<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
/X/ Annual report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the year ended December 31, 1998
OR
/ / Transition report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the transition period from
Commission file number _________________
NYLIFE SFD Holding Inc. as Master Administrator for
NAFCO Auto Trust-1, NAFCO Auto Trust-2, and NAFCO Auto Trust-3
(Exact name of registrant as specified in its charter)
Delaware 13-3475905
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization Identification No.)
51 Madison Avenue, New York, New York 10010
- --------------------------------------- -----
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 576-6456
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes /X/ No /__/
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K is not contained herein, and will not be contained, to the
best of the Registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. / x /
The aggregate market value of the voting stock held by non-affiliates of
the Registrant. None.
<PAGE>
Item 1. Business
As of December 31, 1998, NAFCO Auto Funding L.P. (The "Partnership") was
the originator of three Auto Loan Trusts (the "Trusts") which had issued
publicly registered securities. The Registrant for each of these trusts was,
respectively, NAFCO Auto Trust-1, NAFCO Auto Trust-2 and NAFCO Auto Trust-3.
NAFCO Auto Trust-1 was formed pursuant to an Amended and Restated Pooling and
Servicing Agreement dated August 1, 1994. NAFCO Auto Trust-2 was formed
pursuant to an Amended and Restated Pooling and Servicing Agreement dated
June 1, 1995. NAFCO Auto Trust-3 was formed pursuant to Amended and Restated
Pooling and Servicing Agreement dated October 1, 1995. On August 16, 1996,
the partners of the Partnership sold their partnership interests in the
Partnership. Following the sale, NYLIFE SFD Holding Inc. as the Master
Administrator for each of the Trusts (in such capacity, the "Master
Administrator"), assumed responsibility for filing all reports pursuant to
the Securities and Exchange Act of 1934 and accordingly is filing this report
on behalf of each of the trusts.
The assets of each of the Trusts consists of consumer automobile loans and
certain other rights and properties pertaining thereto, all as more fully
described in the Registration Statements with respect to such Trusts. The
Trusts do not engage in any business except as may be incidental to management
of their assets.
A "NOTICE OF PURCHASE OF AUTO LOANS BY THE MASTER ADMINISTRATOR AND
FINAL PAYMENT TO THE INVESTOR CERTIFICATEHOLDERS OF 8.45% CERTIFICATES OF
NAFCO AUTO TRUST-1* dated August 5, 1998 has been issued by the Trustee,
Bankers Trust Company. Such notice states that pursuant to Section 11.01(b)
of that certain Amended and Restated Pooling and Servicing Agreement dated as
of August 1, 1994 among NAFCO Auto Funding, L.P. (now known as Auto Funding
II, L.P.), as Seller, NAFCO Inc. (now known as NYLIFE SFD Holding, Inc.), as
Master Administrator, Electronic Data Systems Corporation, as Servicer, and
Bankers Trust Company, as Trustee, that the Master Administrator will
purchase all Auto Loans from NAFCO Auto Trust-1 (the "Trust") as of July 31,
1998 (the "Purchase Date").
On August 20, 1998, the Master Administrator deposited the aggregate
Principal Balance of all outstanding Auto Loans and all accrued interest
through the Purchase Date into the Trust Collection Account. On such date,
the Distribution Date immediately following the Purchase Date, the Trustee
distributed such amounts in payment of the principal and accrued interest on
the Investor Certificates to the Investor Certificateholders. The
distribution to Investor Certificateholders on August 20, 1998 constituted
the final payment of monies due and owing to Investor Certificateholders
pursuant to the Trust.
Pursuant to a Consent and Settlement Agreement dated as of August 31,
1998 among the Master Administrator, NYLIFE Depository Corporation,
Electronic Data Systems Corporation (EDS) and the trustee, Bankers Trust
Company, EDS resigned as servicer of the Trusts effective August 31, 1998.
Concurrently, American Lenders Facilities, Inc. ("ALFI") was appointed
Successor Servicer of the program effective August 31, 1998.
In February 1999, a "NOTICE OF PURCHASE OF AUTO LOANS BY THE MASTER
ADMINISTRATOR AND FINAL PAYMENT TO THE INVESTOR CERTIFICATEHOLDERS OF 7%
CERTIFICATES OF NAFCO AUTO TRUST-2" was issued by the Trustee, Bankers Trust
Company. Such notice states that pursuant to Section 11.01(b) of that certain
Amended and Restated Pooling and Servicing Agreement dated as of June 1, 1995
among NAFCO Auto Funding, L.P. (now known as Auto Funding II, L.P.), as
Seller, NAFCO Inc. (now known as NYLIFE SFD Holding, Inc.), as Master
Administrator, American Lenders Facilities, Inc., as Successor Servicer, and
Bankers Trust Company, as Trustee, that the Master Administrator will
purchase all Auto Loans from NAFCO Auto Trust-2 (the "Trust") as of
January 31, 1999 (the "Purchase Date"). All Capitalized terms used in this
Report shall have the same respective meanings as in the Pooling and
Servicing Agreements.
Item 2. Properties
None.
Item 3. Legal Proceedings
None.
Item 4. Submission of Matters to a Vote of Securities Holders.
None.
(b) Reports on Form 8-K
None.
2
<PAGE>
PART II
Item 5. Market for Registrant's Common Equity and Related Stockholder
Matters.
Not Applicable.
Item 6. Selected Financial Data.
Not Applicable.
Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
Not Applicable.
Item 8. Financial Statements and Supplemental Data.
Not Applicable.
Item 9. Change in and Disagreements on Accounting and Financial
Disclosure.
Not Applicable.
3
<PAGE>
PART III
Item 10. Directors and Officers of the Registrant
Not Applicable.
Item 11. Executive Compensation
Not Applicable.
Item 12. Security Ownership of Certain Beneficial Owners and Management
None.
Item 13. Certain Relationships and Related Transactions
Not Applicable.
PART IV
Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K
1. Financial Statements - None.
2. All schedules for which provision is made in the applicable
accounting regulations of the Securities and Exchange Commission have
been omitted since either (1) the information required is disclosed in
the financial statements and the notes thereto; (2) the schedules are
not required under the related instructions; or (3) the schedules are
inapplicable.
3. Trustee's Reports.
4
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
NAFCO AUTO TRUST-1
By: NYLIFE SFD Holding Inc.
By: /s/ Kevin M. Micucci
------------------------------------
Name: Kevin M. Micucci
Title: President and Director of
NYLIFE SFD Holding Inc.
Date: March 25, 1999
NAFCO AUTO TRUST-2
By: NYLIFE SFD Holding Inc.
By: /s/ Kevin M. Micucci
------------------------------------
Name: Kevin M. Micucci
Title: President and Director of
NYLIFE SFD Holding Inc.
Date: March 25, 1999
NAFCO AUTO TRUST-3
By: NYLIFE SFD Holding Inc.
By: /s/ Kevin M. Micucci
------------------------------------
Name: Kevin M. Micucci
Title: President and Director of
NYLIFE SFD Holding Inc.
Date: March 25, 1999
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following persons on behalf of the
Registrant by the appropriate officers and directors of the Master Administrator
and in the capacities and on the dates indicated.
5
<PAGE>
Signature Title Date
- --------- ----- ----
/s/ Kevin M. Micucci President and Director of March 25, 1999
- -------------------- NYLIFE SFD Holding Inc.
Kevin M. Micucci
/s/ Jay S. Calhoun Vice President and Treasurer of March 25, 1999
- ------------------ NYLIFE SFD Holding Inc.
Jay S. Calhoun
/s/ Jefferson C. Boyce Director of NYLIFE SFD March 25, 1999
- ---------------------- Holding Inc.
Jefferson C. Boyce
/s/ Scott J. Drath Vice President of Finance March 25, 1999
- ------------------ and Controller and Director
Scott J. Drath of NYLIFE SFD Holding Inc.
/s/ Jean E. Hoystadt Vice President of Investment March 25, 1999
- -------------------- and Director of NYLIFE SFD
Jean E. Hoystadt Holding Inc.
/s/ Richard W. Zuccaro Vice President of NYLIFE SFD March 25, 1999
- ---------------------- Holding Inc.
Richard W. Zuccaro
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
99.2 Trust - 2
Master Administrator Report dated November 20, 1998 for the Due
Period beginning October 1, 1998 and ending October 31, 1998;
(ii) Master Administrator Report dated December 21, 1998 for the
Due Period beginning November 1, 1998 through November 30, 1998;
(iii) Master Administrator Report dated January 20, 1999 for the
Due Period beginning December 1, 1998 through December 31, 1998.
99.3 Trust - 3
Master Administrator Report dated November 20, 1998 for the Due
Period beginning October 1, 1998 and ending October 31, 1998;
(ii) Master Administrator Report dated December 21, 1998 for the
Due Period beginning November 1, 1998 through November 30, 1998;
(iii) Master Administrator Report dated January 20, 1999 for the
Due Period beginning December 1, 1998 through December 31, 1998.
<PAGE>
Exhibit 99.2
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------
NAFCO AUTO TRUST - 2
For the November 20, 1998 Distribution Date
For the period beginning on October 1, 1998 and
ending on October 31, 1998 (the "Due Period")
-----------------------------------------------------------
The undersigned, a duly authorized officer of NYLIFE SFD Holding Inc.,
as Master Administrator (the "Master Administrator"), pursuant to Section 5.11
of the Amended and Restated Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") dated as of June 1, 1995, by and among Auto Funding II,
L.P., as Seller, the Master Administrator, American Lenders Facilities Inc., as
Servicer and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Master Administrator Report and not
otherwise defined herein shall have the respective meanings set forth
in the Pooling and Servicing Agreement.
2. NYLIFE SFD Holding Inc. is, as of the date hereof, the Master
Administrator under the Pooling and Servicing Agreement.
3. The undersigned is an Officer of the Master Administrator.
4. The date of this Report is November 18, 1998.
<TABLE>
<S> <C>
5. Pool Factor.
(a) The Pool Factor with respect to
October 1, 1998 was ............................................ .13728362
-----------
(b) The Pool Factor with respect to
October 31, 1998 was ........................................... .11943622
-----------
6. Investor and Seller Certificate Principal Balance (beginning of Due
Period).
(a) The Investor Certificate Principal Balance as of
October 1, 1998 (after giving effect to the
disbursements in reduction of principal, if any, on
the immediately preceding
Distribution Date) was............................................$ 5,107,362.37
---------------
</TABLE>
1
<PAGE>
<TABLE>
<S> <C>
(b) The Seller Certificate Principal Balance as of
October 1, 1998 (after giving effect to the
disbursements in reduction of principal, if any, on
the immediately preceding Distribution
Date) was..................................................... $ 632,194.60
--------------
7. Occurrence of a Required Reserve Event
(a) The Delinquency Ratio is................................. *12.40%
-------
(b) The Three Month Delinquency Ratio is................. *8.31%
-------
(c) The Gross Loss Ratio is.................................... 8.90%
-------
(d) The Three Month Gross Loss Ratio is.................. 6.89%
-------
(e) The percentage of eligible claims on the ALPI policy
not paid in a timely manner
is(*)............................................................. *35.47%
-------
(f) The Required Reserve Percentage is............................ 10.00%
-------
(g) *Indicates which Required Reserve Event has occured.
</TABLE>
SEE ANNEX C.1 FOR RATIO CALCULATIONS
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $169,709.37 of claims which are currently in dispute. Such disputed
claims represent 10.37% of all eligible claims.
<TABLE>
<S> <C>
8. Aggregate Monthly Servicing Fee.
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is ...................................... $ 44,852.14
--------------
(b) The amount of accrued and unpaid
Monthly Servicing Fees in respect of
prior Due Periods is ..................................... $ -0-
--------------
(c) The total Monthly Servicing Fee paid or payable to
the Servicer in respect
of such Due Period [a+b] is............................... $ 44,852.14
--------------
</TABLE>
2
<PAGE>
<TABLE>
<S> <C>
9. Aggregate Monthly Subrogation Amount.
(a) The Monthly Subrogation Amount
owing on the related Distribution
Date is................................................ $ -0-
--------------
(b) The amount of accrued and unpaid Monthly Subrogation
Amount in respect of prior
Due Periods is ........................................ $ -0-
--------------
(c) The total Monthly Subrogation Amount paid or payable
to the Master Administrator
in respect of such Due Period [a+b] is ........... $ -0-
--------------
10. Aggregate Monthly Administrator Fee.
(a) The Monthly Administrator Fee owing
on the related Distribution Date is ......................... $ 5,037.94
--------------
(b) The amount of accrued and unpaid
Monthly Administrator Fees in respect
of prior Due Periods is................................... $ -0-
--------------
(c) The total Monthly Administrator Fee
paid or payable to the Master Administrator
in respect of such Due Period [a+b] is ..................... $ 5,037.94
--------------
11. The Cash Reserve Account.
(a) The Insurance Reserve Amount/The Insurance
Deductible
(i) The Insurance Reserve Amount as
of the first day of the Due Period............. $ 0
--------------
(ii) The aggregate amount to be withdrawn
from the Insurance Reserve Amount,
deposited into the Collection Account
and applied against the aggregate
amount of the Insurance Deductible.......... $ 2,176.24
--------------
(iii) Additional Insurance Deductible
deposited by the Seller into the Cash
Reserve Account................................... $ 2,176.24
--------------
(iv) The Insurance Reserve Amount as of
the end of the Due Period is..................... $ 0
--------------
</TABLE>
3
<PAGE>
<TABLE>
<S> <C>
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is................. $ 510,736.24
--------------
(ii) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(prior to any withdrawals or deposits
to be made with respect to the current
Distribution Date are made) is................. $ 529,589.93
--------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is.................... $ (240,750.84)
--------------
(iv) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(after any withdrawals or deposits to be
made with respect to the current
Distribution Date are made) is................ $ 288,839.09
--------------
(c) The total Cash Reserve Account as of the end of the
Due Period (after giving effect to the deposits and
withdrawals in (a) and
(b) above) is................................................ $ 288,839.09
--------------
12. Available Funds.
(a) The amount of Available Funds with
respect to the related Due Period was................. $ 497,870.95
--------------
(b) The amount of Available Funds with respect to the
immediately preceding Due Period that were retained
in the Collection Account was............................ $ 0
--------------
(c) Interest earned on and retained in the
Collection Account for the Due Period
and interest earned on the Cash Reserve
Account and transferred to the Collection
Account for the Due Period on the
related Deposit Date was ................................ $ 5,037.94
--------------
</TABLE>
4
<PAGE>
<TABLE>
<S> <C>
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was ....................... $ 502,908.89
--------------
(e) The amount of Available Funds used to purchase
additional Auto Loans during
the related Due Period was ............................ $ -0-
--------------
(f) The amount of Available Funds and interest earned on
the Collection Account remaining after the purchase
of additional Auto Loans with respect
to the related Due Period [d-e] is ........................ $ 502,908.89
--------------
13. Disbursements to be made on the related Distribution
Date. The Certificate Rate is 7.00%.
(a) The amount of the aggregate Monthly
Servicing Fee to be paid to the Servicer
on such Distribution Date is............................. $ 44,852.14
--------------
(b) The amount of the aggregate Monthly Subrogation
Amount to be paid to the Master Administrator on such
Distribution date is........................................ $ -0-
--------------
(c) The amount of the Monthly Administrator
Fee to be paid to the Master Administrator
on such Distribution Date is............................. $ 5,037.94
--------------
(d) The amount of the aggregate distribution to be made
on such Distribution Date which constitutes interest
on the Investor Certificates at the Certificate Rate,
including any Shortfall so allocable is ............... $ 29,792.95
--------------
(e) The amount of the aggregate distribution to be made
on such Distribution Date which constitutes payments
in reduction of principal with respect
to the Investor Certificates is ........................... $ 663,976.70
--------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e] is .......... $ 693,769.65
--------------
(g) The amount of the aggregate distribution to be made
on such Distribution Date which constitutes interest
on the Seller Certificate at the Certificate Rate is....... $ 0
--------------
</TABLE>
5
<PAGE>
<TABLE>
<S> <C>
(h) The amount of the aggregate distribution to be made
on such Distribution Date which constitutes a
reduction of principal
with respect to the Seller Certificate is............. $ 0
--------------
(i) The amount to be deposited (withdrawn) to
the Cash Reserve Account is............................. $ (240,750.84)
--------------
(j) The amount to be retained in the
Collection Account with respect to
the Partial Payment Amount is ........................... $ 0
--------------
(k) The amount to be disbursed to the
Seller Certificateholder (other than the
amounts referred to in (g) and (h)) is .................. $ 0
--------------
(l) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is ................... $ 0
--------------
14. Investor and Seller Certificate Principal Balance (end of Due
Period).
(a) The Investor Certificate Principal Balance as of
October 31, 1998 (after giving effect to the
disbursements in reduction of principal, if any, on
the immediately
preceding Distribution Date) was............................... $ 4,443,385.67
--------------
(b) The Seller Certificate Principal Balance as of
October 31, 1998 (after giving effect to the
disbursements in reduction of principal, if any, on
the related Distribution Date) was.................................$ 632,194.60
--------------
</TABLE>
15. Events of Administrator Termination.
No event has occurred and is continuing which constitutes an
Event of Administrator Termination or would constitute an
Event of Administrator Termination but for the requirement
that notice be given or time elapse or both [except as
disclosed on the attached Annex A].
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and
delivered this certificate this 18th day of November 1998.
NYLIFE SFD Holding INC.
as Master Administrator
By:/s/ Scott Drath
-----------------------------
Name: Scott Drath
Title: Vice President
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED November 18, 1999
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED November 18, 1999
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. Aggregate Principal Balance of Performing Active Loans.
As of October 31, 1998 [the close of business on the last day of
the Due Period]
<TABLE>
<CAPTION>
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
-------------- ---------- ---------------------
<S> <C> <C>
current (0-29) 992 $ 3,851,700
30 - 59 74 415,201
60 - 89 20 106,598
90 - 119 11 61,785
120 - 179 15 105,483
180 and over 56 396,328
---------- ----------------
Totals: 1,098 $ 4,937,095
---------- ----------------
Aggregate Principal Balance of Defaulted
Auto Loans at October 31, 1998 2,971,089
----------------
2. Total Amounts Collected during the Due Period and Deposited into
the Collection Account.
(a) The total amount of Payments collected
on the Auto Loans and deposited into the
Collection Account for the Due Period was............ $ 440,530.45
----------------
(b) The total amount of Recoveries on
Defaulted Auto Loans collected on the
Auto Loans and deposited into the
Collection Account for the Due Period was ......... $ 55,164.26
----------------
(c) The total amounts collected on the Auto Loans and
deposited into the Collection
Account for the Due Period was [a+b]................ $ 495,694.71
----------------
</TABLE>
9
<PAGE>
3. Defaulted Auto Loans.
Auto Loans that became Defaulted Auto Loans during the Due Period:
<TABLE>
<CAPTION>
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
<S> <C>
46 $376,073.02
</TABLE>
4. The information specified in item 13(d) through (f) stated on the
basis of $1,000 Initial Principal Amount.
The Certificate Rate is 7%.
<TABLE>
<S> <C>
(a) The amount of the aggregate distribution to be made on such
Distribution Date which constitutes interest on the Investor
Certificates at the Certificate Rate, including any Shortfall
so allocable stated on the basis of
$1,000 Initial Principal Amount is ................................ $ 0.800821
------------------
(b) The amount of the aggregate distribution to be made on such
Distribution Date which constitutes payments in reduction of
principal with respect to the Investor Certificate on the
basis of $1,000 Initial Principal Amount is ....................... $ 17.847397
------------------
(c) The total amount of the distribution to be made on such
Distribution Date to the Investor Certificateholders on the
basis of $1,000 Initial Principal Amount is .......................... $ 18.648218
------------------
</TABLE>
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED November 18, 1998
Calculation of Required Cash Reserve Amount as of the November 20,
1998 Distribution Date.
(i) The Investor Certificate Principal Balance equals
$5,107,362.37
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of
(i) and (ii)) $510,736.24.
For purposes of this Annex C, the following term shall have the
following meaning:
"Required Reserve Percentage" means:
(a) for any Payment Date on which there is not an uncured
Reserve Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period
exceeds 4% (a "Three Month Delinquency Test"), the
Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due
Period following the third Due Period following the
occurrence of a Three Month Delinquency Test, the Three
Month Delinquency Ratio is less than 4% (a "Three Month
Delinquency Cure"), the provisions of this clause (b)
shall no longer apply until another Three Month
Delinquency Test occurs:
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a
"Delinquency Test"), the Required Reserve Percentage on
each succeeding Payment Date shall be 10%; provided,
however, that if, for any Due Period following the third
Due Period following the occurrence of the less than 6% (a
"Delinquency Cure"), the provisions of this clause (c)
shall no longer apply until another Delinquency Test
occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18% (a
"Loss Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided, however,
that if, for any Due Period following the third Due Period
following the occurrence of the Loss Test, the Three Month
Gross Ratio is less than 18% (a "Loss Cure"), the
provisions of this clause (d) shall no longer apply until
another Test occurs;
11
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due Period
exceeds 14.5% (a "Three Month Loss Test"), the Required
Reserve Percentage on each succeeding Payment Date shall
be 10%; provided however, that if, for any Due Period
following the occurrence of a Three Month Loss Test, the
Three Month Gross Loss Ratio is less than 14.5% (a "Three
Month Loss Cure"), the provisions of this clause (e) shall
no longer apply until another Three Month Loss Test
occurs; and
(f) if 20% of more of eligible claims of the Auto Loans
Protection Policy are not paid by the Insurance Companies
within the time specified therein, the Required Reserve
Percentage on each succeeding Payment Date shall be 10% as
of the close of business on the last day of the preceding
Due Period.
12
<PAGE>
ANNEX C.1
<TABLE>
<CAPTION>
Ratios
------
<S> <C> <C> <C>
1. DELINQUENCY RATIO:
October Principal Balance 60+ days (net) = 980,663.73 = 12.40%
---------------------------------------------- -----------------
October Aggregate Principal Balance 7,908,184.07
2. THREE MONTH DELINQUENCY RATIO:
Sum of August - October Principal Balances
Balances 60+ days (net) = 2,099,718.52 = 8.31%
---------------------------------------------- -----------------
Sum of August - October Principal Balances 25,270,472.76
3. GROSS LOSS RATIO:
Twelve times the:
October Principal Balance of Defaulted
Auto Loans repossessed = 58,664.76 = 8.90%
---------------------------------------------- -----------------
October Aggregate Principal Balance 7,908,184.07
4. THREE MONTH GROSS LOSS RATIO:
Twelve times the:
Sum of August - October Principal Balances
of Defaulted Auto Loans repossessed = 145,197.78 = 6.89%
---------------------------------------------- -----------------
Sum of August - October Principal Balances 25,270,472.76
5. ALPI CLAIMS PAYMENT TEST:
Aggregate Principal Balance of
ALPI Claims not paid within timeframe = 580,639.54 = 35.47%
---------------------------------------------- -----------------
Principal Balance of Eligible Claims 1,637,111.75
</TABLE>
<PAGE>
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------
NAFCO AUTO TRUST - 2
For the December 21, 1998 Distribution Date
For the period beginning on November 1, 1998 and
ending on November 30, 1998 (the "Due Period")
-----------------------------------------------------------
The undersigned, a duly authorized officer of NYLIFE SFD Holding Inc.,
as Master Administrator (the "Master Administrator"), pursuant to Section 5.11
of the Amended and Restated Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") dated as of June 1, 1995, by and among Auto Funding II,
L.P., as Seller, the Master Administrator, American Lenders Facilities Inc., as
Servicer and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Master Administrator Report
and not otherwise defined herein shall have the respective
meanings set forth in the Pooling and Servicing Agreement.
2. NYLIFE SFD Holding Inc. is, as of the date hereof, the
Master Administrator under the Pooling and Servicing
Agreement.
3. The undersigned is an Officer of the Master Administrator.
4. The date of this Report is December 18, 1998.
5. POOL FACTOR.
<TABLE>
<S> <C>
(a) The Pool Factor with respect to
November 1, 1998 was.......................................... .11943622
---------
(b) The Pool Factor with respect to
November 30, 1998 was ........................................ .10013745
--------
6. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE
(BEGINNING OF DUE PERIOD).
(a) The Investor Certificate Principal Balance as of
November 1, 1998 (after giving effect to the
disbursements in reduction of principal, if any, on
the immediately preceding
Distribution Date) was........................................ $4,443,385.67
-----------
</TABLE>
1
<PAGE>
<TABLE>
<S> <C>
(b) The Seller Certificate Principal Balance as of
November 1, 1998 (after giving effect to the
disbursements in reduction of principal, if any, on
the immediately preceding Distribution
Date) was..................................................... $ 632,194.60
------------
7. OCCURRENCE OF A REQUIRED RESERVE EVENT
(a) The Delinquency Ratio is...................................... *16.16%
--------------
(b) The Three Month Delinquency Ratio is.......................... *13.94%
--------------
(c) The Gross Loss Ratio is....................................... 10.51%
--------------
(d) The Three Month Gross Loss Ratio is........................... 8.05%
--------------
(e) The percentage of eligible claims on the ALPI policy
not paid in a timely manner
is(*)......................................................... *33.17%
--------------
(f) The Required Reserve Percentage is............................ 10.00%
--------------
(g) *Indicates which Required Reserve Event has occured.
</TABLE>
SEE ANNEX C.1 FOR RATIO CALCULATIONS
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $140,880.62 of claims which are currently in dispute. Such disputed
claims represent 8.78% of all eligible claims.
8. AGGREGATE MONTHLY SERVICING FEE.
<TABLE>
<S> <C>
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is ........................................ $ 50,637.04
--------------
(b) The amount of accrued and unpaid
Monthly Servicing Fees in respect of
prior Due Periods is ...................................... $ -0-
--------------
(c) The total Monthly Servicing Fee paid or payable to
the Servicer in respect
of such Due Period [a+b] is.................................. $ 50,637.04
--------------
</TABLE>
2
<PAGE>
<TABLE>
<S> <C>
9. AGGREGATE MONTHLY SUBROGATION AMOUNT.
(a) The Monthly Subrogation Amount
owing on the related Distribution
Date is...................................................... $ -0-
--------------
(b) The amount of accrued and unpaid Monthly Subrogation
Amount in respect of prior
Due Periods is ............................................ $ -0-
--------------
(c) The total Monthly Subrogation Amount paid or payable
to the Master Administrator
in respect of such Due Period [a+b] is ..................... $ -0-
--------------
10. AGGREGATE MONTHLY ADMINISTRATOR FEE.
(a) The Monthly Administrator Fee owing
on the related Distribution Date is ......................... $ 4,136.95
--------------
(b) The amount of accrued and unpaid
Monthly Administrator Fees in respect
of prior Due Periods is...................................... $ -0-
--------------
(c) The total Monthly Administrator Fee
paid or payable to the Master Administrator
in respect of such Due Period [a+b] is ...................... $ 4,136.95
--------------
11. THE CASH RESERVE ACCOUNT.
(a) The Insurance Reserve Amount/The Insurance Deductible
(i) The Insurance Reserve Amount as
of the first day of the Due Period.................. $ 0
--------------
(ii) The aggregate amount to be withdrawn
from the Insurance Reserve Amount,
deposited into the Collection Account
and applied against the aggregate
amount of the Insurance Deductible.................. $ 10,383.80
--------------
(iii) Additional Insurance Deductible
deposited by the Seller into the Cash
Reserve Account .................................... $ 10,383.80
--------------
(iv) The Insurance Reserve Amount as of
the end of the Due Period
is.................................................. $ 0
--------------
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
</TABLE>
3
<PAGE>
<TABLE>
<S> <C>
be made with respect to the current
Distribution Date are made) is......................$ 444,338.57
--------------
(ii) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(prior to any withdrawals or deposits
to be made with respect to the current
Distribution Date are made) is......................$ 288,839.09
--------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is........................$ -0-
--------------
(iv) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(after any withdrawals or deposits to be
made with respect to the current
Distribution Date are made) is......................$ 288,839.09
--------------
(c) The total Cash Reserve Account as of the end of the
Due Period (after giving effect to the deposits and
withdrawals in (a) and
(b) above) is................................................$ 288,839.09
--------------
12. AVAILABLE FUNDS.
(a) The amount of Available Funds with
respect to the related Due Period was........................$ 815,959.11
--------------
(b) The amount of Available Funds with respect to the
immediately preceding Due Period that were retained
in the Collection Account was................................$ 0
--------------
(c) Interest earned on and retained in the
Collection Account for the Due Period
and interest earned on the Cash Reserve
Account and transferred to the Collection
Account for the Due Period on the
related Deposit Date was ....................................$ 4,136.95
--------------
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was .......................$ 820,096.06
--------------
</TABLE>
4
<PAGE>
<TABLE>
<S> <C>
(e) The amount of Available Funds used to purchase
additional Auto Loans during
the related Due Period was .................................. $ -0-
--------------
(f) The amount of Available Funds and interest earned on
the Collection Account remaining after the purchase
of additional Auto Loans with respect
to the related Due Period [d-e] is .......................... $ 820,096.06
--------------
13. DISBURSEMENTS TO BE MADE ON THE RELATED DISTRIBUTION DATE.
The Certificate Rate is 7.00%.
(a) The amount of the aggregate Monthly
Servicing Fee to be paid to the Servicer
on such Distribution Date is................................. $ 50,637.04
--------------
(b) The amount of the aggregate Monthly Subrogation
Amount to be paid to the Master Administrator on such
Distribution date is......................................... $ -0-
--------------
(c) The amount of the Monthly Administrator
Fee to be paid to the Master Administrator
on such Distribution Date is................................. $ 4,136.95
--------------
(d) The amount of the aggregate distribution to be made
on such Distribution Date which constitutes interest
on the Investor Certificates at the Certificate Rate,
including any Shortfall so allocable is ................... $ 25,919.75
--------------
(e) The amount of the aggregate distribution to be made
on such Distribution Date which constitutes payments
in reduction of principal with respect
to the Investor Certificates is ............................. $ 717,972.27
--------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e] is...... ......... $ 743,892.02
--------------
(g) The amount of the aggregate distribution to be made
on such Distribution Date which constitutes interest
on the Seller Certificate at the Certificate Rate is ........ $ 3,687.80
--------------
</TABLE>
5
<PAGE>
<TABLE>
<S> <C>
(h) The amount of the aggregate distribution to be made
on such Distribution Date which constitutes a
reduction of principal with respect to the Seller
Certificate is............................................... $ 17,742.25
--------------
(i) The amount to be deposited (withdrawn) to
the Cash Reserve Account is.................................. $ -0-
--------------
(j) The amount to be retained in the
Collection Account with respect to
the Partial Payment Amount is ............................... $ 0
--------------
(k) The amount to be disbursed to the
Seller Certificateholder (other than the
amounts referred to in (g) and (h)) is ..................... $ 0
--------------
(l) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is ........................ $ 21,430.05
--------------
14. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE
(END OF DUE PERIOD).
(a) The Investor Certificate Principal Balance as of
November 30, 1998 (after giving effect to the
disbursements in reduction of principal, if any, on
the immediately preceding Distribution Date) was............. $3,725,413.40
--------------
(b) The Seller Certificate Principal Balance as of
November 30, 1998 (after giving effect to the
disbursements in reduction of principal, if any, on
the related Distribution Date) was........................... $ 614,452.35
--------------
15. EVENTS OF ADMINISTRATOR TERMINATION.
No event has occurred and is continuing which constitutes an
Event of Administrator Termination or would constitute an
Event of Administrator Termination but for the requirement
that notice be given or time elapse or both [except as
disclosed on the attached Annex A].
</TABLE>
6
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and
delivered this certificate this 18th day of December 1998.
NYLIFE SFD Holding INC.
as Master Administrator
By: /s/ Scott Drath
--------------------------------------
Name: Scott Drath
Title: Vice President
7
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED December 18, 1998
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
8
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED December 18, 1998
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. AGGREGATE PRINCIPAL BALANCE OF PERFORMING ACTIVE LOANS.
As of November 30, 1998 [the close of business on the last day
of the Due Period]
<TABLE>
<CAPTION>
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
<S> <C> <C>
current (0-29) 923 $ 3,494,743
30 - 59 75 376,490
60 - 89 21 111,113
90 - 119 10 55,629
120 - 179 15 101,400
180 and over 1 (27)
--------------- ---------------
Totals: 1,045 $ 4,139,348
--------------- ---------------
--------------- ---------------
Aggregate Principal Balance of Defaulted
Auto Loans at November 30, 1998 3,118,760
---------------
</TABLE>
<TABLE>
<S> <C>
2. TOTAL AMOUNTS COLLECTED DURING THE DUE PERIOD AND DEPOSITED INTO
THE COLLECTION ACCOUNT.
(a) The total amount of Payments collected
on the Auto Loans and deposited into the
Collection Account for the Due Period was.........................$ 737,027.02
--------------
(b) The total amount of Recoveries on
Defaulted Auto Loans collected on the
Auto Loans and deposited into the
Collection Account for the Due Period was.........................$ 68,548.29
--------------
(c) The total amounts collected on the Auto Loans and
deposited into the Collection
Account for the Due Period was [a+b]..............................$ 805,575.31
--------------
</TABLE>
9
<PAGE>
3. DEFAULTED AUTO LOANS.
Auto Loans that became Defaulted Auto Loans during the Due Period:
<TABLE>
<CAPTION>
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
<S> <C>
68 $475,509.99
</TABLE>
4. THE INFORMATION SPECIFIED IN ITEM 13(d) THROUGH (f)
STATED ON THE BASIS OF $1,000 INITIAL PRINCIPAL AMOUNT.
The Certificate Rate is 7%.
<TABLE>
<S> <C>
(a) The amount of the aggregate distribution to be made on such
Distribution Date which constitutes interest on the Investor
Certificates at the Certificate Rate, including any Shortfall
so allocable stated on the basis of
$1,000 Initial Principal Amount is ...................................$ 0.696711
--------------
(b) The amount of the aggregate distribution to be made on such
Distribution Date which constitutes payments in reduction of
principal with respect to the Investor Certificate on the
basis of $1,000 Initial Principal Amount is ..........................$ 19.298773
--------------
(c) The total amount of the distribution to be made on such
Distribution Date to the Investor Certificateholders on the
basis of $1,000 Initial Principal Amount is...........................$ 19.995484
--------------
</TABLE>
10
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED December 18, 1998
Calculation of Required Cash Reserve Amount as of the December 21,
1998 Distribution Date.
(i) The Investor Certificate Principal Balance equals
$4,443,385.67.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of
(i) and (ii)) $444,338.56.
For purposes of this Annex C, the following term shall have the
following meaning:
"REQUIRED RESERVE PERCENTAGE" MEANS:
(a) for any Payment Date on which there is not an uncured
Reserve Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period
exceeds 4% (a "Three Month Delinquency Test"), the
Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due
Period following the third Due Period following the
occurrence of a Three Month Delinquency Test, the Three
Month Delinquency Ratio is less than 4% (a "Three Month
Delinquency Cure"), the provisions of this clause (b)
shall no longer apply until another Three Month
Delinquency Test occurs:
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a
"Delinquency Test"), the Required Reserve Percentage on
each succeeding Payment Date shall be 10%; provided,
however, that if, for any Due Period following the third
Due Period following the occurrence of the less than 6% (a
"Delinquency Cure"), the provisions of this clause (c)
shall no longer apply until another Delinquency Test
occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18% (a
"Loss Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided, however,
that if, for any Due Period following the third Due Period
following the occurrence of the Loss Test, the Three Month
Gross Ratio is less than 18% (a "Loss Cure"), the
provisions of this clause (d) shall no longer apply until
another Test occurs;
11
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due Period
exceeds 14.5% (a "Three Month Loss Test"), the
Required Reserve Percentage on each succeeding
Payment Date shall be 10%; provided however, that if,
for any Due Period following the occurrence of a
Three Month Loss Test, the Three Month Gross Loss
Ratio is less than 14.5% (a "Three Month Loss Cure"),
the provisions of this clause (e) shall no longer
apply until another Three Month Loss Test occurs; and
(f) if 20% of more of eligible claims of the Auto Loans
Protection Policy are not paid by the Insurance Companies
within the time specified therein, the Required Reserve
Percentage on each succeeding Payment Date shall be 10% as
of the close of business on the last day of the preceding
Due Period.
12
<PAGE>
ANNEX C.1
<TABLE>
<CAPTION>
Ratios
------
<S> <C> <C> <C>
1. DELINQUENCY RATIO:
November Principal Balance 60+ days (net) = 1,172,677.85 = 16.16%
---------------------------------------------------- -----------------
November Aggregate Principal Balance 7,258,108.34
2. THREE MONTH DELINQUENCY RATIO:
Sum of September - November Principal Balances
Balances 60+ days (net) = 3,271,011.03 = 13.94%
---------------------------------------------------- -----------------
Sum of September - November Principal Balances 23,458,957.32
3. GROSS LOSS RATIO:
Twelve times the:
November Principal Balance of Defaulted
Auto Loans repossessed = 63,578.20 = 10.51%
---------------------------------------------------- -----------------
November Aggregate Principal Balance 7,258,108.34
4. THREE MONTH GROSS LOSS RATIO:
Twelve times the:
Sum of September - November Principal Balances
of Defaulted Auto Loans repossessed = 157,413.99 = 8.05%
---------------------------------------------------- -----------------
Sum of September - November Principal Balances 23,458,957.32
5. ALPI CLAIMS PAYMENT TEST:
Aggregate Principal Balance of
ALPI Claims not paid within timeframe = 532,061.30 = 33.17%
---------------------------------------------------- -----------------
Principal Balance of Eligible Claims 1,604,187.81
</TABLE>
<PAGE>
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------
NAFCO AUTO TRUST--2
For the January 20, 1999 Distribution Date
For the period beginning on December 1, 1998 and
ending on December 31, 1998 (the "Due Period")
-----------------------------------------------------------
The undersigned, a duly authorized officer of NYLIFE SFD Holding Inc., as
Master Administrator (the "Master Administrator"), pursuant to Section 5.11 of
the Amended and Restated Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") dated as of June 1, 1995, by and among Auto Funding II,
L.P., as Seller, the Master Administrator, American Lenders Facilities Inc., as
Servicer and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Master Administrator Report and not
otherwise defined herein shall have the respective meanings set forth
in the Pooling and Servicing Agreement.
2. NYLIFE SFD Holding Inc. is, as of the date hereof, the Master
Administrator under the Pooling and Servicing Agreement.
3. The undersigned is an Officer of the Master Administrator.
4. The date of this Report is January 15, 1999.
5. POOL FACTOR.
<TABLE>
<S> <C>
(a) The Pool Factor with respect to
December 1, 1998 was ..................................... .10013745
--------------
(b) The Pool Factor with respect to
December 31, 1998 was .................................... .09092833
--------------
</TABLE>
6. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE
(BEGINNING OF DUE PERIOD).
<TABLE>
<S> <C>
(a) The Investor Certificate Principal
Balance as of December 1, 1998
(after giving effect to the disbursements
in reduction of principal, if any,
on the immediately preceding
Distribution Date) was ................................... $ 3,725,413.40
--------------
</TABLE>
1
<PAGE>
<TABLE>
<S> <C>
(b) The Seller Certificate Principal
Balance as of December 1, 1998 (after
giving effect to the disbursements
in reduction of principal, if any, on
the immediately preceding Distribution
Date) was ................................................ $ 614,452.35
--------------
</TABLE>
7. OCCURRENCE OF A REQUIRED RESERVE EVENT
<TABLE>
<S> <C>
(a) The Delinquency Ratio is ................................. *18.19%
--------------
(b) The Three Month Delinquency Ratio is ..................... *15.43%
--------------
(c) The Gross Loss Ratio is ................................... 8.30%
--------------
(d) The Three Month Gross Loss Ratio is ....................... 9.25%
--------------
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*) ..................................................... *16.73%
--------------
(f) The Required Reserve Percentage is ........................ 10.00%
--------------
(g) *Indicates which Required Reserve Event has occured.
</TABLE>
SEE ANNEX C.1 FOR RATIO CALCULATIONS
- -----------------
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $151,128.35 of claims which are currently in dispute. Such disputed
claims represent 8.85% of all eligible claims.
8. AGGREGATE MONTHLY SERVICING FEE.
<TABLE>
<S> <C>
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is ...................................... $ 42,156.83
-------------
(b) The amount of accrued and unpaid
Monthly Servicing Fees in respect of
prior Due Periods is ...................................... $ -0-
-------------
(c) The total Monthly Servicing Fee paid
or payable to the Servicer in respect
of such Due Period [a+b] is ............................... $ 42,156.83
-------------
</TABLE>
2
<PAGE>
9. AGGREGATE MONTHLY SUBROGATION AMOUNT.
<TABLE>
<S> <C>
(a) The Monthly Subrogation Amount
owing on the related Distribution
Date is .................................................. $ -0-
--------------
(b) The amount of accrued and unpaid Monthly
Subrogation Amount in respect of prior
Due Periods is ........................................... $ -0-
--------------
(c) The total Monthly Subrogation Amount
paid or payable to the Master Administrator
in respect of such Due Period [a+b] is ................... $ -0-
--------------
</TABLE>
10. AGGREGATE MONTHLY ADMINISTRATOR FEE.
<TABLE>
<S> <C>
(a) The Monthly Administrator Fee owing
on the related Distribution Date is ...................... $ 4,458.21
--------------
(b) The amount of accrued and unpaid
Monthly Administrator Fees in respect
of prior Due Periods is .................................. $ -0-
--------------
(c) The total Monthly Administrator Fee
paid or payable to the Master Administrator
in respect of such Due Period [a+b] is ................... $ 4,458.21
--------------
</TABLE>
11. THE CASH RESERVE ACCOUNT.
(a) The Insurance Reserve Amount/The Insurance Deductible
<TABLE>
<S> <C>
(i) The Insurance Reserve Amount as
of the first day of the Due Period ................. $ -0-
--------------
(ii) The aggregate amount to be withdrawn
from the Insurance Reserve Amount,
deposited into the Collection Account
and applied against the aggregate
amount of the Insurance Deductible ................. $ 81,069.05
--------------
(iii) Additional Insurance Deductible
deposited by the Seller into the Cash
Reserve Account .................................... $ 81,069.05
--------------
(iv) The Insurance Reserve Amount as of
the end of the Due Period is........................ $ -0-
--------------
</TABLE>
(b) The Available Cash Reserve Amount
3
<PAGE>
<TABLE>
<S> <C>
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is ..................... $ 372,541.34
--------------
(ii) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(prior to any withdrawals or deposits
to be made with respect to the current
Distribution Date are made) is ..................... $ 288,839.09
--------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is ....................... $ -0-
--------------
(iv) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(after any withdrawals or deposits to be
made with respect to the current
Distribution Date are made) is ..................... $ 288,839.09
--------------
(c) The total Cash Reserve Account as of the
end of the Due Period (after giving effect
to the deposits and withdrawals in (a) and
(b) above) is ............................................ $ 288,839.09
--------------
12. AVAILABLE FUNDS.
(a) The amount of Available Funds with
respect to the related Due Period was .................... $ 626,207.79
--------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was ................................... $ -0-
--------------
(c) Interest earned on and retained in the
Collection Account for the Due Period
and interest earned on the Cash Reserve
Account and transferred to the Collection
Account for the Due Period on the
related Deposit Date was ................................. $ 4,458.21
--------------
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was .................... $ 630,666.00
--------------
</TABLE>
4
<PAGE>
<TABLE>
<S> <C>
(e) The amount of Available Funds used
to purchase additional Auto Loans during
the related Due Period was ............................... $ -0-
--------------
(f) The amount of Available Funds and
interest earned on the Collection
Account remaining after the purchase
of additional Auto Loans with respect
to the related Due Period [d-e] is ....................... $ 630,666.00
--------------
</TABLE>
13. DISBURSEMENTS TO BE MADE ON THE RELATED DISTRIBUTION DATE.
The Certificate Rate is 7.00%.
<TABLE>
<S> <C>
(a) The amount of the aggregate Monthly
Servicing Fee to be paid to the Servicer
on such Distribution Date is ............................. $ 42,156.83
--------------
(b) The amount of the aggregate Monthly
Subrogation Amount to be paid to the
Master Administrator on such
Distribution date is ..................................... $ -0-
--------------
(c) The amount of the Monthly Administrator
Fee to be paid to the Master Administrator
on such Distribution Date is ............................. $ 4,458.21
--------------
(d) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the Investor
Certificates at the Certificate Rate,
including any Shortfall so allocable is .................. $ 21,731.58
--------------
(e) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes payments in
reduction of principal with respect
to the Investor Certificates is .......................... $ 342,606.84
--------------
</TABLE>
5
<PAGE>
<TABLE>
<S> <C>
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e] is .............. $ 364,338.42
--------------
(g) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the Seller
Certificate at the Certificate Rate is ................... $ 3,584.31
--------------
(h) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes a reduction of principal
with respect to the Seller Certificate is ................ $ 216,128.23
--------------
(i) The amount to be deposited (withdrawn) to
the Cash Reserve Account is .............................. $ -0-
--------------
(j) The amount to be retained in the
Collection Account with respect to
the Partial Payment Amount is ............................ $ -0-
--------------
(k) The amount to be disbursed to the
Seller Certificateholder (other than the
amounts referred to in (g) and (h)) is ................... $ -0-
--------------
(l) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is ..................... $ 219,712.54
--------------
</TABLE>
14. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE
(END OF DUE PERIOD).
<TABLE>
<S> <C>
(a) The Investor Certificate Principal Balance
as of December 31, 1998 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was ......................... $ 3,382,806.56
--------------
(b) The Seller Certificate Principal
Balance as of December 31, 1998 (after
giving effect to the disbursements in
reduction of principal, if any, on the
related Distribution Date) was ........................... $ 398,324.12
--------------
</TABLE>
6
<PAGE>
15. EVENTS OF ADMINISTRATOR TERMINATION.
No event has occurred and is continuing which constitutes an Event of
Administrator Termination or would constitute an Event of
Administrator Termination but for the requirement that notice be given
or time elapse or both [except as disclosed on the attached Annex A].
7
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this certificate this 15th day of January 1999.
NYLIFE SFD Holding INC.
as Master Administrator
By: /s/ Scott Drath
--------------------------------------
Name: Scott Drath
Title: Vice President
8
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED January 15, 1999
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
9
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED January 15, 1999
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the
report delivered to Investor Certificateholders pursuant to Section 7.05 of
the Pooling and Servicing Agreement:
1. AGGREGATE PRINCIPAL BALANCE OF PERFORMING ACTIVE LOANS.
As of December 31, 1998 [the close of business on the last day of the
Due Period]
<TABLE>
<CAPTION>
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
-------------- ---------- ---------------------
<S> <C> <C>
current (0-29) 777 $ 3,153,532
30 - 59 85 357,561
60 - 89 24 106,100
90 - 119 16 72,127
120 - 179 14 72,071
180 and over 2 (2,717)
------- ------------
Totals: 918 $ 3,758,674
------- ------------
------- ------------
Aggregate Principal Balance of Defaulted
Auto Loans at December 31, 1998 3,040,605
------------
</TABLE>
2. TOTAL AMOUNTS COLLECTED DURING THE DUE PERIOD
AND DEPOSITED INTO THE COLLECTION ACCOUNT.
<TABLE>
<S> <C>
(a) The total amount of Payments collected
on the Auto Loans and deposited into the
Collection Account for the Due Period was ................ $ 451,784.40
--------------
(b) The total amount of Recoveries on
Defaulted Auto Loans collected on the
Auto Loans and deposited into the
Collection Account for the Due Period was ................ $ 93,354.34
--------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b] ..................... $ 545,138.74
--------------
</TABLE>
10
<PAGE>
3. DEFAULTED AUTO LOANS.
Auto Loans that became Defaulted Auto Loans during the Due Period:
<TABLE>
<CAPTION>
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
<S> <C>
10 $61,061.74
</TABLE>
4. THE INFORMATION SPECIFIED IN ITEM 13(d) THROUGH (f)
STATED ON THE BASIS OF $1,000 INITIAL PRINCIPAL AMOUNT.
The Certificate Rate is 7%.
<TABLE>
<S> <C>
(a) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Investor Certificates
at the Certificate Rate, including any
Shortfall so allocable stated on the basis of
$1,000 Initial Principal Amount is ....................... $ 0.584135
--------------
(b) The amount of the aggregate distribution
to be made on such Distribution Date which
constitutes payments in reduction of principal
with respect to the Investor Certificate on the
basis of $1,000 Initial Principal Amount is .............. $ 9.209119
--------------
(c) The total amount of the distribution to be made on such
Distribution Date to the Investor Certificateholders on
the basis of $1,000 Initial Principal Amount is .......... $ 9.793254
-------------
</TABLE>
11
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED January 15, 1999
Calculation of Required Cash Reserve Amount as of the January 20, 1999
Distribution Date.
(i) The Investor Certificate Principal Balance equals $3,725,413.40.
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and
(ii)) $372,541.34.
For purposes of this Annex C, the following term shall have the following
meaning:
"REQUIRED RESERVE PERCENTAGE" MEANS:
(a) for any Payment Date on which there is not an uncured
Reserve Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period
exceeds 4% (a "Three Month Delinquency Test"), the
Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due
Period following the third Due Period following the
occurrence of a Three Month Delinquency Test, the Three
Month Delinquency Ratio is less than 4% (a "Three Month
Delinquency Cure"), the provisions of this clause (b) shall
no longer apply until another Three Month Delinquency Test
occurs:
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a
"Delinquency Test"), the Required Reserve Percentage on
each succeeding Payment Date shall be 10%; provided,
however, that if, for any Due Period following the third
Due Period following the occurrence of the less than 6% (a
"Delinquency Cure"), the provisions of this clause (c)
shall no longer apply until another Delinquency Test
occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18% (a
"Loss Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided, however,
that if, for any Due Period following the third Due Period
following the occurrence of the Loss Test, the Three Month
Gross Ratio is less than 18% (a "Loss Cure"), the
provisions of this clause (d) shall no longer apply until
another Test occurs;
12
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due Period exceeds
14.5% (a "Three Month Loss Test"), the Required Reserve
Percentage on each succeeding Payment Date shall be 10%;
provided however, that if, for any Due Period following the
occurrence of a Three Month Loss Test, the Three Month
Gross Loss Ratio is less than 14.5% (a "Three Month
Loss Cure"), the provisions of this clause (e) shall no
longer apply until another Three Month Loss Test
occurs; and
(f) if 20% of more of eligible claims of the Auto Loans
Protection Policy are not paid by the Insurance Companies
within the time specified therein, the Required Reserve
Percentage on each succeeding Payment Date shall
be 10% as of the close of business on the last day
of the preceding Due Period.
13
<PAGE>
ANNEX C.1
<TABLE>
<CAPTION>
Ratios
------
<S> <C> <C> <C>
1. DELINQUENCY RATIO:
December Principal Balance 60+ days (net) = 1,236,638.34 = 18.19%
---------------------------------------------------- -----------------
December Aggregate Principal Balance 6,799,278.81
2. THREE MONTH DELINQUENCY RATIO:
Sum of October - December Principal Balances
Balances 60+ days (net) = 3,389,979.92 = 15.43%
---------------------------------------------------- -----------------
Sum of October - December Principal Balances 21,965,571.22
3. GROSS LOSS RATIO:
Twelve times the:
December Principal Balance of Defaulted
Auto Loans repossessed = 47,042.57 = 8.30%
---------------------------------------------------- -----------------
December Aggregate Principal Balance 6,799,278.81
4. THREE MONTH GROSS LOSS RATIO:
Twelve times the:
Sum of October - December Principal Balances
of Defaulted Auto Loans repossessed = 169,285.53 = 9.25%
---------------------------------------------------- -----------------
Sum of October - December Principal Balances 21,965,571.22
5. ALPI CLAIMS PAYMENT TEST:
Aggregate Principal Balance of
ALPI Claims not paid within timeframe = 285,792.84 = 16.73%
---------------------------------------------------- -----------------
Principal Balance of Eligible Claims 1,708,120.33
</TABLE>
<PAGE>
Exhibit 99.3
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------
NAFCO AUTO TRUST - 3
For the November 20, 1998 Distribution Date
For the period beginning on October 1, 1998 and
ending on October 31, 1998 (the "Due Period")
-----------------------------------------------------------
The undersigned, a duly authorized officer of NYLIFE SFD Holding Inc.,
as Master Administrator (the "Master Administrator"), pursuant to Section 5.11
of the Amended and Restated Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") dated as of October 1, 1995, by and among Auto Funding II,
L.P., as Seller, the Master Administrator, American Lenders Facilties Inc., as
Servicer and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Master Administrator Report and
not otherwise defined herein shall have the respective
meanings set forth in the Pooling and Servicing Agreement.
2. NYLIFE SFD Holding Inc. is, as of the date hereof, the Master
Administrator under the Pooling and Servicing Agreement.
3. The undersigned is an Officer of the Master Administrator.
4. The date of this Report is November 18, 1998.
5. POOL FACTOR.
<TABLE>
<S> <C>
(a) The Pool Factor with respect to
October 1, 1998 was.......................................... .21614178
--------------
(b) The Pool Factor with respect to
October 31, 1998 was ......................................... .17716256
--------------
6. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (BEGINNING
OF DUE PERIOD).
(a) The Investor Certificate Principal Balance as of
October 1, 1998 (after giving effect to the
disbursements in reduction of principal, if any, on
the immediately preceding
Distribution Date) was........................................ $7,137,001.45
--------------
(b) The Seller Certificate
</TABLE>
1
<PAGE>
<TABLE>
<S> <C>
Principal Balance as of October 1, 1998 (after giving
effect to the disbursements in reduction of
principal, if any, on the immediately preceding
Distribution Date) was.......................................$ 799,057.25
--------------
7. OCCURRENCE OF A REQUIRED RESERVE EVENT
(a) The Delinquency Ratio is...................................... *9.42%
--------------
(b) The Three Month Deliquency Ratio is........................... *16.38%
--------------
(c) The Gross Loss Ratio is....................................... 14.24%
--------------
(d) The Three Month Gross Loss Ratio is........................... 10.90%
--------------
(e) The percentage of eligible claims on the ALPI policy
not paid in a timely manner
is(*)......................................................... *43.01%
--------------
(f) The Required Reserve Percentage is............................ 10.00%
--------------
(g) * Indicates which Required Reserve Event has
occurred.
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $290,457.71 of claims which are currently in dispute. Such disputed
claims represent 11.22% of all eligible claims.
SEE ANNEX C.1 FOR RATIO CALCULATIONS.
8. AGGREGATE MONTHLY SERVICING FEE.
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is ........................................$ 46,279.97
--------------
(b) The amount of accrued and unpaid
Monthly Servicing Fees in respect of
prior Due Periods is ........................................$ -0-
--------------
(c) The total Monthly Servicing Fee paid or payable to
the Servicer in respect
of such Due Period [a+b] is..................................$ 46,279.97
--------------
</TABLE>
2
<PAGE>
<TABLE>
<S> <C>
9. AGGREGATE MONTHLY SUBROGATION AMOUNT.
(a) The Monthly Subrogation Amount
owing on the related Distribution
Date is......................................................$ -0-
--------------
(b) The amount of accrued and unpaid Monthly Subrogation
Amount in respect of prior
Due Periods is ..............................................$ -0-
--------------
(c) The total Monthly Subrogation Amount paid or payable
to the Master Administrator in respect of such Due
Period [a+b] is..............................................$ -0-
--------------
10. AGGREGATE MONTHLY ADMINISTRATOR FEE.
(a) The Monthly Administrator Fee owing
on the related Distribution Date is .........................$ 7,476.40
--------------
(b) The amount of accrued and unpaid
Monthly Administrator Fees in respect
of prior Due Periods is......................................$ -0-
--------------
(c) The total Monthly Administrator Fee paid or payable
to the Master Administrator in respect of such Due
Period [a+b] is..............................................$ 7,476.40
--------------
11. THE CASH RESERVE ACCOUNT.
(a) The Insurance Reserve Amount/The Insurance
Deductible
(i) The Insurance Reserve Amount as
of the first day of the Due Period..................$ 221,855.45
--------------
(ii) The aggregate Insurance Deductible
deposited by the Seller into the
Cash Reserve Account with respect
to Auto Loans acquired..............................$ 0
--------------
(iii) The aggregate amount to be withdrawn
from the Insurance Reserve Amount,
deposited into the Collection Account
and applied against the aggregate
amount of the Insurance Deductible..................$ 3,030.11
--------------
</TABLE>
3
<PAGE>
<TABLE>
<S> <C>
(iv) The aggregate amount of Monthly
Subrogation Amount to be deposited
into the Insurance Reserve Amount
on the related Deposit Date.........................$ -0-
--------------
(v) The Insurance Reserve Amount as of
the end of the Due Period is........................$ 218,825.34
--------------
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is......................$ 713,700.15
--------------
(ii) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(prior to any withdrawals or deposits
to be made with respect to the current
Distribution Date are made) is......................$ 761,053.44
--------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is........................$ 122,231.94
--------------
(iv) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is........................$ (842,223.25)
--------------
(v) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(after any withdrawals or deposits to be
made with respect to the current
Distribution Date are made) is......................$ 41,062.13
--------------
(c) The total Cash Reserve Account as of the end of the
Due Period (after giving effect to the deposits and
withdrawals in (a) and (b) above) is.........................$ 259,887.47
--------------
</TABLE>
4
<PAGE>
<TABLE>
<S> <C>
12. AVAILABLE FUNDS.
(a) The amount of Available Funds with
respect to the related Due Period was........................$ 529,809.34
--------------
(b) The amount of Available Funds with respect to the
immediately preceding Due Period that were retained
in the Collection Account was................................$ 0
--------------
(c) Interest earned on and retained in the Collection
Account and interest earned on the Cash Reserve
Account and transferred into the Collection Account
for the Due Period on the related Deposit Date was...........$ 7,476.40
--------------
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was........................$ 537,285.74
--------------
(e) The amount of Available Funds used to purchase
additional Auto Loans during
the related Due Period was...................................$ -0-
--------------
(f) The amount of Available Funds and interest earned on
the Collection Account remaining after the purchase
of additional Auto Loans with respect
to the related Due Period [d-e] is...........................$ 537,285.74
--------------
13. DISBURSEMENTS TO BE MADE ON THE RELATED DISTRIBUTION
DATE. The Certificate Rate is 6.50%.
(a) The amount of the aggregate Monthly
Servicing Fee to be paid to the Servicer
on such Distribution Date is.................................$ 46,279.97
--------------
(b) The amount of the aggregate Monthly Subrogation
Amount to be paid to the Master Administrator on such
Distribution date is.........................................$ -0-
--------------
(c) The amount of the Monthly Administrator
Fee to be paid to the Master Administrator
on such Distribution Date is.................................$ 7,476.40
--------------
</TABLE>
5
<PAGE>
<TABLE>
<S> <C>
(d) The amount of the aggregate distribution to be made
on such Distribution Date which constitutes interest
on the Investor Certificates at the Certificate Rate,
including any Shortfall so allocable is......................$ 38,658.76
--------------
(e) The amount of the aggregate distribution to be made
on such Distribution Date which constitutes payments
in reduction of principal with respect
to the Investor Certificates is..............................$ 1,287,093.86
--------------
(e)(1) The amount of the aggregate distribution
to be made on the Distribution Date
which constitutes Turbo Payments.............................$ 0
--------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e+e(1)] is.............$ 1,325,752.62
--------------
(g) The amount of the aggregate distribution to be made
on such Distribution Date which constitutes interest
on the Seller Certificate at the Certificate Rate is.........$ 0
--------------
(h) The amount of the aggregate distribution to be made
on such Distribution Date which constitutes a
reduction of principal
with respect to the Seller Certificate is....................$ 0
--------------
(i) The amount to be deposited (withdrawn) in
the Cash Reserve Account is..................................$ (842,223.25)
--------------
(j) The amount to be disbursed to the
Seller Certificateholder (other than the
amounts referred to in (g) and (h) is........................$ 0
--------------
(k) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is.........................$ 0
--------------
</TABLE>
6
<PAGE>
<TABLE>
<S> <C>
14. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (END OF DUE
PERIOD).
(a) The Investor Certificate Principal Balance as of
October 31, 1998 (after giving effect to the
disbursements in reduction of principal, if any, on
the immediately
preceding Distribution Date) was.............................$ 5,849,907.59
--------------
(b) The Seller Certificate Principal Balance as of
October 31, 1998 (after giving effect to the
disbursements in reduction of principal, if any, on
the immediately preceding Distribution
Date or the effect of the computation of the
Individual Sold Balance relating to the purchase of
additional Auto Loans during the Interest-Only
Period in accordance with the terms of the
Pooling and Servicing Agreement) was.........................$ 799,057.25
--------------
15. EVENTS OF ADMINISTRATOR TERMINATION.
No event has occurred and is continuing which constitutes an
Event of Administrator Termination or would constitute an
Event of Administrator Termination but for the requirement
that notice be given or time elapse or both [except as
disclosed on the attached Annex A].
</TABLE>
7
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this certificate this 18th day of November 1998.
NYLIFE SFD Holding INC.
as Master Administrator
By: /s/ Scott Drath
-------------------------------
Name: Scott Drath
Title: Vice President
8
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED November 18, 1998
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
9
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED November 18, 1998
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. AGGREGATE PRINCIPAL BALANCE OF PERFORMING ACTIVE LOANS.
As of October 31, 1998 [the close of business on the last day
of the Due Period]
<TABLE>
<CAPTION>
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
---------- ---------- ---------------------
<S> <C> <C>
current (0-29) 1,056 $5,411,100
30 - 59 86 594,493
60 - 89 19 134,144
90 - 119 10 79,987
120 - 179 25 234,916
180 and over 40 390,898
---------- -----------
Totals: 1,236 $ 6,845,538
----------
----------
Aggregate Principal Balance of Defaulted
Auto Loans at October 31, 1998 3,826,840
-----------
</TABLE>
2. Total Amounts Collected during the Due PERIOD AND DEPOSITED INTO
THE COLLECTION ACCOUNT.
<TABLE>
<S> <C>
(a) The total amount of Payments collected
on the Auto Loans and deposited into the
Collection Account for the Due Period was........................$ 488,223.96
--------------
(b) The total amount of Recoveries on Defaulted Auto Loans
collected on the Auto Loans and deposited into the
Collection Account for the Due Period was.........................$ 38,555.27
--------------
(c) The total amounts collected on the Auto Loans and
deposited into the Collection
Account for the Due Period was [a+b]..............................$ 526,779.23
--------------
</TABLE>
10
<PAGE>
3. DEFAULTED AUTO LOANS.
Auto Loans that became Defaulted Auto Loans during the Due Period:
<TABLE>
<CAPTION>
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
<S> <C>
84 $769,204.36
</TABLE>
4. The information specified in item 13(d) through (f)
STATED ON THE BASIS OF $1,000 INITIAL PRINCIPAL AMOUNT.
The Certificate Rate is 6.5%
<TABLE>
<S> <C>
(a) The amount of the aggregate distribution to be made on such
Distribution Date which constitutes interest on the Investor
Certificates at the Certificate Rate, including any Shortfall
so allocable stated on the basis of
$1,000 Initial Principal Amount is ...................................$ 1.170768
--------------
(b) The amount of the aggregate distribution to be made on such
Distribution Date which constitutes payments in reduction of
principal with respect to the Investor Certificate on the
basis of $1,000 Initial Principal Amount is ..........................$ 38.979220
--------------
(c) The total amount of the distribution to be made on such
Distribution Date to the Investor Certificateholders on the
basis of $1,000 Initial Principal Amount is ..........................$ 40.149988
--------------
</TABLE>
11
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED November 18, 1998
Calculation of Required Cash Reserve Amount as of the November 20,
1998 Distribution Date.
(i) The Investor Certificate Principal Balance equals
$7,137,001.45
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product
of (i) and (ii)) $713,700.15
For purposes of this Annex C, the following term shall have
the following meaning:
"REQUIRED RESERVE PERCENTAGE" MEANS:
(a) for any Payment Date on which there is not an uncured
Reserve Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period
exceeds 4% (a "Three Month Delinquency Test"), the
Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due
Period following the third Due Period following the
occurrence of a Three Month Delinquency Test, the Three
Month Delinquency Ratio is less than 4% (a "Three Month
Delinquency Cure"), the provisions of this clause (b)
shall no longer apply until another Three Month
Delinquency Test occurs;
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a
"Delinquency Test"), the Required Reserve Percentage on
each succeeding Payment Date shall be 10%; provided,
however, that if, for any Due Period following the third
Due Period following the occurrence of the less than 6% (a
"Delinquency Cure"), the provisions of this clause (c)
shall no longer apply until another Delinquency Test
occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18% (a
"Loss Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided, however,
that if, for any Due Period following the third Due Period
following the occurrence of the Loss Test, the Three Month
Gross Ratio is less than 18% (a "Loss Cure"), the
provisions of this clause (d) shall no longer apply until
another Test occurs;
12
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due Period
exceeds 14.5% (a "Three Month Loss Test"), the Required
Reserve Percentage on each succeeding Payment Date shall
be 10%; provided however, that if, for any Due Period
following the occurrence of a Three Month Loss Test, the
Three Month Gross Loss Ratio is less than 14.5% (a
"Three Month Loss Cure"), the provisions of this clause
(e) shall no longer apply until another Three Month Loss
Test occurs.
(f) if 20% of more of eligible claims of the Auto Loans
Protection Policy are not paid by the Insurance Companies
within the time specified therein, the Required Reserve
Percentage on each succeeding Payment Date shall be 10% as
of the close of business on the last day of the preceding
Due Period;
13
<PAGE>
ANNEX C.1
<TABLE>
<CAPTION>
Ratios
------
<S> <C> <C> <C>
1. DELINQUENCY RATIO:
October Principal Balance 60+ days (net) = 1,005,416.18 = 9.42%
---------------------------------------------- -----------------
October Aggregate Principal Balance 10,672,377.72
2. THREE MONTH DELINQUENCY RATIO:
Sum of August - October Principal Balances
60+ days (net) = 5,463,831.49 = 16.38%
---------------------------------------------- -----------------
Sum of August - October Principal Balances 33,366,276.21
3. GROSS LOSS RATIO:
Twelve times the:
October Principal Balance of Defaulted
Auto Loans repossessed = 126,683.26 = 14.24%
---------------------------------------------- -----------------
October Aggregate Principal Balance 10,672,377.72
4. THREE MONTH GROSS LOSS RATIO:
Twelve times the:
Sum of August - October Principal Balances
of Defaulted Auto Loans repossessed = 303,061.60 = 10.90%
---------------------------------------------- -----------------
Sum of August - October Principal Balances 33,366,276.21
5. ALPI CLAIMS PAYMENT TEST:
Aggregate Principal Balance of
ALPI Claims not paid within timeframe = 1,113,564.41 = 43.01%
---------------------------------------------- -----------------
Principal Balance of Eligible Claims 2,589,292.28
</TABLE>
<PAGE>
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------
NAFCO AUTO TRUST - 3
For the December 21, 1998 Distribution Date
For the period beginning on November 1, 1998 and
ending on November 30, 1998 (the "Due Period")
-----------------------------------------------------------
The undersigned, a duly authorized officer of NYLIFE SFD Holding Inc.,
as Master Administrator (the "Master Administrator"), pursuant to Section 5.11
of the Amended and Restated Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") dated as of October 1, 1995, by and among Auto Funding II,
L.P., as Seller, the Master Administrator, American Lenders Facilties Inc., as
Servicer and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Master Administrator Report and not
otherwise defined herein shall have the respective meanings set forth
in the Pooling and Servicing Agreement.
2. NYLIFE SFD Holding Inc. is, as of the date hereof, the Master
Administrator under the Pooling and Servicing Agreement.
3. The undersigned is an Officer of the Master Administrator.
4. The date of this Report is December 18, 1998.
<TABLE>
<S> <C> <C> <C>
5. POOL FACTOR.
(a) The Pool Factor with respect to
November 1, 1998 was.............................................. .17716256
---------------
(b) The Pool Factor with respect to
November 30, 1998 was ............................................ .15489792
---------------
6. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (BEGINNING OF DUE
PERIOD).
(a) The Investor Certificate Principal Balance as of
November 1, 1998 (after giving effect to the
disbursements in reduction of principal, if any, on
the immediately preceding
Distribution Date) was........................................ $ 5,849,907.59
---------------
</TABLE>
1
<PAGE>
<TABLE>
<S> <C> <C> <C>
(b) The Seller Certificate Principal Balance as of
November 1, 1998 (after giving effect to the
disbursements in reduction of principal, if any, on
the immediately preceding Distribution
Date) was.........................................................$ 799,057.25
---------------
7. OCCURRENCE OF A REQUIRED RESERVE EVENT
(a) The Delinquency Ratio is................................................. *15.52%
------
(b) The Three Month Deliquency Ratio is................................. *15.30%
------
(c) The Gross Loss Ratio is.................................................... 20.34%
------
(d) The Three Month Gross Loss Ratio is.................................. 15.31%
------
(e) The percentage of eligible claims on the ALPI policy not paid
in a timely manner
is(*)........................................................................... *43.27%
------
(f) The Required Reserve Percentage is.................................... 10.00%
------
(g) * Indicates which Required Reserve Event has occurred.
</TABLE>
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $307,960.05 of claims which are currently in dispute. Such disputed
claims represent 12.07% of all eligible claims.
SEE ANNEX C.1 FOR RATIO CALCULATIONS.
8. AGGREGATE MONTHLY SERVICING FEE.
<TABLE>
<S> <C> <C> <C>
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is .............................................$ 52,889.16
---------------
(b) The amount of accrued and unpaid
Monthly Servicing Fees in respect of
prior Due Periods is ........................................... $ -0-
---------------
(c) The total Monthly Servicing Fee paid or payable to
the Servicer in respect
of such Due Period [a+b] is.......................................$ 52,889.16
---------------
</TABLE>
2
<PAGE>
<TABLE>
<S> <C> <C> <C>
9. AGGREGATE MONTHLY SUBROGATION AMOUNT.
(a) The Monthly Subrogation Amount
owing on the related Distribution
Date is................................................... $ -0-
---------------
(b) The amount of accrued and unpaid Monthly Subrogation
Amount in respect of prior
Due Periods is .......................................... $ -0-
---------------
(c) The total Monthly Subrogation Amount paid or payable
to the Master Administrator
in respect of such Due Period [a+b] is ................ $ -0-
---------------
10. AGGREGATE MONTHLY ADMINISTRATOR FEE.
(a) The Monthly Administrator Fee owing
on the related Distribution Date is ...................... $ 5,438.36
---------------
(b) The amount of accrued and unpaid
Monthly Administrator Fees in respect
of prior Due Periods is.......................................... $ -0-
---------------
(c) The total Monthly Administrator Fee paid or payable
to the Master Administrator
in respect of such Due Period [a+b] is ....................... $ 5,438.36
---------------
11. THE CASH RESERVE ACCOUNT.
(a) The Insurance Reserve Amount/The Insurance
Deductible
(i) The Insurance Reserve Amount as
of the first day of the Due Period.................. $ 218,825.34
---------------
(ii) The aggregate Insurance Deductible
deposited by the Seller into the
Cash Reserve Account with respect
to Auto Loans acquired............................. $ 0
---------------
(iii) The aggregate amount to be withdrawn
from the Insurance Reserve Amount,
deposited into the Collection Account
and applied against the aggregate
amount of the Insurance Deductible.............. $ 4,516.87
---------------
</TABLE>
3
<PAGE>
<TABLE>
<S> <C> <C> <C>
(iv) The aggregate amount of Monthly
Subrogation Amount to be deposited
into the Insurance Reserve Amount
on the related Deposit Date......................... $ -0-
----------------
(v) The Insurance Reserve Amount as of
the end of the Due Period is.................. $ 214,308.47
----------------
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is................. $ 584,990.76
----------------
(ii) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(prior to any withdrawals or deposits
to be made with respect to the current
Distribution Date are made) is.................. $ 41,062.13
----------------
(iii) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is.................... $ 0
------------------
(iv) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is.................... $ -0-
------------------
(v) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(after any withdrawals or deposits to be
made with respect to the current
Distribution Date are made) is.................. $ 41,062.13
------------------
(c) The total Cash Reserve Account as of the end of the
Due Period (after giving effect to the deposits and
withdrawals in (a) and
(b) above) is.................................................. $ 255,370.60
------------------
</TABLE>
4
<PAGE>
<TABLE>
<S> <C> <C> <C>
12. AVAILABLE FUNDS.
(a) The amount of Available Funds with
respect to the related Due Period was............... $ 867,837.83
------------------
(b) The amount of Available Funds with respect to the
immediately preceding Due Period that were retained
in the Collection Account was.............................. $ 0
------------------
(c) Interest earned on and retained in the Collection
Account and interest earned on the Cash Reserve
Account and transferred into the Collection Account
for the Due Period on the related
Deposit Date was .............................................. $ 5,438.36
------------------
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was. ........ $ 873,276.19
------------------
(e) The amount of Available Funds used to purchase
additional Auto Loans during
the related Due Period was................................ $ -0-
------------------
(f) The amount of Available Funds and interest earned on
the Collection Account remaining after the purchase
of additional Auto Loans with respect
to the related Due Period [d-e] is................... $ 873,276.19
------------------
13. DISBURSEMENTS TO BE MADE ON THE RELATED DISTRIBUTION DATE.
The Certificate Rate is 6.50%.
(a) The amount of the aggregate Monthly
Servicing Fee to be paid to the Servicer
on such Distribution Date is.................................. $ 52,889.16
------------------
(b) The amount of the aggregate Monthly Subrogation
Amount to be paid to the Master Administrator on such
Distribution date is.......................................... $ -0-
------------------
(c) The amount of the Monthly Administrator
Fee to be paid to the Master Administrator
on such Distribution Date is................................... $ 5,438.36
------------------
</TABLE>
5
<PAGE>
<TABLE>
<S> <C> <C> <C>
(d) The amount of the aggregate distribution to be made
on such Distribution Date which constitutes interest
on the Investor Certificates at the Certificate Rate,
including any Shortfall so allocable is.................... $ 31,687.00
------------------
(e) The amount of the aggregate distribution to be made
on such Distribution Date which constitutes payments
in reduction of principal with respect
to the Investor Certificates is ............................ $ 735,178.15
------------------
(e)(1) The amount of the aggregate distribution
to be made on the Distribution Date
which constitutes Turbo Payments......................... $ 0
------------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e+e(1)] is... $ 766,865.15
------------------
(g) The amount of the aggregate distribution to be made
on such Distribution Date which constitutes interest
on the Seller Certificate at the Certificate Rate is............ $ 4,328.23
------------------
(h) The amount of the aggregate distribution to be made
on such Distribution Date which constitutes a
reduction of principal with respect to the Seller
Certificate is................ $ 43,755.29
------------------
(i) The amount to be deposited (withdrawn) in
the Cash Reserve Account is......................... $ 0
------------------
(j) The amount to be disbursed to the
Seller Certificateholder (other than the
amounts referred to in (g) and (h) is.................... $ 0
------------------
(k) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is.................... $ 48,083.52
------------------
</TABLE>
6
<PAGE>
14. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (END OF DUE PERIOD).
<TABLE>
<S> <C> <C> <C>
(a) The Investor Certificate Principal Balance as of
November 30, 1998 (after giving effect to the
disbursements in reduction of principal, if any, on
the immediately
preceding Distribution Date) was..................... $ 5,114,729.44
------------------
(b) The Seller Certificate Principal Balance as of
November 30, 1998 (after giving effect to the
disbursements in reduction of principal, if any, on
the immediately preceding Distribution
Date or the effect of the computation of the
Individual Sold Balance relating to the purchase of
additional Auto Loans during the Interest-Only
Period in accordance with the terms of the
Pooling and Servicing Agreement) was.............. $ 755,301.96
------------------
</TABLE>
15. EVENTS OF ADMINISTRATOR TERMINATION.
No event has occurred and is continuing which constitutes an
Event of Administrator Termination or would constitute an
Event of Administrator Termination but for the requirement
that notice be given or time elapse or both [except as
disclosed on the attached Annex A].
7
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and
delivered this certificate this 18th day of December 1998.
NYLIFE SFD Holding INC.
as Master Administrator
By:/s/ Scott Drath
-----------------------------
Name: Scott Drath
Title: Vice President
8
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED December 18, 1998
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
9
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED December 18, 1998
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. AGGREGATE PRINCIPAL BALANCE OF PERFORMING ACTIVE LOANS.
As of November 30, 1998 [the close of business on the last day of
the Due Period]
<TABLE>
<CAPTION>
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
-------------- ---------- ---------------------
<S> <C> <C>
current (0-29) 997 $ 4,981,510
30 - 59 98 649,792
60 - 89 22 147,342
90 - 119 9 83,163
120 - 179 20 166,866
180 and over 0 -0-
--------------- -----------------
Totals: 1,146 $ 6,028,673
---------------
---------------
Aggregate Principal Balance of Defaulted
Auto Loans at December 31, 1998 4,038,225
-----------------
2. TOTAL AMOUNTS COLLECTED DURING THE DUE PERIOD AND DEPOSITED INTO
THE COLLECTION ACCOUNT.
(a) The total amount of Payments collected
on the Auto Loans and deposited into the
Collection Account for the Due Period was............... $ 790,422.94
-----------------
(b) The total amount of Recoveries on Defaulted Auto Loans
collected on the Auto Loans and deposited into the
Collection Account for the Due Period was.............. $ 72,898.02
-----------------
(c) The total amounts collected on the Auto Loans and
deposited into the Collection
Account for the Due Period was [a+b]................... $ 863,320.96
-----------------
</TABLE>
10
<PAGE>
3. DEFAULTED AUTO LOANS.
Auto Loans that became Defaulted Auto Loans during the Due Period:
<TABLE>
<CAPTION>
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
----------- ---------------------
<S> <C>
53 $507,161.34
</TABLE>
4. THE INFORMATION SPECIFIED IN ITEM 13(D) THROUGH (F) STATED ON THE
BASIS OF $1,000 INITIAL PRINCIPAL AMOUNT.
The Certificate Rate is 6.5%
<TABLE>
<S> <C> <C> <C>
(a) The amount of the aggregate distribution to be made on such
Distribution Date which constitutes interest on the Investor
Certificates at the Certificate Rate, including any Shortfall
so allocable stated on the basis of
$1,000 Initial Principal Amount is ................................ $ 0.959631
------------------
(b) The amount of the aggregate distribution to be made on such
Distribution Date which constitutes payments in reduction of
principal with respect to the Investor Certificate on the
basis of $1,000 Initial Principal Amount is ......................... $ 22.264632
------------------
(c) The total amount of the distribution to be made on such
Distribution Date to the Investor Certificateholders on the
basis of $1,000
Initial Principal Amount is ........................................ $ 23.224263
------------------
</TABLE>
11
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED December 18, 1998
Calculation of Required Cash Reserve Amount as of the January 20,
1999 Distribution Date.
(i) The Investor Certificate Principal Balance equals
$5,849,907.59
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of
(i) and (ii)) $584,990.76
For purposes of this Annex C, the following term shall have the
following meaning:
"REQUIRED RESERVE PERCENTAGE" MEANS:
(a) for any Payment Date on which there is not an uncured
Reserve Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period
exceeds 4% (a "Three Month Delinquency Test"), the
Required Reserve Percentage on each succeeding Payment
Date shall be 10%; provided, however, that if, for any Due
Period following the third Due Period following the
occurrence of a Three Month Delinquency Test, the Three
Month Delinquency Ratio is less than 4% (a "Three Month
Delinquency Cure"), the provisions of this clause (b)
shall no longer apply until another Three Month
Delinquency Test occurs;
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a
"Delinquency Test"), the Required Reserve Percentage on
each succeeding Payment Date shall be 10%; provided,
however, that if, for any Due Period following the third
Due Period following the occurrence of the less than 6% (a
"Delinquency Cure"), the provisions of this clause (c)
shall no longer apply until another Delinquency Test
occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18% (a
"Loss Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided, however,
that if, for any Due Period following the third Due Period
following the occurrence of the Loss Test, the Three Month
Gross Ratio is less than 18% (a "Loss Cure"), the
provisions of this clause (d) shall no longer apply until
another Test occurs;
12
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due Period
exceeds 14.5% (a "Three Month Loss Test"), the Required
Reserve Percentage on each succeeding Payment Date shall
be 10%; provided however, that if, for any Due Period
following the occurrence of a Three Month Loss Test, the
Three Month Gross Loss Ratio is less than 14.5% (a "Three
Month Loss Cure"), the provisions of this clause (e) shall
no longer apply until another Three Month Loss Test
occurs.
(f) if 20% of more of eligible claims of the Auto Loans
Protection Policy are not paid by the Insurance Companies
within the time specified therein, the Required Reserve
Percentage on each succeeding Payment Date shall be 10% as
of the close of business on the last day of the preceding
Due Period;
13
<PAGE>
ANNEX C.1
<TABLE>
<CAPTION>
Ratios
------
<S> <C> <C> <C>
1. DELINQUENCY RATIO:
November Principal Balance 60+ days (net) = 1,562,323.29 = 15.52%
---------------------------------------------------- -----------------
November Aggregate Principal Balance 10,066,898.29
2. THREE MONTH DELINQUENCY RATIO:
Sum of September - November Principal Balances
60+ days (net) = 4,862,858.02 = 15.30%
---------------------------------------------------- -----------------
Sum of September - November Principal Balances 31,773,031.45
3. GROSS LOSS RATIO:
Twelve times the:
November Principal Balance of Defaulted
Auto Loans repossessed = 170,601.95 = 20.34%
---------------------------------------------------- -----------------
November Aggregate Principal Balance 10,066,898.29
4. THREE MONTH GROSS LOSS RATIO:
Twelve times the:
Sum of September - November Principal Balances
of Defaulted Auto Loans repossessed = 405,370.21 = 15.31%
---------------------------------------------------- -----------------
Sum of September - November Principal Balances 31,773,031.45
5. ALPI CLAIMS PAYMENT TEST:
Aggregate Principal Balance of
ALPI Claims not paid within timeframe = 1,103,928.11 = 43.27%
---------------------------------------------------- -----------------
Principal Balance of Eligible Claims 2,551,177.83
</TABLE>
<PAGE>
MASTER ADMINISTRATOR REPORT
---------------------------------------------------------
NAFCO AUTO TRUST - 3
For the January 20, 1999 Distribution Date
For the period beginning on December 1, 1998
and ending on December 31, 1998 (the "Due Period")
-----------------------------------------------------------
The undersigned, a duly authorized officer of NYLIFE SFD Holding Inc.,
as Master Administrator (the "Master Administrator"), pursuant to Section 5.11
of the Amended and Restated Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") dated as of October 1, 1995, by and among Auto Funding II,
L.P., as Seller, the Master Administrator, American Lenders Facilties Inc., as
Servicer and Bankers Trust Company, as Trustee, does hereby certify as follows:
1. Capitalized terms used in this Master Administrator Report and not
otherwise defined herein shall have the respective meanings set forth
in the Pooling and Servicing Agreement.
2. NYLIFE SFD Holding Inc. is, as of the date hereof, the Master
Administrator under the Pooling and Servicing Agreement.
3. The undersigned is an Officer of the Master Administrator.
4. The date of this Report is January 15, 1999.
5. POOL FACTOR.
<TABLE>
<S> <C>
(a) The Pool Factor with respect to
December 1, 1998 was............................................ . 15489792
------------
(b) The Pool Factor with respect to
December 31, 1998 was .......................................... . 13866359
------------
</TABLE>
6. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (BEGINNING OF DUE
PERIOD).
<TABLE>
<S> <C>
(a) The Investor Certificate Principal
Balance as of December 1, 1998
(after giving effect to the disbursements
in reduction of principal, if any,
on the immediately preceding
Distribution Date) was.......................................... $5,114,729.44
--------------
(b) The Seller Certificate Principal
</TABLE>
1
<PAGE>
<TABLE>
<S> <C>
Balance as of December 1, 1998 (after
giving effect to the disbursements
in reduction of principal, if any, on
the immediately preceding Distribution
Date) was....................................................... $755,301.96
--------------
</TABLE>
7. OCCURRENCE OF A REQUIRED RESERVE EVENT
<TABLE>
<S> <C>
(a) The Delinquency Ratio is........................................ *16.35%
--------------
(b) The Three Month Deliquency Ratio is............................. *13.63%
--------------
(c) The Gross Loss Ratio is......................................... 8.12%
--------------
(d) The Three Month Gross Loss Ratio is............................. 14.34%
--------------
(e) The percentage of eligible claims on the
ALPI policy not paid in a timely manner
is(*)........................................................... *27.93%
--------------
(f) The Required Reserve Percentage is.............................. 10.00%
--------------
(g) *Indicates which Required Reserve Event has occurred.
</TABLE>
(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $350,680.48 of claims which are currently in dispute. Such disputed
claims represent 13.95% of all eligible claims.
SEE ANNEX C.1 FOR RATIO CALCULATIONS.
8. AGGREGATE MONTHLY SERVICING FEE.
<TABLE>
<S> <C>
(a) The Monthly Servicing Fee owing
to the Servicer on the related
Distribution Date is ........................................... $ 40,956.34
--------------
(b) The amount of accrued and unpaid
Monthly Servicing Fees in respect of
prior Due Periods is ........................................... $ -0-
--------------
(c) The total Monthly Servicing Fee paid
or payable to the Servicer in respect
of such Due Period [a+b] is..................................... $ 40,956.34
--------------
</TABLE>
2
<PAGE>
9. AGGREGATE MONTHLY SUBROGATION AMOUNT.
<TABLE>
<S> <C>
(a) The Monthly Subrogation Amount
owing on the related Distribution
Date is......................................................... $ -0-
------------
(b) The amount of accrued and unpaid
Monthly Subrogation Amount in respect
of prior Due Periods is ........................................ $ -0-
------------
(c) The total Monthly Subrogation Amount
paid or payable to the Master Administrator
in respect of such Due Period [a+b] is ......................... $ -0-
------------
</TABLE>
10. AGGREGATE MONTHLY ADMINISTRATOR FEE.
<TABLE>
<S> <C>
(a) The Monthly Administrator Fee owing
on the related Distribution Date is ............................ $ 4,649.72
------------
(b) The amount of accrued and unpaid
Monthly Administrator Fees in respect
of prior Due Periods is..........................................$ -0-
------------
(c) The total Monthly Administrator Fee
paid or payable to the Master Administrator
in respect of such Due Period [a+b] is ......................... $ 4,649.72
------------
</TABLE>
11. THE CASH RESERVE ACCOUNT.
<TABLE>
<S> <C>
(a) The Insurance Reserve Amount/The Insurance
Deductible
(i) The Insurance Reserve Amount as
of the first day of the Due Period....................... $ 214,308.47
------------
(ii) The aggregate Insurance Deductible
deposited by the Seller into the
Cash Reserve Account with respect
to Auto Loans acquired................................... $ 0
------------
(iii) The aggregate amount to be withdrawn
from the Insurance Reserve Amount,
deposited into the Collection Account
and applied against the aggregate
amount of the Insurance Deductible....................... $ 64,150.69
------------
</TABLE>
3
<PAGE>
<TABLE>
<S> <C>
(iv) The aggregate amount of Monthly
Subrogation Amount to be deposited
into the Insurance Reserve Amount
on the related Deposit Date.............................. $ -0-
------------
(v) The Insurance Reserve Amount as of
the end of the Due Period
is....................................................... $ 150,157.78
-------------
(b) The Available Cash Reserve Amount
(i) The Required Cash Reserve Amount
(assuming all withdrawals or deposits to
be made with respect to the current
Distribution Date are made) is............................$511,472.94
------------
(ii) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(prior to any withdrawals or deposits
to be made with respect to the current
Distribution Date are made) is........................... $41,062.13
------------
(iii) The amount to be deposited to
withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is............................. $ 0
------------
(iv) The amount to be deposited to
(withdrawn from) the Available Cash
Reserve Amount with respect to the
current Distribution Date is............................. $ -0-
------------
(v) The Available Cash Reserve Amount
available for deposit to the Collection
Account on the related Deposit Date
(after any withdrawals or deposits to be
made with respect to the current
Distribution Date are made) is........................... $ 41,062.13
-------------
(c) The total Cash Reserve Account as of the
end of the Due Period (after giving effect
to the deposits and withdrawals in (a) and
(b) above) is................................................... $ 191,219.91
-------------
</TABLE>
4
<PAGE>
12. AVAILABLE FUNDS.
<TABLE>
<S> <C>
(a) The amount of Available Funds with
respect to the related Due Period was........................... $ 715,974.18
-------------
(b) The amount of Available Funds with
respect to the immediately preceding
Due Period that were retained in the
Collection Account was.......................................... $ 0
-------------
(c) Interest earned on and retained in the
Collection Account and interest earned
on the Cash Reserve Account and
transferred into the Collection Account
for the Due Period on the related
Deposit Date was ............................................... $ 4,649.72
-------------
(d) Total distributable funds with respect
to the related Due Period [a+b+c] was........................... $ 720,623.90
-------------
(e) The amount of Available Funds used
to purchase additional Auto Loans during
the related Due Period was...................................... $ -0-
-------------
(f) The amount of Available Funds and
interest earned on the Collection
Account remaining after the purchase
of additional Auto Loans with respect
to the related Due Period [d-e] is.............................. $ 720,623.90
-------------
</TABLE>
13. DISBURSEMENTS TO BE MADE ON THE RELATED DISTRIBUTION DATE.
The Certificate Rate is 6.50%.
<TABLE>
<S> <C>
(a) The amount of the aggregate Monthly
Servicing Fee to be paid to the Servicer
on such Distribution Date is.................................... $ 40,956.34
-------------
(b) The amount of the aggregate Monthly
Subrogation Amount to be paid to the
Master Administrator on such
Distribution date is............................................ $ -0-
-------------
(c) The amount of the Monthly Administrator
Fee to be paid to the Master Administrator
on such Distribution Date is.................................... $ 4,649.72
-------------
</TABLE>
5
<PAGE>
<TABLE>
<S> <C>
(d) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the Investor
Certificates at the Certificate Rate,
including any Shortfall so allocable is........................ $ 27,704.78
-------------
(e) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes payments in
reduction of principal with respect
to the Investor Certificates is ............................... $ 450,374.09
-------------
(e)(1) The amount of the aggregate distribution
to be made on the Distribution Date
which constitutes Turbo Payments............................... $ 85,683.71
-------------
(f) The total amount of the distribution
to be made on such Distribution Date
to the Investor Certificateholders [d+e+e(1)] is............... $ 563,762.58
-------------
(g) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes interest on the Seller
Certificate at the Certificate Rate is......................... $ 4,091.22
-------------
(h) The amount of the aggregate distribution
to be made on such Distribution Date
which constitutes a reduction of principal
with respect to the Seller Certificate is...................... $ 50,041.57
-------------
(i) The amount to be deposited (withdrawn) in
the Cash Reserve Account is.................................... $ 0
-------------
(j) The amount to be disbursed to the
Seller Certificateholder (other than the
amounts referred to in (g) and (h) is.......................... $ 57,122.47
-------------
(k) The total amount of the
distribution to be made to the
Seller Certificateholders [g+h+k] is........................... $ 111,255.26
-------------
</TABLE>
6
<PAGE>
14. INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (END OF DUE PERIOD).
<TABLE>
<S> <C>
(a) The Investor Certificate Principal Balance
as of December 31, 1998 (after giving
effect to the disbursements in reduction
of principal, if any, on the immediately
preceding Distribution Date) was............................... $ 4,578,671.64
--------------
(b) The Seller Certificate Principal
Balance as of December 31, 1998 (after
giving effect to the disbursements in
reduction of principal, if any, on the
immediately preceding Distribution
Date or the effect of the computation
of the Individual Sold Balance relating
to the purchase of additional Auto
Loans during the Interest-Only Period
in accordance with the terms of the
Pooling and Servicing Agreement) was........................... $ 705,260.39
-------------
</TABLE>
15. EVENTS OF ADMINISTRATOR TERMINATION.
No event has occurred and is continuing which constitutes an Event of
Administrator Termination or would constitute an Event of
Administrator Termination but for the requirement that notice be given
or time elapse or both [except as disclosed on the attached Annex A].
7
<PAGE>
IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 15th day of January 1999.
NYLIFE SFD Holding INC.
as Master Administrator
By: /s/ Scott Drath
----------------------------------
Name: Scott Drath
Title: Vice President
8
<PAGE>
ANNEX A
TO
MASTER ADMINISTRATOR REPORT
DATED January 15, 1999
EVENT OF MASTER ADMINISTRATOR TERMINATION
None
9
<PAGE>
ANNEX B
TO
MASTER ADMINISTRATOR REPORT
DATED January 15, 1999
In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:
1. AGGREGATE PRINCIPAL BALANCE OF PERFORMING ACTIVE LOANS.
As of December 31, 1998 [the close of business on the last day of the
Due Period]
<TABLE>
<CAPTION>
Number of Days Number of Aggregate Principal
Delinquent Auto Loans Balance of Auto Loans
-------------- ---------- ---------------------
<S> <C> <C>
current (0-29) 907 $4,640,697
30 - 59 92 536,100
60 - 89 24 142,053
90 - 119 10 67,953
120 - 179 17 141,455
180 and over 0 - 0 -
--------- ----------
Totals: 1,050 $5,528,258
--------- ----------
--------- ----------
Aggregate Principal Balance of Defaulted
Auto Loans at December 31, 1998 4,025,050
----------
</TABLE>
2. TOTAL AMOUNTS COLLECTED DURING THE DUE PERIOD AND DEPOSITED INTO THE
COLLECTION ACCOUNT.
<TABLE>
<S> <C>
(a) The total amount of Payments collected
on the Auto Loans and deposited into the
Collection Account for the Due Period was......$522,935.71
-------------
(b) The total amount of Recoveries on
Defaulted Auto Loans collected on the
Auto Loans and deposited into the
Collection Account for the Due Period was......$128,887.78
-------------
(c) The total amounts collected on the Auto
Loans and deposited into the Collection
Account for the Due Period was [a+b]...........$651,823.49
-------------
</TABLE>
10
<PAGE>
3. DEFAULTED AUTO LOANS.
Auto Loans that became Defaulted Auto Loans during the Due Period:
<TABLE>
<CAPTION>
Number of Aggregate Principal
Auto Loans Balance of Auto Loans
---------- ---------------------
<S> <C>
18 $130,092.08
</TABLE>
4. The information specified in item 13(d) through (f)
STATED ON THE BASIS OF $1,000 INITIAL PRINCIPAL AMOUNT.
The Certificate Rate is 6.5%
<TABLE>
<S> <C>
(a) The amount of the aggregate distribution to
be made on such Distribution Date which
constitutes interest on the Investor Certificates
at the Certificate Rate, including any
Shortfall so allocable stated on the basis of
$1,000 Initial Principal Amount is ............................... $ 0.839030
-------------
(b) The amount of the aggregate distribution
to be made on such Distribution Date which
constitutes payments in reduction of principal
with respect to the Investor Certificate on the
basis of $1,000 Initial Principal Amount is ...................... $ 16.234337
-------------
(c) The total amount of the distribution to be
made on such Distribution Date to the Investor
Certificateholders on the basis of $1,000
Initial Principal Amount is ..................................... .$ 17.073367
-------------
</TABLE>
11
<PAGE>
ANNEX C
TO
MASTER ADMINISTRATOR REPORT
DATED January 15, 1999
Calculation of Required Cash Reserve Amount as of the January 20, 1999
Distribution Date.
(i) The Investor Certificate Principal Balance equals $5,114,729.44
(ii) Required Reserve Percentage equals 10%.
(iii) The Required Cash Reserve Amount equals (the product of (i) and
(ii)) $511,472.94
For purposes of this Annex C, the following term shall have the
following meaning:
"REQUIRED RESERVE PERCENTAGE" MEANS:
(a) for any Payment Date on which there is not an uncured Reserve
Requirement Event, 5%;
(b) if the Three-Month Delinquency Ratio for any Due Period exceeds
4% (a "Three Month Delinquency Test"), the Required Reserve
Percentage on each succeeding Payment Date shall be 10%;
provided, however, that if, for any Due Period following the
third Due Period following the occurrence of a Three Month
Delinquency Test, the Three Month Delinquency Ratio is less
than 4% (a "Three Month Delinquency Cure"), the provisions of
this clause (b) shall no longer apply until another Three Month
Delinquency Test occurs;
(c) if the Delinquency Ratio for any Due Period exceeds 6% (a
"Delinquency Test"), the Required Reserve Percentage on each
succeeding Payment Date shall be 10%; provided, however, that
if, for any Due Period following the third Due Period following
the occurrence of the less than 6% (a "Delinquency Cure"), the
provisions of this clause (c) shall no longer apply until
another Delinquency Test occurs;
(d) if the Gross Loss Ratio for any Due Period exceeds 18% (a "Loss
Test"), the Required Reserve Percentage on each succeeding
Payment Date shall be 10%; provided, however, that if, for any
Due Period following the third Due Period following the
occurrence of the Loss Test, the Three Month Gross Ratio is
less than 18% (a "Loss Cure"), the provisions of this clause
(d) shall no longer apply until another Test occurs;
12
<PAGE>
(e) if the Three-Month Gross Loss Ratio for any Due Period exceeds
14.5% (a "Three Month Loss Test"), the Required Reserve
Percentage on each succeeding Payment Date shall be 10%;
provided however, that if, for any Due Period following the
occurrence of a Three Month Loss Test, the Three Month Gross
Loss Ratio is less than 14.5% (a "Three Month Loss Cure"), the
provisions of this clause (e) shall no longer apply until
another Three Month Loss Test occurs.
(f) if 20% of more of eligible claims of the Auto Loans Protection
Policy are not paid by the Insurance Companies within the time
specified therein, the Required Reserve Percentage on each
succeeding Payment Date shall be 10% as of the close of
business on the last day of the preceding Due Period;
13
<PAGE>
ANNEX C.1
<TABLE>
<CAPTION>
Ratios
------
<S> <C> <C> <C>
1. DELINQUENCY RATIO:
December Principal Balance 60+ days (net) = 1,562,129.35 = 16.35%
---------------------------------------------------- -----------------
December Aggregate Principal Balance 9,553,308.28
2. THREE MONTH DELINQUENCY RATIO:
Sum of October - December Principal Balances
60+ days (net) = 4,129,868.82 = 13.63%
---------------------------------------------------- -----------------
Sum of October - December Principal Balances 30,292,584.29
3. GROSS LOSS RATIO:
Twelve times the:
December Principal Balance of Defaulted
Auto Loans repossessed = 64,628.63 = 8.12%
---------------------------------------------------- -----------------
December Aggregate Principal Balance 9,553,308.28
4. THREE MONTH GROSS LOSS RATIO:
Twelve times the:
Sum of October - December Principal Balances
of Defaulted Auto Loans repossessed = 361,913.84 = 14.34%
---------------------------------------------------- -----------------
Sum of October - December Principal Balances 30,292,584.29
5. ALPI CLAIMS PAYMENT TEST:
Aggregate Principal Balance of
ALPI Claims not paid within timeframe = 702,252.28 = 27.93%
---------------------------------------------------- -----------------
Principal Balance of Eligible Claims 2,514,649.16
</TABLE>
