTION AMOUNT 3,781,755.57
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,359,418.01
Prepayments in full allocable to principal 842,013.00
Principal Balance of Liquidated Receivables 924,613.59
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 3,126,044.60
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 63,586,680.85
---------------
57,228,012.77
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 74.9%
---------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 3,126,044.60
Times Class A Noteholders' Percentage 91%
---------------
2,844,700.59
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 2,844,700.59
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 12,150,524.57
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 61,461.40
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,307,598.60
Multiplied by the Note Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
---------------
Class A Interest Distributable Amount 243,114.89
Certificateholders Principal Distributable Amount
Principal Distributable Amount 3,126,044.60
Times Certificate Percentage 5.0%
---------------
Class B Principal Distributable Amount 156,302.23
Certificateholders' Interest Amount
Total Distribution Amount 3,781,755.57
minus
Class A Principal and Interest Distributable Amount 3,149,276.88
Beginning of Period Principal Balance of the Certificates 3,335,636.28
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 29,436.99
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 29,436.99
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 156,302.23
Class B Principal Carryover Shortfall 0.00
Trustee distributions 730.13
Standby Servicer distributions 3,335.64
Servicer distributions 138,556.27
Collateral Agent distributions 514.95
Reimbursement Obligations 16,220.58
---------------
287,381.90
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
---------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
---------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
---------------
0.00
</TABLE>
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CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 3,335.64
Servicing Fee (2.0%) 111,187.88
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 27,368.39
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 555.94
Indenture Trustee's out-of-pocket expenses 174.19
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 514.95
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 61,461.40
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 61,461.40
(B) Class A-2 Interest Distributable Amount - Current Month 243,114.89
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 243,114.89
(vi)(A) Certificate Note Interest - Unadjusted 29,436.99
Certificate Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 29,436.99
(vii) Class A Principal Distributable Amount - Current Month 2,844,700.59
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 2,844,700.59
Class A Principal Distribution Amount to Class A-2 0.00
(viii) Note Insurer Premium 16,220.58
Note Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Note Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
(x) Certificate Principal Distributable Amount - Current Month Unadjusted 156,302.23
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 156,302.23
(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. 287,381.90
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 12,150,524.57
Class A-1 Principal Distributions 2,844,700.59
Class A-1 End of Period Principal Amount (prior to turbo) 9,305,823.98
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 9,305,823.98
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 3,335,636.28
Certificate Principal Distributable Amount 156,302.23
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,179,334.05
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,179,334.05
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 3,781,755.57
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 447,713.28
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,334,042.29
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 3,334,042.29
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 29,436.99
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,304,605.30
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 3,304,605.30
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 2,844,700.59
(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) 459,904.71
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 459,904.71
(vi) Note Insurer Premium 16,220.58
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 443,684.13
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 443,684.13
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 156,302.23
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 287,381.90
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 287,381.90
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,438,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 3,438,000.00
Aggregate Gross Principal Balance as of the close of 70,726,288.50
business on the last day of the Collection Period.
DELINQUENCY RATIO 4.86%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.86%
Delinquency Ratio for second preceding Determination Date 6.90%
Delinquency Ratio for third preceding Determination Date 7.68%
---------------
Average Delinquency Ratio 6.48%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 10,974,760.84
Current Period Defaulted Receivables 770,204.55
---------------
Total 11,744,965.39
Cumulative Defaulted Receivables 11,744,965.39
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 11.09%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 924,613.59
Cram Down Losses 0.00
Net Liquidation Proceeds (348,619.42)
---------------
Net Liquidation Losses 575,994.17
Cumulative Previous Net Losses 7,962,034.04
---------------
Cumulative Net Losses 8,538,028.21
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 8.07%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 40.04
Weighted Average Annual Percentage Rate 20.27%
SPREAD ACCOUNT
OC Percent
Aggregate Principal Balance 63,586,680.85
minus the Securities Balance 58,792,756.63
---------------
4,793,924.22
divided by the Aggregate Principal Balance 7.54%
Floor OC Percent
Aggregate Principal Balance 63,586,680.85
minus the Securities Balance 58,792,756.63
---------------
4,793,924.22
divided by the initial Aggregate Principal Balance 105,860,630.11
---------------
4.53%
Floor Amount
greater of
(a) $100,000 100,000.00
(b) the lesser of
(i) Securities Balance 58,792,756.63
(ii) the sum of
(A) 2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 105,860,630.11
(II) balance of all Subsequent Receivables 0.00
---------------
2,117,212.60
(B) the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 105,860,630.11
---------------
0.00
Floor Amount 2,117,212.60
Requisite Amount
the greater of
(1)the Floor Amount 2,117,212.60
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 1.46%
if a Trigger Event, 15% minus the OC Percent 7.46%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 22.46%
if an Insurance Agreement Event of Default, 30% 30.00%
30.00%
times the Aggregate Principal Balance 63,586,680.85
---------------
19,076,004.26
Requisite Amount 19,076,004.26
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
Required Spread Account Amount 19,076,004.26
Beginning of Period Spread Account Balance 2,944,800.96
Spread Account Deposit (Withdrawal) from Current Distributions 287,381.90
Transfer (to) from Cross-Collateralized Spread Accounts 18,617.81
Required addition to/(eligible withdrawal from) Spread Account 15,825,203.58
Earnings on Spread Account Balance 9,466.75
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 3,260,267.42
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1994-2, 1995-1, 1995-4, 1996-1, FASCO 1996-1, 1996-2, 1996-3, and 1997-1.
<PAGE>
MONTHLY NOTEHOLDER STATEMENT
CPS AUTO RECEIVABLES TRUST 1997-5
6.26% ASSET-BACKED NOTES, CLASS A-1
6.40% ASSET-BACKED NOTES, CLASS A-2
10.55% ASSET-BACKED CERTIFICATES
Distribution Date 4/15/99
Collection Period 3/99
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>
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A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,806,919.51
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $107,611.32
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,699,308.19
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $50.35
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $1.93
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $48.42
(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 $273,715.26
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $28,724.11
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $244,991.15
(p) Scheduled Payments due in such Collection Period $2,094,889.58
(q) Scheduled Payments collected in such
Collection Period $2,408,989.42
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 $63,490,558.88
(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 $56,126,264.91
(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 $53,104,058.95
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8364087
(e) Aggregate principal amount of the Certificates as of the close
of business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(o) above $3,022,205.96
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0476009
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 $127,272.55
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,174.53
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.28
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of
Receivables that became Purchased Receivables
during the related Collection Period
Number 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 $18,157,285.84
Spread Account Balance $2,972,465.42
(b) The change in the spread account on the Distribution
Date set forth above $181,475.76
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 $17,258.82
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $712,230.67
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 110
Aggregate Gross Amount $1,354,000.00
(d) The number of Receivables and the aggregate
gross amount scheduled to be paid,
including unearned finance and other
charges, for which Obligors are delinquent
60 days or more
Number 153
Aggregate Gross Amount $1,832,000.00
7 Performance Triggers.
(a) Delinquency Ratio 4.78%
(b) Average Delinquency Ratio 6.68%
(c) Cumulative Default Ratio 9.47%
(d) Cumulative Net Loss Ratio 7.28%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No(a)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CPS AUTO RECEIVABLES TRUST 1997-5
STATEMENT TO NOTEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 3,603,257.23
LOCK BOX NSF ITEMS: (43,538.01)
TOTAL COLLECTION PROCEEDS: 3,559,719.22
FOR DISTRIBUTION DATE: 4/15/99
FOR DETERMINATION DATE: 4/8/99
FOR COLLECTION PERIOD: 3/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 63,490,558.88
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
---------------
Aggregate Beginning Principal Balance 63,490,558.88
Principal portion of payments collected (non-prepayments) 1,226,411.52
Prepayments in full allocable to principal 757,554.00
Collections allocable to principal 1,983,965.52
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 270,076.55
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 2,254,042.07
Realized Losses 712,230.67
Cram Down Losses 0.00
Ending Principal Balance 60,524,286.14
INTEREST
Collections allocable to interest $1,182,577.90
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 123,099.25
---------------
Total Interest $1,305,677.15
NOTE & CERTIFICATE INFORMATION
Beginning of Period Class A-1 Principal Balance 20,628,367.14
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 3,267,197.11
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 2,790,989.66
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 21,454.95
Scheduled Payments due in Collection Period 2,094,889.58
Scheduled Payments collected in Collection Period 2,408,989.42
Aggregate Amount of Realized Losses for preceding Distribution Date 712,230.67
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 164.79
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 110 1,354,000.00
60+ days delinquent 153 1,832,000.00
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 3,186,000.00
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 775,599.62
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.19%
Delinquency Ratio for third preceding Determination Date 8.07%
Cumulative Defaults for preceding Determination Date 8,292,153.95
Cumulative Net Losses for preceding Determination Date 6,377,066.97
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,166,543.42
Liquidation Proceeds 270,076.55
Recoveries 123,099.25
Purchase Amounts 0.00
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 10,967.29
---------------
TOTAL DISTRIBUTION AMOUNT 3,570,686.51
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,226,411.52
Prepayments in full allocable to principal 757,554.00
Principal Balance of Liquidated Receivables 982,307.22
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 2,966,272.74
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 60,524,286.14
--------------
54,471,857.53
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 59.5%
---------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,966,272.74
Times Class A Noteholders' Percentage 91%
---------------
2,699,308.19
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 2,699,308.19
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 20,628,367.14
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 107,611.32
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 2,966,272.74
Times Certificate Percentage 5.0%
---------------
Class B Principal Distributable Amount 148,313.64
Certificateholders' Interest Amount
Total Distribution Amount 3,570,686.51
minus
Class A Principal and Interest Distributable Amount 2,994,519.51
Beginning of Period Principal Balance of the Certificates 3,267,197.11
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 28,724.11
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 28,724.11
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 148,313.64
Class B Principal Carryover Shortfall 96,677.51
Trustee distributions 693.88
Standby Servicer distributions 3,174.53
Servicer distributions 127,272.55
Collateral Agent distributions 492.25
Reimbursement Obligations 17,258.82
---------------
153,559.71
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 96,677.51
---------------
96,677.51
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 3,174.53
Servicing Fee (2.0%) 105,817.60
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 21,454.95
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 529.09
Indenture Trustee's out-of-pocket expenses 164.79
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 492.25
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 107,611.32
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 107,611.32
(B) Class A-2 Interest Distributable Amount - Current Month 187,600.00
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 187,600.00
(vi)(A)Certificate Note Interest - Unadjusted 28,724.11
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 28,724.11
(vii) Class A Principal Distributable Amount - Current Month 2,699,308.19
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 2,699,308.19
Class A Principal Distribution Amount to Class A-2 0.00
(viii) Note Insurer Premium 17,258.82
Note Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Note Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
(x) Certificate Principal Distributable Amount - Current Month Unadjusted 148,313.64
Certificate Principal Carryover Shortfall - Previous Month(s) 96,677.51
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 244,991.15
(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. 153,559.71
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 20,628,367.14
Class A-1 Principal Distributions 2,699,308.19
Class A-1 End of Period Principal Amount (prior to turbo) 17,929,058.95
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 17,929,058.95
Class A-2 Beginning of Period Principal Amount 35,175,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 35,175,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 35,175,000.00
Certificate Beginning of Period Principal Amount 3,267,197.11
Certificate Principal Distributable Amount 244,991.15
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,022,205.96
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,022,205.96
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 3,570,686.51
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 426,844.53
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,143,841.98
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,143,841.98
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 28,724.11
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,115,117.87
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,115,117.87
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,699,308.19
(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) 415,809.68
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 415,809.68
(vi) Note Insurer Premium 17,258.82
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 398,550.86
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 398,550.86
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 148,313.64
(iii)Prior month(s) carryover shortfalls 96,677.51
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 153,559.71
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 3,186,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 3,186,000.00
Aggregate Gross Principal Balance as of the close of 66,641,293.83
business on the last day of the Collection Period.
DELINQUENCY RATIO 4.78%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.78%
Delinquency Ratio for second preceding Determination Date 7.19%
Delinquency Ratio for third preceding Determination Date 8.07%
----------------
Average Delinquency Ratio 6.68%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 8,292,153.95
Current Period Defaulted Receivables 775,599.62
---------------
Total 9,067,753.57
Cumulative Defaulted Receivables 9,067,753.57
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 9.47%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 982,307.22
Cram Down Losses 0.00
Net Liquidation Proceeds (393,175.80)
---------------
Net Liquidation Losses 589,131.42
Cumulative Previous Net Losses 6,377,066.97
---------------
Cumulative Net Losses 6,966,198.39
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 7.28%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 41.29
Weighted Average Annual Percentage Rate 20.22%
SPREAD ACCOUNT
OC Percent
Aggregate Principal Balance 60,524,286.14
minus the Securities Balance 56,126,264.91
---------------
4,398,021.23
divided by the Aggregate Principal Balance 7.27%
Floor OC Percent
Aggregate Principal Balance 60,524,286.14
minus the Securities Balance 56,126,264.91
---------------
4,398,021.23
divided by the initial Aggregate Principal Balance 95,706,307.00
---------------
4.60%
Floor Amount
greater of
(a) $100,000 100,000.00
(b) the lesser of
(i) Securities Balance 56,126,264.91
(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 1.7%
if a Trigger Event, 15% minus the OC Percent 7.7%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 22.7%
if an Insurance Agreement Event of Default, 30% 30%
30%
times the Aggregate Principal Balance 60,524,286.14
---------------
18,157,285.84
Requisite Amount 18,157,285.84
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
Required Spread Account Amount 18,157,285.84
Beginning of Period Spread Account Balance 2,790,989.66
Spread Account Deposit (Withdrawal) from Current Distributions 153,559.71
Transfer (to) from Cross-Collateralized Spread Accounts 17,875.12
Required addition to/(eligible withdrawal from) Spread Account 15,194,861.35
Earnings on Spread Account Balance 10,040.93
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 2,972,465.42
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1994-2, 1995-1, 1995-4, 1996-1, FASCO 1996-1, 1996-2, 1996-3, and 1997-1.
<PAGE>
MONTHLY CERTIFICATEHOLDER STATEMENT
CPS AUTO GRANTOR TRUST 1998-1
6.00% ASSET-BACKED CERTIFICATES, CLASS A
10.25% ASSET-BACKED CERTIFICATES, CLASS B
Distribution Date 4/15/99
Collection Period 3/99
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 $6,468,938.54
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $663,394.82
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $5,805,543.72
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $36.42
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.74
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $32.69
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $453,462.81
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $60,394.85
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $393,067.96
(j) Scheduled Payments due in such Collection Period $4,414,544.76
(k) Scheduled Payments collected in such
Collection Period $4,801,016.91
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances.
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $139,662,067.04
(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 $133,550,968.39
(c) The Pool factor as of the close of business
on the last day set forth above 0.9562437
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 $283,816.09
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,909.63
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.60
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.02
(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 $26,634.79
(b) Distributions (to) from Collection Account $18,582.95
for Payaheads
(c) Interest earned on Payahead Balances $319.93
(d) Ending Payahead Account Balance $45,537.67
5 Spread Account.
(a) The Specified Spread Account Balance with
respect to such Distribution Date and the Spread
Account Balance on the Distribution Date
set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $40,065,290.52
Spread Account Balance $22,256,404.09
(b) The change in the spread account on the Distribution
Date set forth above $196,584.25
6 Policy.
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $43,348.42
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,333,170.09
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 239
Aggregate Gross Amount $3,109,000.00
(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 299
Aggregate Gross Amount $3,728,000.00
8 Performance Triggers.
(a) Delinquency Ratio 4.64%
(b) Average Delinquency Ratio 6.11%
(c) Cumulative Default Ratio 7.02%
(d) Cumulative Net Loss Ratio 5.01%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No(a)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CPS AUTO GRANTOR TRUST 1998-1
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 7,425,783.22
LOCK BOX NSF ITEMS: (78,098.84)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (18,582.95)
COLLECTION ACCOUNT INTEREST 22,639.55
PAYAHEAD ACCOUNT INTEREST 319.93
TOTAL COLLECTION PROCEEDS: 7,352,060.91
FOR DISTRIBUTION DATE: 4/15/99
FOR DETERMINATION DATE: 4/8/99
FOR COLLECTION PERIOD: 3/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 139,662,067.04
Principal portion of payments collected (non-prepayments) 2,391,177.15
Prepayments in full allocable to principal 1,798,035.00
Collections allocable to principal 4,189,212.15
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 588,716.41
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 4,777,928.56
Realized Losses 1,333,170.09
Cram Down Losses 0.00
Ending Principal Balance 133,550,968.39
INTEREST
Collections allocable to interest 2,409,839.76
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 164,292.59
---------------
Total Interest 2,574,132.35
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 132,678,964.01
Beginning of Period Class B Principal Balance 7,070,616.06
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 22,059,819.84
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 51,045.98
Aggregate Payahead Balance 45,217.74
Aggregate Payahead Balance for preceding Distribution Date 26,634.79
Interest Earned on Payahead Balances 319.93
Scheduled Payments due in Collection Period 4,414,544.76
Scheduled Payments collected in Collection Period 4,801,016.91
Aggregate Amount of Realized Losses for preceding Distribution Date 1,333,170.09
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 1,305.08
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 239 3,109,000.00
60+ days delinquent 299 3,728,000.00
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 6,837,000.00
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 1,661,605.27
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.34%
Delinquency Ratio for third preceding Determination Date 7.35%
Cumulative Defaults for preceding Determination Date 11,464,490.19
Cumulative Net Losses for preceding Determination Date 8,189,112.09
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 6,599,051.91
Liquidation Proceeds 588,716.41
Recoveries 164,292.59
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 7,352,060.91
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 2,391,177.15
Prepayments in full allocable to principal 1,798,035.00
Principal Balance of Liquidated Receivables 1,921,886.50
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 6,111,098.65
Class A Principal Distributable Amount
Principal Distributable Amount 6,111,098.65
Times Class A Percentage (95%) 95%
---------------
5,805,543.72
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 5,805,543.72
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 132,678,964.01
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 663,394.82
Class B Principal Distributable Amount
Principal Distributable Amount 6,111,098.65
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 305,554.93
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 7,070,616.06
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 60,394.85
Class B Excess Interest Amount
Total Distribution Amount 7,352,060.91
minus
Class A Principal and Interest Distributable Amount 6,468,938.54
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 60,394.85
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 305,554.93
Class B Principal Carryover Shortfall 87,513.03
Trustee distributions 2,468.93
Standby Servicer distributions 2,909.63
Servicer distributions 283,816.09
Collateral Agent distributions 1,164.58
Reimbursement Obligations 43,348.42
---------------
95,951.91
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 87,513.03
---------------
87,513.03
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 2,909.63
Servicing Fee (2.0%) 232,770.11
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 51,045.98
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 1,163.85
Trustee's out-of-pocket expenses 1,305.08
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 1,164.58
Collateral Agent Expenses 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
(v)(A) Class A Interest Distributable Amount - Current Month 663,394.82
Prior Month(s) Class A Carryover Shortfall 0.00
Class A Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A Interest Carryover Shortfall 0.00
Class A Interest Distributable Amount 663,394.82
(viii)(A)Class B Coupon Interest - Unadjusted 60,394.85
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 60,394.85
(v)(B) Class A Principal Distributable Amount - Current Month 5,805,543.72
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 5,805,543.72
(vi) Certificate Insurer Premium 43,348.42
Certificate Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00
(vii) Transition Expenses to successor Servicer 0.00
(B)Class B Principal Distributable Amount - Current Month Unadjusted 305,554.93
Class B Principal Carryover Shortfall - Previous Month(s) 87,513.03
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 393,067.96
(C)Excess Interest (Shortage) Amount for Deposit to (withdrawal from) Spread Account 95,951.91
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 132,678,964.01
Class A Principal Distributions 5,805,543.72
Class A End of Period Principal Balance 126,873,420.29
Class B Beginning of Period Principal Balance 7,070,616.06
Class B Principal Distributable Amount 393,067.96
Class B End of Period Principal Balance BEFORE Spread Account Distributions 6,677,548.10
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 6,677,548.10
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 7,352,060.91
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 953,754.05
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 6,398,306.86
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 6,398,306.86
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 60,394.85
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 6,337,912.01
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 6,337,912.01
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 5,805,543.72
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 532,368.29
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 532,368.29
(vi) Certificate Insurer Premium 43,348.42
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 489,019.87
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 489,019.87
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 305,554.93
(iii) Prior month(s) carryover shortfalls 87,513.03
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 95,951.91
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 95,951.91
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,837,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 6,837,000.00
Aggregate Gross Principal Balance as of the close of 147,364,191.64
business on the last day of the Collection Period.
DELINQUENCY RATIO 4.64%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.64%
Delinquency Ratio for second preceding Determination Date 6.34%
Delinquency Ratio for third preceding Determination Date 7.35%
---------------
Average Delinquency Ratio 6.11%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 11,464,490.19
Current Period Defaulted Receivables 1,661,605.27
---------------
Total 13,126,095.46
Cumulative Defaulted Receivables 13,126,095.46
Original Pool Balance 186,954,818.61
Cumulative Default Ratio 7.02%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,921,886.50
Cram Down Losses 0.00
Net Liquidation Proceeds (753,009.00)
---------------
Net Liquidation Losses 1,168,877.50
Cumulative Previous Net Losses 8,189,112.09
---------------
Cumulative Net Losses 9,357,989.59
Original Pool Balance 186,954,818.61
Cumulative Net Loss Ratio 5.01%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.10
Weighted Average Remaining Term 44.08
Weighted Average Annual Percentage Rate 20.31%
SPREAD ACCOUNT
Spread Account Cap
13.5% of Outstanding Certificate Balance 18,029,380.73
18.5% of Outstanding Certificate Balance 24,706,929.15
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
---------------
Cap Amount 40,065,290.52
Spread Account Floor
3% of the Initial Certificate Balance 5,608,644.56
Outstanding Certificate Balance 133,550,968.39
Minimum Floor 100,000.00
---------------
Floor Amount 5,608,644.56
Required Spread Account Amount 40,065,290.52
Beginning of Period Spread Account Balance 22,059,819.84
Spread Account Deposit (Withdrawal) from Current Distributions 95,951.91
Transfer (to) from Cross-Collateralized Spread Accounts 20,964.08
Allocations of cash releases from previous pools 0.00
Required addition to/(eligible withdrawal from) Spread Account 17,888,554.69
Earnings on Spread Account Balance 79,668.26
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 22,256,404.09
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1994-2, 1995-1, 1995-4, 1996-1, FASCO 1996-1, 1996-2, 1996-3, and 1997-1.
<PAGE>
MONTHLY CERTIFICATEHOLDER STATEMENT
CPS AUTO GRANTOR TRUST 1998-2
6.09% CLASS A ASSET-BACKED CERTIFICATES
10.34% CLASS B ASSET-BACKED CERTIFICATES
Distribution Date 4/15/99
Collection Period 3/99
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 $7,075,542.24
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $824,639.84
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $6,250,902.40
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $35.29
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.11
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $31.18
(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) $402,685.77
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $73,690.91
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $328,994.86
(j) Scheduled Payments due in such Collection Period $5,232,551.70
(k) Scheduled Payments collected in such
Collection Period $6,157,631.71
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 $164,462,849.41
(c) The Aggregate Pool factor as of the close of business
on the last day set forth above 0.7792886
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 $337,626.70
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,563.39
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.68
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.02
(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 $27,442.67
(b) Distributions (to) from Collection Account $14,058.06
for Payaheads
(c) Interest earned on Payahead Balances $258.68
(d) Ending Payahead Account Balance $41,759.41
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $49,338,854.82
Spread Account Balance $21,747,943.51
(b) The change in the spread account on the Distribution
Date set forth above $844,676.52
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 $53,381.90
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,220,383.40
(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 266
Aggregate Gross Amount $3,321,000.00
(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 374
Aggregate Gross Amount $4,699,000.00
8 Performance Triggers.
(a) Delinquency Ratio 4.46%
(b) Average Delinquency Ratio 5.93%
(c) Cumulative Default Ratio 5.37%
(d) Cumulative Net Loss Ratio 3.64%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No(a)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CPS AUTO GRANTOR TRUST 1998-2
STATEMENT TO CERTIFICATEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 8,717,546.92
LOCK BOX NSF ITEMS: (84,758.39)
TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (14,058.06)
COLLECTION ACCOUNT INTEREST 26,744.07
PAYAHEAD ACCOUNT INTEREST 258.68
TOTAL COLLECTION PROCEEDS: 8,645,733.22
FOR DISTRIBUTION DATE: 4/15/99
FOR DETERMINATION DATE: 4/8/99
FOR COLLECTION PERIOD: 3/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 171,042,747.23
Principal portion of payments collected (non-prepayments) 3,086,333.98
Prepayments in full allocable to principal 1,792,196.00
Collections allocable to principal 4,878,529.98
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 480,983.88
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 3,359,513.86
Realized Losses 1,220,383.40
Cram Down Losses 0.00
Ending Principal Balance 164,462,849.97
INTEREST
Collections allocable to interest 3,071,297.73
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 214,921.63
---------------
Total Interest 3,286,219.36
CERTIFICATE INFORMATION
Beginning of Period Class A Principal Balance 162,490,609.83
Beginning of Period Class B Principal Balance 8,552,136.84
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 20,903,266.99
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 52,555.45
Aggregate Payahead Balance 41,500.73
Aggregate Payahead Balance for preceding Distribution Date 27,442.67
Interest Earned on Payahead Balances 258.68
Scheduled Payments due in Collection Period 5,232,551.70
Scheduled Payments collected in Collection Period 6,157,631.71
Aggregate Amount of Realized Losses for preceding Distribution Date 1,220,383.40
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 1,236.64
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
DELINQUENCY INFORMATION Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 266 3,321,000.00
60+ days delinquent 374 4,699,000.00
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 8,020,000.00
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 1,718,752.98
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.18%
Delinquency Ratio for third preceding Determination Date 7.14%
Cumulative Defaults for preceding Determination Date 9,622,413.99
Cumulative Net Losses for preceding Determination Date 6,674,410.57
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 7,949,827.71
Liquidation Proceeds 480,983.88
Recoveries 214,921.63
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 8,645,733.22
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 3,086,333.98
Prepayments in full allocable to principal 1,792,196.00
Principal Balance of Liquidated Receivables 1,701,367.28
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 6,579,897.26
Class A Principal Distributable Amount
Principal Distributable Amount 6,579,897.26
Times Class A Percentage (95%) 95%
---------------
6,250,902.40
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 6,250,902.40
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 162,490,609.83
Multiplied by Certificate Pass-Through Rate 6.09%
Multiplied by 30/360 0.0833333
---------------
Class A Interest Distributable Amount 824,639.84
Class B Principal Distributable Amount
Principal Distributable Amount 6,579,897.26
Times Class B Percentage (5%) 5%
---------------
Class B Principal Distributable Amount 328,994.86
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 8,552,136.84
Multiplied by Certificate Pass-Through Rate 10.34%
Multiplied by 30/360 0.0833333
---------------
Class B Coupon Interest Amount 73,690.91
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class B Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
---------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
---------------
0.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(c) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 3,563.39
Servicing Fee (2.0%) 285,071.25
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 52,555.45
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 1,069.02
Trustee's out-of-pocket expenses 1,236.64
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 1,069.02
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 824,639.84
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 824,639.84
(vi) Class B Coupon Interest - Unadjusted 73,690.91
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 73,690.91
(vii) Class A Principal Distributable Amount - Current Month 6,250,902.40
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 6,250,902.40
(viii) Certificate Insurer Premium 53,381.90
Certificate Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
(x) Class B Principal Distributable Amount - Unadjusted 328,994.86
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class B Principal Carryover Shortfall 0.00
Adjusted Class B Principal Distributable Amount 328,994.86
(xi) Remaining amounts to Collateral Agent for deposit in Spread Account 769,558.54
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CERTIFICATE BALANCE
Class A Beginning of Period Principal Balance 162,490,609.83
Class A Principal Distributions 6,250,902.40
Class A End of Period Principal Balance 156,239,707.43
Class B Beginning of Period Principal Balance 8,552,136.84
Class B Principal Distributable Amount 328,994.86
Class B End of Period Principal Balance BEFORE Spread Account Distributions 8,223,141.98
Withdrawal from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 8,223,141.98
CLASS A DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 8,645,733.22
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 1,169,204.61
(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) 7,476,528.61
CLASS B DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 7,476,528.61
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 73,690.91
(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) 7,402,837.70
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 7,402,837.70
(ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 6,250,902.40
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,151,935.30
OTHER DEFICIENCIES - INSURANCE
(i) Amounts available to make payments for insurance 1,151,935.30
Certificate Insurer Premium 53,381.90
Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,098,553.40
CLASS B DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 1,098,553.40
(ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 328,994.86
(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) 769,558.54
Withdrawal from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 769,558.54
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,020,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 8,020,000.00
Aggregate Gross Principal Balance as of the close of 179,745,374.76
business on the last day of the Collection Period.
Delinquency Ratio 4.46%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.46%
Delinquency Ratio for second preceding Determination Date 6.18%
Delinquency Ratio for third preceding Determination Date 7.14%
---------------
Average Delinquency Ratio 5.93%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 9,622,413.99
Current Period Defaulted Receivables 1,718,752.98
---------------
Total 11,341,166.97
Cumulative Defaulted Receivables 11,341,166.97
Original Pool Balance 211,042,290.56
Cumulative Default Ratio 5.37%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,701,367.28
Cram Down Losses 0.00
Net Liquidation Proceeds (695,905.51)
---------------
Net Liquidation Losses 1,005,461.77
Cumulative Previous Net Losses 6,674,410.57
---------------
Cumulative Net Losses 7,679,872.34
Original Pool Balance 211,042,290.56
Cumulative Net Loss Ratio 3.64%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.46
Weighted Average Remaining Term 46.52
Weighted Average Annual Percentage Rate 20.39%
SPREAD ACCOUNT
Spread Account Cap
13.5% of Outstanding Certificate Balance 22,202,484.67
19.5% of Outstanding Certificate Balance 32,070,255.63
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
---------------
Cap Amount 49,338,854.82
Spread Account Floor
3% of the Initial Certificate Balance 6,331,268.70
Outstanding Certificate Balance 164,462,849.41
Minimum Floor 100,000.00
---------------
Floor Amount 6,331,268.70
Required Spread Account Amount 49,338,854.82
Beginning of Period Spread Account Balance 20,903,266.99
Spread Account Deposit (Withdrawal) from Current Distributions 769,558.54
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 27,666,029.29
Earnings on Spread Account Balance 75,117.98
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 21,747,943.51
Reserve Fund
Initial Class B Certificate Balance 10,552,114.40
Aggregate Pool Factor 0.7792886
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 822,314.20
or
Cap Amount 1,055,211.40
Reserve Fund Floor
Outstanding Class B Certificate Balance 8,223,141.98
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 3,982.49
Amount of Reserve Fund deposit (withdrawal) (3,982.49)
Ending Reserve Fund Balance 1,055,211.40
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1994-2, 1995-1, 1995-4, 1996-1, FASCO 1996-1, 1996-2, 1996-3, and 1997-1.
<PAGE>
MONTHLY NOTEHOLDER STATEMENT
CPS AUTO RECEIVABLES TRUST 1998-3
5.6375% ASSET-BACKED NOTES, CLASS A-1
5.8550% ASSET-BACKED NOTES, CLASS A-2
5.9950% ASSET-BACKED NOTES, CLASS A-3
6.0800% ASSET-BACKED NOTES, CLASS A-4
Distribution Date 4/15/99
Collection Period 3/99
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.
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A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $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 $8,784,790.42
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $396,438.95
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $8,388,351.47
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $95.49
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $4.31
(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 $205,280,731.16
(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) above $180,395,013.26
(c) The Note Pool Factor as of the close of business
on the last day set forth above 0.8787723
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 $388,488.43
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,276.68
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $10.79
(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 $197,970,323.25
Spread Account Balance $19,884,839.76
(b) The change in the spread account on the Distribution
Date set forth above $71,608.43
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 $100,131.78
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,197,865.53
(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 315
Aggregate Gross Amount $3,940,000.00
(d) The number of Receivables and the aggregate
gross amount scheduled to be paid,
including unearned finance and other
charges, for which Obligors are delinquent
60 days or more
Number 185
Aggregate Gross Amount $2,417,000.00
7 Performance Triggers
(a) Delinquency Ratio 2.95%
(b) Average Delinquency Ratio 4.07%
(c) Cumulative Default Ratio 3.65%
(d) Cumulative Net Loss Ratio 3.39%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No(a)
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CPS AUTO RECEIVABLES TRUST 1998-3
STATEMENT TO NOTEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 9,926,319.45
LOCK BOX NSF ITEMS: (132,091.47)
TOTAL COLLECTION PROCEEDS: 9,794,227.98
FOR DISTRIBUTION DATE: 4/15/99
FOR DETERMINATION DATE: 4/8/99
FOR COLLECTION PERIOD: 3/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 205,280,731.16
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
---------------
Aggregate Beginning Principal Balance 205,280,731.16
Principal portion of payments collected (non-prepayments) 3,417,785.84
Prepayments in full allocable to principal 1,958,920.00
Collections allocable to principal 5,376,705.84
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 735,836.54
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 6,112,542.38
Realized Losses 1,197,865.53
Cram Down Losses 0.00
Ending Principal Balance 197,970,323.25
PREFUNDING
Original Amount in Prefunding Account N/A
Subsequent Loans Sold to the Trust N/A
Balance of Prefunding Account N/A
INTEREST
Collections allocable to interest 3,450,659.89
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 231,025.71
---------------
Total Interest 3,681,685.60
NOTE & CERTIFICATE INFORMATION
Beginning of Period Class A-1 Principal Balance 0.00
Beginning of Period Class A-2 Principal Balance 81,251,364.73
Beginning of Period Class A-3 Principal Balance 25,000,000.00
Beginning of Period Class A-4 Principal Balance 82,532,000.00
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 19,813,231.33
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 46,353.88
Scheduled Payments due in Collection Period 6,118,006.34
Scheduled Payments collected in Collection Period 6,868,445.73
Aggregate Amount of Realized Losses for preceding Distribution Date 1,197,865.53
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 1,171.72
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 315 3,940,000.00
60 - 89 days delinquent 185 2,417,000.00
90 - 119 days delinquent 93 1,158,000.00
120+ days delinquent 61 759,000.00
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 6,357,000.00
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 1,849,085.59
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 4.29%
Delinquency Ratio for third preceding Determination Date 4.98%
Cumulative Defaults for preceding Determination Date 6,927,452.63
Cumulative Net Losses for preceding Determination Date 6,992,382.65
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
CALCULATIONS
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 8,827,365.73
Liquidation Proceeds 735,836.54
Recoveries 231,025.71
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 0.00
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account N/A
Investment earnings from Collection Account 30,151.91
---------------
TOTAL DISTRIBUTION AMOUNT 9,824,379.89
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 3,417,785.84
Prepayments in full allocable to principal 1,958,920.00
Principal Balance of Liquidated Receivables 1,933,702.07
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 7,310,407.91
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 197,970,323.25
---------------
178,173,290.93
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 92.0%
On Payment Date when Class A-2 Notes will be reduced to 0 43.0%
---------------
98.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 7,310,407.91
Times Class A Noteholders' Percentage 92.0%
---------------
6,725,575.28
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------
Class A Principal Distributable Amount 6,725,575.28
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 0.0861111
---------------
Class A Interest Distributable Amount 0.00
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 81,251,364.73
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 396,438.95
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 9,824,379.89
minus
Class A Principal and Interest Distributable Amount 7,665,072.19
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Trustee and Collateral Agent distributions 3,634.62
Standby Servicer distributions 4,276.68
Servicer distributions 388,488.43
Insurance and Reimbursement Obligations 100,131.78
---------------
1,662,776.19
CARRYOVER SHORTFALLS FROM PRIOR PERIODS
Class A-1 Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-2 Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-3 Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-4 Principal Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-2 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-3 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
Class A-4 Interest Carryover Shortfall from previous period 0.00
---------------
0.00
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CALCULATIONS
DISTRIBUTIONS (PURSUANT TO SECTION 4.6(c) OF THE POOLING AND SERVICING AGREEMENT):
Use
---
(i) Standby Fee 4,276.68
Servicing Fee (2.0%) 342,134.55
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 46,353.88
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 1,283.00
Indenture Trustee's out-of-pocket expenses 1,171.72
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 1,179.90
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 396,438.95
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 396,438.95
(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 6,725,575.28
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 6,725,575.28
Class A Principal Distribution Amount to Class A-1 0.00
Class A Principal Distribution Amount to Class A-2 6,725,575.28
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 100,131.78
Note Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Note Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
(xi) Until the Target Payment Date, remaining amount to Class A Noteholders 1,662,776.19
Amount to Class A-1 Noteholders 0.00
Amount to Class A-2 Noteholders 1,662,776.19
Amount to Class A-3 Noteholders 0.00
Amount to Class A-4 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. Amount 0.00
(xiii) After an Event of Default, Certificateholders' Prin. Dist. Amount 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
Spread Account withdrawal for deficiencies 0.00
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SECURITIES BALANCE
Class A-1 Beginning of Period Principal Amount 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 81,251,364.73
Class A-2 Principal Distributions 6,725,575.28
Class A-2 End of Period Principal Amount (prior to turbo) 74,525,789.45
Additional Principal Distribution 1,662,776.19
Class A-2 End of Period Principal Amount 72,863,013.26
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 9,824,379.89
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (i) and (v)A 396,399.73
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 9,427,980.16
CLASS A-2 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a) (v) B 9,427,980.16
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) B 396,438.95
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 9,031,541.21
CLASS A-3 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A 9,031,541.21
(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) 8,906,645.38
CLASS A-4 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 8,906,645.38
(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) 8,488,483.25
CLASS A DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 8,488,483.25
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 6,725,575.28
(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) 1,762,907.97
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 5.8(a) (viii) 1,762,907.97
(vi) Note Insurer Premium 100,131.78
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,662,776.19
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,357,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 6,357,000.00
Aggregate Gross Principal Balance as of the close of 215,819,786.57
business on the last day of the Collection Period.
DELINQUENCY RATIO 2.95%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 2.95%
Delinquency Ratio for second preceding Determination Date 4.29%
Delinquency Ratio for third preceding Determination Date 4.98%
----------------
Average Delinquency Ratio 4.07%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 6,927,452.63
Current Period Defaulted Receivables 1,849,085.59
---------------
Total 8,776,538.22
Cumulative Defaulted Receivables 8,776,538.22
Original Pool Balance 240,339,160.19
Cumulative Default Ratio 3.65%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of 120+ Delinquent Losses:
Principal Balance of Delinquent Accts > 120 days 759,000.00
Principal Balance of Delinquent Accts > 90 < 120 days 1,158,000.00
Estimated Loss % 50%
---------------
Estimated Loss $'s 1,338,000.00
Calculation of Net Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,933,702.07
Cram Down Losses 0.00
Net Liquidation Proceeds (966,862.25)
---------------
Net Losses 2,304,839.82
Cumulative Previous Net Losses 6,992,382.65
Less: Previous Month's Delinquency Loss Estimate (1,148,000.00)
---------------
Cumulative Net Losses 8,149,222.47
Original Pool Balance 240,339,160.19
Cumulative Net Loss Ratio 3.39%
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.60
Weighted Average Remaining Term 48.59
Weighted Average Annual Percentage Rate 20.43%
SPREAD ACCOUNT
OC Percent
Aggregate Principal Balance 197,970,323.25
minus the Securities Balance 180,395,013.26
---------------
17,575,309.99
divided by the Aggregate Principal Balance 8.88%
Floor OC Percent
Aggregate Principal Balance 197,970,323.25
minus the Securities Balance 180,395,013.26
---------------
17,575,309.99
divided by the initial Aggregate Principal Balance 240,339,160.19
---------------
7.31%
Floor Amount
greater of
(a) $100,000 100,000.00
(b) the lesser of
(i) Securities Balance 180,395,013.26
(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 197,970,323.25
---------------
197,970,323.25
Requisite Amount 197,970,323.25
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
Required Spread Account Amount 197,970,323.25
Beginning of Period Spread Account Balance 19,813,231.33
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 178,157,091.92
Earnings on Spread Account Balance 71,608.43
Amount of Spread Account deposit (withdrawal) 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 19,884,839.76
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ James L. Stock
----------------------------------------------------
Name: James L. Stock
----------------------------------------------------
Title: Vice President
----------------------------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1994-2, 1995-1, 1995-4, 1996-1, FASCO 1996-1, 1996-2, 1996-3, and 1997-1.
<PAGE>
MONTHLY NOTEHOLDER STATEMENT
CPS AUTO RECEIVABLES TRUST 1998-4
5.473% ASSET-BACKED NOTES, CLASS A-1
5.790% ASSET-BACKED NOTES, CLASS A-2
5.740% ASSET-BACKED NOTES, CLASS A-3
5.690% ASSET-BACKED NOTES, CLASS A-4
5.890% ASSET-BACKED NOTES, CLASS A-5
Distribution Date 4/15/99
Collection Period 3/99
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.
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A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $5,041,668.39
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $94,726.62
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $4,946,941.77
(d) The amount of total the distribution set forth in
paragraph A.1. (a) above, per $1,000 $155.13
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $2.91
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $152.21
(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 $3,026,119.66
(t) The amount of the distribution set forth in
paragraph A.1. (s) above in respect of interest $443,469.70
(u) The amount of the distribution set forth in
in paragraph A.1. (s) above in respect of principal $2,582,649.96
(v) The amount of the distribution set forth in
paragraph A.1. (s) above, per $1,000 $30.26
(w) The amount of the distribution set forth in
paragraph A.1. (t) above, per $1,000 $4.43
(x) The amount of the distribution set forth in
paragraph A.1. (u) above, per $1,000 $25.83
(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 $291,125,722.13
(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 $283,596,130.40
(c) The Note Pool Factor as of the close of business
on the last day set forth above 0.9741363
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $549,157.56
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,065.12
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $16.90
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.01
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of
Receivables that became Purchased Receivables
during the related Collection Period
Number 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 $87,914,800.42
Spread Account Balance $20,423,335.44
(b) The change in the spread account on the Distribution
Date set forth above $2,457,563.26
5 Policy.
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $332,072.89
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $565,557.43
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate
gross amount scheduled to be paid, including
unearned finance and other charges, for
which Obligors are delinquent between
31 and 59 days
Number 364
Aggregate Gross Amount $4,885,000.00
(d) The number of Receivables and the aggregate
gross amount scheduled to be paid,
including unearned finance and other
charges, for which Obligors are delinquent
60 days or more
Number 195
Aggregate Gross Amount $2,469,000.00
7 Performance Triggers.
(a) Delinquency Ratio 2.41%
(b) Average Delinquency Ratio 3.05%
(c) Cumulative Default Ratio 1.72%
(d) Cumulative Net Loss Ratio 0.86%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No(a)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
CPS AUTO RECEIVABLES TRUST 1998-4
STATEMENT TO NOTEHOLDERS
IS THERE A DEFICIENCY CLAIM AMOUNT? NO
DEFICIENCY CLAIM AMOUNT 0.00
INPUTS
GROSS COLLECTION PROCEEDS: 12,321,612.63
LOCK BOX NSF ITEMS: (138,000.70)
TOTAL COLLECTION PROCEEDS: 12,183,611.93
FOR DISTRIBUTION DATE: 4/15/99
FOR DETERMINATION DATE: 4/8/99
FOR COLLECTION PERIOD: 3/99
COLLATERAL ACTIVITY INFORMATION
PRINCIPAL
Beginning Principal Balance 291,125,722.13
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
---------------
Aggregate Beginning Principal Balance 291,125,722.13
Principal portion of payments collected (non-prepayments) 4,645,614.70
Prepayments in full allocable to principal 2,018,282.00
Collections allocable to principal 6,663,896.70
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 300,137.60
Purchase Amounts allocable to principal 0.00
---------------
Total Principal 6,964,034.30
Realized Losses 565,557.43
Cram Down Losses 0.00
Ending Principal Balance 283,596,130.40
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 5,157,469.94
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 62,107.69
---------------
Total Interest 5,219,577.63
NOTE INFORMATION
Beginning of Period Class A-1 Principal Balance 20,099,599.44
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 93,526,122.69
Beginning of Period Class A-5 Principal Balance 18,625,000.00
MISCELLANEOUS BALANCES
Beginning of Period Spread Account Balance 17,965,772.18
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 63,948.02
Scheduled Payments due in Collection Period 8,438,672.48
Scheduled Payments collected in Collection Period 9,803,084.64
Aggregate Amount of Realized Losses for preceding Distribution Date 565,557.43
MISCELLANEOUS CURRENT EXPENSES
Trustee's out-of-pocket expenses 1,062.16
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to 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 364 4,885,000.00
60 - 89 days delinquent 195 2,469,000.00
90 - 119 days delinquent 107 1,345,000.00
120+ days delinquent 70 839,000.00
PURCHASED RECEIVABLES Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
INFORMATION FOR PORTFOLIO PERFORMANCE TESTS
Principal Balance of all Receivables delinquent more than 30 days as of the close
of business on the last day of the related Collection Period. 7,354,000.00
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. 2,244,201.44
Delinquency Ratio for second preceding Determination Date 3.26%
Delinquency Ratio for third preceding Determination Date 3.48%
Cumulative Defaults for preceding Determination Date 3,078,964.10
Cumulative Net Losses for preceding Determination Date 1,910,618.24
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
CALCULATIONS
INTEREST RESERVE ACCOUNT
Weighted Average of the Interest Rates and Pass-Through Rates 5.7174%
Minus 2.5% (the assumed yield) 2.50%
---------------
3.2174%
Divided by 360 0.0089%
Times the prefunded amount 0.00
Times the number of days outstanding in prefunding period (12/4 - 2/15) 73.00
---------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
---------------
Excess in Interest Reserve Account 0.00
TOTAL DISTRIBUTION AMOUNT
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 11,821,366.64
Liquidation Proceeds 300,137.60
Recoveries 62,107.69
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 196.67
Investment earnings from Interest Reserve Account 1.29
Investment earnings from Collection Account 40,359.33
---------------
TOTAL DISTRIBUTION AMOUNT 12,224,169.22
DISTRIBUTABLE AMOUNT
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 4,645,614.70
Prepayments in full allocable to principal 2,018,282.00
Principal Balance of Liquidated Receivables 865,695.03
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
---------------
Principal Distributable Amount 7,529,591.73
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 7,529,591.73
Sequential Pay Noteholders Percentage 65.7%
---------------
Sequential Pay Noteholders' Principal Distributable Amount 4,946,941.77
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 7,529,591.73
Class A-4 Noteholders Percentage 34.3%
---------------
Class A-4 Noteholders' Principal Distributable Amount 2,582,649.96
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 20,099,599.44
Multiplied by the Note Rate 5.4730%
Multiplied by actual/360, or for the first Distribution Date, by 11/360 0.0861111
---------------
Class A Interest Distributable Amount 94,726.62
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 93,526,122.69
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 443,469.70
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 12,224,169.22
minus
Class A Principal and Interest Distributable Amount 8,922,387.01
Class A Interest Carryover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Trustee and Collateral Agent distributions 4,701.24
Standby Servicer distributions 6,065.12
Servicer distributions 549,157.56
Insurance and Reimbursement Obligations 332,072.89
---------------
2,409,785.40
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>
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Calculations
Distributions (Pursuant to Section 5.7(a) of the Sale and Servicing Agreement):
Use
---
(i) Standby Servicer Fee 6,065.12
Backup Servicer Fee 6,500.00
Servicing Fee (2.0%) 485,209.54
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 63,948.02
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 1,819.54
Indenture Trustee's out-of-pocket expenses 1,062.16
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 1,819.54
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 94,726.62
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 94,726.62
(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 443,469.70
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 443,469.70
(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 4,946,941.77
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Total Adjusted Distributable Amount 4,946,941.77
Class A Principal Distribution Amount to Class A-1 4,946,941.77
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 2,582,649.96
Class A Principal Distribution Amount to Class A-5 0.00
(viii) Note Insurer Premium 118,165.05
Short-Term Reinsurance 33,074.51
Long-Term Reinsurance 180,833.33
Note Insurer Premium Supplement 0.00
Other Reimbursement Obligations to Note Insurer 0.00
(ix) Transition Expenses to successor Servicer 0.00
Spread Account Deposit (withdrawal) 2,403,285.40
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
SECURITIES BALANCE
Class A-1 Beginning of Period Principal Amount 20,099,599.44
Class A-1 Principal Distributions 4,946,941.77
Class A-1 End of Period Principal Amount 15,152,657.67
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 93,526,122.69
Class A-4 Principal Distributable Amount 2,582,649.96
Class A-4 End of Period Principal Amount 90,943,472.73
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 283,596,130.40
CLASS A-1 DEFICIENCY - INTEREST
(i) Total Distribution Amount Available 12,224,169.22
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(i) thru (v)A 661,150.54
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 11,563,018.68
CLASS A-2 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.7(a)(v)B 11,563,018.68
(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) 11,189,081.18
CLASS A-3 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.7(a)(v)C 11,189,081.18
(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) 10,799,837.43
CLASS A-4 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.7(a)(v)D 10,799,837.43
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(v)D 443,469.70
(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) 10,356,367.73
CLASS A-5 DEFICIENCY - INTEREST
(i) Amounts available to make payments pursuant to Section 5.7(a)(v)E 10,356,367.73
(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) 10,264,950.02
SEQUENTIAL PAY NOTES DEFICIENCY - PRINCIPAL (A-1, A-2 & A-3)
(i) Amounts available to make payments pursuant to Section 5.7(a)(vi) 10,264,950.02
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(vi) 4,946,941.77
(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) 5,318,008.25
CLASS A-4 DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.7(a)(vii) 5,318,008.25
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(vii) 2,582,649.96
(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) 2,735,358.29
CLASS A-5 DEFICIENCY - PRINCIPAL
(i) Amounts available to make payments pursuant to Section 5.7(a)(vii) 2,735,358.29
(ii) Current distribution amounts payable pursuant to Section 5.7(a)(vii) 0.00
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,735,358.29
OTHER DISTRIBUTIONS
(i) Amounts available to make payments pursuant to Section 5.7(a)(viii) 2,735,358.29
(vi) Note Insurer Premium 332,072.89
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,403,285.40
CALCULATIONS
PERFORMANCE MEASURES
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,354,000.00
Purchased receivables more than 30 days delinquent 0.00
---------------
Total 7,354,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the Collection Period. 305,616,593.56
DELINQUENCY RATIO 2.41%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 2.41%
Delinquency Ratio for second preceding Determination Date 3.26%
Delinquency Ratio for third preceding Determination Date 3.48%
---------------
Average Delinquency Ratio 3.05%
CALCULATION OF CUMULATIVE DEFAULT RATIO
Default Amount
Principal Balance of Previously Defaulted Receivables 3,078,964.10
Current Period Defaulted Receivables 2,244,201.44
---------------
Total 5,323,165.54
Cumulative Defaulted Receivables 5,323,165.54
Original Pool Balance 275,647,271.04
Add: Subsequent Receivables 34,352,728.96
---------------
Total Original Balance 310,000,000.00
Cumulative Default Ratio 1.72%
CALCULATION OF CUMULATIVE NET LOSS RATIO
Calculation of 120+ Delinquent Losses:
Principal Balance of Delinquent Accts > 120 days 839,000.00
Principal Balance of Delinquent Accts >90 <120 days 1,345,000.00
Estimated Loss % 50%
----------------
Estimated Loss $'s 1,511,500.00
Calculation of Net Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 865,695.03
Cram Down Losses 0.00
Net Liquidation Proceeds (362,245.29)
---------------
Net Losses 2,014,949.74
Cumulative Previous Net Losses 1,910,618.24
Less: Previous Month's Delinquency Loss Estimate (1,256,000.00)
---------------
Cumulative Net Losses 2,669,567.98
Original Pool Balance 310,000,000.00
Cumulative Net Loss Ratio 0.86%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
ADDITIONAL POOL INFORMATION:
Weighted Average Original Term 57.84
Weighted Average Remaining Term 51.26
Weighted Average Annual Percentage Rate 20.25%
SPREAD ACCOUNT
Spread Account Cap
Current Spread Account % 6.3%
21.0% of Outstanding Notes Balance if no Trigger Event 59,555,187.38
26.0% of Outstanding Notes Balance if a Trigger Event Exists 73,734,993.90
31.0% of Outstanding Notes Balance if an Insurance Event of Default 87,914,800.42
Is a Trigger Event continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N(a)
Requisite Amount 87,914,800.42
Spread Account Floor
2.5% of the Initial Certificate Balance 7,750,000.00
Outstanding Certificate Balance 283,596,130.40
Minimum Floor 100,000.00
---------------
Floor Amount 7,750,000.00
Required Spread Account Amount 87,914,800.42
Beginning of Period Spread Account Balance 17,965,772.18
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 2,403,285.40
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 67,545,742.84
Earnings on Spread Account Balance 54,277.86
Amount of Spread Account deposit (withdrawal) 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 20,423,335.44
</TABLE>
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer
Portfolio Services, Inc., have executed this Servicer's Certificate as of the
Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
---------------------------------
Name: James L. Stock
---------------------------------
Title: Vice President
---------------------------------
(a) Requisite levels for spread accounts reflect insurance defaults on pools
1994-2, 1995-1, 1995-4, 1996-1, FASCO 1996-1, 1996-2, 1996-3, and 1997-1
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