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 fiscal year ended December 31, 1997.
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934.
Commission file number 333-37471
USAA AUTO LOAN GRANTOR TRUST 1997-1 (Issuer)
USAA FEDERAL SAVINGS BANK (Originator of the Trust)
(Exact name of registrant as specified in its charter)
UNITED STATES 74-6464247
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
10750 McDermott Freeway, San Antonio, Texas 78288
(Address of principal executive offices) (Zip Code)
(210) 498-7479
(Registrant's telephone number,
including area code)
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 / /
USAA Auto Loan Grantor Trust 1997-1 had less than 300 certificates outstanding
as of December 30, 1997. These certificates represent the Class A and Class B
of certificates of USAA Auto Loan Grantor Trust 1997-1.
The registrant is filing this Annual Report on Form 10-K in a reduced
disclosure format pursuant to a no-action letter received from the Securities
and Exchange Commission dated December 23, 1993.
<PAGE>
USAA AUTO LOAN GRANTOR TRUST 1997-1
USAA FEDERAL SAVINGS BANK
PART I
ITEM 2. PROPERTIES
USAA Auto Loan Grantor Trust 1997-1 (the Trust) was formed pursuant
to a Pooling and Servicing Agreement dated as of October 1, 1997 between USAA
Federal Savings Bank as Seller and Servicer, and Chase Manhattan Bank, New
York, as Trustee.
The Trust was established solely for the purpose of acquiring the
fixed rate simple interest motor vehicle installment loans and related
collateral (the Receivables), issuing its 6.0% Automobile Loan Pass-Through
Certificates, Class A, and 6.15% Automobile Loan Pass-Through Certificates,
Class B (the Certificates), and engaging in related transactions.
The property of the Trust consists of the Receivables described
above. A summary of Receivable activity and delinquency information follows
(unaudited):
Units ($ in 000's)
Original Receivables outstanding, 60,285 $700,205,448.34
October 1, 1997
Prepayments 3,086 $ 77,151,588.22
Repossessions 8 $ 105,143.26
Receivables outstanding, 57,191 $622,948,716.86
December 31, 1997
Delinquent Receivables as of December 31, 1997:
Units ($ in 000's)
31-60 days 162 $1,616,289.44
61-90 days 28 $ 308,985.10
91 days or more 6 $ 74,764.97
Total 196 $2,000,039.51
Losses on repossessions for the period ending December 31, 1997 were
approximately $105,143.26 on 8 Receivables.
ITEM 3. LEGAL PROCEEDINGS
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
<PAGE>
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
As of December 31, 1997, there were 25 direct and indirect
participants in The Depository Trust Company holding positions in the
Certificates. The principal markets in which the Certificates are traded are
the U.S.domestic capital markets.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENTS, SCHEDULES AND REPORTS ON FORM 10-K
Exhibit "A" - Aggregate Statement
Exhibit "B" - Accountant's Annual Report
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
and Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
USAA FEDERAL SAVINGS BANK
(Registrant)
/s/ MICHAEL J. BROKER
-----------------------------
By: MICHAEL J. BROKER
(Duly Authorized Officer of
USAA Federal Savings Bank, as Servicer,
on behalf of the Trust)
<PAGE>
EXHIBIT "A"
AGGREGATE REPORT
<TABLE>
<CAPTION>
Page 1 USAA Auto Loan Grantor Trust 1997-1
$679,200,000 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT
<S> <C> <C> <C>
Collection Period # Beginning Date 10/01/97 11/01/97 12/01/97
Collection Period # End Date 10/31/97 11/30/97 12/31/97
Distribution Date 11/17/97 12/15/97 01/09/98
I. Available Amount in the Certificate Account
A. Credits
1. Payments from Obligors Applied to Collection Period
a. Principal Payments $26,764,412.16 $24,578,746.45 $25,808,429.61
b. Interest Payments $4,902,791.81 $4,829,038.04 $4,530,402.07
c. Total (a+b) $31,667,203.97 $29,407,784.49 $30,338,831.68
2. Repurchase Amount From Repurchased Receivable
a. Principal Payments $0.00 $0.00 $0.00
b. Interest Payments $0.00 $0.00 $0.00
c. Total (a+b) $0.00 $0.00 $0.00
3. Recovery of Defaulted Receivable
a. Principal Recovery Amount $0.00 $0.00 $0.00
b. Principal Balance of Defaulted Receivable $0.00 $38,349.32 $66,793.94
c. Net Principal loss $0.00 $38,349.32 $66,793.94
4. Advance by Servicer $103,728.60 $104,850.94 $109,693.68
5. Investment Earnings on Certificate Account (as of month end) $0.00 $72,087.52 $47,264.53
6. Overpayment from Obligors $0.00 $0.00 $0.00
7. Net Adjustments
a. to Interest Collections $1,541.73 $75,156.91 ($90,164.27)
b. to Principal Collections $0.00 $0.00 $0.00
8. Total Credits (sum 1 through 7) $31,772,474.30 $29,659,879.86 $30,405,625.62
B. Debits
1. Overpayment from Obligors $0.00 $0.00 $0.00
2. Total Debits $0.00 $0.00 $0.00
C. Total Collections (A-B) $31,772,474.30 $29,659,879.86 $30,405,625.62
1. Available Interest Collections $5,008,062.14 $5,081,133.41 $4,597,196.01
2. Available Principal Collections $26,764,412.16 $24,578,746.45 $25,808,429.61
II. Receivable Pool Balance
A. Original Principal Pool Balance $700,205,448.34 $700,205,448.34 $700,205,448.34
B. Principal Pool Balance as of the Beginning of the Collection Period $700,205,448.34 $673,441,036.18 $648,823,940.41
C. Principal Pool Balance as of the End of the Collection Period $673,441,036.18 $648,823,940.41 $622,948,716.86
III. Certificate Principal Balances For the Collection Period
A. Class A Certificates
1. Beginning Class A Balance $679,200,000.00 $653,238,520.20 $629,359,937.30
2. Ending Class A Balance $653,238,520.20 $629,359,937.30 $604,260,970.46
B . Class B Certificates
1. Beginning Class B Balance $21,005,448.34 $20,202,515.98 $19,464,003.11
2. Ending Class B Balance $20,202,515.98 $19,464,003.11 $18,687,746.40
IV. Reserve Account Balance For the Collection Period
A. Initial Reserve Account Deposit $10,503,081.73 $10,503,081.73 $10,503,081.73
B. Beginning Reserve Account Balance $10,503,081.73 $11,423,986.41 $12,535,839.14
C. Ending Reserve Account Balance $11,423,986.41 $12,535,839.14 $12,085,219.41
V. Summary of Cash Disbursements
A. Available Collections $31,772,474.30 $29,659,879.86 $30,405,625.62
B. Withdrawals from Reserve Account $0.00 $0.00 $450,619.73
C. Total Available Collections $31,772,474.30 $29,659,879.86 $30,856,245.35
D. Reimbursement of Advance $0.00 $0.00 $104,850.94
E. Payment of Servicing Fee $583,504.54 $561,200.86 $540,686.62
F. Interest paid to Class A Certificates $3,396,000.00 $3,266,192.60 $3,146,799.69
G. Interest paid to Class B Certificates $107,652.92 $103,537.89 $99,753.02
H. Principal paid to Class A Certificates $25,961,479.80 $23,878,582.90 $25,098,966.84
I. Principal paid to Class B Certificates $802,932.36 $738,512.87 $776,256.71
J. Remaining Available Collections $920,904.68 $1,111,852.74 $1,088,931.53
K. Deposit from Remaining Available Collections to fund Reserve Account $920,904.68 $1,111,852.73 $0.00
L. Remaining Available Collections Released to Seller $0.00 $0.01 $1,088,931.53
<PAGE>
Page 2
USAA Auto Loan Grantor Trust 1997-1
$679,200,000 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT
VI. Scheduled Monthly Interest Distribution
A. Available Interest Collections $5,008,062.14 $5,081,133.41 $4,597,196.01
B. Reimbursement of Advance
1. Prior Advance Outstanding $0.00 $103,728.60 $208,579.54
2. Reimbursement of Prior Advance Outstanding from Interest
Collections $0.00 $0.00 $104,850.94
3. Remaining Prior Advance Outstanding $0.00 $103,728.60 $103,728.60
4. Reimbursement of Prior Advance Outstanding from Spread Account $0.00 $0.00 $0.00
5. Remaining Prior Advance Outstanding $0.00 $103,728.60 $103,728.60
6. Current Advance $103,728.60 $104,850.94 $109,693.68
7. Total Advance Outstanding for the Period $103,728.60 $208,579.54 $213,422.28
C. Total Reimbursement of Advance paid $0.00 $0.00 $104,850.94
D . Remaining Available Interest Collections $5,008,062.14 $5,081,133.41 $4,492,345.07
E. Servicing Fee
1. Current Servicing Fee Accrued $583,504.54 $561,200.86 $540,686.62
2. Unpaid Servicing Fees From Prior Collection Periods $0.00 $0.00 $0.00
3. Total Servicing Fee Due $583,504.54 $561,200.86 $540,686.62
4. Payment of Servicing Fee from Interest Collections $583,504.54 $561,200.86 $540,686.62
5. Payment of Servicing Fee from Rserve Account $0.00 $0.00 $0.00
6. This period unpaid Servicing Fee $0.00 $0.00 $0.00
F. Total Servicing Fee paid $583,504.54 $561,200.86 $540,686.62
G . Remaining Available Interest Collections $4,424,557.60 $4,519,932.55 $3,951,658.45
H. Class A Interest Distribution Amount
1. Class A Coupon Rate 6.00% 6.00% 6.00%
2.Class A Monthly Interest $3,396,000.00 $3,266,192.60 $3,146,799.69
3.Class A Interest Carryover Shortfall $0.00 $0.00 $0.00
4. Class A Interest on Interest Carryover Shortfall $0.00 $0.00 $0.00
5. Class A Interest Distributable Amount $3,396,000.00 $3,266,192.60 $3,146,799.69
6. Payment of Class A Interest Distributable Amount from
Interest Collections $3,396,000.00 $3,266,192.60 $3,146,799.69
7. Payment of Class A Interest Distributable Amount from
Spread Account $0.00 $0.00 $0.00
8. Payment of Class A Interest Distributable Amount from
Class B Percentage of Available Principal $0.00 $0.00 $0.00
9. This period Class A Interest Carryover Shortfall $0.00 $0.00 $0.00
I. Total Interest paid to Class A Certificates $3,396,000.00 $3,266,192.60 $3,146,799.69
J. Remaining Available Interest Collections $1,028,557.60 $1,253,739.95 $804,858.76
K. Class B Interest Distribution Amount
1. Class B Coupon Rate 6.15% 6.15% 6.15%
2.Class B Monthly Interest $107,652.92 $103,537.89 $99,753.02
3.Class B Interest Carryover Shortfall $0.00 $0.00 $0.00
4. Class B Interest on Interest Carryover Shortfall $0.00 $0.00 $0.00
5. Class B Interest Distributable Amount $107,652.92 $103,537.89 $99,753.02
6. Payment of Class B Interest Distributable Amount from
Interest Collections $107,652.92 $103,537.89 $99,753.02
7. Payment of Class B Interest Distributable Amount from
Spread Account $0.00 $0.00 $0.00
8. This period Class B Interest Carryover Shortfall $0.00 $0.00 $0.00
L. Total Interest paid to Class B Certificates $107,652.92 $103,537.89 $99,753.02
M. Remaining Available Interest Collections $920,904.68 $1,150,202.06 $705,105.74
<PAGE>
Page 3
USAA Auto Loan Grantor Trust 1997-1
$679,200,000 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT
VII. Scheduled Monthly Principal Distributions
A. Principal Distribution Amount
1. Available Principal Collections $26,764,412.16 $24,578,746.45 $25,808,429.61
2. Net Principal Losses $0.00 $38,349.32 $66,793.94
3. Total (1 + 2) $26,764,412.16 $24,617,095.77 $25,875,223.55
B. Total Available Collections
1. Remaining Available Principal Collections $26,764,412.16 $24,578,746.45 $25,808,429.61
2. Remaining Available Interest Collections $920,904.68 $1,150,202.06 $705,105.74
3. Total (1 + 2) $27,685,316.84 $25,728,948.51 $26,513,535.35
C. Class A Percentage of Principal Distribution Amount 97.00% 97.00% 97.00%
D. Class A Principal Distribution Amount
1. Beginning Class A Principal Balance $679,200,000.00 $653,238,520.20 $629,359,937.30
2. Class A Monthly Principal $25,961,479.80 $23,878,582.90 $25,098,966.84
3. Class A Principal Carryover Shortfall $0.00 $0.00 $0.00
4. Total Class A Principal Distribution Amount $25,961,479.80 $23,878,582.90 $25,098,966.84
5. Payment of Class A Principal Distribution Amount from
Available Collections $25,961,479.80 $23,878,582.90 $25,098,966.84
6. Payment of Class A Principal Distribution Amount from
Spread Account $0.00 $0.00 $0.00
7. Class A Principal Carryover Shortfall for the Period $0.00 $0.00 $0.00
8. Ending Class A Principal Balance $653,238,520.20 $629,359,937.30 $604,260,970.46
E. Total Principal paid to Class A Certificates $25,961,479.80 $23,878,582.90 $25,098,966.84
F. Remaining Available Collections $1,723,837.04 $1,850,365.61 $1,414,568.51
G. Class B Percentage of Principal Distribution Amount 3.00% 3.00% 3.00%
H. Class B Principal Distribution Amount
1. Beginning Class B Principal Balance $21,005,448.34 $20,202,515.98 $19,464,003.11
2. Class B Monthly Principal $802,932.36 $738,512.87 $776,256.71
3. Class B Percentage of Available Principal used to pay
Class A Interest $0.00 $0.00 $0.00
3. Class B Principal Carryover Shortfall $0.00 $0.00 $0.00
4. Total Class B Principal Distribution Amount $802,932.36 $738,512.87 $776,256.71
5. Payment of Class B Principal Distribution Amount from
Available Collections $802,932.36 $738,512.87 $776,256.71
6. Payment of Class B Principal Distribution Amount from
Spread Account $0.00 $0.00 $0.00
7. Class B Principal Carryover Shortfall for the Period $0.00 $0.00 $0.00
8. Ending Class B Principal Balance $20,202,515.98 $19,464,003.11 $18,687,746.40
I. Total Principal paid to Class B Certificates $802,932.36 $738,512.87 $776,256.71
J. Remaining Available Collections $920,904.68 $1,111,852.74 $638,311.80
<PAGE>
Page 4
USAA Auto Loan Grantor Trust 1997-1
$679,200,000 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT
VIII. Required Reserve Account Amount for Next Distribution Date
A. Reserve Account Required Amount.
1. Floor Amount = min(1.00% of Initial Pool Balance, Ending
Pool Balance) $7,002,054.48 $7,002,054.48 $7,002,054.48
2. Maximum Amount = 2% of Ending Pool Balance $13,468,820.72 $12,976,478.81 $12,085,219.41
3. Reserve Account Amount (Max: 1.or 2.) $13,468,820.72 $12,976,478.81 $12,085,219.41
B. Reserve Account Triggers
1. Average Three Period Delinquency Percentage N/A 0.01% 0.03%
2. Delinquency Percentage Trigger 1.25% 1.25% 1.25%
3. Average Three Period Charge Off Rate N/A 0.02% 0.07%
4. Charge Off Rate Trigger 1.25% 1.25% 1.25%
5. Required Reserve Account Percentage Specified 4.00% 4.00% 4.00%
6. Reserve Account Trigger Amount (if 1. > 2. or 3. > 4.
then 4% of Ending Pool Balance, else $0.00 $0.00 $0.00
C. Required Reserve Account Amount for Next Period (Max: A or B) $13,468,820.72 $12,976,478.81 $12,085,219.41
D. Remaining Available Collections $920,904.68 $1,111,852.74 $638,311.80
E. Reserve Account Activity
1. Beginning Reserve Account Balance $10,503,081.73 $11,423,986.41 $12,535,839.14
2. Withdrawal from Reserve Account to pay Servicer Advance $0.00 $0.00 $0.00
3. Withdrawal from Reserve Account to pay Servicing Fee $0.00 $0.00 $0.00
4. Withdrawal from Reserve Account to pay Class A Interest $0.00 $0.00 $0.00
5. Withdrawal from Reserve Account to pay Class B Interest $0.00 $0.00 $0.00
6. Withdrawal from Reserve Account to pay Class A Principal $0.00 $0.00 $0.00
7. Withdrawal from Reserve Account to pay Class B Principal $0.00 $0.00 $0.00
8. Deposit from Remaining Available Collections to fund
Reserve Account $920,904.68 $1,111,852.73 $0.00
9. Withdrawal of funds in Reserve Account in Excess of
Required Reserve Account Balance $0.00 $0.00 $450,619.73
10. Ending Reserve Account Balance $11,423,986.41 $12,535,839.14 $12,085,219.41
<PAGE>
Page 5
USAA Auto Loan Grantor Trust 1997-1
$679,200,000 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT
IX. Delinquency and Default Information
A. Automobiles Delinquency Information
Delinquency Principal Principal Principal
31-60 days $1,620,990.33 $1,579,267.82 $1,616,289.44
61-90 days $62,081.21 $151,322.15 $308,985.10
91-120 days $0.00 $0.00 $74,764.97
Total $1,683,071.54 $1,730,589.97 $2,000,039.51
Delinquency Units Units Units
31-60 days 157 156 162
61-90 days 7 13 28
91-120 days 0 0 6
Total 164 169 196
B. Delinquency Percentage
1. Outstanding Principal Balance for Delinquency >=60 days $62,081.21 $151,322.15 $383,750.07
2. Portfolio Principal Ending Balance for Collection Period $673,441,036.18 $648,823,940.41 $622,948,716.86
3. Delinquency Percentage (1/2) 0.01% 0.02% 0.06%
4. Outstanding Principal Balance for Delinquency >=90 days $0.00 $0.00 $74,764.97
5. Portfolio Principal Ending Balance for Collection Period $673,441,036.18 $648,823,940.41 $622,948,716.86
6. Delinquency Percentage (4/5) 0.00% 0.00% 0.01%
X. Portfolio Average Delinquency Ratio
A. Delinquency Ratio for 2 Collection Periods Prior N/A N/A 0.01%
B. Delinquency Ratio for Prior Collection Period N/A 0.01% 0.02%
C. Delinquency Ratio for Current Collection Period 0.01% 0.02% 0.06%
D. Average Delinquency Ratio ((sum A through C)/3) 0.00% 0.01% 0.03%
XI. Portfolio Average Net Loss Ratio
1. Principal Recoveries of Defaulted Receivable $0.00 $0.00 $0.00
2. Principal Balance of Defaulted Receivable $0.00 $38,349.32 $66,793.94
4. Average Pool Balance for Collection Period $686,823,242.26 $661,132,488.30 $635,886,328.64
5. Net Loss Ratio ((2- 1)/3) 0.00% 0.07% 0.13%
A. Net Loss Ratio for 2 Collection Periods Prior N/A N/A 0.00%
B. Net Loss Ratio for Prior Collection Period N/A 0.00% 0.07%
C. Net Loss Ratio for Current Collection Period 0.00% 0.07% 0.13%
D. Average Net Loss Ratio ((sum A through C)/3) 0.00% 0.02% 0.07%
Weighted Average Coupon 8.45% 8.45% 8.45%
Weighted Average Maturity 41.73 40.95% 40.18%
<PAGE>
Page 6
USAA Auto Loan Grantor Trust 1997-1
$679,200,000 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
FORM OF CERTIFICATEHOLDER REPORT
On March 15, 1999, interest earned and principal paid of the underlying assets for the month of February 1999
were paid to you by the paying agent on behalf of Chase Manhattan Bank, in its capacity as Trustee for the above
referenced issue. The following information is being provided pursuant to Section 14.8 of the Pooling and
Servicing Agreement, dated as of October 1, 1997. This payment per $1,000 of original issuance of your holdings
is allocated as follows:
1) Class A Principal $25,961,479.80 $23,878,582.90 $25,098,966.84
Principal Factor 0.0382236 0.0365542 0.0398801
2) Class A Interest $3,396,000.00 $3,266,192.60 $3,146,799.69
Interest Factor 0.0050000 0.0050000 0.0050000
Total per each individual Class A Certificate $29,357.48 $27,144.78 $28,245.77
3) Class B Principal $802,932.36 $738,512.87 $776,256.71
Principal Factor 0.0382250 0.0365555 0.0398817
4) Class B Interest $107,652.92 $103,537.89 $99,753.02
Interest Factor 0.0051250 0.0051250 0.0051250
Total per each individual Class B Certificate $910.59 $842.05 $876.01
5) Fees and Compensation paid to Servicer
(a) Total $583,504.54 $561,200.86 $540,686.62
(b) Per individual Class A and Class B Certificate $583.50 $561.20 $540.69
6) The amount deposited into the Reserve Account $920,904.68 $1,111,852.73 $0.00
7) Aggregate Unreimbursed Advances
This Month $103,728.60 $104,850.94 $109,693.68
Previous Month $0.00 $103,728.60 $103,728.60
Change From Previous Month $103,728.60 $1,122.34 $5,965.08
8) (a) Pool Balance after this payment $673,441,036.18 $648,823,940.41 $622,948,716.86
(b) Pool Factor after this payment 0.9329241 0.8988218 0.8629767
9) (a) Available Reserve Account Amount $10,503,081.73 $11,423,986.41 $12,535,839.14
(b) Percent of Pool Balance 1.50% 1.70% 1.93%
10) Required Reserve Account Amount $13,468,820.72 $12,976,478.81 $12,085,219.41
</TABLE>
<PAGE>
EXHIBIT "B"
ACCOUNTANT'S ANNUAL REPORT
January 31, 2000
The Board of Directors
USAA Federal Savings Bank
RE: USAA Auto Loan Grantor Trust 1997-1
We have applied certain agreed upon procedures, as discussed below, to the
servicing records of USAA Federal Savings Bank (the Bank) from January 1,
1999, to December 31, 1999, in accordance with the requirements of Section
13.11 of the Pooling and Servicing Agreement dated as of October 1, 1997 (the
Pooling Agreement), between USAA Federal Savings Bank, as Seller and Servicer,
and The Chase Manhattan Bank, as Trustee. It is understood that this letter is
solely for the information and use of the management of the Bank, the Trustee,
and the Rating Agencies in connection with the Pooling Agreement and is not to
be referred to or distributed (for any purpose) to anyone else.
We are independent with respect to the Servicer and conform to the standards
of the profession as contained in the Code of Professional Conduct and
pronouncements of the American Institute of Certified Public Accountants, and
the Rules of Professional Conduct of the Texas Board of Public Accountancy.
Unless otherwise indicated, the following conventions have been adopted in
presenting our procedures and findings:
o the term "compared" means compared to and found to be in agreement with,
unless otherwise noted. Such compared amounts and percentages are deemed
to be in agreement if differences are, in our judgement, minor or if
differences are attributable to rounding.
o the term "recomputed" means calculated and found the amount to be in
agreement with, unless otherwise noted. Such recomputed amounts and
percentages are deemed to be in agreement if differences are attributable
to rounding.
o capitalized terms herein are defined in the Pooling Agreement and are
used with the meaning set forth therein.
Our procedures and findings were as follows:
1. As described in items 2., 3., and 4. below, we have performed certain
procedures relating to the Servicer's accounting and reporting performed
in connection with the servicing of the Receivables under the Pooling
Agreement. Based on our procedures performed, we found no exceptions,
other than those which we believe to be immaterial to the Bank's
compliance with the Pooling Agreement. We are, however, noting below
certain other matters for your information.
2. We read the Pooling Agreement and the Servicer's Certificate, as
described in Exhibit D of the Pooling Agreement.
<PAGE>
The Board of Directors
USAA Federal Savings Bank
Page 2
3. In accordance with Section 13.11 of the Pooling Agreement, we have
reviewed the Servicer's procedures and records relating to the servicing
of the Receivables. As a result of this review, the only matter noted was
as follows:
A. Seventy-two receivables out of the total pool of approximately
23,472 receivables outstanding at December 31, 1999, were noted to
have received three or more credit-related extensions since the
loan's inception. Fourteen loans exceeded the four month aggregate
limitation for extensions. While these extensions were made within
the guidelines of the Bank's credit policy, they did exceed the
maximum of two credit-related extensions provided for within Section
13.2 of the Pooling Agreement.
4. With respect to the Monthly Servicer Certificate Reports (Monthly
Reports) provided to the Trustee, the Paying Agent, the Rating Agencies,
the Cash Collateral Depositor and the Cash Collateral Trustee, we
obtained the Monthly Reports for March, May, July, August, and September
of 1999 (summary of Monthly Reports is attached as Exhibit I) and
performed the following procedures, which were applied as indicated with
respect to the letter symbols explained below:
A. We compared with and agreed to amounts appearing in the "ABS
History" report prepared by officials of the Bank.
B. We recomputed using the amounts or numbers included in the Monthly
Report and/or prior Monthly Reports using the formula as defined by
the Pooling Agreement.
C. We compared with and agreed to amounts included in the prior month's
Monthly Report.
D. We compared with and agreed to amounts appearing in the "Transaction
History Inquiry."
E. We compared with and agreed to amounts or percentages appearing in
the USAA Auto Loan Grantor Trust 1997-1 6.00% Automobile Loan
Pass-Through Certificates, Class A and 6.15% Automobile Loan
Pass-Through Certificates, Class B Prospectus dated October 30,
1997.
F. We compared with and agreed to amounts or numbers appearing in the
"ABS Loans with Late Payments" and "ABS Loans Paid Ahead 60 or More
Days from Last Payment" reports prepared by officials of the Bank.
G. We inquired of officials of the Bank who represented this line
equals zero.
H. We compared with and agreed to amounts appearing in The Chase
Manhattan Bank business checking account bank statement received by
the Bank from The Chase Manhattan Bank.
I. We compared line I.A.1.b. to the supporting documentation and noted
that the amount did not agree to the amount recorded on the March
Monthly Report by $4,790.00. The amount per the supporting
documentation is $2,068,842.46. As a result of this difference, each
row identified with the letter "I" does not agree by its applicable
pro rata portion of the $4,790.00 The client was notified of the
error and the Monthly Report was subsequently corrected.
<PAGE>
The Board of Directors
USAA Federal Savings Bank
Page 3
J. We compared line I.A.3.a. to the supporting documentation and noted
that the amount did not agree to the amount recorded on the August
Monthly Report by $11,117.77. The amount per the supporting
documentation is $73,421.43. As a result of this difference, each
row identified with the letter "J" does not agree by its applicable
pro rata portion of the $11,117.77. The client was notified of the
error and the Monthly Report was subsequently corrected.
It should be understood that we make no representation as to questions of
legal interpretation and that such procedures would not necessarily reveal any
material misstatements. Because the above procedures do not constitute an
audit made in accordance with generally accepted auditing standards, we do not
express an opinion on the items referred to above. Had we performed additional
procedures or had we performed an audit in accordance with generally accepted
auditing standards, other matters might have come to our attention that would
have been reported to you. This letter is related only to the items specified
above and does not extend to any financial statements or financial information
of USAA Federal Savings Bank and should not be associated with such financial
statements or financial information.
Very truly yours,
/s/ KPMG LLP
<PAGE>
<TABLE>
<CAPTION>
Page 1
USAA Auto Loan Grantor Trust 1997-1
$679,200,000 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT
<S> <C> <C>
Collection Period # Beginning Date 03/01/99 05/01/99
Collection Period # End Date 03/31/99 05/31/99
Distribution Date 04/10/99 06/10/99
I. Available Amount in the Certificate Account
A. Credits Procedures Procedures
1. Payments from Obligors Applied to Collection Period Performed Performed
a. Principal Payments $20,245,833.70 A $15,937,703.53 A
b. Interest Payments $2,064,052.46 I $1,758,630.59 A
c. Total (a+b) $22,309,886.16 I $17,696,334.12 B
2. Repurchase Amount From Repurchased Receivable
a. Principal Payments $68,081.24 D $43,032.92 D
b. Interest Payments $214.07 D $131.16 D
c. Total (a+b) $68,295.31 $43,164.08 B
3. Recovery of Defaulted Receivable
a. Principal Recovery Amount $39,511.97 D $49,367.75 D
b. Principal Balance of Defaulted Receivable $129,927.15 D $175,150.08 D
c. Net Principal loss $90,415.18 B $125,782.33 B
4. Advance by Servicer $60,047.95 F $52,768.46 F
5. Investment Earnings on Certificate Account (as of month end) $79,890.59 H $73,110.49 H
6. Overpayment from Obligors $0.00 G $0.00 G
7. Net Adjustments
a. to Interest Collections $0.00 G $0.00 G
b. to Principal Collections $0.00 G $0.00 G
8. Total Credits (sum 1 through 7) $22,557,631.98 I $17,914,744.90 B
B. Debits
1. Overpayment from Obligors $0.00 B $0.00 B
2. Total Debits $0.00 B $0.00 B
C. Total Collections (A-B) $22,557,631.98 I $17,914,744.90 B
1. Available Interest Collections $2,204,205.07 I $1,884,640.70 B
2. Available Principal Collections $20,353,426.91 B $16,030,104.20 B
II. Receivable Pool Balance
A. Original Principal Pool Balance $700,205,448.34 E $700,205,448.34 E
B. Principal Pool Balance as of the Beginning of the Collection Period $295,527,126.00 C $257,546,641.60 C
C. Principal Pool Balance as of the End of the Collection Period $275,083,283.91 B $241,390,755.07 B
III. Certificate Principal Balances For the Collection Period
A. Class A Certificates
1. Beginning Class A Balance $286,662,027.33 C $249,820,957.46 C
2. Ending Class A Balance $266,831,500.50 B $234,149,747.53 B
B . Class B Certificates
1. Beginning Class B Balance $8,865,098.67 C $7,725,684.14 C
2. Ending Class B Balance $8,251,783.41 B $7,241,007.54 B
IV. Reserve Account Balance For the Collection Period
A. Initial Reserve Account Deposit $10,503,081.73 E $10,503,081.73 E
B. Beginning Reserve Account Balance $7,002,054.48 C $7,002,054.48 C
C. Ending Reserve Account Balance $7,002,054.48 B $7,002,054.48 B
V. Summary of Cash Disbursements
A. Available Collections $22,557,631.98 I $17,914,744.90 B
B. Withdrawals from Reserve Account $0.00 B $0.00 B
C. Total Available Collections $22,557,631.98 I $17,914,744.90 B
D. Reimbursement of Advance $57,818.66 B $54,851.40 B
E. Payment of Servicing Fee $246,272.61 B $214,622.20 B
F. Interest paid to Class A Certificates $1,433,310.14 B $1,249,104.79 B
G. Interest paid to Class B Certificates $45,433.63 B $39,594.13 B
H. Principal paid to Class A Certificates $19,830,526.83 B $15,671,209.93 B
I. Principal paid to Class B Certificates $613,315.26 B $484,676.60 B
J. Remaining Available Collections $330,954.85 I $200,685.85 B
K. Deposit from Remaining Available Collections to fund Reserve Account $0.00 B $0.00 B
L. Remaining Available Collections Released to Seller $330,954.85 I $200,685.85 B
(table continued)
Collection Period # Beginning Date 07/01/99 08/01/99
Collection Period # End Date 07/31/99 08/31/99
Distribution Date 08/10/99 09/10/99
I. Available Amount in the Certificate Account
A. Credits Procedures Procedures
1. Payments from Obligors Applied to Collection Period Performed Performed
a. Principal Payments $15,703,210.01 A $15,224,769.66 A
b. Interest Payments $1,539,299.18 A $1,508,007.08 A
c. Total (a+b) $17,242,509.19 B $16,732,776.74 B
2. Repurchase Amount From Repurchased Receivable
a. Principal Payments $5,940.91 D $18,209.78 D
b. Interest Payments $32.62 D $108.23 D
c. Total (a+b) $5,973.53 B $18,318.01 B
3. Recovery of Defaulted Receivable
a. Principal Recovery Amount $116,964.22 D $62,303.66 J
b. Principal Balance of Defaulted Receivable $85,689.05 D $68,545.38 D
c. Net Principal loss ($31,275.17) B $6,241.72 J
4. Advance by Servicer $47,668.01 F $43,797.39 F
5. Investment Earnings on Certificate Account (as of month end) $71,853.49 H $68,392.56 H
6. Overpayment from Obligors $0.00 G $0.00 G
7. Net Adjustments
a. to Interest Collections $0.00 G $0.00 G
b. to Principal Collections $0.00 G $0.00 G
8. Total Credits (sum 1 through 7) $17,484,968.44 B $16,925,588.36 J
B. Debits
1. Overpayment from Obligors $0.00 B $0.00 B
2. Total Debits $0.00 B $0.00 B
C. Total Collections (A-B) $17,484,968.44 B $16,925,588.36 J
1. Available Interest Collections $1,658,853.30 B $1,620,305.26 B
2. Available Principal Collections $15,826,115.14 B $15,305,283.10 J
II. Receivable Pool Balance
A. Original Principal Pool Balance $700,205,448.34 E $700,205,448.34 E
B. Principal Pool Balance as of the Beginning of the Collection Period $224,800,489.60 C $209,005,649.63 C
C. Principal Pool Balance as of the End of the Collection Period $209,005,649.63 B $193,694,124.81 B
III. Certificate Principal Balances For the Collection Period
A. Class A Certificates
1. Beginning Class A Balance $218,057,190.02 C $202,736,195.25 C
2. Ending Class A Balance $202,736,195.25 B $187,884,016.17 B
B . Class B Certificates
1. Beginning Class B Balance $6,743,299.58 B $6,269,454.38 C
2. Ending Class B Balance $6,269,454.38 B $5,810,108.64 B
IV. Reserve Account Balance For the Collection Period
A. Initial Reserve Account Deposit $10,503,081.73 E $10,503,081.73 E
B. Beginning Reserve Account Balance $7,002,054.48 C $7,002,054.48 C
C. Ending Reserve Account Balance $7,002,054.48 B $7,002,054.48 B
V. Summary of Cash Disbursements
A. Available Collections $17,484,968.44 B $16,925,588.36 J
B. Withdrawals from Reserve Account $0.00 B $0.00 B
C. Total Available Collections $17,484,968.44 B $16,925,588.36 J
D. Reimbursement of Advance $49,301.01 B $47,668.01 B
E. Payment of Servicing Fee $187,333.74 B $174,171.37 B
F. Interest paid to Class A Certificates $1,090,285.95 B $1,013,680.98 B
G. Interest paid to Class B Certificates $34,559.41 B $32,130.95 B
H. Principal paid to Class A Certificates $15,320,994.77 B $14,852,179.08 B
I. Principal paid to Class B Certificates $473,845.20 B $459,345.74 B
J. Remaining Available Collections $328,648.36 B $346,412.23 J
K. Deposit from Remaining Available Collections to fund Reserve Account $0.00 B $0.00 B
L. Remaining Available Collections Released to Seller $328,648.36 B $346,412.23 J
(table continued)
Collection Period # Beginning Date 09/01/99 11/01/99
Collection Period # End Date 09/30/99 11/30/99
Distribution Date 10/10/99 12/10/99
I. Available Amount in the Certificate Account
A. Credits Procedures Procedures
1. Payments from Obligors Applied to Collection Period Performed Performed
a. Principal Payments $13,483,666.56 A $11,347,008.85 A
b. Interest Payments $1,385,696.54 A $1,188,565.66 A
c. Total (a+b) $14,869,363.10 B $12,535,574.51 B
2. Repurchase Amount From Repurchased Receivable
a. Principal Payments $9,612.45 D $878.93 D
b. Interest Payments $53.73 D $6.58 D
c. Total (a+b) $9,666.18 B $885.51 B
3. Recovery of Defaulted Receivable
a. Principal Recovery Amount $47,414.73 D $50,970.79 D
b. Principal Balance of Defaulted Receivable $72,158.26 D $124,132.91 D
c. Net Principal loss $24,743.53 B $73,162.12 B
4. Advance by Servicer $40,947.83 F $55,729.34 F
5. Investment Earnings on Certificate Account (as of month end) $64,196.27 H $52,815.54 H
6. Overpayment from Obligors $0.00 G $0.00 G
7. Net Adjustments
a. to Interest Collections $0.00 G $0.00 G
b. to Principal Collections $0.00 G $0.00 G
8. Total Credits (sum 1 through 7) $15,031,588.11 B $12,695,975.69 B
B. Debits
1. Overpayment from Obligors $0.00 B $0.00 B
2. Total Debits $0.00 B $0.00 B
C. Total Collections (A-B) $15,031,588.11 B $12,695,975.69 B
1. Available Interest Collections $1,490,894.37 B $1,297,117.12 B
2. Available Principal Collections $13,540,693.74 B $11,398,858.57 B
II. Receivable Pool Balance
A. Original Principal Pool Balance $700,205,448.34 E $700,205,448.34 E
B. Principal Pool Balance as of the Beginning of the Collection Period $193,694,124.81 C $167,506,552.67 C
C. Principal Pool Balance as of the End of the Collection Period $180,128,687.54 B $156,034,531.98 B
III. Certificate Principal Balances For the Collection Period
A. Class A Certificates
1. Beginning Class A Balance $187,884,016.17 C $162,482,071.20 C
2. Ending Class A Balance $174,725,542.02 B $151,354,211.13 B
B . Class B Certificates
1. Beginning Class B Balance $5,810,108.64 B $5,024,481.47 B
2. Ending Class B Balance $5,403,145.52 B $4,680,320.85 B
IV. Reserve Account Balance For the Collection Period
A. Initial Reserve Account Deposit $10,503,081.73 E $10,503,081.73 E
B. Beginning Reserve Account Balance $7,002,054.48 C $7,002,054.48 C
C. Ending Reserve Account Balance $7,002,054.48 B $7,002,054.48 B
V. Summary of Cash Disbursements
A. Available Collections $15,031,588.11 B $12,695,975.69 B
B. Withdrawals from Reserve Account $0.00 B $0.00 B
C. Total Available Collections $15,031,588.11 B $12,695,975.69 B
D. Reimbursement of Advance $43,797.39 B $37,328.39 B
E. Payment of Servicing Fee $161,411.77 B $139,588.79 B
F. Interest paid to Class A Certificates $939,420.08 B $812,410.36 B
G. Interest paid to Class B Certificates $29,776.81 B $25,750.47 B
H. Principal paid to Class A Certificates $13,158,474.15 B $11,127,860.07 B
I. Principal paid to Class B Certificates $406,963.12 B $344,160.62 B
J. Remaining Available Collections $291,744.79 B $208,876.99 B
K. Deposit from Remaining Available Collections to fund Reserve Account $0.00 B $0.00 B
L. Remaining Available Collections Released to Seller $291,744.79 B $208,876.99 B
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 2
USAA Auto Loan Grantor Trust 1997-1
$679,200,000 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT
<S> <C> <C> <C> <C>
VI. Scheduled Monthly Interest Distribution
A. Available Interest Collections $2,204,205.07 I $1,884,640.70 B
B. Reimbursement of Advance
1. Prior Advance Outstanding $57,818.66 C $54,851.40 C
2. Reimbursement of Prior Advance Outstanding from
Interest Collections $57,818.66 B $54,851.40 B
3. Remaining Prior Advance Outstanding $0.00 B $0.00 B
4. Reimbursement of Prior Advance Outstanding from
Spread Account $0.00 B $0.00 B
5. Remaining Prior Advance Outstanding $0.00 B $0.00 B
6. Current Advance $60,047.95 B $52,768.46 B
7. Total Advance Outstanding for the Period $60,047.95 B $52,768.46 B
C. Total Reimbursement of Advance paid $57,818.66 B $54,851.40 B
D . Remaining Available Interest Collections $2,146,386.41 I $1,829,789.30 B
E. Servicing Fee
1. Current Servicing Fee Accrued $246,272.61 B $214,622.20 B
2. Unpaid Servicing Fees From Prior Collection Periods $0.00 B $0.00 C
3. Total Servicing Fee Due $246,272.61 B $214,622.20 B
4. Payment of Servicing Fee from Interest Collections $246,272.61 B $214,622.20 B
5. Payment of Servicing Fee from Rserve Account $0.00 B $0.00 B
6. This period unpaid Servicing Fee $0.00 B $0.00 B
F. Total Servicing Fee paid $246,272.61 B $214,622.20 B
G . Remaining Available Interest Collections $1,900,113.80 I $1,615,167.10 B
H. Class A Interest Distribution Amount
1. Class A Coupon Rate 6.00% E 6.00% E
2.Class A Monthly Interest $1,433,310.14 B $1,249,104.79 B
3.Class A Interest Carryover Shortfall $0.00 B $0.00 C
4. Class A Interest on Interest Carryover Shortfall $0.00 B $0.00 B
5. Class A Interest Distributable Amount $1,433,310.14 B $1,249,104.79 B
6. Payment of Class A Interest Distributable Amount
from Interest Collections $1,433,310.14 B $1,249,104.79 B
7. Payment of Class A Interest Distributable Amount
from Spread Account $0.00 B $0.00 B
8. Payment of Class A Interest Distributable Amount from
Class B Percentage of Available Principal $0.00 B $0.00 B
9. This period Class A Interest Carryover Shortfall $0.00 B $0.00 B
I. Total Interest paid to Class A Certificates $1,433,310.14 B $1,249,104.79 B
J. Remaining Available Interest Collections $466,803.66 I $366,062.31 B
K. Class B Interest Distribution Amount
1. Class B Coupon Rate 6.15% E 6.15% E
2.Class B Monthly Interest $45,433.63 B $39,594.13 B
3.Class B Interest Carryover Shortfall $0.00 C $0.00 C
4. Class B Interest on Interest Carryover Shortfall $0.00 B $0.00 B
5. Class B Interest Distributable Amount $45,433.63 B $39,594.13 B
6. Payment of Class B Interest Distributable Amount
from Interest Collections $45,433.63 B $39,594.13 B
7. Payment of Class B Interest Distributable Amount
from Spread Account $0.00 B $0.00 B
8. This period Class B Interest Carryover Shortfall $0.00 B $0.00 B
L. Total Interest paid to Class B Certificates $45,433.63 B $39,594.13 B
M. Remaining Available Interest Collections $421,370.03 I $326,468.18 B
(table continued)
VI. Scheduled Monthly Interest Distribution
A. Available Interest Collections $1,658,853.30 B $1,620,305.26 B
B. Reimbursement of Advance
1. Prior Advance Outstanding $49,301.01 B $47,668.01 C
2. Reimbursement of Prior Advance Outstanding from Interest
Collections $49,301.01 B $47,668.01 B
3. Remaining Prior Advance Outstanding $0.00 B $0.00 B
4. Reimbursement of Prior Advance Outstanding from Spread Account $0.00 B $0.00 B
5. Remaining Prior Advance Outstanding $0.00 B $0.00 B
6. Current Advance $47,668.01 B $43,797.39 B
7. Total Advance Outstanding for the Period $47,668.01 B $43,797.39 B
C. Total Reimbursement of Advance paid $49,301.01 B $47,668.01 B
D . Remaining Available Interest Collections $1,609,552.29 B $1,572,637.25 B
E. Servicing Fee
1. Current Servicing Fee Accrued $187,333.74 B $174,171.37 B
2. Unpaid Servicing Fees From Prior Collection Periods $0.00 C $0.00 C
3. Total Servicing Fee Due $187,333.74 B $174,171.37 B
4. Payment of Servicing Fee from Interest Collections $187,333.74 B $174,171.37 B
5. Payment of Servicing Fee from Rserve Account $0.00 B $0.00 B
6. This period unpaid Servicing Fee $0.00 B $0.00 B
F. Total Servicing Fee paid $187,333.74 B $174,171.37 B
G . Remaining Available Interest Collections $1,422,218.55 B $1,398,465.88 B
H. Class A Interest Distribution Amount
1. Class A Coupon Rate 6.00% E 6.00% E
2.Class A Monthly Interest $1,090,285.95 B $1,013,680.98 B
3.Class A Interest Carryover Shortfall $0.00 C $0.00 B
4. Class A Interest on Interest Carryover Shortfall $0.00 B $0.00 B
5. Class A Interest Distributable Amount $1,090,285.95 B $1,013,680.98 B
6. Payment of Class A Interest Distributable Amount from
Interest Collections $1,090,285.95 B $1,013,680.98 B
7. Payment of Class A Interest Distributable Amount from
Spread Account $0.00 B $0.00 B
8. Payment of Class A Interest Distributable Amount from Class
B Percentage of Available Principal $0.00 B $0.00 B
9. This period Class A Interest Carryover Shortfall $0.00 B $0.00 B
I. Total Interest paid to Class A Certificates $1,090,285.95 B $1,013,680.98 B
J. Remaining Available Interest Collections $331,932.60 B $384,784.90 B
K. Class B Interest Distribution Amount
1. Class B Coupon Rate 6.15% E 6.15% E
2.Class B Monthly Interest $34,559.41 B $32,130.95 B
3.Class B Interest Carryover Shortfall $0.00 C $0.00 B
4. Class B Interest on Interest Carryover Shortfall $0.00 B $0.00 B
5. Class B Interest Distributable Amount $34,559.41 B $32,130.95 B
6. Payment of Class B Interest Distributable Amount from
Interest Collections $34,559.41 B $32,130.95 B
7. Payment of Class B Interest Distributable Amount from
Spread Account $0.00 B $0.00 B
8. This period Class B Interest Carryover Shortfall $0.00 B $0.00 B
L. Total Interest paid to Class B Certificates $34,559.41 B $32,130.95 B
M. Remaining Available Interest Collections $297,373.19 B $352,653.95 B
(table continued)
VI. Scheduled Monthly Interest Distribution
A. Available Interest Collections $1,490,894.37 B $1,297,117.12 B
B. Reimbursement of Advance
1. Prior Advance Outstanding $43,797.39 C $37,328.39 B
2. Reimbursement of Prior Advance Outstanding from Interest
Collections $43,797.39 B $37,328.39 B
3. Remaining Prior Advance Outstanding $0.00 B $0.00 B
4. Reimbursement of Prior Advance Outstanding from
Spread Account $0.00 B $0.00 B
5. Remaining Prior Advance Outstanding $0.00 B $0.00 B
6. Current Advance $40,947.83 B $55,729.34 B
7. Total Advance Outstanding for the Period $40,947.83 B $55,729.34 B
C. Total Reimbursement of Advance paid $43,797.39 B $37,328.39 B
D . Remaining Available Interest Collections $1,447,096.98 B $1,259,788.73 B
E. Servicing Fee
1. Current Servicing Fee Accrued $161,411.77 B $139,588.79 B
2. Unpaid Servicing Fees From Prior Collection Periods $0.00 C $0.00 C
3. Total Servicing Fee Due $161,411.77 B $139,588.79 B
4. Payment of Servicing Fee from Interest Collections $161,411.77 B $139,588.79 B
5. Payment of Servicing Fee from Rserve Account $0.00 B $0.00 B
6. This period unpaid Servicing Fee $0.00 B $0.00 B
F. Total Servicing Fee paid $161,411.77 B $139,588.79 B
G . Remaining Available Interest Collections $1,285,685.21 B $1,120,199.94 B
H. Class A Interest Distribution Amount
1. Class A Coupon Rate 6.00% E 6.00% E
2.Class A Monthly Interest $939,420.08 B $812,410.36 B
3.Class A Interest Carryover Shortfall $0.00 B $0.00 C
4. Class A Interest on Interest Carryover Shortfall $0.00 B $0.00 B
5. Class A Interest Distributable Amount $939,420.08 B $812,410.36 B
6. Payment of Class A Interest Distributable Amount from
Interest Collections $939,420.08 B $812,410.36 B
7. Payment of Class A Interest Distributable Amount from
Spread Account $0.00 B $0.00 B
8. Payment of Class A Interest Distributable Amount from
Class B Percentage of Available Principal $0.00 B $0.00 B
9. This period Class A Interest Carryover Shortfall $0.00 B $0.00 B
I. Total Interest paid to Class A Certificates $939,420.08 B $812,410.36 B
J. Remaining Available Interest Collections $346,265.13 B $307,789.58 B
K. Class B Interest Distribution Amount
1. Class B Coupon Rate 6.15% E 6.15% E
2.Class B Monthly Interest $29,776.81 B $25,750.47 B
3.Class B Interest Carryover Shortfall $0.00 B $0.00 C
4. Class B Interest on Interest Carryover Shortfall $0.00 B $0.00 B
5. Class B Interest Distributable Amount $29,776.81 B $25,750.47 B
6. Payment of Class B Interest Distributable Amount from
Interest Collections $29,776.81 B $25,750.47 B
7. Payment of Class B Interest Distributable Amount from
Spread Account $0.00 B $0.00 B
8. This period Class B Interest Carryover Shortfall $0.00 B $0.00 B
L. Total Interest paid to Class B Certificates $29,776.81 B $25,750.47 B
M. Remaining Available Interest Collections $316,488.32 B $282,039.11 B
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 3
USAA Auto Loan Grantor Trust 1997-1
$679,200,000 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT
<S> <C> <C> <C> <C>
VII. Scheduled Monthly Principal Distributions
A. Principal Distribution Amount
1. Available Principal Collections $20,353,426.91 B $16,030,104.20 B
2. Net Principal Losses $90,415.18 B $125,782.33 B
3. Total (1 + 2) $20,443,842.09 B $16,155,886.53 B
B. Total Available Collections
1. Remaining Available Principal Collections $20,353,426.91 B $16,030,104.20 B
2. Remaining Available Interest Collections $421,370.03 I $326,468.18 B
3. Total (1 + 2) $20,774,796.94 B $16,356,572.38 B
C. Class A Percentage of Principal Distribution Amount 97.00% E 97.00% E
D. Class A Principal Distribution Amount
1. Beginning Class A Principal Balance $286,662,027.33 B $249,820,957.46 B
2. Class A Monthly Principal $19,830,526.83 B $15,671,209.93 B
3. Class A Principal Carryover Shortfall $0.00 B $0.00 B
4. Total Class A Principal Distribution Amount $19,830,526.83 B $15,671,209.93 B
5. Payment of Class A Principal Distribution Amount from
Available Collections $19,830,526.83 B $15,671,209.93 B
6. Payment of Class A Principal Distribution Amount from
Spread Account $0.00 B $0.00 B
7. Class A Principal Carryover Shortfall for the Period $0.00 B $0.00 B
8. Ending Class A Principal Balance $266,831,500.50 B $234,149,747.53 B
E. Total Principal paid to Class A Certificates $19,830,526.83 B $15,671,209.93 B
F. Remaining Available Collections $944,270.11 I $685,362.45 B
G. Class B Percentage of Principal Distribution Amount 3.00% B 3.00% B
H. Class B Principal Distribution Amount
1. Beginning Class B Principal Balance $8,865,098.67 B $7,725,684.14 B
2. Class B Monthly Principal $613,315.26 B $484,676.60 B
3. Class B Percentage of Available Principal used to
pay Class A Interest $0.00 B $0.00 B
3. Class B Principal Carryover Shortfall $0.00 C $0.00 B
4. Total Class B Principal Distribution Amount $613,315.26 B $484,676.60 B
5. Payment of Class B Principal Distribution Amount
from Available Collections $613,315.26 B $484,676.60 B
6. Payment of Class B Principal Distribution Amount
from Spread Account $0.00 B $0.00 B
7. Class B Principal Carryover Shortfall for the Period $0.00 B $0.00 B
8. Ending Class B Principal Balance $8,251,783.41 B $7,241,007.54 B
I. Total Principal paid to Class B Certificates $613,315.26 B $484,676.60 B
J. Remaining Available Collections $330,954.85 B $200,685.85 B
(table continued)
VII. Scheduled Monthly Principal Distributions
A. Principal Distribution Amount
1. Available Principal Collections $15,826,115.14 B $15,305,283.10 J
2. Net Principal Losses ($31,275.17) B $6,241.72 J
3. Total (1 + 2) $15,794,839.97 B $15,311,524.82 B
B. Total Available Collections
1. Remaining Available Principal Collections $15,826,115.14 B $15,305,283.10 J
2. Remaining Available Interest Collections $297,373.19 B $352,653.95 B
3. Total (1 + 2) $16,123,488.33 B $15,657,937.05 J
C. Class A Percentage of Principal Distribution Amount 97.00% E 97.00% E
D. Class A Principal Distribution Amount
1. Beginning Class A Principal Balance $218,057,190.02 B $202,736,195.25 B
2. Class A Monthly Principal $15,320,994.77 B $14,852,179.08 B
3. Class A Principal Carryover Shortfall $0.00 B $0.00 B
4. Total Class A Principal Distribution Amount $15,320,994.77 B $14,852,179.08 B
5. Payment of Class A Principal Distribution Amount from
Available Collections $15,320,994.77 B $14,852,179.08 B
6. Payment of Class A Principal Distribution Amount from
Spread Account $0.00 B $0.00 B
7. Class A Principal Carryover Shortfall for the Period $0.00 B $0.00 B
8. Ending Class A Principal Balance $202,736,195.25 B $187,884,016.17 B
E. Total Principal paid to Class A Certificates $15,320,994.77 B $14,852,179.08 B
F. Remaining Available Collections $802,493.56 B $805,757.97 J
G. Class B Percentage of Principal Distribution Amount 3.00% B 3.00% B
H. Class B Principal Distribution Amount
1. Beginning Class B Principal Balance $6,743,299.58 B $6,269,454.38 B
2. Class B Monthly Principal $473,845.20 B $459,345.74 B
3. Class B Percentage of Available Principal used to pay
Class A Interest $0.00 B $0.00 B
3. Class B Principal Carryover Shortfall $0.00 B $0.00 B
4. Total Class B Principal Distribution Amount $473,845.20 B $459,345.74 B
5. Payment of Class B Principal Distribution Amount from
Available Collections $473,845.20 B $459,345.74 B
6. Payment of Class B Principal Distribution Amount from
Spread Account $0.00 B $0.00 B
7. Class B Principal Carryover Shortfall for the Period $0.00 B $0.00 B
8. Ending Class B Principal Balance $6,269,454.38 B $5,810,108.64 B
I. Total Principal paid to Class B Certificates $473,845.20 B $459,345.74 B
J. Remaining Available Collections $328,648.36 B $346,412.23 J
(table continued)
VII. Scheduled Monthly Principal Distributions
A. Principal Distribution Amount
1. Available Principal Collections $13,540,693.74 B $11,398,858.57 B
2. Net Principal Losses $24,743.53 B $73,162.12 B
3. Total (1 + 2) $13,565,437.27 B $11,472,020.69 B
B. Total Available Collections
1. Remaining Available Principal Collections $13,540,693.74 B $11,398,858.57 B
2. Remaining Available Interest Collections $316,488.32 B $282,039.11 B
3. Total (1 + 2) $13,857,182.06 B $11,680,897.68 B
C. Class A Percentage of Principal Distribution Amount 97.00% E 97.00% E
D. Class A Principal Distribution Amount
1. Beginning Class A Principal Balance $187,884,016.17 B $162,482,071.20 B
2. Class A Monthly Principal $13,158,474.15 B $11,127,860.07 B
3. Class A Principal Carryover Shortfall $0.00 B $0.00 B
4. Total Class A Principal Distribution Amount $13,158,474.15 B $11,127,860.07 B
5. Payment of Class A Principal Distribution Amount from
Available Collections $13,158,474.15 B $11,127,860.07 B
6. Payment of Class A Principal Distribution Amount from
Spread Account $0.00 B $0.00 B
7. Class A Principal Carryover Shortfall for the Period $0.00 B $0.00 B
8. Ending Class A Principal Balance $174,725,542.02 B $151,354,211.13 B
E. Total Principal paid to Class A Certificates $13,158,474.15 B $11,127,860.07 B
F. Remaining Available Collections $698,707.91 B $553,037.61 B
G. Class B Percentage of Principal Distribution Amount 3.00% B 3.00% B
H. Class B Principal Distribution Amount
1. Beginning Class B Principal Balance $5,810,108.64 B $5,024,481.47 B
2. Class B Monthly Principal $406,963.12 B $344,160.62 B
3. Class B Percentage of Available Principal used to pay
Class A Interest $0.00 B $0.00 B
3. Class B Principal Carryover Shortfall $0.00 B $0.00 B
4. Total Class B Principal Distribution Amount $406,963.12 B $344,160.62 B
5. Payment of Class B Principal Distribution Amount from
Available Collections $406,963.12 B $344,160.62 B
6. Payment of Class B Principal Distribution Amount from
Spread Account $0.00 B $0.00 B
7. Class B Principal Carryover Shortfall for the Period $0.00 B $0.00 B
8. Ending Class B Principal Balance $5,403,145.52 B $4,680,320.85 B
I. Total Principal paid to Class B Certificates $406,963.12 B $344,160.62 B
J. Remaining Available Collections $291,744.79 B $208,876.99 B
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 4
USAA Auto Loan Grantor Trust 1997-1
$679,200,000 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT
<S> <C> <C> <C> <C>
VIII. Required Reserve Account Amount for Next Distribution Date
A. Reserve Account Required Amount.
1. Floor Amount = min(1.00% of Initial Pool Balance,
Ending Pool Balance) $7,002,054.48 B $7,002,054.48 B
2. Maximum Amount = 2% of Ending Pool Balance $5,501,665.68 B $4,827,815.10 B
3. Reserve Account Amount (Max: 1.or 2.) $7,002,054.48 B $7,002,054.48 B
B. Reserve Account Triggers
1. Average Three Period Delinquency Percentage 0.10% B 0.11% B
2. Delinquency Percentage Trigger 1.25% E 1.25% E
3. Average Three Period Charge Off Rate 0.28% B 0.38% B
4. Charge Off Rate Trigger 1.25% E 1.25% E
5. Required Reserve Account Percentage Specified 4.00% E 4.00% E
6. Reserve Account Trigger Amount (if 1. > 2. or 3. B 4.
then 4% of Ending Pool Balance, else 0) $0.00 B $0.00 B
C. Required Reserve Account Amount for Next Period (Max: A or B) $7,002,054.48 B $7,002,054.48 B
D. Remaining Available Collections $330,954.85 I $200,685.85 B
E. Reserve Account Activity
1. Beginning Reserve Account Balance $7,002,054.48 B $7,002,054.48 B
2. Withdrawal from Reserve Account to pay Servicer Advance $0.00 B $0.00 B
3. Withdrawal from Reserve Account to pay Servicing Fee $0.00 B $0.00 B
4. Withdrawal from Reserve Account to pay Class A Interest $0.00 B $0.00 B
5. Withdrawal from Reserve Account to pay Class B Interest $0.00 B $0.00 B
6. Withdrawal from Reserve Account to pay Class A Principal $0.00 B $0.00 B
7. Withdrawal from Reserve Account to pay Class B Principal $0.00 B $0.00 B
8. Deposit from Remaining Available Collections to fund
Reserve Account $0.00 B $0.00 B
9. Withdrawal of funds in Reserve Account in Excess of
Required Reserve Account Balance $0.00 B $0.00 B
10. Ending Reserve Account Balance $7,002,054.48 B $7,002,054.48 B
(table continued)
VIII. Required Reserve Account Amount for Next Distribution Date
A. Reserve Account Required Amount.
1. Floor Amount = min(1.00% of Initial Pool Balance,
Ending Bool Balance) $7,002,054.48 B $7,002,054.48 B
2. Maximum Amount = 2% of Ending Pool Balance $4,180,112.99 B $3,873,882.50 B
3. Reserve Account Amount (Max: 1.or 2.) $7,002,054.48 B $7,002,054.48 B
B. Reserve Account Triggers
1. Average Three Period Delinquency Percentage 0.09% B 0.10% B
2. Delinquency Percentage Trigger 1.25% E 1.25% E
3. Average Three Period Charge Off Rate 0.19% B 0.00% B
4. Charge Off Rate Trigger 1.25% E 1.25% E
5. Required Reserve Account Percentage Specified 4.00% E 4.00% E
6. Reserve Account Trigger Amount (if 1. > 2. or 3. > 4.
then 4% of Ending Balance, else 0) $0.00 B $0.00 B
C. Required Reserve Account Amount for Next Period (Max: A or B) $7,002,054.48 B $7,002,054.48 B
D. Remaining Available Collections $328,648.36 B $346,412.23 J
E. Reserve Account Activity
1. Beginning Reserve Account Balance $7,002,054.48 B $7,002,054.48 B
2. Withdrawal from Reserve Account to pay Servicer Advance $0.00 B $0.00 B
3. Withdrawal from Reserve Account to pay Servicing Fee $0.00 B $0.00 B
4. Withdrawal from Reserve Account to pay Class A Interest $0.00 B $0.00 B
5. Withdrawal from Reserve Account to pay Class B Interest $0.00 B $0.00 B
6. Withdrawal from Reserve Account to pay Class A Principal $0.00 B $0.00 B
7. Withdrawal from Reserve Account to pay Class B Principal $0.00 B $0.00 B
8. Deposit from Remaining Available Collections to fund
Reserve Account $0.00 B $0.00 B
9. Withdrawal of funds in Reserve Account in Excess of
Required Reserve Account Balance $0.00 B $0.00 B
10. Ending Reserve Account Balance $7,002,054.48 B $7,002,054.48 B
(table continued)
VIII. Required Reserve Account Amount for Next Distribution Date
A. Reserve Account Required Amount.
1. Floor Amount = min(1.00% of Initial Pool Balance,
Ending Bool Balance) $7,002,054.48 B $7,002,054.48 B
2. Maximum Amount = 2% of Ending Pool Balance $3,602,573.75 B $3,120,690.64 B
3. Reserve Account Amount (Max: 1.or 2.) $7,002,054.48 B $7,002,054.48 B
B. Reserve Account Triggers
1. Average Three Period Delinquency Percentage 0.11% B 0.15% B
2. Delinquency Percentage Trigger 1.25% E 1.25% E
3. Average Three Period Charge Off Rate 0.01% B 0.36% B
4. Charge Off Rate Trigger 1.25% E 1.25% E
5. Required Reserve Account Percentage Specified 4.00% E 4.00% E
then 4% of Ending Balance, else 0) $0.00 B $0.00 B
C. Required Reserve Account Amount for Next Period (Max: A or B) $7,002,054.48 B $7,002,054.48 B
D. Remaining Available Collections $291,744.79 B $208,876.99 B
E. Reserve Account Activity
1. Beginning Reserve Account Balance $7,002,054.48 B $7,002,054.48 B
2. Withdrawal from Reserve Account to pay Servicer Advance $0.00 B $0.00 B
3. Withdrawal from Reserve Account to pay Servicing Fee $0.00 B $0.00 B
4. Withdrawal from Reserve Account to pay Class A Interest $0.00 B $0.00 B
5. Withdrawal from Reserve Account to pay Class B Interest $0.00 B $0.00 B
6. Withdrawal from Reserve Account to pay Class A Principal $0.00 B $0.00 B
7. Withdrawal from Reserve Account to pay Class B Principal $0.00 B $0.00 B
8. Deposit from Remaining Available Collections to fund
Reserve Account $0.00 B $0.00 B
9. Withdrawal of funds in Reserve Account in Excess of
Required Reserve Account Balance $0.00 B $0.00 B
10. Ending Reserve Account Balance $7,002,054.48 B $7,002,054.48 B
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 5
USAA Auto Loan Grantor Trust 1997-1
$679,200,000 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
MONTHLY SERVICER CERTIFICATE REPORT
<S> <C> <C> <C> <C>
IX. Delinquency and Default Information
A. Automobiles Delinquency Information
Delinquency Principal Principal
31-60 days $1,714,371.39 F $1,250,856.10 F
61-90 days $226,773.24 F $105,949.00 F
91-120 days $77,762.59 F $64,318.84 F
Total $2,018,907.22 B $1,421,123.94 B
Delinquency Units Units
31-60 days 198 F 160 F
61-90 days 21 F 18 F
91-120 days 13 F 6 F
Total 232 B 184 B
B. Delinquency Percentage
1. Outstanding Principal Balance for Delinquency >=60 days $304,535.83 B $170,267.84 B
2. Portfolio Principal Ending Balance for Collection
Period $275,083,283.91 B $241,390,755.07 B
3. Delinquency Percentage (1/2) 0.11% B 0.07% B
4. Outstanding Principal Balance for Delinquency >=90 days $77,762.59 B $64,318.84 B
5. Portfolio Principal Ending Balance for Collection
Period $275,083,283.91 B $241,390,755.07 B
6. Delinquency Percentage (4/5) 0.03% B 0.03% B
X. Portfolio Average Delinquency Ratio
A. Delinquency Ratio for 2 Collection Periods Prior 0.09% B 0.11% B
B. Delinquency Ratio for Prior Collection Period 0.10% B 0.14% B
C. Delinquency Ratio for Current Collection Period 0.11% B 0.07% B
D. Average Delinquency Ratio ((sum A through C)/3) 0.10% B 0.11% B
XI. Portfolio Average Net Loss Ratio
1. Principal Recoveries of Defaulted Receivable $39,511.97 B $49,367.75 B
2. Principal Balance of Defaulted Receivable $129,927.15 B $175,150.08 B
4. Average Pool Balance for Collection Period $285,305,204.96 B $249,468,698.34 B
5. Net Loss Ratio ((2- 1)/3) 0.38% B 0.61% B
A. Net Loss Ratio for 2 Collection Periods Prior 0.24% B 0.38% B
B. Net Loss Ratio for Prior Collection Period 0.20% B 0.15% B
C. Net Loss Ratio for Current Collection Period 0.38% B 0.61% B
D. Average Net Loss Ratio ((sum A through C)/3) 0.28% B 0.38% B
(table continued)
IX. Delinquency and Default Information
A. Automobiles Delinquency Information
Delinquency Principal Principal
31-60 days $1,204,621.76 F $1,125,490.11 F
61-90 days $55,299.19 F $181,685.44 F
91-120 days $99,641.75 F $25,948.28 F
Total $1,359,562.70 B $1,333,123.83 B
Delinquency Units Units
31-60 days 169 F 165 F
61-90 days 9 F 31 F
91-120 days 14 F 3 F
Total 192 B 199 B
B. Delinquency Percentage
1. Outstanding Principal Balance for Delinquency >=60 days $154,940.94 B $207,633.72 B
2. Portfolio Principal Ending Balance for Collection Period $209,005,649.63 B $193,694,124.81 B
3. Delinquency Percentage (1/2) 0.07% B 0.11% B
4. Outstanding Principal Balance for Delinquency >=90 days $99,641.75 B $25,948.28 B
5. Portfolio Principal Ending Balance for Collection Period $209,005,649.63 B $193,694,124.81 B
6. Delinquency Percentage (4/5) 0.05% B 0.01% B
X. Portfolio Average Delinquency Ratio
A. Delinquency Ratio for 2 Collection Periods Prior 0.07% B 0.11% C
B. Delinquency Ratio for Prior Collection Period 0.11% B 0.07% C
C. Delinquency Ratio for Current Collection Period 0.07% B 0.11% B
D. Average Delinquency Ratio ((sum A through C)/3) 0.09% B 0.10% B
XI. Portfolio Average Net Loss Ratio
1. Principal Recoveries of Defaulted Receivable $116,964.22 B $62,303.66 J
2. Principal Balance of Defaulted Receivable $85,689.05 B $68,545.38 B
4. Average Pool Balance for Collection Period $216,903,069.62 B $201,349,887.22 B
5. Net Loss Ratio ((2- 1)/3) -0.17% B 0.04% B
A. Net Loss Ratio for 2 Collection Periods Prior 0.61% B 0.15% B
B. Net Loss Ratio for Prior Collection Period 0.15% B -0.17% B
C. Net Loss Ratio for Current Collection Period -0.17% B 0.04% B
D. Average Net Loss Ratio ((sum A through C)/3) 0.19% B 0.00% B
(table continued)
IX. Delinquency and Default Information
A. Automobiles Delinquency Information
Delinquency Principal Principal
31-60 days $949,697.87 F $921,429.31 F
61-90 days $209,843.72 F $228,530.67 F
91-120 days $60,801.38 F $42,967.10 F
Total $1,220,342.97 B $1,192,927.08 B
Delinquency Units Units
31-60 days 128 F 144 F
61-90 days 32 F 35 F
91-120 days 13 F 7 F
Total 173 B 186 B
B. Delinquency Percentage
1. Outstanding Principal Balance for Delinquency >=60 days $270,645.10 B $271,497.77 B
2. Portfolio Principal Ending Balance for Collection
Period $180,128,687.54 B $156,034,531.98 B
3. Delinquency Percentage (1/2) 0.15% B 0.17% B
4. Outstanding Principal Balance for Delinquency >=90 days $60,801.38 B $42,967.10 B
5. Portfolio Principal Ending Balance for Collection
Period $180,128,687.54 B $156,034,531.98 B
6. Delinquency Percentage (4/5) 0.03% B 0.03% B
X. Portfolio Average Delinquency Ratio
A. Delinquency Ratio for 2 Collection Periods Prior 0.07% B 0.15% B
B. Delinquency Ratio for Prior Collection Period 0.11% B 0.12% B
C. Delinquency Ratio for Current Collection Period 0.15% B 0.17% B
D. Average Delinquency Ratio ((sum A through C)/3) 0.11% B 0.15% B
XI. Portfolio Average Net Loss Ratio
1. Principal Recoveries of Defaulted Receivable $47,414.73 B $50,970.79 B
2. Principal Balance of Defaulted Receivable $72,158.26 B $124,132.91 B
4. Average Pool Balance for Collection Period $186,911,406.18 B $161,770,542.33 B
5. Net Loss Ratio ((2- 1)/3) 0.16% B 0.54% B
A. Net Loss Ratio for 2 Collection Periods Prior -0.17% B 0.16% B
B. Net Loss Ratio for Prior Collection Period 0.04% B 0.37% B
C. Net Loss Ratio for Current Collection Period 0.16% B 0.54% B
D. Average Net Loss Ratio ((sum A through C)/3) 0.01% B 0.36% B
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Page 6
USAA Auto Loan Grantor Trust 1997-1
$679,200,000 6.00% Automobile Loan Pass-Through Certificates, Class A
$21,005,448.34 6.15% Automobile Loan Pass-Through Certificates, Class B
FORM OF CERTIFICATEHOLDER REPORT
On December 15, 1999, interest earned and principal paid of the underlying
assets for the month of November 1999 were paid to you by the paying agent on
behalf of Chase Manhattan Bank, in its capacity as Trustee for the above
referenced issue. The following information is being provided pursuant to
Section 14.8 of the Pooling and Servicing Agreement, dated as of October 1,
1997. This payment per dollar current outstanding of your holdings is
allocated as follows:
<S> <C> <C
1) Class A Principal $19,830,526.83 $15,671,209.93
Principal Factor 0.0691774 0.0627298
2) Class A Interest $1,433,310.14 $1,249,104.79
Interest Factor 0.0050000 0.0050000
Total per each individual Class A Certificate $21,263.84 $16,920.31
3) Class B Principal $613,315.26 $484,676.60
Principal Factor 0.0691831 0.0627358
4) Class B Interest $45,433.63 $39,594.13
Interest Factor 0.0051250 0.0051250
Total per each individual Class B Certificate $658.75 $524.27
5) Fees and Compensation paid to Servicer
(a) Total $246,272.61 $214,622.20
(b) Per individual Class A and Class B Certificate $246.27 $214.62
6) The amount deposited into the Reserve Account $0.00 $0.00
7) Aggregate Unreimbursed Advances
This Month $60,047.95 $52,768.46
Previous Month $0.00 $0.00
Change From Previous Month $60,047.95 $52,768.46
8) (a) Pool Balance after this payment $275,083,283.91 $241,390,755.07
(b) Pool Factor after this payment 0.3810760 0.3344015
9) (a) Available Reserve Account Amount $7,002,054.48 $7,002,054.48
(b) Percent of Pool Balance 2.37% 2.72%
10) Required Reserve Account Amount $7,002,054.48 $7,002,054.48
(table continued)
1) Class A Principal $15,320,994.77 $14,852,179.08
Principal Factor 0.0702614 0.0732586
2) Class A Interest $1,090,285.95 $1,013,680.98
Interest Factor 0.0050000 0.0050000
Total per each individual Class A Certificate $16,411.28 $23.36
3) Class B Principal $473,845.20 $459,345.74
Principal Factor 0.0702690 0.0732673
4) Class B Interest $34,559.41 $32,130.95
Interest Factor 0.0051250 0.0051250
Total per each individual Class B Certificate $508.40 $23.40
5) Fees and Compensation paid to Servicer
(a) Total $187,333.74 $174,171.37
(b) Per individual Class A and Class B Certificate $187.33 $174.17
6) The amount deposited into the Reserve Account $0.00 $0.00
7) Aggregate Unreimbursed Advances
This Month $47,668.01 $43,797.39
Previous Month $0.00 $0.00
Change From Previous Month $47,668.01 $43,797.39
8) (a) Pool Balance after this payment $209,005,649.63 $193,694,124.81
(b) Pool Factor after this payment 0.2895382 0.2683270
9) (a) Available Reserve Account Amount $7,002,054.48 $7,002,054.48
(b) Percent of Pool Balance 3.11% 3.35%
10) Required Reserve Account Amount $7,002,054.48 $7,002,054.48
(table continued)
1) Class A Principal $13,158,474.15 $11,127,860.07
Principal Factor 0.0700351 0.0684867
2) Class A Interest $939,420.08 $812,410.36
Interest Factor 0.0050000 0.0050000
Total per each individual Class A Certificate $20.76 $17.58
3) Class B Principal $406,963.12 $344,160.62
Principal Factor 0.0700440 0.0684967
4) Class B Interest $29,776.81 $25,750.47
Interest Factor 0.0051250 0.0051250
Total per each individual Class B Certificate $20.79 $17.61
5) Fees and Compensation paid to Servicer
(a) Total $161,411.77 $139,588.79
(b) Per individual Class A and Class B Certificate $161.41 $139.59
6) The amount deposited into the Reserve Account $0.00 $0.00
7) Aggregate Unreimbursed Advances
This Month $40,947.83 $55,729.34
Previous Month $0.00 $0.00
Change From Previous Month $40,947.83 $55,729.34
8) (a) Pool Balance after this payment $180,128,687.54 $156,034,531.98
(b) Pool Factor after this payment 0.2495347 0.2161569
9) (a) Available Reserve Account Amount $7,002,054.48 $7,002,054.48
(b) Percent of Pool Balance 3.62% 4.18%
10) Required Reserve Account Amount $7,002,054.48 $7,002,054.48
</TABLE>
