MITSUBISHI MOTORS CREDIT OF AMERICA, INC.
Monthly Servicing Report -- MMCA Auto Grantor Trust 1993-1
September 1, 1996 through September 30, 1996
ORIGINAL DEAL PARAMETERS
Original Total Portfolio $392,286,205.79
Class A Cert Ownership Interest of the Trust 88.00%
Original Class A Cert Balance $345,211,861.10
Class A Cert Rate 4.00%
Original Class B Cert Balance $47,074,344.69
Class B Cert Rate 4.00%
Servicing Fee Rate 1.00%
Original Wtd Avg Coupon(WAC) 11.93%
Original Wtd Avg Remaining Term(WAM) 46.09
Number of Contracts 41,627
Reserve Fund
Reserve Fund Initial Deposit Percent 0.15%
Reserve Fund Initial Deposit $588,429.31
Specified Reserve Fund Balance Percent 0.75%
Specified Reserve Fund Balance $2,942,146.54
Reserve Fund Floor Percent 2.00%
Reserve Fund Floor Amount $7,845,724.12
Reserve Fund Floor Trigger Amount $58,842,930.87
Yield Supplement Account Initial Deposi $135,000.00
Yield Supplement Account Floor Amount $25,000.00
PREVIOUS MONTHLY SERVICER REPORT INFORMATION
Total Portfolio Outstanding 47,409,877.58
Total Portfolio Pool Factor 0.1208553
Class A Certificate Balance 41,720,692.27
Class A Principal Factor 0.1208553
Class B Certificate Balance 6,159,474.71
Reserve Fund Balance $7,845,724.12
Yield Supplement Account Balance 135,000.00
Payahead Account Balance 722,847.09
Cum Net Pmt Adv for Precomputes 1,308,949.82
Cum Net Losses for All Prior Periods 7,957,939.65
Wtd Avg Remaining Coupon(WAC) 11.19%
Wtd Avg Remaining Term(WAM) 17.62
Number of Contracts 13,357
<PAGE>
CURRENT COLLECTION PERIOD INFORMATION
Precomputed Contracts Principal
Scheduled Principal Reduction 2,746,352.48
Prepayments in Full 886,520.79
Prepayments in Full Due to Repurchases 63,275.49
Precomputed Contracts Total Collections 3,919,429.74
Simple Interest Contracts 0
Collected Principal 571,948.55
Collected Interest 51,670.08
Repurchased Receivables Principal 16,307.24
Repurchased Receivables Interest 0.00
Yield Supplement Payment Amounts 0
For Subvened Contracts 102.53
For Recast Contracts 6,572.18
Net Pmt Adv for Precomputes 33,663.49
Net Payment Adv. for Simple Int. Contracts 765.84
Net Change in Payahead Account Balance (53,601.78)
Rule of 78s Payment 4,605.24
Wtd Avg Remaining Coupon(WAC) 11.16%
Wtd Avg Remaining Maturity(WAM) 16.93
Remaining Number of Contracts 12,562
Delinquent Contracts Contracts
31-60 Days 651 4.87%
61-90 Days 190 1.42%
Over 90 Days 78 0.58%
Amount
31-60 Days $2,411,718.14 5.09%
61-90 Days $702,974.09 1.48%
Over 90 Days $283,513.74 0.60%
Reserve Fund Investment Inc.
-- Paid to Class B Cert. Holder 28,056.77
Aggregate Net Losses (5,044.20)
Number of Loans Defaulted During 48
Gross Prin Bal of Liquidated Receivables $132,511.35
Net Liq. Proceeds (Inc. Recoveries
on Prev. Liquidations) 137,555.55
Number of Vehicles Repossessed During 18
Collection Acct Invest Income 15,514.09
Payahead Acct Invest Income 2,663.62
Yield Supplement Acct Invest Income 497.46
<PAGE>
COLLECTIONS
Principal Pmts Received (exc Repurchases) 4,204,821.82
Interest Pmts Received 432,166.53
Aggregate Net Liquidation Proceeds Received 137,555.55
Principal on Repurchased Contracts 79,582.73
Interest on Repurchased Contracts 0.00
Total Collections 4,854,126.63
Net Simple Interest Adv Amt 765.84
Total Available Amount 4,854,892.47
Draw for Class A Dist Amt and Servicing Fee 0.00
Draw for Cutoff Advance Reimbursements 0.00
Total Available Amount Inc Draw for Class A $4,854,892.47
DISTRIBUTIONS
Principal Pmts Received (exc Repurchases) 4,204,821.82
Principal on Repurchased Contracts 79,582.73
Gross Princ Bal of Liquidated Receivables 132,511.35
Total Principal Reduction 4,416,915.90
Class A Distributable Amount
Class A Monthly Interest Payment 139,068.97
Monthly Principal to Class A 3,886,885.99
Total Distributable Amount 4,025,954.96
Residual("Tail Piece") 10.04
Class B Distributable Amount
Class B Monthly Interest Pmt 20,531.58
Monthly Principal to Class B 530,029.91
Total Class B Amt 550,561.49
Required Distributions
Reimbursement of Servicer Advances at Cut-off 0.00
Rule of 78s Payment to Servicer 4,605.24
Servicing Fee 39,508.23
Class A Amount 4,025,954.96
Class B Amount 550,561.49
Net Distribution to Reserve Fund 234,262.55
Total Amount Distributed $4,854,892.47
POOL BALANCES AND PORTFOLIO INFORMATION
Beginning End
of Period of Period
Balances and Principal Factors
Total Pool Balance $47,409,877.58 $42,992,961.68
Total Pool Factor 0.1208553 0.1095959
Class A Cert Balance 41,720,692.27 37,833,806.28
Class A Principal Factor 0.1208553 0.1095959
Class B Cert Balance 6,159,474.71 5,629,444.80
Portfolio Information
Wtd Avg Coupon (WAC) 11.19% 11.16%
Wtd Avg Maturity (WAM) 17.62 16.93
Remaining Number of Contracts 13,357 12,562
RESERVE FUND TRANSACTIONS
Beginning Balance $7,845,724.12
Draw for Advances $34,429.33
Draw for Class A Dist Amt & Servicing Fee $0.00
Amount Available for Deposit $784,824.04
Balance Prior to Release $8,596,118.83
Required Amount $7,845,724.12
Release to Seller ("EXCESS") $199,833.22
Ending Balance $7,845,724.12
NET LOSS AND DELINQUENCY ACCOUNT ACTIVITY
Aggregate Net Losses for Collection Period ($5,044.20)
Liquidated Contracts
Gross Prin Bal of Liquidated Receivables $132,511.35
Net Liquidation Proceeds Received $137,555.55
During the Collection Period
Cumulative Net Losses for all Periods $7,952,895.45
Delinquent and Repossessed Contracts
Contracts
31-60 Days 651 4.87%
61-90 Days 190 1.42%
Over 90 Days 78 0.58%
Vehicles Repossessed 18 0.13%
Amount
31-60 Days 2,411,718.14 5.09%
61-90 Days 702,974.09 1.48%
Over 90 Days 283,513.74 0.60%
TESTS FOR INCREASE IN RESERVE FUND BALANCE
Annualized Ratio of Net Losses to the
Pool Balance as of Each Collection Period.
Second Preceding Collection Period -1.55%
Preceding Collection Period 0.14%
Current Collection Period -0.13%
Three Month Average -0.51%
Ratio of Balance of Receivables that are
Delinquent 60 Days or More to the
Outstanding Pool Balance as of Each Collection Period.
Second Preceding Collection Period 1.93%
Preceding Collection Period 2.03%
Current Collection Period 2.08%
Three Month Average 2.01%
Loss and Delinquency Trigger Indicator Trigger Was Hit....
Pool Balance Trigger Indicator Trigger Was Hit....
<PAGE>
RECONCILIATION OF SERVICER ADVANCES AT CUT-OFF
Initial Servicer Advance 1,745,869.41
Prior Servicer Advance Reimbursements 1,745,869.41
Current Servicer Advance Reimbursements 0.00
Reimburse of Servicer Advances per Lewtan Reports: 0.00
(may be deferred to build up reserve fund)
Dist of Prior Reimbursements Deferred
for Reserve Fund Build Up: 0.00
Remaining Unreimbursed Servicer Advances 0.00
RECONCILIATION OF COLLECTION AND CERTIFICATE ACCOUNTS
Transfers Into Collection Account
Daily Collections $4,680,603.92
From Reserve to Class A Dist Amt & Servicing Fe $0.00
Net Pmt Advs from Reserve Fund $34,429.33
Deposit from Payahead Account $53,601.78
Collection Acct Investment Income $15,514.09
Total Transfers Into Collection Account $4,784,149.12
Transfer from Collection to Cert Acct $4,784,149.12
Transfers From Certificate Account
Class A Certificate Holders $4,025,954.96
Service Fee $39,508.23
Rule of 78 Payments $4,605.24
Net Distribution to Reserve Fund $234,262.55
Net Recovery of Pmt Advs to Reserve Fund $0.00
Deposit to Payahead Account $0.00
Class B Certificate Holder $550,561.49
Yield Supplement Amount ($6,674.71)
Collection Account Investment Income $15,514.09
Total Repurchases ($79,582.73)
Total Distributions from Cert Acct $4,784,149.12
RECONCILIATION OF RESERVE FUND
Beginning Balance $7,845,724.12
Transfers Into Reserve
Dist from Cert Acct(Net of Payment Adv.) $234,262.55
Net Recovery of Pmt Adv from Cert Acct $0.00
Reserve Investment Income $28,056.77
Total Transfers Into Reserve $262,319.32
Total Transfers In and Beginning Balance $8,108,043.44
Distributions From Reserve Fund
To Collection Acct for Class A Amt & Srvc Fee $34,429.33
Net Payment Advances to Collection Account $199,833.22
Reserve Fund Released to Seller $0.00
Reimbursement of Servicer Advances $28,056.77
Reserve Fund Invest Inc Dist $0.00
to Class B Cert Holders
Total Transfers From Reserve Fund $262,319.32
Ending Balance $7,845,724.12
Total Distributions and Ending Balance $8,108,043.44
<PAGE>
RECONCILIATION OF PAYAHEAD ACCOUNT
Beginning Balance $722,847.09
Transfers Into Payahead Account
Distribution from Certificate Account $0.00
Payahead Account Investment Income $0.00
Total Transfers Into Payahead Account $2,663.62
Total Transfers In and Beginning Balance $725,510.71
Distributions From Payahead Account
Net Payahead Transfer to Collection Acct $53,601.78
Transfer Investment Income to Servicer $2,663.62
Total Transfers From Payahead Acct $56,265.40
Payahead Account Ending Balance $669,245.31
Total Distributions and Ending Balance $725,510.71
DISTRIBUTION SUMMARY
Distributions From Certificate Account
To Class A Certificate Holders $4,025,944.92
To Servicer / MMCA ($26,629.88)
To Seller / MARI $550,571.53
To Reserve Fund $234,262.55
To Payahead Account $0.00
Total Distributions From Cert Acct $4,784,149.12
Distributions From Reserve Fund
To Collection Account $34,429.33
To MMCA $0.00
To MARI $227,889.99
Total Dist From Reserve Fund $262,319.32
Distributions From Payahead Acct
To Collection Account $53,601.78
Investment Income to Servicer $2,663.62
Total Distributions From Payahead Acct $56,265.40
Distributions From Yield Supplement Acct
To Collection Account $6,674.71
Investment Income to Seller $497.46
Total Distributions From Yield Supplement Acct $7,172.17
Total Distributions From All Accounts to:
Class A Certificate Holders $4,025,944.92
Servicer / MMCA ($23,966.26)
Seller / MARI $778,958.98
Collection Account $94,705.82
Reserve Fund $234,262.55
Payahead Account $0.00
Total Distributions From All Accounts $5,109,906.01
