<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
---------------------------------------------------------------
Date of Report (December 29, 1998)
First Merchants Acceptance Corporation
--------------------------------
(Exact name of registrant as specified in its charter)
Delaware 0-24686 36-3759045
-------- ----------- ------------
(State of incorporation (Commission (IRS Employer of
or other jurisdiction) File Number) Identification No.)
303 West Erie St. Suite 410 Chicago, Illinois 60610
---------------------------------------------------
(Address of principal executive offices) (Zip Code)
(312) 397-3100
--------------
(Registrants telephone number)
<PAGE> 2
FIRST MERCHANTS ACCEPTANCE CORPORATION
Chapter 11 Plan
The Company, Ugly Ducking Corporation ("UDC") and the Official Committee of
Unsecured Creditors (the "Committee") developed a consensual Chapter 11 plan
(the "Plan") which was filed with the United States District Court for the
District of Delaware ("Bankruptcy Court") on December 12, 1997. Various
amendments were made to the Plan and on March 16, 1998 the Bankruptcy Court
entered an order confirming the Plan, which became effective on March 31, 1998.
Under the terms of the Plan and various Bankruptcy Court orders, UDC acquired
the Company's property and equipment related to the Company's loan servicing
operations and replaced the Company as the services of the Owned Contracts and
Securitization Contracts. UDC has since transferred the loan servicing to
Cygnet Financial Services, an affiliate of UDC.
As a result of the Plan, the reorganized Company is issuing $44 million of debt
(the "New Debt"), with interest accruing at a rate of 5.47% per annum,
compounded quarterly, which is being allocated among the Company's subordinated
debt holders plus all other unsecured and trade creditors, in satisfaction of
their allowed claims. According to the Plan, the New Debt will be allocated
among the various participants as shown in the table below. The Company will
rely upon its portion of the collections on its remaining interest in various
loan portfolios and net proceeds from certain causes of action to meet Plan
obligations. There can be no assurance that the New Debt will be paid in full.
The New Debt shall mature on February 28, 2003. Under the Plan, the New Debt
will receive payment after certain secured and administrative expense
obligations have been satisfied. Likewise, the Company is not entitled to
receive cash flow from its residual interests in various securitizations until
the senior certificates for the applicable securitization have been satisfied.
The information attached hereto outlines the various sources of cash and senior
debt at the securitization level and Company level which need to be satisfied in
order for payments on the New Debt to begin.
New Debt Allocation by Principal Amount (in thousands)
Allowed unsecured creditors $ 3,786
2/95 subordinated debt 8,118
11/96 subordinated debt 32,096
---------
Total $ 44,000
Securitization Schedules
The schedules below represent the cash flows, certificate holder balances, loan
portfolio activity, and other pertinent information related to a series of
securitizations which the Company entered into from 1995 to 1997. Each
securitization schedule shows activity for the period from June 1997 to October
1998. Loan Portfolio Schedules one through nine are securitizations serviced by
Cygnet Financial. Loan Portfolio Schedule 10 is a securitization serviced by
Nuvell Financial Services.
DIP Facility
UDC agreed to provide up to $21.5 million of "debtor-in possession" financing
(the "DIP Facility"). The interest rate on borrowings outstanding under the DIP
Facility is 10% per annum from and after the effective date of the plan with a
maturity date of December 31, 2000.
<PAGE> 3
The first $10 million of Tax Refunds are being used to pay down the DIP Facility
and will permanently reduce the amount of the DIP Facility. As of October 31,
1998, $9.2 million of tax refunds have been collected. There are approximately
$4.4 million of potential refunds outstanding of which $3.9 million are Federal
tax refunds. The IRS is in the process of an audit for 1996 and will also audit
1997 tax returns. It is too early to determine the outcome of the estimated
outstanding tax refunds. After the first $10 million in tax refunds, the DIP
Facility will be paid down from the Company's retained rights in the excess cash
flow (the "B Pieces") which are included as investments held in trust and
residuals in finance receivables sold and finance receivables on the financial
statements after the securitization debt and related obligations are paid, and
after payment of the Secured Claim Recovery Amount (defined below). Payments
made from other sources will not permanently reduce the amount of the DIP
Facility.
The activity for the DIP facility for 1998 is: (in thousands)
Balance at 12/31/97 $ 10,318
Net advances 1,016
Interest accrual 336
--------
Balance at 11/30/98 $ 11,670
Secured Claim Recovery Amount
UDC purchased from the Bank Group the debt outstanding under the Company's
Senior Revolving Facility, which was secured in part by Owned Contracts. The
Owned Contracts were then sold (via "the Agent") to a third party purchaser (the
"Contract Purchaser"). Concurrently with the transfer the Agent released the
lien of the Bank Group on the Collateral.
In consideration for the Bank Group's release of its liens on the Retained
Assets, the Company subsequently (a) guaranteed on a nonrecourse basis full and
timely payment to the Agent and UDC of any shortfall between (i) the Credit Bid
Purchase Price of the Owned Contracts plus interest thereon at the rate of 11%
per annum from December 15, 1997, plus an additional charge for servicing the
Owned Contracts (the "Owned Contracts Servicing Fee"), and (ii) collections and
proceeds of the Owned Contracts (collectively, the "Secured Claim Recovery
Amount"), and (b) granted a lien on the stock of First Merchants Auto
Receivables Corporation ("FMARC") and First Merchants Auto Receivables
Corporation II ("FMARC II") to secure that guarantee. In the event that the
Owned Contracts are not being serviced by UDC, (or an affiliate or assignee of
UDC) (an "Owned Loan Servicing Change"), the Secured Claim Recovery Amount will
be limited to $10 million. For the year ended December 31, 1997, the Company
established a liability for the Secured Claim Recovery Amount of approximately
$9.4 million. Based on analysis the actual results of the Owned Contracts for
the nine months ended September 30, 1998 indicates that defaults are
approximately $3.1 million less than projected. Based on this information no
adjustment to the Secured Claim Recovery appears to be necessary since the
results to date are positive and it is too early in the life of the contracts to
make a positive adjustment to the reserve. Any recovery on the Owned Contracts
in excess of the Secured Claim Recovery Amount will be shared with UDC on the
same basis as the Excess Collections Split (defined below).
Modified UDC Fee
The Company will pay UDC on a nonrecourse basis a fee of $450,000 payable prior
to any payments pursuant to the Excess Collections Split (defined below) solely
from collections of the B Pieces and secured by a pledge of the stock of FMARC
and FMARC II, subordinate only to the DIP Facility, the Secured Claim Recovery
Amount and prior pledges of the FMARC II stock (the "Modified UDC Fee").
<PAGE> 4
Excess Collections Split
Under the Plan, the reorganized Company will oversee the liquidation, sale
and/or collection of all remaining assets of the reorganized Company and will
oversee the disbursements to claimants contemplated by the Plan. All cash
received by the reorganized Company (from B Piece collections and other sources)
will be disbursed to the various classes of claimants set forth in the Plan as
described in the Company's Disclosure Statement. After payment in full of the
Secured Claim Recovery Amount, the DIP Facility, the Modified UDC Fee, and
certain other amounts, any further distributions from the B Pieces will be
shared between the Company on the basis of 82 1/2% for the benefit of the
Company, for distribution to its claimants in accordance with the Plan, and 17
1/2% for the benefit of UDC (the "Excess Collections Split").
In the event that an Owned Loan Servicing Change occurs, the Excess Collections
Split will change to 85% for the benefit of the Company and 15% to UDC with
respect to the B Pieces and, subject to certain adjustments, 100% for the
benefit of the Company and 0% to UDC with respect to the Owned Contracts. UDC
will not be entitled to receive any share of the Excess Collections Split
relating to a Securitized Pool for any period during which it is not acting as
servicer for such securitization. At December 31, 1997, the Company had
recorded obligations due under the Excess Collections Split of approximately
$9.1 million. Based on analysis of actual cash receipts versus projections
through September 30, 1998 the $9.1 million liability appears to be fairly
stated.
Greenwich Pool
The Company owns approximately $1.2 million of loan contracts (the "Greenwich
Pool") which have greater than average delinquency and chargeoff rates. These
loans were used as collateral for a credit line, which was paid in full in
September 1998. Cash collections for September and October 1998 were
approximately $99,000.
Causes of Action
The Company is in the process of documenting a settlement of claims against its
director and officer liability insurers and is examining other potential causes
of action including causes of action against its former auditor.
<PAGE> 5
SCHEDULE 1
First Merchants Acceptance Corporation
10/31/98
FMAC Securitization Sumary Without Charge-Offs ($ in thousands)
<TABLE>
<CAPTION>
Weighted Investor Investor Retained
Receivable Average Receivables Bonds Bonds Portion
Transaction Origination Origination Original Receivables Original Current Original
Transaction Date Period Month Principal Current Balance Balance Balance Balance
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1995-A 17-Nov-95 6/93---7/95 Mar-95 80,798 6,867 75,140 5,933 5,658
- ------------------------------------------------------------------------------------------------------------------------------------
1996-1 12-Mar-96 6/93---1/96 Nov-95 59,958 12,889 55,761 11,987 4,197
- ------------------------------------------------------------------------------------------------------------------------------------
1996-A 21-May-96 12/93---2/96 Nov-95 135,374 24,130 125,897 16,490 9,477
- ------------------------------------------------------------------------------------------------------------------------------------
1996-2 26-Jun-96 2/96---5/96 Mar-96 97,218 28,578 90,413 26,578 6,805
- ------------------------------------------------------------------------------------------------------------------------------------
1996-B 26-Sep-96 6/96---8/96 Jul-96 125,751 43,767 112,822 41,169 12,929
- ------------------------------------------------------------------------------------------------------------------------------------
1996-C 18-Dec-96 3/96---12/96 Oct-96 154,797 62,060 144,673 58,078 10,124
- ------------------------------------------------------------------------------------------------------------------------------------
1997-1 31-Mar-97 12/96---2/97 Jan-97 106,082 51,405 97,595 42,918 8,487
- ------------------------------------------------------------------------------------------------------------------------------------
Totals $ 759,978 229,696 702,301 203,153 57,677
--------- ------- ------- ------- ------
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
Retained Cash Spread Cash Spread FMAC Retained +
Portion Account Account FMAC Retained + FMAC Retained + Spread Current
Current Original Current Spread Original Spread Current Balance (Delinq. & X-
Transaction Balance Balance Balance Balance Balance Coll Adjusted)
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1995-A 934 808 2,428 6,466 3,362 3,049
- --------------------------------------------------------------------------------------------------------------------------
1996-1 902 1,542 2,568 5,739 3,470 2,980
- --------------------------------------------------------------------------------------------------------------------------
1996-A 7,640 2,061 875 11,538 8,515 5,601
- --------------------------------------------------------------------------------------------------------------------------
1996-2 2,000 972 5,325 7,777 7,325 6,372
- --------------------------------------------------------------------------------------------------------------------------
1996-B 2,598 1,175 6,951 14,104 9,549 8,114
- --------------------------------------------------------------------------------------------------------------------------
1996-C 3,982 1,450 9,531 11,574 13,513 13,785
- --------------------------------------------------------------------------------------------------------------------------
1997-1 8,487 2,122 3,784 10,609 12,271 10,698
- --------------------------------------------------------------------------------------------------------------------------
Totals 26,543 10,130 31,462 67,807 58,005 50,599
------ ------ ------ ------ ------ ------
- --------------------------------------------------------------------------------------------------------------------------
- -
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 6
SCHEDULE 2
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-A THROUGH 1997-1 COMBINED
- --------------------------------------------------------------------------------
Portfolio Principal Development
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Bal Loans Charge Principal Bal
BOM Added Offs Payments EOM
<S> <C> <C> <C> <C> <C>
6/30/97 540,423,600 0 4,270,850 14,978,631 521,174,119
7/31/97 521,174,119 0 5,144,521 13,327,161 502,702,437
8/31/97 502,702,437 0 7,491,700 11,825,945 483,384,792
9/30/97 483,384,792 0 12,269,898 13,628,454 457,486,440
10/31/97 457,486,440 0 9,826,911 12,499,259 435,160,270
11/30/97 435,160,270 0 9,897,114 11,617,964 413,645,192
12/31/97 413,645,192 0 11,376,974 11,936,836 390,331,382
1/31/98 390,331,382 0 8,449,992 12,000,925 369,880,465
2/28/98 369,880,465 0 7,175,465 11,811,795 350,893,205
3/31/98 350,893,205 0 4,935,710 12,387,466 333,570,029
4/30/98 333,570,029 0 3,394,079 11,972,668 318,203,282
5/31/98 318,203,282 0 6,247,908 11,349,628 300,605,746
6/30/98 300,605,746 0 4,444,674 11,539,249 284,621,824
7/31/98 284,621,824 0 3,547,014 12,019,404 269,055,406
8/31/98 269,055,406 0 2,455,684 10,347,914 256,251,808
9/30/98 256,251,808 0 2,147,760 10,246,188 243,857,860
10/31/98 243,857,860 0 3,734,572 10,427,382 229,695,906
</TABLE>
<PAGE> 7
SCHEDULE 2 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-A THROUGH 1997-1 COMBINED
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------- ----------------------------------
Cash Collected Trustee Insurance Servicer
- ----------------------------------------------------------------------------------------- Payments Payments Payments
----------------------------------
Loan Loan Late Coll Acct Spread Acct Net Total
Prin. Interest Charges Interest Interest Recoveries Cash
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 14,978,631 8,472,693 160,352 93,633 129,465 950,491 24,785,265 11,124 339,800 1,251,164
7/31/97 13,327,161 8,232,495 84,054 91,976 142,645 1,219,029 23,097,360 10,802 327,215 1,137,960
8/31/97 11,825,945 8,445,968 159,776 92,893 148,992 1,430,379 22,103,953 10,486 314,102 1,174,116
9/30/97 13,628,454 7,222,815 183,439 90,267 150,475 2,729,059 24,004,509 34,122 296,625 1,158,111
10/31/97 12,499,259 7,408,919 206,995 92,032 142,302 3,453,940 23,803,447 35,546 281,609 1,129,044
11/30/97 11,617,964 6,372,299 162,085 95,854 129,343 3,309,498 21,687,043 127,018 343,314 1,212,757
12/31/97 11,936,836 6,549,960 190,033 97,833 125,630 4,321,282 23,221,574 8,966 254,152 1,023,502
1/31/98 12,000,925 6,574,410 198,512 88,932 117,899 3,325,945 22,306,623 8,558 287,106 985,006
2/28/98 11,811,795 6,092,630 156,204 83,447 102,694 3,925,426 22,172,196 8,203 225,067 902,027
3/31/98 12,387,466 6,407,404 145,060 87,249 115,991 1,785,497 20,928,667 47,848 465,125 1,138,339
4/30/98 11,972,668 5,013,719 240,882 74,267 117,498 764,381 18,183,416 28,650 203,145 1,135,847
5/31/98 11,349,628 4,940,589 333,626 75,267 122,925 2,158,290 18,980,325 7,296 191,370 1,228,026
6/30/98 11,539,249 4,899,950 271,903 76,644 116,252 1,941,306 18,845,305 68,219 312,486 1,210,345
7/31/98 12,019,404 4,762,127 277,307 72,078 124,629 2,484,828 19,740,374 *** 56,901 170,212 1,180,861
8/31/98 10,347,914 4,094,190 121,893 67,305 129,056 1,006,067 15,766,424 6,561 161,674 1,055,377
9/30/98 10,246,188 4,010,769 131,743 56,941 129,830 478,040 15,053,509 6,377 153,379 1,001,550
10/31/98 10,427,382 3,918,849 149,382 58,865 134,736 975,982 15,665,194 59,143 181,963 1,000,585
</TABLE>
***7/31 recovery includes $1,123,845.10 received for Feb. 28 purchase of
charged-off loans
<PAGE> 8
SCHEDULE 2 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-A THROUGH 1997-1 COMBINED
<TABLE>
<CAPTION>
Current Current ------------------------------------------------------
Gross Net Current Delinquencies > 30 Day Adjusted Pmts + Chg in Spread & Retained
Charge-Off Charge-Off Recovery Current ------------------------------------------------------
% % % Amount Delinq. % Delinq > Change in Asm Losses Adjusted
7.0% Exc. Del. 65.0% Retained
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 0.8% 0.6% 22.3% 59,607,145 11.4% 23,124,957 5,676,107 3,689,469 (2,294,172)
7/31/97 1.0% 0.8% 23.7% 79,408,376 15.8% 44,219,205 21,094,249 13,711,262 (13,077,543)
8/31/97 1.5% 1.2% 19.1% 76,994,683 15.9% 43,157,748 (1,061,458) (689,948) (443,108)
9/30/97 2.5% 2.0% 22.2% 67,796,124 14.8% 35,772,073 (7,385,674) (4,800,688) (879,086)
10/31/97 2.1% 1.4% 35.1% 58,649,470 13.5% 28,188,251 (7,583,822) (4,929,484) 2,709,079
11/30/97 2.3% 1.5% 33.4% 52,349,186 12.7% 23,394,023 (4,794,229) (3,116,249) (418,441)
12/31/97 2.8% 1.7% 38.0% 46,733,404 12.0% 19,410,207 (3,983,815) (2,589,480) (818,296)
1/31/98 2.2% 1.3% 39.4% 37,957,983 10.3% 12,066,350 (7,343,857) (4,773,507) 3,439,223
2/28/98 1.9% 0.9% 54.7% 30,937,321 8.8% 6,374,797 (5,691,554) (3,699,510) 4,046,704
3/31/98 1.4% 0.9% 36.2% 26,796,713 8.0% 3,509,443 (2,865,354) (1,862,480) 2,146,018
4/30/98 1.0% 0.8% 22.5% 25,243,556 7.9% 3,088,977 (420,465) (273,302) 138,429
5/31/98 2.0% 1.3% 34.5% 25,234,142 8.4% 4,191,740 1,102,763 716,796 (2,284,936)
6/30/98 1.5% 0.8% 43.7% 22,462,043 7.9% 2,538,515 (1,653,225) (1,074,596) 918,431
7/31/98 1.2% 0.4% 70.1% 21,734,914 8.1% 2,901,035 362,520 235,638 1,148,860
8/31/98 0.9% 0.5% 41.0% 27,643,882 10.8% 9,706,256 6,805,221 4,423,393 (3,949,576)
9/30/98 0.8% 0.7% 22.3% 29,624,650 12.1% 12,554,600 2,848,344 1,851,423 (1,564,475)
10/31/98 1.5% 1.1% 26.1% 27,473,466 12.0% 11,394,752 (1,159,847) (753,901) (143,596)
</TABLE>
<PAGE> 9
SCHEDULE 2 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-A THROUGH 1997-1 COMBINED
- --------------------------------------------------------------------------------
A-1,A-2 Certificate Holders
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
% of
Balance Additional Principal Balance % of Portfolio +
BOM Funding Payments EOM Portfolio + Spread Acct
<S> <C> <C> <C> <C> <C> <C>
6/30/97 498,104,972 0 18,387,654 479,717,318 92.0% 86.5%
7/31/97 479,717,318 0 17,766,166 461,951,152 91.9% 86.0%
8/31/97 461,951,152 0 18,513,432 443,437,720 91.7% 85.7%
9/30/97 443,437,720 0 24,673,059 418,764,661 91.5% 85.9%
10/31/97 418,764,661 0 21,197,463 397,567,198 91.4% 85.7%
11/30/97 397,567,198 0 20,466,291 377,100,907 91.2% 85.7%
12/31/97 377,100,907 0 22,180,550 354,920,357 90.9% 85.7%
1/31/98 354,920,357 0 19,223,615 335,696,742 90.8% 85.3%
2/28/98 335,696,742 0 17,955,205 317,741,537 90.6% 84.5%
3/31/98 317,741,537 0 16,525,185 301,216,352 90.3% 83.7%
4/30/98 301,216,352 0 14,422,959 286,793,393 90.1% 83.1%
5/31/98 286,793,393 0 16,623,994 270,169,399 89.9% 82.6%
6/30/98 270,169,399 0 15,086,304 255,083,095 89.6% 81.8%
7/31/98 255,083,095 0 14,784,180 240,298,915 89.3% 80.5%
8/31/98 240,298,915 0 12,052,505 228,246,410 89.1% 79.6%
9/30/98 228,246,410 0 11,711,925 216,534,485 88.8% 78.6%
10/31/98 216,534,485 0 13,382,042 203,152,443 88.4% 77.8%
<CAPTION>
Trustee, %
Insurer, Of
Principal Interest Total Servicer, Current
Payments Payments Payments A Payments Cash Coll.
<S> <C> <C> <C> <C> <C>
6/30/97 18,387,654 2,538,399 20,926,053 22,528,141 90.9%
7/31/97 17,766,166 2,515,982 20,282,148 21,758,125 94.2%
8/31/97 18,513,432 2,420,660 20,934,092 22,432,796 101.5%
9/30/97 24,673,059 2,297,073 26,970,132 28,458,990 118.6%
10/31/97 21,197,463 2,251,483 23,448,946 24,895,145 104.6%
11/30/97 20,466,291 2,023,566 22,489,857 24,172,946 111.5%
12/31/97 22,180,550 2,028,920 24,209,470 25,496,090 109.8%
1/31/98 19,223,615 1,909,320 21,132,935 22,413,605 100.5%
2/28/98 17,955,205 1,702,445 19,657,650 20,792,947 93.8%
3/31/98 16,525,185 1,670,641 18,195,826 19,847,138 94.8%
4/30/98 14,422,959 1,583,900 16,006,859 17,374,502 95.6%
5/31/98 16,623,994 1,524,239 18,148,233 19,574,925 103.1%
6/30/98 15,086,304 1,426,497 16,512,801 18,103,852 96.1%
7/31/98 14,784,180 1,381,483 16,165,663 17,573,637 89.0%
8/31/98 12,052,505 1,265,397 13,317,901 14,541,513 92.2%
9/30/98 11,711,925 1,211,309 12,923,234 14,084,539 93.6%
10/31/98 13,382,042 1,159,047 14,541,089 15,782,780 100.8%
</TABLE>
<PAGE> 10
SCHEDULE 2 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-A THROUGH 1997-1 COMBINED
- --------------------------------------------------------------------------------
Spread Account and Current Month Activity Balances
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Balance Spread Current Payment Balance % of Bal EOM % of
BOM Account Month FMAC EOM Portfolio Spread + Portfolio
Deposit Portfolio As Owner Balance Retained Balance
Long(Short)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 30,948,088 0 2,257,124 0 33,205,212 6.4% 74,662,013 14.3%
7/31/97 33,205,212 0 1,339,235 0 34,544,447 6.9% 75,295,732 15.0%
8/31/97 34,544,447 0 (328,843) 0 34,215,604 7.1% 74,162,676 15.3%
9/30/97 34,215,604 0 (4,454,481) 0 29,761,123 6.5% 68,482,902 15.0%
10/31/97 29,761,123 0 (1,091,698) 0 28,669,425 6.6% 66,262,497 15.2%
11/30/97 28,669,425 0 (2,485,903) 0 26,183,522 6.3% 62,727,807 15.2%
12/31/97 26,183,522 0 (2,274,516) 0 23,909,006 6.1% 59,320,031 15.2%
1/31/98 23,909,006 0 (106,982) 0 23,802,024 6.4% 57,985,747 15.7%
2/28/98 23,802,024 0 1,379,249 0 25,181,273 7.2% 58,332,941 16.6%
3/31/98 25,181,273 0 1,081,529 0 26,262,802 7.9% 58,616,479 17.6%
4/30/98 26,262,802 0 808,914 0 27,071,716 8.5% 58,481,605 18.4%
5/31/98 27,071,716 0 (594,599) 0 26,477,117 8.8% 56,913,465 18.9%
6/30/98 26,477,117 0 741,454 0 27,218,571 9.6% 56,757,300 19.9%
7/31/98 27,218,571 0 2,166,737 0 29,385,307 10.9% 58,141,798 21.6%
8/31/98 29,385,307 0 1,224,911 0 30,610,218 11.9% 58,615,615 22.9%
9/30/98 30,610,218 0 968,971 0 31,579,189 12.9% 58,902,564 24.2%
10/31/98 31,579,189 0 (117,586) 0 31,461,603 13.7% 58,005,066 25.3%
-------------
58,005,066
-------------
(7,406,589) Delinq Loss Adjustment
-------------
50,598,477 Retained Interest Adj for
Delinq. Losses
</TABLE>
<PAGE> 11
SCHEDULE 2 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-A THROUGH 1997-1 COMBINED
- ---------------------------------------------------------------------
B Certificate Holder & Seller
- ---------------------------------------------------------------------
<TABLE>
<CAPTION>
B Cert B Cert Return Total Total
Interest Principal of Spread Payments Pmts + Chg
Paid Paid Residual To B/Seller Retained
(&X-Coll Pmts)
<S> <C> <C> <C> <C> <C>
6/30/97 0 0 0 0 1,395,297
7/31/97 0 0 0 0 633,719
8/31/97 0 0 0 0 (1,133,056)
9/30/97 0 0 0 0 (5,679,774)
10/31/97 0 0 0 0 (2,220,405)
11/30/97 0 0 0 0 (3,534,690)
12/31/97 0 0 0 0 (3,407,776)
1/31/98 0 0 0 0 (1,334,284)
2/28/98 0 0 0 0 347,194
3/31/98 0 0 0 0 283,538
4/30/98 0 0 0 0 (134,874)
5/31/98 0 0 0 0 (1,568,140)
6/30/98 0 0 0 0 (156,165)
7/31/98 0 0 0 0 1,384,498
8/31/98 0 0 0 0 473,817
9/30/98 0 0 0 0 286,949
10/31/98 0 0 0 0 (897,497)
</TABLE>
<PAGE> 12
SCHEDULE 3
<TABLE>
<CAPTION>
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1995-A
- ------------------------------------------------------------------------------
PORTFOLIO PRINCIPAL DEVELOPMENT
- ------------------------------------------------------------------------------
Bal Loans Charge Principal Bal
BOM Added Offs Payments EOM
<S> <C> <C> <C> <C> <C>
6/30/97 29,233,357 0 285,352 1,443,262 27,504,743
7/31/97 27,504,743 0 259,894 1,181,285 26,063,564
8/31/97 26,063,564 0 646,541 1,211,336 24,205,687
9/30/97 24,205,687 0 771,285 1,158,740 22,275,662
10/31/97 22,275,662 0 662,909 1,172,685 20,440,068
11/30/97 20,440,068 0 661,896 1,027,924 18,750,248
12/31/97 18,750,248 0 486,961 980,348 17,282,939
1/31/98 17,282,939 0 429,575 972,229 15,881,135
2/28/98 15,881,135 0 343,622 1,006,135 14,531,378
3/31/98 14,531,378 0 186,610 1,035,542 13,309,226
4/30/98 13,309,226 0 153,442 884,109 12,271,675
5/31/98 12,271,675 0 219,641 824,865 11,227,169
6/30/98 11,227,169 0 253,373 868,768 10,105,028
7/31/98 10,105,028 0 122,891 817,878 9,164,259
8/31/98 9,164,259 0 107,686 680,219 8,376,354
9/30/98 8,376,354 0 74,567 643,303 7,658,484
10/31/98 7,658,484 0 108,038 683,777 6,866,669
</TABLE>
<PAGE> 13
SCHEDULE 3 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1995-A
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------- ------------------------------
CASH COLLECTED TRUSTEE INSURANCE SERVICER
- -------------------------------------------------------------------------------- PAYMENTS PAYMENTS PAYMENTS
------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Loan Loan Fees Coll Acct Spread Acct Net Total
Prin. Interest Collected Interest Interest Recoveries Cash
6/30/97 1,443,262 494,563 18,143 8,591 10,052 45,783 2,020,394 750 17,924 79,046
7/31/97 1,181,285 436,549 8,701 7,115 10,416 88,094 1,732,160 750 16,848 66,003
8/31/97 1,211,336 410,513 16,281 7,429 10,519 55,241 1,711,319 750 15,625 70,580
9/30/97 1,158,740 407,806 18,363 6,893 9,665 124,540 1,726,007 1,535 14,353 68,792
10/31/97 1,172,685 404,218 22,318 7,087 8,847 235,707 1,850,862 750 13,136 68,726
11/30/97 1,027,924 341,544 17,128 7,366 8,069 161,937 1,563,968 11,450 16,065 68,846
12/31/97 980,348 321,378 18,335 6,725 7,818 191,424 1,526,028 750 11,066 57,398
1/31/98 972,229 325,986 19,757 5,994 7,653 144,637 1,476,256 750 12,311 55,763
2/28/98 1,006,135 323,912 14,675 5,796 7,031 198,091 1,555,640 750 9,253 47,760
3/31/98 1,035,542 273,763 13,662 6,062 8,239 21,656 1,358,925 6,461 18,730 64,267
4/30/98 884,109 280,078 20,206 4,970 8,575 41,927 1,239,864 3,763 7,763 65,551
5/31/98 824,865 210,656 25,057 5,245 8,960 50,638 1,125,420 750 7,075 69,316
6/30/98 868,768 210,277 22,734 5,206 8,653 76,947 1,192,586 8,144 11,373 70,294
7/31/98 817,878 193,323 19,474 5,044 9,439 129,650 1,174,807 *** 750 5,716 68,318
8/31/98 680,219 163,816 9,756 4,520 9,694 35,269 903,274 750 5,197 48,538
9/30/98 643,303 142,395 9,560 3,894 9,723 15,608 824,482 750 4,724 53,166
10/31/98 683,777 158,127 10,860 3,945 10,001 60,702 927,411 4,881 5,375 54,319
</TABLE>
*** 7/31 recovery includes $94,394.73 received for Feb. 28 purchase of
charged-off loans.
<PAGE> 14
SCHEDULE 3 (CONT.)
<TABLE>
<CAPTION>
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1995-A
------------------------------------------------
Current Current Adjusted Pmts + Chg in Spread & Retained
Gross Net Current Delinquencies > 30 Days ------------------------------------------------
Charge-Off Charge-Off Recovery Current Delinq > Change in Asm Losses Adjusted
% % % Amount Delinq. % 7.0% Exc. Del. 65.0% Retained
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 1.0% 0.8% 16.0% 3,888,652 14.1% 1,963,320 485,006 315,254 (261,140)
7/31/97 0.9% 0.6% 33.9% 5,145,886 19.7% 3,321,437 1,358,117 882,776 (806,133)
8/31/97 2.5% 2.3% 8.5% 4,790,188 19.8% 3,095,790 (225,647) (146,670) (209,738)
9/30/97 3.2% 2.7% 16.1% 4,024,737 18.1% 2,465,441 (630,349) (409,727) 7,062
10/31/97 3.0% 1.9% 35.6% 3,078,448 15.1% 1,647,643 (817,797) (531,568) 359,530
11/30/97 3.2% 2.4% 24.5% 2,601,207 13.9% 1,288,690 (358,954) (233,320) (84,767)
12/31/97 2.6% 1.6% 39.3% 2,487,570 14.4% 1,277,764 (10,925) (7,101) (91,148)
1/31/98 2.5% 1.6% 33.7% 1,961,090 12.3% 849,411 (428,354) (278,430) 203,354
2/28/98 2.2% 0.9% 57.6% 1,376,659 9.5% 359,463 (489,948) (318,466) 392,618
3/31/98 1.3% 1.1% 11.6% 1,233,041 9.3% 301,395 (58,067) (37,744) 17,575
4/30/98 1.2% 0.8% 27.3% 1,075,901 8.8% 216,884 (84,511) (54,932) 118,558
5/31/98 1.8% 1.4% 23.1% 1,166,235 10.4% 380,333 163,449 106,242 (159,093)
6/30/98 2.3% 1.6% 30.4% 779,847 7.7% 72,495 (307,838) (200,094) 129,123
7/31/98 1.2% -0.1% 105.5% 714,254 7.8% 72,756 261 170 112,871
8/31/98 1.2% 0.8% 32.8% 970,922 11.6% 384,578 311,821 202,684 (183,493)
9/30/98 0.9% 0.7% 20.9% 1,032,641 13.5% 496,547 111,969 72,780 (62,716)
10/31/98 1.4% 0.6% 56.2% 961,703 14.0% 481,036 (15,511) (10,082) 46,645
--------------------
312,674 3,408,931
--------------------
BalChk -
</TABLE>
<PAGE> 15
SCHEDULE 3 (CONT.)
<TABLE>
<CAPTION>
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1995-A
- ------------------------------------------------------------------------------------------------------------------------------------
A-1,A-2 CERTIFICATE HOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
Balance Additional Principal Balance % of % of Principal Interest Total Trustee, %
BOM Funding Payments EOM Portfolio + Portfolio + Payments Payments Payments Insurer, Of
Spread Acct Servicer, Current
A Payments Cash Coll.
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 27,086,642 0 1,782,728 25,303,914 92.0% 84.8% 1,782,728 139,946 1,922,674 2,020,394 100.0%
7/31/97 25,303,914 0 1,517,822 23,786,092 91.3% 83.8% 1,517,822 130,737 1,648,559 1,732,160 100.0%
8/31/97 23,786,092 0 1,727,825 22,058,267 91.1% 83.8% 1,727,825 122,895 1,850,720 1,937,675 113.2%
9/30/97 22,058,267 0 1,794,924 20,263,343 91.0% 84.0% 1,794,924 113,967 1,908,891 1,993,571 115.5%
10/31/97 20,263,343 0 1,707,102 18,556,241 90.8% 83.4% 1,707,102 104,694 1,811,796 1,894,408 102.4%
11/30/97 18,556,241 0 1,571,532 16,984,709 90.6% 83.5% 1,571,532 95,874 1,667,406 1,763,767 112.8%
12/31/97 16,984,709 0 1,364,598 15,620,111 90.4% 82.7% 1,364,598 87,754 1,452,352 1,521,566 99.7%
1/31/98 15,620,111 0 1,303,678 14,316,433 90.1% 81.8% 1,303,678 80,704 1,384,382 1,453,206 98.4%
2/28/98 14,316,433 0 1,255,274 13,061,159 89.9% 80.0% 1,255,274 73,968 1,329,242 1,387,005 89.2%
3/31/98 13,061,159 0 1,136,601 11,924,558 89.6% 78.6% 1,136,601 67,483 1,204,084 1,293,542 95.2%
4/30/98 11,924,558 0 964,923 10,959,635 89.3% 76.8% 964,923 61,610 1,026,533 1,103,610 89.0%
5/31/98 10,959,635 0 971,390 9,988,245 89.0% 75.4% 971,390 56,625 1,028,015 1,105,156 98.2%
6/30/98 9,988,245 0 1,043,591 8,944,654 88.5% 73.8% 1,043,591 51,606 1,095,197 1,185,008 99.4%
7/31/98 8,944,654 0 874,915 8,069,739 88.1% 71.0% 874,915 46,214 921,129 995,913 84.8%
8/31/98 8,069,739 0 732,751 7,336,987 87.6% 68.9% 732,751 41,694 774,445 828,930 91.8%
9/30/98 7,336,987 0 667,619 6,669,368 87.1% 66.7% 667,619 37,908 705,527 764,167 92.7%
10/31/98 6,669,368 0 736,388 5,932,980 86.4% 63.8% 736,388 34,458 770,846 835,421 90.1%
</TABLE>
<PAGE> 16
SCHEDULE 3 (CONT.)
<TABLE>
<CAPTION>
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1995-A
-----------------------------------------------------------------------------------------------------
SPREAD ACCOUNT AND CURRENT MONTH ACTIVITY BALANCES
-----------------------------------------------------------------------------------------------------
Balance Spread Current Payments Balance % of Bal EOM % of
BOM Account Month FMAC EOM Portfolio Spread + Portfolio
Deposit Portfolio As Owner Balance Retained Balance
Long(Short)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 2,334,016 0 0 0 2,334,016 8.5% 4,534,845 16.5%
7/31/97 2,334,016 0 0 0 2,334,016 9.0% 4,611,488 17.7%
8/31/97 2,334,016 0 (226,356) 0 2,107,660 8.7% 4,255,080 17.6%
9/30/97 2,107,660 0 (267,564) 0 1,840,096 8.3% 3,852,415 17.3%
10/31/97 1,840,096 0 (43,546) 0 1,796,550 8.8% 3,680,377 18.0%
11/30/97 1,796,550 0 (199,799) 0 1,596,751 8.5% 3,362,290 17.9%
12/31/97 1,596,751 0 4,462 0 1,601,213 9.3% 3,264,041 18.9%
1/31/98 1,601,213 0 23,050 0 1,624,263 10.2% 3,188,965 20.1%
2/28/98 1,624,263 0 168,635 0 1,792,898 12.3% 3,263,117 22.5%
3/31/98 1,792,898 0 65,383 0 1,858,281 14.0% 3,242,948 24.4%
4/30/98 1,858,281 0 136,254 0 1,994,535 16.3% 3,306,574 26.9%
5/31/98 1,994,535 0 20,264 0 2,014,799 17.9% 3,253,723 29.0%
6/30/98 2,014,799 0 7,578 0 2,022,378 20.0% 3,182,752 31.5%
7/31/98 2,022,378 0 178,894 0 2,201,272 24.0% 3,295,792 36.0%
8/31/98 2,201,272 0 74,344 0 2,275,616 27.2% 3,314,983 39.6%
9/30/98 2,275,616 0 60,315 0 2,335,931 30.5% 3,325,047 43.4%
10/31/98 2,335,931 0 91,991 0 2,427,922 35.4% 3,361,610 49.0%
---------
3,361,610
---------
(312,674) Delinq Loss Adjustment
---------
3,048,937 Retained Interest Adj for
Delinq. Losses
</TABLE>
<PAGE> 17
SCHEDULE 3 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1995-A
<TABLE>
<CAPTION>
- -----------------------------------------------------------
B CERTIFICATE HOLDER & SELLER
- -----------------------------------------------------------
B Cert B Cert Return Total Total
Interest Principal of Spread Payments Pmts + Chg
Paid Paid Residual To B/Seller Retained
(&X-Coll Pmts)
<S> <C> <C> <C> <C> <C>
6/30/97 0 0 0 0 54,114
7/31/97 0 0 0 0 76,643
8/31/97 0 0 0 0 (356,408)
9/30/97 0 0 0 0 (402,665)
10/31/97 0 0 0 0 (172,038)
11/30/97 0 0 0 0 (318,087)
12/31/97 0 0 0 0 (98,249)
1/31/98 0 0 0 0 (75,076)
2/28/98 0 0 0 0 74,152
3/31/98 0 0 0 0 (20,169)
4/30/98 0 0 0 0 63,626
5/31/98 0 0 0 0 (52,851)
6/30/98 0 0 0 0 (70,972)
7/31/98 0 0 0 0 113,040
8/31/98 0 0 0 0 19,191
9/30/98 0 0 0 0 10,064
10/31/98 0 0 0 0 36,563
</TABLE>
<PAGE> 18
SCHEDULE 4
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-1
- --------------------------------------------------------------------------------
Portfolio Principal Development
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Bal Loans Charge Principal Bal
BOM Added Offs Payments EOM
<S> <C> <C> <C> <C> <C>
6/30/97 34,148,395 0 323,436 1,048,897 32,776,062
7/31/97 32,776,062 0 377,069 1,023,856 31,375,137
8/31/97 31,375,137 0 579,375 1,048,931 29,746,831
9/30/97 29,746,831 0 797,463 909,099 28,040,269
10/31/97 28,040,269 0 658,595 912,043 26,469,631
11/30/97 26,469,631 0 589,339 787,966 25,092,326
12/31/97 25,092,326 0 722,017 894,980 23,475,329
1/31/98 23,475,329 0 601,270 817,984 22,056,075
2/28/98 22,056,075 0 427,641 774,941 20,853,493
3/31/98 20,853,493 0 308,474 814,404 19,730,615
4/30/98 19,730,615 0 133,406 822,472 18,774,736
5/31/98 18,774,736 0 374,913 769,393 17,630,431
6/30/98 17,630,431 0 294,846 873,165 16,462,420
7/31/98 16,462,420 0 149,243 819,919 15,493,257
8/31/98 15,493,257 0 95,100 761,825 14,636,333
9/30/98 14,636,333 0 126,206 740,264 13,769,863
10/31/98 13,769,863 0 190,780 690,000 12,889,084
</TABLE>
<PAGE> 19
SCHEDULE 4 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-1
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------- ----------------------------------
Cash Collected Trustee Insurance Servicer
- -------------------------------------------------------------------------------------- Payments Payments Payments
----------------------------------
Loan Loan Fees Coll Acct Spread Acct Net Total
Prin. Interest Collected Interest Interest Recoveries Cash
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 1,048,897 514,922 12,137 7,452 9,011 98,203 1,690,622 750 21,591 83,280
7/31/97 1,023,856 554,326 6,075 7,776 9,997 124,798 1,726,828 750 20,668 74,359
8/31/97 1,048,931 444,789 11,071 7,808 10,846 121,281 1,644,726 750 19,596 76,437
9/30/97 909,099 499,663 12,593 7,916 10,821 245,863 1,685,955 5,055 18,472 74,565
10/31/97 912,043 443,882 15,072 7,269 10,602 243,919 1,632,787 750 17,437 73,489
11/30/97 787,966 396,579 11,454 6,907 9,977 170,473 1,383,356 8,683 21,881 78,718
12/31/97 894,980 383,627 13,733 7,380 10,101 259,365 1,569,186 750 15,964 66,008
1/31/98 817,984 396,698 13,626 6,994 9,630 219,854 1,464,786 750 17,563 62,533
2/28/98 774,941 380,806 10,748 5,907 8,448 197,830 1,378,680 750 13,737 56,698
3/31/98 814,404 343,641 9,575 6,068 9,383 79,375 1,262,446 6,461 28,234 81,176
4/30/98 822,472 313,787 18,140 5,674 9,224 43,668 1,212,965 3,762 12,368 70,934
5/31/98 769,393 293,218 24,144 5,880 9,548 136,540 1,238,722 750 11,614 82,148
6/30/98 873,165 287,697 22,904 6,403 9,377 83,246 1,282,792 5,673 18,869 84,466
7/31/98 819,919 277,973 20,747 5,846 10,050 155,987 1,290,524*** 750 10,206 76,726
8/31/98 761,825 181,545 9,048 4,956 10,356 54,529 1,022,258 750 9,642 56,878
9/30/98 740,264 227,538 8,688 4,717 10,503 10,323 1,002,033 750 9,071 68,269
10/31/98 690,000 223,170 10,139 4,527 10,843 56,951 995,629 8,295 10,742 68,131
- -------------------------------------------------------------------------------------- ----------------------------------
</TABLE>
*** 7/31 recovery includes $90,036.35 received for Feb. 28 purchase of
charged-off loans
<PAGE> 20
SCHEDULE 4(CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-1
<TABLE>
<CAPTION>
------------------------------------------------------
Current Current Delinquencies > 30 Days Adjusted Pmts + Chg in Spread & Retained
Gross Net Current ------------------------------------------------------
Charge-Off Charge-Off Recovery Current Delinq > Change in Asm Losses Adjusted
% % % Amount Delinq. % 7.0% Exc. Del. 65.0% Retained
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 0.9% 0.7% 30.4% 4,533,749 13.8% 2,239,425 392,846 255,350 (198,826)
7/31/97 1.2% 0.8% 33.1% 5,585,350 17.8% 3,389,090 1,149,666 747,283 (667,025)
8/31/97 1.8% 1.5% 20.9% 5,387,694 18.1% 3,305,416 (83,675) (54,388) (169,438)
9/30/97 2.7% 1.9% 30.8% 4,755,629 17.0% 2,792,810 (512,606) (333,194) 78,478
10/31/97 2.3% 1.5% 37.0% 4,013,448 15.2% 2,160,574 (632,236) (410,954) 253,213
11/30/97 2.2% 1.6% 28.9% 3,475,627 13.9% 1,719,164 (441,410) (286,916) 62,653
12/31/97 2.9% 1.8% 35.9% 3,316,228 14.1% 1,672,955 (46,209) (30,036) (215,232)
1/31/98 2.6% 1.6% 36.6% 2,321,606 10.5% 777,681 (895,274) (581,928) 439,273
2/28/98 1.9% 1.0% 46.3% 1,830,386 8.8% 370,641 (407,039) (264,576) 268,638
3/31/98 1.5% 1.1% 25.7% 1,775,263 9.0% 394,120 23,478 15,261 (86,917)
4/30/98 0.7% 0.5% 32.7% 1,553,446 8.3% 239,215 (154,905) (100,688) 180,729
5/31/98 2.0% 1.3% 36.4% 1,544,364 8.8% 310,234 71,019 46,163 (132,105)
6/30/98 1.7% 1.2% 28.2% 1,344,567 8.2% 192,198 (118,036) (76,724) 1,882
7/31/98 0.9% 0.0% 104.5% 1,281,478 8.3% 196,950 4,752 3,089 155,315
8/31/98 0.6% 0.3% 57.3% 1,610,544 11.0% 586,001 389,051 252,883 (225,662)
9/30/98 0.9% 0.8% 8.2% 1,788,975 13.0% 825,085 239,084 155,405 (164,856)
10/31/98 1.4% 1.0% 29.9% 1,656,426 12.9% 754,190 (70,895) (46,082) 10,801
</TABLE>
<PAGE> 21
SCHEDULE 4 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-1
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
A-1,A-2 Certificate Holders
- ----------------------------------------------------------------------------------------------------------
Balance Additional Principal Balance % of % of Principal Interest Total Trustee, %
BOM Funding Payments EOM Portfolio+ Portfolio+ Payments Payments Payments Insurer, Of
Spread Acct Servicer, Current
A Payments Cash Coll.
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 31,758,008 0 1,276,269 30,481,739 93.0% 86.8% 1,276,269 156,144 1,432,413 1,538,034 91.0%
7/31/97 30,481,739 0 1,302,861 29,178,878 93.0% 86.1% 1,302,861 149,868 1,452,729 1,548,506 89.7%
8/31/97 29,178,878 0 1,514,324 27,664,554 93.0% 86.0% 1,514,324 143,463 1,657,787 1,754,570 106.7%
9/30/97 27,664,554 0 1,587,103 26,077,451 93.0% 86.0% 1,587,103 136,017 1,723,120 1,821,212 108.0%
10/31/97 26,077,451 0 1,460,693 24,616,758 93.0% 85.8% 1,460,693 128,214 1,588,907 1,680,583 102.9%
11/30/97 24,616,758 0 1,280,895 23,335,863 93.0% 85.8% 1,280,895 121,032 1,401,927 1,511,209 109.2%
12/31/97 23,335,863 0 1,503,807 21,832,056 93.0% 85.8% 1,503,807 114,735 1,618,542 1,701,264 108.4%
1/31/98 21,832,056 0 1,319,907 20,512,149 93.0% 85.5% 1,319,907 107,341 1,427,248 1,508,094 103.0%
2/28/98 20,512,149 0 1,118,401 19,393,748 93.0% 84.8% 1,118,401 100,851 1,219,252 1,290,437 93.6%
3/31/98 19,393,748 0 1,092,219 18,301,529 92.8% 84.3% 1,092,219 95,353 1,187,572 1,303,443 103.2%
4/30/98 18,301,529 0 841,025 17,460,504 93.0% 83.3% 841,025 89,983 931,007 1,018,071 83.9%
5/31/98 17,460,504 0 1,064,204 16,396,300 93.0% 82.8% 1,064,204 85,847 1,150,052 1,244,563 100.5%
6/30/98 16,396,300 0 1,086,250 15,310,050 93.0% 82.1% 1,086,250 80,615 1,166,865 1,275,873 99.5%
7/31/98 15,310,050 0 901,321 14,408,729 93.0% 80.5% 901,321 75,274 976,596 1,064,278 82.5%
8/31/98 14,408,729 0 796,940 13,611,789 93.0% 79.5% 796,940 70,843 867,783 935,053 91.5%
9/30/98 13,611,789 0 805,817 12,805,972 93.0% 78.5% 805,817 66,925 872,741 950,831 94.9%
10/31/98 12,805,972 0 819,125 11,986,848 93.0% 77.6% 819,125 62,963 882,087 969,255 97.4%
</TABLE>
<PAGE> 22
SCHEDULE 4 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-1
- --------------------------------------------------------------------------------
Spread Account and Current Month Activity Balances
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Balance Spread Current Payments Balance % of Bal EOM % of
BOM Account Month FMAC EOM Portfolio Spread + Portfolio
Deposit Portfolio As Owner Balance Retained Balance
Long(Short)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 2,198,561 0 152,588 0 2,351,149 7.2% 4,645,472 14.2%
7/31/97 2,351,149 0 178,322 0 2,529,471 8.1% 4,725,730 15.1%
8/31/97 2,529,471 0 (109,844) 0 2,419,627 8.1% 4,501,904 15.1%
9/30/97 2,419,627 0 (135,257) 0 2,284,370 8.1% 4,247,188 15.1%
10/31/97 2,284,370 0 (47,796) 0 2,236,574 8.4% 4,089,447 15.4%
11/30/97 2,236,574 0 (127,853) 0 2,108,721 8.4% 3,865,184 15.4%
12/31/97 2,108,721 0 (132,078) 0 1,976,643 8.4% 3,619,916 15.4%
1/31/98 1,976,643 0 (43,308) 0 1,933,335 8.8% 3,477,261 15.8%
2/28/98 1,933,335 0 88,243 0 2,021,578 9.7% 3,481,323 16.7%
3/31/98 2,021,578 0 (40,997) 0 1,980,581 10.0% 3,409,667 17.3%
4/30/98 1,980,581 0 194,894 0 2,175,475 11.6% 3,489,707 18.6%
5/31/98 2,175,475 0 (5,841) 0 2,169,634 12.3% 3,403,765 19.3%
6/30/98 2,169,634 0 6,919 0 2,176,553 13.2% 3,328,923 20.2%
7/31/98 2,176,553 0 226,246 0 2,402,799 15.5% 3,487,327 22.5%
8/31/98 2,402,799 0 87,205 0 2,490,004 17.0% 3,514,548 24.0%
9/30/98 2,490,004 0 51,201 0 2,541,206 18.5% 3,505,097 25.5%
10/31/98 2,541,206 0 26,374 0 2,567,580 19.9% 3,469,816 26.9%
---------
3,469,816
---------
(490,224) Delinq Loss Adjustment
---------
2,979,593 Retained Interest Adj for Delinq.
Losses
</TABLE>
<PAGE> 23
SCHEDULE 4 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-1
- ----------------------------------------------------------------------
B Certificate Holder & Seller
- ----------------------------------------------------------------------
<TABLE>
<CAPTION>
B Cert B Cert Return Total Total
Interest Principal of Spread Payments Pmts + Chg
Paid Paid Residual To B/Seller Retained
(&X-Coll Pmts)
<S> <C> <C> <C> <C>
6/30/97 0 0 0 0 56,524
7/31/97 0 0 0 0 80,258
8/31/97 0 0 0 0 (223,826)
9/30/97 0 0 0 0 (254,716)
10/31/97 0 0 0 0 (157,741)
11/30/97 0 0 0 0 (224,263)
12/31/97 0 0 0 0 (245,268)
1/31/98 0 0 0 0 (142,655)
2/28/98 0 0 0 0 4,062
3/31/98 0 0 0 0 (71,656)
4/30/98 0 0 0 0 80,040
5/31/98 0 0 0 0 (85,943)
6/30/98 0 0 0 0 (74,842)
7/31/98 0 0 0 0 158,404
8/31/98 0 0 0 0 27,221
9/30/98 0 0 0 0 (9,452)
10/31/98 0 0 0 0 (35,280)
</TABLE>
<PAGE> 24
SCHEDULE 5
Actual Development of First Merchants Auto Trust 1996-A
- ------------------------------------------------------------------------------
Portfolio Principal Development
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Bal Loans Charge Principal Bal
BOM Added Offs Payments EOM
<S> <C> <C> <C> <C> <C>
6/30/97 75,566,522 0 883,312 2,942,253 71,740,957
7/31/97 71,740,957 0 874,234 2,407,560 68,459,163
8/31/97 68,459,163 0 1,157,683 2,094,050 65,207,430
9/30/97 65,207,430 0 2,246,752 2,451,613 60,509,065
10/31/97 60,509,065 0 1,871,438 2,131,887 56,505,740
11/30/97 56,505,740 0 1,660,190 2,060,842 52,784,708
12/31/97 52,784,708 0 1,633,649 2,132,548 49,018,511
1/31/98 49,018,511 0 1,085,316 2,114,784 45,818,411
2/28/98 45,818,411 0 1,296,546 1,999,709 42,522,156
3/31/98 42,522,156 0 711,402 2,031,187 39,779,567
4/30/98 39,779,567 0 503,989 2,074,434 37,201,144
5/31/98 37,201,144 0 849,217 1,835,371 34,516,556
6/30/98 34,516,556 0 565,081 1,795,567 32,155,908
7/31/98 32,155,908 0 483,555 1,911,922 29,760,430
8/31/98 29,760,430 0 349,644 1,563,459 27,847,328
9/30/98 27,847,328 0 236,084 1,545,318 26,065,926
10/31/98 26,065,926 0 419,315 1,517,064 24,129,548
</TABLE>
<PAGE> 25
SCHEDULE 5 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-A
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------- -----------------------------------
Cash Collected Trustee Insurance Servicer
- -------------------------------------------------------------------------------------- Payments Payments Payments
Loan Loan Fees Coll Acct Spread Acc Net Total -----------------------------------
Prin. Interest Collected Interest Interest Recoveries Cash
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 2,942,253 1,260,753 38,728 16,596 4,783 219,483 4,482,596 1,574 44,104 196,159
7/31/97 2,407,560 1,163,525 18,376 15,709 4,404 199,360 3,808,934 1,495 41,779 167,837
8/31/97 2,094,050 1,356,200 35,760 15,517 4,535 305,634 3,811,696 1,426 39,476 178,383
9/30/97 2,451,613 880,044 40,897 14,416 4,406 361,701 3,753,077 5,864 36,148 176,746
10/31/97 2,131,887 1,056,554 46,779 14,426 2,065 518,918 3,770,629 1,261 33,315 172,840
11/30/97 2,060,842 883,703 36,005 15,398 4 465,302 3,461,254 1,177 30,676 153,725
12/31/97 2,132,548 925,529 42,866 15,346 0 565,151 3,681,440 1,100 28,075 152,834
1/31/98 2,114,784 882,655 41,603 13,731 411 401,525 3,454,709 1,021 31,476 143,725
2/28/98 1,999,709 850,310 34,179 13,044 811 602,585 3,500,638 955 23,796 129,634
3/31/98 2,031,187 986,299 31,519 13,681 1,283 291,158 3,355,127 6,597 50,017 163,323
4/30/98 2,074,434 539,213 45,603 11,459 2,300 61,132 2,734,141 3,841 20,291 166,780
5/31/98 1,835,371 622,399 62,773 12,124 1,719 200,387 2,734,773 775 18,523 184,791
6/30/98 1,795,567 601,900 51,025 12,646 229 211,171 2,672,538 18,812 30,133 176,857
7/31/98 1,911,922 576,648 54,444 12,126 1,238 409,201 2,965,579 *** 12,215 15,390 175,073
8/31/98 1,563,459 488,194 23,677 11,482 1,939 96,713 2,185,465 750 14,129 130,152
9/30/98 1,545,318 470,273 26,096 9,569 2,505 47,960 2,101,720 750 12,956 135,952
10/31/98 1,517,064 447,900 28,702 9,706 3,213 104,199 2,110,783 9,718 14,895 138,488
</TABLE>
*** 7/31 recovery includes $262,210.84 received for Feb. 28 purchase of
charged-off loans
<PAGE> 26
SCHEDULE 5 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-A
<TABLE>
<CAPTION>
--------------------------------------------------------
Current Current Adjusted Pmts + Chg in Spread & Retained
Gross Net Current Delinquencies > 30 Days --------------------------------------------------------
Charge-Off Charge-Off Recovery Current Delinq > Change in Asm Losses Adjusted
% % % Amount Delinq. % 7.0% Exc. Del. 65.0% Retained
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 1.2% 0.9% 24.8% 10,605,814 14.8% 5,583,947 1,060,583 689,379 (621,399)
7/31/97 1.2% 0.9% 22.8% 13,560,754 19.8% 8,768,613 3,184,666 2,070,033 (2,089,977)
8/31/97 1.7% 1.2% 26.4% 13,214,384 20.3% 8,649,864 (118,749) (77,187) 98,849
9/30/97 3.4% 2.9% 16.1% 11,336,066 18.7% 7,100,431 (1,549,432) (1,007,131) (457,277)
10/31/97 3.1% 2.2% 27.7% 9,257,408 16.4% 5,302,006 (1,798,425) (1,168,976) 446,683
11/30/97 2.9% 2.1% 28.0% 8,193,587 15.5% 4,498,657 (803,349) (522,177) (179,457)
12/31/97 3.1% 2.0% 34.6% 7,229,872 14.7% 3,798,576 (700,081) (455,053) (52,824)
1/31/98 2.2% 1.4% 37.0% 6,041,352 13.2% 2,834,063 (964,513) (626,933) 484,016
2/28/98 2.8% 1.5% 46.5% 4,309,607 10.1% 1,333,056 (1,501,007) (975,655) 820,965
3/31/98 1.7% 1.0% 40.9% 3,716,313 9.3% 931,743 (401,313) (260,853) 465,882
4/30/98 1.3% 1.1% 12.1% 3,364,528 9.0% 760,448 (171,295) (111,342) (97,184)
5/31/98 2.3% 1.7% 23.6% 3,324,257 9.6% 908,099 147,650 95,973 (409,819)
6/30/98 1.6% 1.0% 37.4% 2,787,609 8.7% 536,695 (371,404) (241,412) 181,498
7/31/98 1.5% 0.2% 84.6% 2,922,959 9.8% 839,728 303,033 196,972 36,708
8/31/98 1.2% 0.8% 27.7% 3,836,211 13.8% 1,886,898 1,047,169 680,660 (674,636)
9/30/98 0.8% 0.7% 20.3% 3,453,461 13.2% 1,628,846 (258,052) (167,734) 227,022
10/31/98 1.6% 1.2% 24.8% 3,286,803 13.6% 1,597,735 (31,111) (20,222) (70,597)
</TABLE>
<PAGE> 27
SCHEDULE 5 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-A
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
A-1,A-2 Certificate Holders
- ------------------------------------------------------------------------------------------------------------------------------------
Balance Additional Principal Balance % of % of Principal Interest Total Trustee, %
BOM Funding Payments EOM Portfolio + Portfolio + Payments Payments Payments Insurer, Of
Spread Acct Servicer, Current
A Payments Cash Coll.
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 66,089,698 0 3,825,565 62,264,133 86.8% 85.6% 3,825,565 347,214 4,172,779 4,414,616 98.5%
7/31/97 62,264,133 0 3,281,794 58,982,339 86.2% 84.9% 3,281,794 335,973 3,617,767 3,828,878 100.5%
8/31/97 58,982,339 0 3,251,733 55,730,606 85.5% 84.1% 3,251,733 319,016 3,570,749 3,790,034 99.4%
9/30/97 55,730,606 0 4,698,365 51,032,241 84.3% 84.3% 4,698,365 300,362 4,998,727 5,217,485 139.0%
10/31/97 51,032,241 0 4,003,325 47,028,916 83.2% 83.2% 4,003,325 282,181 4,285,506 4,492,922 119.2%
11/30/97 47,028,916 0 3,721,032 43,307,884 82.0% 82.0% 3,721,032 256,278 3,977,310 4,162,888 120.3%
12/31/97 43,307,884 0 3,671,325 39,636,559 80.9% 81.5% 3,671,325 241,111 3,912,436 4,094,445 111.2%
1/31/98 39,636,559 0 2,976,093 36,660,466 80.0% 80.6% 2,976,093 221,304 3,197,397 3,373,619 97.7%
2/28/98 36,660,466 0 3,065,517 33,594,949 79.0% 79.5% 3,065,517 204,688 3,270,205 3,424,590 97.8%
3/31/98 33,594,949 0 2,550,607 31,044,342 78.0% 77.8% 2,550,607 187,572 2,738,179 2,958,116 88.2%
4/30/98 31,044,342 0 2,397,934 28,646,408 77.0% 76.8% 2,397,934 173,331 2,571,265 2,762,177 101.0%
5/31/98 28,646,408 0 2,496,667 26,149,741 75.8% 75.8% 2,496,667 159,942 2,656,609 2,860,698 104.6%
6/30/98 26,149,741 0 2,195,403 23,954,339 74.5% 74.3% 2,195,403 146,003 2,341,405 2,567,207 96.1%
7/31/98 23,954,339 0 2,227,794 21,726,545 73.0% 71.8% 2,227,794 133,745 2,361,539 2,564,216 86.5%
8/31/98 21,726,545 0 1,779,186 19,947,359 71.6% 70.0% 1,779,186 121,307 1,900,492 2,045,524 93.6%
9/30/98 19,947,359 0 1,656,703 18,290,656 70.2% 68.0% 1,656,703 111,373 1,768,076 1,917,734 91.2%
10/31/98 18,290,656 0 1,800,832 16,489,824 68.3% 65.9% 1,800,832 102,123 1,902,955 2,066,056 97.9%
</TABLE>
<PAGE> 28
SCHEDULE 5 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-A
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------
Spread Account and Current Month Activity Balances
- ------------------------------------------------------------------------------------------------------------
Balance Spread Current Payments Balance % of Bal EOM % of
BOM Account Month FMAC EOM Portfolio Spread + Portfolio
Deposit Portfolio As Owner Balance Retained Balance
Long(Short)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 955,536 0 67,980 0 1,023,516 1.4% 10,500,340 14.6%
7/31/97 1,023,516 0 (19,944) 0 1,003,572 1.5% 10,480,396 15.3%
8/31/97 1,003,572 0 21,662 0 1,025,234 1.6% 10,502,058 16.1%
9/30/97 1,025,234 0 (1,464,408) (439,174) 0 0.0% 9,476,824 15.7%
10/31/97 0 0 (722,293) (722,293) 0 0.0% 9,476,824 16.8%
11/30/97 0 0 (701,634) (701,634) 0 0.0% 9,476,824 18.0%
12/31/97 0 0 (413,005) 0 (413,005) -0.8% 8,968,947 18.3%
1/31/98 (413,005) 0 81,090 0 (331,915) -0.7% 8,826,030 19.3%
2/28/98 (331,915) 0 76,048 0 (255,867) -0.6% 8,671,340 20.4%
3/31/98 (255,867) 0 397,011 0 141,144 0.4% 8,876,369 22.3%
4/30/98 141,144 0 (28,036) 0 113,108 0.3% 8,667,843 23.3%
5/31/98 113,108 0 (125,925) (12,817) (0) 0.0% 8,366,814 24.2%
6/30/98 (0) 0 105,331 0 105,331 0.3% 8,306,900 25.8%
7/31/98 105,331 0 401,363 0 506,694 1.7% 8,540,579 28.7%
8/31/98 506,694 0 139,941 0 646,635 2.3% 8,546,604 30.7%
9/30/98 646,635 0 183,986 0 830,622 3.2% 8,605,892 33.0%
10/31/98 830,622 0 44,727 0 875,348 3.6% 8,515,072 35.3%
----------
8,515,072
----------
(1,875,918) Cross Collateralization Deposits
Removed
(1,038,527) Delinq Loss Adjustment
----------
5,600,627 Retained Interest Adj for Delinq.
Losses
</TABLE>
<PAGE> 29
SCEDULE 5 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-A
- ------------------------------------------------------------
B Certificate Holder & Seller
- ------------------------------------------------------------
<TABLE>
<CAPTION>
B Cert B Cert Return Total Total
Interest Principal of Spread Payments Pmts + Chg
Paid Paid Residual To B/Seller Retained
(&X-Coll Pmts)
<S> <C> <C> <C> <C> <C>
6/30/97 0 0 0 0 67,980
7/31/97 0 0 0 0 (19,944)
8/31/97 0 0 0 0 21,662
9/30/97 0 0 (439,174) (439,174) (1,464,408)
10/31/97 0 0 (722,293) (722,293) (722,293)
11/30/97 0 0 (701,634) (701,634) (701,634)
12/31/97 0 0 0 0 (507,877)
1/31/98 0 0 0 0 (142,917)
2/28/98 0 0 0 0 (154,690)
3/31/98 0 0 0 0 205,029
4/30/98 0 0 0 0 (208,526)
5/31/98 0 0 (12,817) (12,817) (313,847)
6/30/98 0 0 0 0 (59,914)
7/31/98 0 0 0 0 233,680
8/31/98 0 0 0 0 6,024
9/30/98 0 0 0 0 59,288
10/31/98 0 0 0 0 (90,820)
</TABLE>
<PAGE> 30
SCHEDULE 6
- -------------------------------------------------------------------------
Actual Development of First Merchants Auto Trust 1996-2
- -------------------------------------------------------------------------
<TABLE>
<CAPTION>
Bal Loans Charge Principal Bal
BOM Added Offs Payments EOM
<S> <C> <C> <C> <C> <C>
6/30/97 68,191,672 0 760,247 1,976,801 65,454,624
7/31/97 65,454,624 0 754,657 1,612,742 63,087,225
8/31/97 63,087,225 0 907,660 1,496,192 60,683,373
9/30/97 60,683,373 0 1,536,964 1,588,465 57,557,944
10/31/97 57,557,944 0 1,381,579 1,585,532 54,590,833
11/30/97 54,590,833 0 1,067,005 1,524,720 51,999,108
12/31/97 51,999,108 0 1,545,491 1,436,184 49,017,433
1/31/98 49,017,433 0 1,141,143 1,495,847 46,380,443
2/28/98 46,380,443 0 914,057 1,414,604 44,051,782
3/31/98 44,051,782 0 731,161 1,668,905 41,651,716
4/30/98 41,651,716 0 407,058 1,445,674 39,798,985
5/31/98 39,798,985 0 782,572 1,439,019 37,577,393
6/30/98 37,577,393 0 543,024 1,404,244 35,630,126
7/31/98 35,630,126 0 499,710 1,522,405 33,608,011
8/31/98 33,608,011 0 281,851 1,391,508 31,934,652
9/30/98 31,934,652 0 165,472 1,322,943 30,446,238
10/31/98 30,446,238 0 518,551 1,349,534 28,578,152
</TABLE>
<PAGE> 31
SCHEDULE 6 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-2
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------- ----------------------------------
Cash Collected Trustee Insurance Servicer
- --------------------------------------------------------------------------------------------- Payments Payments Payments
----------------------------------
Loan Loan Fees Coll Acct Spread Acc Net Total
Prin. Interest Collected Interest Interest Recoveries Cash
(Incl Advnc
frm Svcr)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 1,976,801 1,042,064 18,819 12,301 21,759 148,480 3,220,224 1,421 43,118 160,885
7/31/97 1,612,742 1,086,286 9,517 11,473 23,258 175,954 2,919,230 1,364 41,559 145,881
8/31/97 1,496,192 942,908 17,961 12,150 24,155 205,611 2,698,977 1,314 39,975 149,392
9/30/97 1,588,465 1,035,488 20,769 10,752 23,611 409,678 3,088,763 5,770 37,916 147,192
10/31/97 1,585,532 949,778 24,171 11,676 23,411 487,261 3,081,829 1,199 35,966 144,083
11/30/97 1,524,720 775,533 17,883 12,013 22,017 407,294 2,759,460 17,498 45,291 156,607
12/31/97 1,436,184 802,900 21,260 11,892 22,200 507,799 2,802,235 1,083 32,790 129,593
1/31/98 1,495,847 804,376 22,726 10,740 21,226 452,147 2,807,062 1,021 36,888 124,845
2/28/98 1,414,604 766,322 17,642 10,569 18,288 526,391 2,753,816 966 29,019 114,268
3/31/98 1,668,905 731,415 16,928 10,839 20,546 249,972 2,698,605 6,629 59,644 158,345
4/30/98 1,445,674 768,807 30,353 8,593 20,357 73,584 2,347,368 3,878 26,218 140,340
5/31/98 1,439,019 613,625 39,426 8,815 21,066 280,504 2,402,455 829 24,754 160,714
6/30/98 1,404,244 624,253 33,225 8,831 20,294 281,855 2,372,701 9,457 40,481 164,032
7/31/98 1,522,405 584,621 33,709 8,190 21,978 340,852 2,511,753** 7,987 22,139 145,975
8/31/98 1,391,508 433,509 15,106 7,578 22,779 144,401 2,014,881 700 21,037 118,702
9/30/98 1,322,943 496,528 15,273 6,330 22,287 30,344 1,893,704 665 20,056 132,081
10/31/98 1,349,534 476,279 19,151 6,902 22,872 119,627 1,994,366 6,489 23,803 137,715
</TABLE>
*** 7/31 recovery includes $154,781.68 received for Feb. 28 purchase of
charged-off loans
<PAGE> 32
SCHEDULE 6 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-2
<TABLE>
<CAPTION>
------------------------------------------------------
Current Current Adjusted Pmts + Chg in Spread & Retained
Gross Net Current Delinquencies > 30 Days ------------------------------------------------------
Charge-Off Charge-Off Recovery Current Delinq > Change in Asm Losses Adjusted
% % % Amount Delinq. % 7.0% Exc. Del. 65.0% Retained
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 1.1% 0.9% 19.5% 8,673,462 13.3% 4,091,638 971,125 631,231 (715,492)
7/31/97 1.2% 0.9% 23.3% 10,649,562 16.9% 6,233,456 2,141,818 1,392,182 (1,376,637)
8/31/97 1.4% 1.1% 22.7% 10,721,855 17.7% 6,474,019 240,563 156,366 (386,836)
9/30/97 2.5% 1.9% 26.7% 9,708,919 16.9% 5,679,863 (794,156) (516,201) (33,496)
10/31/97 2.4% 1.6% 35.3% 8,149,863 14.9% 4,328,505 (1,351,358) (878,383) 506,292
11/30/97 2.0% 1.2% 38.2% 7,258,649 14.0% 3,618,711 (709,793) (461,366) 119,896
12/31/97 3.0% 2.0% 32.9% 6,533,746 13.3% 3,102,526 (516,186) (335,521) (283,435)
1/31/98 2.3% 1.4% 39.6% 5,242,786 11.3% 1,996,155 (1,106,371) (719,141) 466,238
2/28/98 2.0% 0.8% 57.6% 4,215,216 9.6% 1,131,591 (864,564) (561,966) 596,646
3/31/98 1.7% 1.1% 34.2% 3,333,769 8.0% 418,149 (713,442) (463,738) 303,799
4/30/98 1.0% 0.8% 18.1% 3,199,665 8.0% 413,737 (4,412) (2,868) 106,374
5/31/98 2.0% 1.3% 35.8% 3,300,419 8.8% 670,002 256,265 166,572 (383,289)
6/30/98 1.4% 0.7% 51.9% 2,986,077 8.4% 491,969 (178,033) (115,722) 127,695
7/31/98 1.4% 0.4% 68.2% 2,786,861 8.3% 434,300 (57,669) (37,485) 161,871
8/31/98 0.8% 0.4% 51.2% 3,590,664 11.2% 1,355,238 920,939 598,610 (575,944)
9/30/98 0.5% 0.4% 18.3% 4,002,171 13.1% 1,870,934 515,696 335,202 (252,248)
10/31/98 1.7% 1.3% 23.1% 3,467,090 12.1% 1,466,619 (404,315) (262,805) 59,447
</TABLE>
<PAGE> 33
SCHEDULE 6 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-2
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
A-1,A-2 Certificate Holders
- ------------------------------------------------------------------------------------------------------------------------------------
Balance Additional Principal Balance % of % of Principal Interest Total Trustee, %
BOM Funding Payments EOM Portfolio + Portfolio + Payments Payments Payments Insurer, Of
Spread Acct Servicer, Current
A Payments Cash Coll.
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 63,418,254 0 2,545,455 60,872,799 93.0% 86.0% 2,545,455 362,013 2,907,468 3,112,892 96.7%
7/31/97 60,872,799 0 2,201,681 58,671,118 93.0% 85.6% 2,201,681 347,482 2,549,163 2,737,967 93.8%
8/31/97 58,671,118 0 2,235,581 56,435,537 93.0% 85.4% 2,235,581 334,914 2,570,495 2,761,176 102.3%
9/30/97 56,435,537 0 2,906,649 53,528,888 93.0% 85.5% 2,906,649 322,153 3,228,802 3,419,680 110.7%
10/31/97 53,528,888 0 2,759,413 50,769,475 93.0% 85.3% 2,759,413 305,561 3,064,974 3,246,222 105.3%
11/30/97 50,769,475 0 2,410,304 48,359,171 93.0% 85.2% 2,410,304 289,809 2,700,113 2,919,509 105.8%
12/31/97 48,359,171 0 2,772,959 45,586,212 93.0% 85.4% 2,772,959 276,050 3,049,009 3,212,475 114.6%
1/31/98 45,586,212 0 2,452,401 43,133,811 93.0% 85.1% 2,452,401 260,221 2,712,622 2,875,376 102.4%
2/28/98 43,133,811 0 2,165,654 40,968,157 93.0% 84.4% 2,165,654 246,222 2,411,876 2,556,129 92.8%
3/31/98 40,968,157 0 2,306,258 38,661,899 92.8% 83.9% 2,306,258 233,860 2,540,118 2,764,736 102.5%
4/30/98 38,661,899 0 1,648,844 37,013,055 93.0% 83.1% 1,648,844 220,695 1,869,539 2,039,974 86.9%
5/31/98 37,013,055 0 2,066,080 34,946,975 93.0% 82.7% 2,066,080 211,283 2,277,363 2,463,660 102.5%
6/30/98 34,946,975 0 1,810,959 33,136,016 93.0% 81.9% 1,810,959 199,489 2,010,448 2,224,419 93.8%
7/31/98 33,136,016 0 1,880,567 31,255,450 93.0% 80.8% 1,880,567 189,151 2,069,718 2,245,819 89.4%
8/31/98 31,255,450 0 1,556,224 29,699,226 93.0% 80.0% 1,556,224 178,417 1,734,641 1,875,080 93.1%
9/30/98 29,699,226 0 1,384,225 28,315,000 93.0% 79.0% 1,384,225 169,533 1,553,758 1,706,561 90.1%
10/31/98 28,315,000 0 1,737,320 26,577,681 93.0% 78.4% 1,737,320 161,631 1,898,951 2,066,958 103.6%
</TABLE>
<PAGE> 34
SCHEDULE 6 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-2
- --------------------------------------------------------------------------------
Spread Account and Current Month Activity Balances
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Balance Spread Current Payments Balance % of Bal EOM % of
BOM Account Month FMAC EOM Portfolio Spread + Portfolio
Deposit Portfolio As Owner Balance Retained Balance
Long(Short)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 5,186,265 0 107,332 0 5,293,597 8.1% 9,875,422 15.1%
7/31/97 5,293,597 0 181,263 0 5,474,860 8.7% 9,890,967 15.7%
8/31/97 5,474,860 0 (62,199) 0 5,412,661 8.9% 9,660,497 15.9%
9/30/97 5,412,661 0 (330,917) 0 5,081,744 8.8% 9,110,800 15.8%
10/31/97 5,081,744 0 (164,393) 0 4,917,351 9.0% 8,738,709 16.0%
11/30/97 4,917,351 0 (160,049) 0 4,757,302 9.1% 8,397,239 16.1%
12/31/97 4,757,302 0 (410,240) 0 4,347,062 8.9% 7,778,283 15.9%
1/31/98 4,347,062 0 (68,314) 0 4,278,748 9.2% 7,525,380 16.2%
2/28/98 4,278,748 0 197,687 0 4,476,435 10.2% 7,560,060 17.2%
3/31/98 4,476,435 0 (66,131) 0 4,410,304 10.6% 7,400,121 17.8%
4/30/98 4,410,304 0 307,394 0 4,717,698 11.9% 7,503,627 18.9%
5/31/98 4,717,698 0 (61,205) 0 4,656,492 12.4% 7,286,910 19.4%
6/30/98 4,656,492 0 148,282 0 4,804,775 13.5% 7,298,884 20.5%
7/31/98 4,804,775 0 265,934 0 5,070,709 15.1% 7,423,270 22.1%
8/31/98 5,070,709 0 139,801 0 5,210,510 16.3% 7,445,937 23.3%
9/30/98 5,210,510 0 187,143 0 5,397,653 17.7% 7,528,890 24.7%
10/31/98 5,397,653 0 (72,592) 0 5,325,061 18.6% 7,325,532 25.6%
---------
7,325,532
---------
(953,302) Delinq Loss Adjustment
---------
6,372,230 Retained Interest Adj for Delinq. Losses
</TABLE>
<PAGE> 35
SCHEDULE 6 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-2
- ------------------------------------------------------------------------
B Certificate Holder & Seller
- ------------------------------------------------------------------------
<TABLE>
<CAPTION>
B Cert B Cert Return Total Total
Interest Principal of Spread Payments Pmts + Chg
Paid Paid Residual To B/Selle Retained
(&X-Coll Pmts)
<S> <C> <C> <C> <C> <C>
6/30/97 0 0 0 0 (84,261)
7/31/97 0 0 0 0 15,545
8/31/97 0 0 0 0 (230,470)
9/30/97 0 0 0 0 (549,697)
10/31/97 0 0 0 0 (372,091)
11/30/97 0 0 0 0 (341,470)
12/31/97 0 0 0 0 (618,956)
1/31/98 0 0 0 0 (252,903)
2/28/98 0 0 0 0 34,680
3/31/98 0 0 0 0 (159,939)
4/30/98 0 0 0 0 103,506
5/31/98 0 0 0 0 (216,717)
6/30/98 0 0 0 0 11,974
7/31/98 0 0 0 0 124,386
8/31/98 0 0 0 0 22,666
9/30/98 0 0 0 0 82,954
10/31/98 0 0 0 0 (203,358)
</TABLE>
<PAGE> 36
SCHEDULE 7
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-B
- --------------------------------------------------------------------------------
PORTFOLIO PRINCIPAL DEVELOPMENT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Bal Loans Charge Principal Bal
BOM Added Offs Payments EOM
<S> <C> <C> <C> <C> <C>
6/30/97 98,683,045 0 785,501 2,518,802 95,378,742
7/31/97 95,378,742 0 1,180,368 2,292,770 91,905,604
8/31/97 91,905,604 0 1,556,621 1,786,944 88,562,039
9/30/97 88,562,039 0 2,199,574 2,275,065 84,087,400
10/31/97 84,087,400 0 1,683,108 1,987,693 80,416,599
11/30/97 80,416,599 0 1,950,358 1,903,933 76,562,308
12/31/97 76,562,308 0 2,292,983 1,996,191 72,273,134
1/31/98 72,273,134 0 1,543,798 1,993,414 68,735,922
2/28/98 68,735,922 0 1,267,305 1,908,228 65,560,389
3/31/98 65,560,389 0 664,498 1,987,995 62,907,896
4/30/98 62,907,896 0 786,312 2,009,325 60,112,259
5/31/98 60,112,259 0 1,328,738 1,951,418 56,832,103
6/30/98 56,832,103 0 867,145 1,967,160 53,997,798
7/31/98 53,997,798 0 710,881 2,053,076 51,233,840
8/31/98 51,233,840 0 434,177 1,964,433 48,835,229
9/30/98 48,835,229 0 500,434 1,941,583 46,393,212
10/31/98 46,393,212 0 778,362 1,847,729 43,767,121
</TABLE>
<PAGE> 37
SCHEDULE 7 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-B
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------- -------------------------------
CASH COLLECTED TRUSTEE INSURANCE SERVICER
-------------------------------------------------------------------------------------- PAYMENTS PAYMENTS PAYMENTS
-------- --------- --------
Loan Loan Fees Coll Acct Spread Acct Net Total
Prin. Interest Collected Interest Interest Recoveries Cash
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 2,518,802 1,511,842 26,690 15,829 27,277 296,651 4,397,091 1,924 63,287 217,633
7/31/97 2,292,770 1,487,113 13,785 16,371 29,955 342,231 4,182,225 1,861 60,982 199,238
8/31/97 1,786,944 1,615,656 26,895 16,380 31,961 302,483 3,780,319 1,794 58,737 204,706
9/30/97 2,275,065 1,294,449 30,710 15,223 31,125 526,821 4,173,393 2,513 55,814 201,898
10/31/97 1,987,693 1,294,831 33,025 15,615 30,319 737,065 4,098,548 6,862 53,439 195,535
11/30/97 1,903,933 1,146,189 26,526 16,480 28,649 637,541 3,759,318 25,883 67,343 219,431
12/31/97 1,996,191 1,208,354 30,933 16,924 28,848 827,740 4,108,990 1,498 48,967 179,299
1/31/98 1,993,414 1,225,035 33,128 15,396 26,863 723,843 4,017,679 1,414 55,176 172,772
2/28/98 1,908,228 1,096,011 26,033 15,109 23,443 785,988 3,854,812 1,345 43,643 159,019
3/31/98 1,987,995 1,195,205 23,478 14,494 27,038 230,204 3,478,414 6,995 90,371 191,721
4/30/98 2,009,325 901,708 39,822 12,371 27,556 146,304 3,137,087 4,243 40,002 198,666
5/31/98 1,951,418 930,812 58,025 12,418 29,533 457,970 3,440,176 1,177 37,827 211,087
6/30/98 1,967,160 905,181 46,462 13,197 27,571 374,149 3,333,720 12,939 61,914 211,700
7/31/98 2,053,076 906,374 47,733 12,675 28,408 535,197 3,583,462 *** 1,058 34,096 206,283
8/31/98 1,964,433 826,569 20,501 12,008 29,255 118,587 2,971,353 1,003 32,563 222,879
9/30/98 1,941,583 753,982 22,669 10,285 29,516 87,877 2,845,913 958 30,951 176,811
10/31/98 1,847,729 732,868 25,446 10,626 30,305 226,569 2,873,543 14,493 36,842 173,230
</TABLE>
*** 7/31 recovery includes $202,085.94 received for Feb. 28 purchase of
charged-off loans
<PAGE> 38
SCHEDULE 7 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-B
<TABLE>
<CAPTION>
---------------------------------------------
Current Current Adjusted Pmts + Chg in Spread & Retained
Gross Net Current Delinquencies > 30 Days ---------------------------------------------
Charge-Off Charge-Off Recovery Current Delinq > Change in Asm Losses Adjusted
% % % Amount Delinq. % 7.0% Exc. Del. 65.0% Retained
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 0.8% 0.5% 37.8% 11,752,078 12.3% 5,075,566 1,078,711 701,162 (358,998)
7/31/97 1.2% 0.9% 29.0% 16,108,234 17.5% 9,674,842 4,599,276 2,989,529 (3,013,228)
8/31/97 1.7% 1.4% 19.4% 15,016,650 17.0% 8,817,307 (857,534) (557,397) 275,658
9/30/97 2.5% 1.9% 24.0% 13,006,027 15.5% 7,119,909 (1,697,398) (1,103,309) 111,820
10/31/97 2.0% 1.1% 43.8% 11,615,569 14.4% 5,986,407 (1,133,502) (736,776) 478,827
11/30/97 2.4% 1.6% 32.7% 10,206,197 13.3% 4,846,835 (1,139,572) (740,722) (49,002)
12/31/97 3.0% 1.9% 36.1% 9,079,835 12.6% 4,020,716 (826,120) (536,978) (266,140)
1/31/98 2.1% 1.1% 46.9% 7,128,899 10.4% 2,317,384 (1,703,331) (1,107,165) 986,756
2/28/98 1.8% 0.7% 62.0% 6,036,901 9.2% 1,447,674 (869,711) (565,312) 713,680
3/31/98 1.0% 0.7% 34.6% 5,461,269 8.7% 1,057,716 (389,957) (253,472) 462,177
4/30/98 1.2% 1.0% 18.6% 5,275,740 8.8% 1,067,882 10,166 6,608 (223,373)
5/31/98 2.2% 1.4% 34.5% 5,004,234 8.8% 1,025,987 (41,895) (27,232) (368,942)
6/30/98 1.5% 0.9% 43.1% 4,244,159 7.9% 464,313 (561,673) (365,088) 290,028
7/31/98 1.3% 0.3% 75.3% 4,184,675 8.2% 598,306 133,993 87,095 208,272
8/31/98 0.8% 0.6% 27.3% 5,180,553 10.6% 1,762,087 1,163,780 756,457 (700,497)
9/30/98 1.0% 0.8% 17.6% 5,716,455 12.3% 2,468,930 706,843 459,448 (515,827)
10/31/98 1.7% 1.2% 29.1% 5,271,050 12.0% 2,207,351 (261,579) (170,026) (49,128)
</TABLE>
<PAGE> 39
SCHEDULE 7 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-B
- --------------------------------------------------------------------------------
A-1,A-2,B CERTIFICATE HOLDERS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Balance Additional Principal Balance % of % of Principal Interest Total Trustee, %
BOM Funding Payments EOM Portfolio+ Portfolio+ Payments Payments Payments Insurer, Of
Spread Acct Servicer, Current
A Payments Cash Coll.
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 92,373,824 0 3,027,398 89,346,426 93.7% 87.2% 3,027,398 467,780 3,495,178 3,778,022 85.9%
7/31/97 89,346,426 0 3,254,134 86,092,292 93.7% 86.8% 3,254,134 470,705 3,724,839 3,986,920 95.3%
8/31/97 86,092,292 0 3,168,773 82,923,519 93.6% 86.7% 3,168,773 453,256 3,622,029 3,887,266 102.8%
9/30/97 82,923,519 0 4,127,617 78,795,902 93.7% 87.0% 4,127,617 430,018 4,557,635 4,817,860 115.4%
10/31/97 78,795,902 0 3,352,200 75,443,702 93.8% 86.8% 3,352,200 429,860 3,782,060 4,037,896 98.5%
11/30/97 75,443,702 0 3,523,863 71,919,839 93.9% 87.0% 3,523,863 382,094 3,905,957 4,218,614 112.2%
12/31/97 71,919,839 0 4,025,663 67,894,176 93.9% 87.2% 4,025,663 393,170 4,418,833 4,648,597 113.1%
1/31/98 67,894,176 0 3,317,295 64,576,881 93.9% 86.8% 3,317,295 371,514 3,688,809 3,918,171 97.5%
2/28/98 64,576,881 0 2,963,031 61,613,850 94.0% 86.1% 2,963,031 326,904 3,289,935 3,493,942 90.6%
3/31/98 61,613,850 0 2,522,070 59,091,780 93.9% 85.3% 2,522,070 328,129 2,850,199 3,139,286 90.3%
4/30/98 59,091,780 0 2,618,289 56,473,491 93.9% 85.0% 2,618,289 315,302 2,933,591 3,176,503 101.3%
5/31/98 56,473,491 0 3,069,988 53,403,503 94.0% 84.8% 3,069,988 306,103 3,376,091 3,626,183 105.4%
6/30/98 53,403,503 0 2,635,803 50,767,700 94.0% 84.3% 2,635,803 287,922 2,923,725 3,210,278 96.3%
7/31/98 50,767,700 0 2,631,812 48,135,887 94.0% 83.1% 2,631,812 282,700 2,914,513 3,155,949 88.1%
8/31/98 48,135,887 0 2,164,353 45,971,535 94.1% 82.4% 2,164,353 260,337 2,424,690 2,681,135 90.2%
9/30/98 45,971,535 0 2,276,201 43,695,333 94.2% 81.7% 2,276,201 251,554 2,527,756 2,736,476 96.2%
10/31/98 43,695,333 0 2,526,523 41,168,810 94.1% 81.2% 2,526,523 242,041 2,768,564 2,993,130 104.2%
</TABLE>
<PAGE> 40
SCHEDULE 7 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-B
- --------------------------------------------------------------------------------
SPREAD ACCOUNT AND CURRENT MONTH ACTIVITY BALANCES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Balance Spread Current Payments Balance % of Bal EOM % of
BOM Account Month FMAC EOM Portfolio Spread + Portfolio
Deposit Portfolio As Owner Balance Retained Balance
Long(Short)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 6,421,140 0 619,069 0 7,040,209 7.4% 13,072,525 13.7%
7/31/97 7,040,209 0 195,305 0 7,235,514 7.9% 13,048,826 14.2%
8/31/97 7,235,514 0 (106,947) 0 7,128,567 8.0% 12,767,087 14.4%
9/30/97 7,128,567 0 (644,467) 0 6,484,100 7.7% 11,775,598 14.0%
10/31/97 6,484,100 0 60,652 0 6,544,752 8.1% 11,517,649 14.3%
11/30/97 6,544,752 0 (459,296) 0 6,085,456 7.9% 10,727,925 14.0%
12/31/97 6,085,456 0 (539,607) 0 5,545,849 7.7% 9,924,807 13.7%
1/31/98 5,545,849 0 99,508 0 5,645,357 8.2% 9,804,398 14.3%
2/28/98 5,645,357 0 360,870 0 6,006,227 9.2% 9,952,766 15.2%
3/31/98 6,006,227 0 339,128 0 6,345,355 10.1% 10,161,471 16.2%
4/30/98 6,345,355 0 (39,416) 0 6,305,939 10.5% 9,944,706 16.5%
5/31/98 6,305,939 0 (186,007) 0 6,119,932 10.8% 9,548,532 16.8%
6/30/98 6,119,932 0 123,442 0 6,243,374 11.6% 9,473,472 17.5%
7/31/98 6,243,374 0 427,513 0 6,670,887 13.0% 9,768,839 19.1%
8/31/98 6,670,887 0 290,218 0 6,961,105 14.3% 9,824,800 20.1%
9/30/98 6,961,105 0 109,437 0 7,070,542 15.2% 9,768,420 21.1%
10/31/98 7,070,542 0 (119,586) 0 6,950,956 15.9% 9,549,267 21.8%
----------
9,549,267
----------
(1,434,778) Delinq Loss Adjustment
----------
8,114,488 Retained Interest Adj for Delinq.
Losses
</TABLE>
<PAGE> 41
SCHEDULE 7 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-B
- ------------------------------------------------------
C CERTIFICATE HOLDER & SELLER
- ------------------------------------------------------
<TABLE>
<CAPTION>
C Cert C Cert Return Total Total
Interest Principal of Spread Payments Pmts + Chg
Paid Paid Residual To B/Seller Retained
(&X-Coll Pmts)
<S> <C> <C> <C> <C> <C>
6/30/97 0 0 0 0 342,164
7/31/97 0 0 0 0 (23,699)
8/31/97 0 0 0 0 (281,739)
9/30/97 0 0 0 0 (991,489)
10/31/97 0 0 0 0 (257,949)
11/30/97 0 0 0 0 (789,724)
12/31/97 0 0 0 0 (803,118)
1/31/98 0 0 0 0 (120,409)
2/28/98 0 0 0 0 148,368
3/31/98 0 0 0 0 208,705
4/30/98 0 0 0 0 (216,765)
5/31/98 0 0 0 0 (396,174)
6/30/98 0 0 0 0 (75,060)
7/31/98 0 0 0 0 295,368
8/31/98 0 0 0 0 55,960
9/30/98 0 0 0 0 (56,379)
10/31/98 0 0 0 0 (219,154)
</TABLE>
<PAGE> 42
SCHEDULE 8
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-C
<TABLE>
<CAPTION>
-------------------------------------------------------
PORTFOLIO PRINCIPAL DEVELOPMENT
-------------------------------------------------------
Bal Loans Charge Principal Bal
BOM Added Offs Payments EOM
<S> <C> <C> <C> <C> <C>
6/30/97 133,650,594 0 1,195,778 3,116,755 129,338,061
7/31/97 129,338,061 0 1,077,498 2,943,281 125,317,282
8/31/97 125,317,282 0 1,573,096 2,512,650 121,231,536
9/30/97 121,231,536 0 2,835,761 3,154,462 115,241,313
10/31/97 115,241,313 0 2,001,837 2,870,571 110,368,905
11/30/97 110,368,905 0 2,297,184 2,569,493 105,502,228
12/31/97 105,502,228 0 2,631,809 2,723,290 100,147,129
1/31/98 100,147,129 0 2,190,451 2,656,631 95,300,047
2/28/98 95,300,047 0 1,738,926 2,684,852 90,876,269
3/31/98 90,876,269 0 1,442,546 2,721,508 86,712,215
4/30/98 86,712,215 0 715,967 2,808,005 83,188,243
5/31/98 83,188,243 0 1,594,505 2,704,388 78,889,351
6/30/98 78,889,351 0 1,098,517 2,752,574 75,038,260
7/31/98 75,038,260 0 927,889 2,935,410 71,174,962
8/31/98 71,174,962 0 648,651 2,334,031 68,192,280
9/30/98 68,192,280 0 579,678 2,303,181 65,309,421
10/31/98 65,309,421 0 787,063 2,461,887 62,060,472
</TABLE>
<PAGE> 43
SCHEDULE 8
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-C
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------- -----------------------------------
CASH COLLECTED TRUSTEE INSURANCE SERVICER
- ---------------------------------------------------------------------------------------------- PAYMENTS PAYMENTS PAYMENTS
-----------------------------------
Loan Loan Fees Coll Acct Spread Acct Net Total
Prin. Interest Collected Interest Interest Recoveries Cash
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 3,116,755 2,108,241 30,425 20,026 36,668 141,891 5,454,006 2,602 85,676 288,438
7/31/97 2,943,281 2,004,458 17,317 20,276 40,287 234,018 5,259,637 2,520 83,040 268,149
8/31/97 2,512,650 2,123,245 32,888 20,321 40,228 351,381 5,080,713 2,442 80,300 274,667
9/30/97 3,154,462 1,772,068 37,783 20,421 44,735 651,587 5,681,056 3,147 76,343 271,286
10/31/97 2,870,571 1,876,938 41,978 21,410 42,317 746,643 5,599,857 22,854 73,150 263,688
11/30/97 2,569,493 1,601,538 32,496 22,295 38,026 827,693 5,091,541 35,430 92,380 296,563
12/31/97 2,723,290 1,660,730 39,463 23,486 35,664 1,162,249 5,644,882 2,057 67,260 242,106
1/31/98 2,656,631 1,645,431 40,990 21,266 33,139 822,972 5,220,429 1,953 76,261 233,860
2/28/98 2,684,852 1,525,796 32,295 18,518 29,203 943,827 5,234,491 1,860 60,278 216,290
3/31/98 2,721,508 1,642,846 30,400 20,527 33,127 555,357 5,003,765 7,484 124,524 262,541
4/30/98 2,808,005 1,228,838 53,719 17,713 33,245 184,619 4,326,139 4,704 55,158 270,422
5/31/98 2,704,388 1,271,935 79,465 18,204 35,196 581,732 4,690,920 1,622 52,302 293,411
6/30/98 2,752,574 1,282,701 58,717 17,864 34,141 438,255 4,584,253 1,538 85,530 276,081
7/31/98 2,935,410 1,246,238 62,771 16,882 36,555 580,592 4,878,447 *** 5,463 47,153 282,708
8/31/98 2,334,031 1,115,117 25,906 16,154 37,749 331,015 3,859,972 1,387 45,147 291,645
9/30/98 2,303,181 1,044,486 29,329 13,249 38,192 183,014 3,611,450 1,328 43,230 236,942
10/31/98 2,461,887 1,054,057 31,883 13,640 39,976 182,126 3,783,569 1,271 51,867 237,173
</TABLE>
*** 7/31 recovery includes $206,060.78 received for Feb. 28 purchase of
charged-off loans
<PAGE> 44
SCHEDULE 8
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-C
<TABLE>
<CAPTION>
----------------------------------------
Current Current Adjusted Pmts + Chg in Spread & Retained
Gross Net Current Delinquencies > 30 Days ----------------------------------------
Charge-Off Charge-Off Recovery Current Delinq > Change in Asm Losses Adjusted
% % % Amount Delinq. % 7.0% Exc. Del. 65.0% Retained
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 0.9% 0.8% 11.9% 12,928,289 10.0% 3,874,625 1,391,399 904,410 (743,862)
7/31/97 0.8% 0.7% 21.7% 17,500,597 14.0% 8,728,387 4,853,763 3,154,946 (2,879,876)
8/31/97 1.3% 1.0% 22.3% 16,835,920 13.9% 8,349,712 (378,675) (246,139) 293,904
9/30/97 2.3% 1.8% 23.0% 14,731,203 12.8% 6,664,311 (1,685,401) (1,095,511) (124,101)
10/31/97 1.7% 1.1% 37.3% 12,903,553 11.7% 5,177,730 (1,486,581) (966,278) 772,237
11/30/97 2.1% 1.3% 36.0% 11,991,765 11.4% 4,606,609 (571,121) (371,228) (321,804)
12/31/97 2.5% 1.4% 44.2% 10,856,281 10.8% 3,845,982 (760,627) (494,408) (40,750)
1/31/98 2.2% 1.4% 37.6% 8,803,118 9.2% 2,132,115 (1,713,867) (1,114,014) 688,825
2/28/98 1.8% 0.8% 54.3% 7,715,695 8.5% 1,354,356 (777,759) (505,543) 616,894
3/31/98 1.6% 1.0% 38.5% 6,476,174 7.5% 406,319 (948,037) (616,224) 636,460
4/30/98 0.8% 0.6% 25.8% 6,213,989 7.5% 390,812 (15,507) (10,080) 76,848
5/31/98 1.9% 1.2% 36.5% 6,018,599 7.6% 496,345 105,533 68,596 (418,498)
6/30/98 1.4% 0.8% 39.9% 5,531,076 7.4% 278,398 (217,947) (141,665) 141,938
7/31/98 1.2% 0.5% 62.6% 5,110,164 7.2% 127,917 (150,481) (97,813) 412,504
8/31/98 0.9% 0.4% 51.0% 6,414,660 9.4% 1,641,200 1,513,283 983,634 (775,374)
9/30/98 0.9% 0.6% 31.6% 7,281,398 11.1% 2,709,739 1,068,539 694,550 (567,547)
10/31/98 1.2% 0.9% 23.1% 6,812,819 11.0% 2,468,586 (241,152) (156,749) 91,125
</TABLE>
<PAGE> 45
SCHEDULE 8 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-C
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
A-1,A-2,B CERTIFICATE HOLDERS
- ------------------------------------------------------------------------------------------------------------------------------------
Balance Additional Principal Balance % of % of Principal Interest Total Trustee, %
BOM Funding Payments EOM Portfolio+ Portfolio+ Payments Payments Payments Insurer, Of
Spread Acct Servicer, Current
A Payments Cash Coll
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 124,915,219 0 3,961,154 120,954,065 93.5% 87.2% 3,961,154 604,209 4,565,363 4,942,079 90.6%
7/31/97 120,954,065 0 3,721,406 117,232,659 93.5% 86.7% 3,721,406 610,079 4,331,485 4,685,194 89.1%
8/31/97 117,232,659 0 3,868,628 113,364,031 93.5% 86.3% 3,868,628 589,793 4,458,421 4,815,830 94.8%
9/30/97 113,364,031 0 5,585,290 107,778,741 93.5% 86.8% 5,585,290 559,669 6,144,959 6,495,735 114.3%
10/31/97 107,778,741 0 4,508,439 103,270,302 93.6% 87.0% 4,508,439 561,798 5,070,237 5,429,929 97.0%
11/30/97 103,270,302 0 4,544,437 98,725,865 93.6% 87.5% 4,544,437 493,523 5,037,960 5,462,333 107.3%
12/31/97 98,725,865 0 5,004,840 93,721,025 93.6% 87.4% 5,004,840 513,518 5,518,358 5,829,781 103.3%
1/31/98 93,721,025 0 4,445,765 89,275,260 93.7% 87.2% 4,445,765 486,462 4,932,227 5,244,301 100.5%
2/28/98 89,275,260 0 4,176,634 85,098,626 93.6% 86.6% 4,176,634 420,934 4,597,568 4,875,996 93.2%
3/31/98 85,098,626 0 3,898,487 81,200,139 93.6% 86.0% 3,898,487 424,926 4,323,413 4,717,962 94.3%
4/30/98 81,200,139 0 3,329,392 77,870,747 93.6% 85.4% 3,329,392 405,114 3,734,506 4,064,790 94.0%
5/31/98 77,870,747 0 4,032,169 73,838,579 93.6% 85.1% 4,032,169 394,594 4,426,762 4,774,097 101.8%
6/30/98 73,838,579 0 3,613,839 70,224,740 93.6% 84.5% 3,613,839 369,741 3,983,580 4,346,728 94.8%
7/31/98 70,224,740 0 3,656,132 66,568,608 93.5% 83.4% 3,656,132 365,134 4,021,266 4,356,589 89.3%
8/31/98 66,568,608 0 2,832,036 63,736,572 93.5% 82.6% 2,832,036 330,851 3,162,887 3,501,066 90.7%
9/30/98 63,736,572 0 2,706,445 61,030,127 93.4% 81.8% 2,706,445 320,088 3,026,532 3,308,032 91.6%
10/31/98 61,030,127 0 2,951,999 58,078,128 93.6% 81.1% 2,951,999 309,933 3,261,932 3,552,243 93.9%
</TABLE>
<PAGE> 46
SCHEDULE 8 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-C
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------
SPREAD ACCOUNT AND CURRENT MONTH ACTIVITY BALANCES
- ----------------------------------------------------------------------------------------------------------
Balance Spread Current Payments Balance % of Bal EOM % of
BOM Account Month FMAC EOM Portfolio Spread + Portfolio
Deposit Portfolio As Owner Balance Retained Balance
Long(Short)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 8,804,335 0 511,927 0 9,316,262 7.2% 17,700,258 13.7%
7/31/97 9,316,262 0 574,443 0 9,890,705 7.9% 17,975,328 14.3%
8/31/97 9,890,705 0 264,883 0 10,155,588 8.4% 18,023,093 14.9%
9/30/97 10,155,588 0 (814,679) 439,174 8,901,735 7.7% 16,364,307 14.2%
10/31/97 8,901,735 0 169,928 722,293 8,349,370 7.6% 15,447,973 14.0%
11/30/97 8,349,370 0 (370,792) 701,634 7,276,944 6.9% 14,053,307 13.3%
12/31/97 7,276,944 0 (184,899) 0 7,092,045 7.1% 13,518,149 13.5%
1/31/98 7,092,045 0 (23,872) 0 7,068,173 7.4% 13,092,960 13.7%
2/28/98 7,068,173 0 358,495 0 7,426,668 8.2% 13,204,311 14.5%
3/31/98 7,426,668 0 285,803 0 7,712,471 8.9% 13,224,547 15.3%
4/30/98 7,712,471 0 261,348 0 7,973,819 9.6% 13,291,315 16.0%
5/31/98 7,973,819 0 (83,177) 12,817 7,877,825 10.0% 12,928,597 16.4%
6/30/98 7,877,825 0 237,524 0 8,115,349 10.8% 12,928,870 17.2%
7/31/98 8,115,349 0 521,858 0 8,637,207 12.1% 13,243,561 18.6%
8/31/98 8,637,207 0 358,905 0 8,996,113 13.2% 13,451,821 19.7%
9/30/98 8,996,113 0 303,418 0 9,299,530 14.2% 13,578,824 20.8%
10/31/98 9,299,530 0 231,326 0 9,530,856 15.4% 13,513,200 21.8%
----------
13,513,200
----------
1,875,918 Cross Collateralization Withdrawals
Added Back
(1,604,581) Delinq Loss Adjustment
----------
13,784,537 Retained Interest Adj for Delinq.
Losses
</TABLE>
<PAGE> 47
SCHEDULE 8 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1996-C
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
C CERTIFICATE HOLDER & SELLER
- --------------------------------------------------------------------------
C Cert C Cert Return Total Total
Interest Principal of Spread Payments Pmts + Chg
Paid Paid Residual To B/Seller Retained
(&X-Coll Pmts)
<S> <C> <C> <C> <C> <C>
6/30/97 0 0 0 0 160,548
7/31/97 0 0 0 0 275,070
8/31/97 0 0 0 0 47,765
9/30/97 0 0 439,174 439,174 (1,219,612)
10/31/97 0 0 722,293 722,293 (194,041)
11/30/97 0 0 701,634 701,634 (693,032)
12/31/97 0 0 0 0 (535,158)
1/31/98 0 0 0 0 (425,189)
2/28/98 0 0 0 0 111,351
3/31/98 0 0 0 0 20,236
4/30/98 0 0 0 0 66,768
5/31/98 0 0 12,817 12,817 (349,902)
6/30/98 0 0 0 0 273
7/31/98 0 0 0 0 314,692
8/31/98 0 0 0 0 208,260
9/30/98 0 0 0 0 127,003
10/31/98 0 0 0 0 (65,624)
</TABLE>
<PAGE> 48
SCHEDULE 9
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1997-1
- --------------------------------------------------------------------------------
PORTFOLIO PRINCIPAL DEVELOPMENT
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Bal Loans Charge Principal Bal
BOM Added Offs Payments EOM
<S> <C> <C> <C> <C> <C>
6/30/97 100,950,015 0 37,224 1,931,861 98,980,930
7/31/97 98,980,930 0 620,801 1,865,667 96,494,462
8/31/97 96,494,462 0 1,070,724 1,675,842 93,747,896
9/30/97 93,747,896 0 1,882,099 2,091,010 89,774,787
10/31/97 89,774,787 0 1,567,445 1,838,848 86,368,494
11/30/97 86,368,494 0 1,671,142 1,743,086 82,954,266
12/31/97 82,954,266 0 2,064,064 1,773,295 79,116,907
1/31/98 79,116,907 0 1,458,439 1,950,036 75,708,432
2/28/98 75,708,432 0 1,187,368 2,023,326 72,497,738
3/31/98 72,497,738 0 891,019 2,127,925 69,478,794
4/30/98 69,478,794 0 693,905 1,928,649 66,856,240
5/31/98 66,856,240 0 1,098,323 1,825,174 63,932,744
6/30/98 63,932,744 0 822,687 1,877,771 61,232,285
7/31/98 61,232,285 0 652,844 1,958,795 58,620,646
8/31/98 58,620,646 0 538,575 1,652,440 56,429,632
9/30/98 56,429,632 0 465,320 1,749,595 54,214,716
10/31/98 54,214,716 0 932,465 1,877,390 51,404,861
</TABLE>
<PAGE> 49
SCHEDULE 9 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1997-1
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------- -----------------------------
CASH COLLECTED TRUSTEE INSURANCE SERVICER
- ----------------------------------------------------------------------------------------------- PAYMENTS PAYMENTS PAYMENTS
-----------------------------
Loan Loan Fees Coll Acct Spread Acct Net Total
Prin. Interest Collected Interest Interest Recoveries Cash
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 1,931,861 1,540,308 15,410 12,838 19,915 0 3,520,332 2,103 64,100 225,723
7/31/97 1,865,667 1,500,238 10,283 13,256 24,328 54,574 3,468,346 2,062 62,339 216,493
8/31/97 1,675,842 1,552,657 18,920 13,288 26,748 88,748 3,376,203 2,010 60,393 219,951
9/30/97 2,091,010 1,333,297 22,324 14,646 26,112 408,869 3,896,258 10,238 57,579 217,632
10/31/97 1,838,848 1,382,718 23,652 14,549 24,741 484,427 3,768,935 1,870 55,166 210,683
11/30/97 1,743,086 1,227,213 20,593 15,395 22,601 639,258 3,668,146 26,897 69,678 238,867
12/31/97 1,773,295 1,247,442 23,443 16,080 20,999 807,554 3,888,813 1,728 50,030 196,264
1/31/98 1,950,036 1,294,229 26,682 14,811 18,977 560,967 3,865,702 1,649 57,431 191,508
2/28/98 2,023,326 1,149,473 20,632 14,504 15,470 670,714 3,894,119 1,577 45,341 178,358
3/31/98 2,127,925 1,234,235 19,498 15,578 16,375 357,774 3,771,385 7,221 93,605 216,966
4/30/98 1,928,649 981,289 33,039 13,486 16,241 213,149 3,185,852 4,459 41,345 223,153
5/31/98 1,825,174 997,945 44,736 12,582 16,904 450,519 3,347,859 1,393 39,274 226,559
6/30/98 1,877,771 987,940 36,836 12,498 15,986 475,684 3,406,715 1,657 64,187 226,915
7/31/98 1,958,795 976,950 38,428 11,317 16,962 333,349 3,335,801*** 28,679 35,512 225,779
8/31/98 1,652,440 885,441 17,898 10,607 17,283 225,553 2,809,222 1,221 33,960 186,583
9/30/98 1,749,595 875,567 20,129 8,897 17,105 102,914 2,774,207 1,176 32,391 198,327
10/31/98 1,877,390 826,448 23,202 9,521 17,525 225,807 2,979,893 13,997 38,439 191,529
</TABLE>
*** 7/31 recovery includes $114,274.83 received for Feb 28 purchase of
charged-off loans
<PAGE> 50
SCHEDULE 9 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1997-1
<TABLE>
<CAPTION>
------------------------------------------------
Current Current Delinquencies > 30 Days Adjusted Pmts + Chg in Spread & Retained
Gross Net Current ------------------------------------------------
Charge-Off Charge-Off Recovery Current Delinq > Change in Asm Losses Adjusted
% % % Amount Delinq. % 7.0% Exc. Del. 65.0% Retained
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 0.0% 0.0% 0.0% 7,225,101 7.3% 296,436 296,436 192,683 605,545
7/31/97 0.6% 0.6% 8.8% 10,857,993 11.3% 4,103,381 3,806,945 2,474,514 (2,244,668)
8/31/97 1.1% 1.0% 8.3% 11,027,992 11.8% 4,465,639 362,259 235,468 (345,508)
9/30/97 2.0% 1.6% 21.7% 10,233,543 11.4% 3,949,308 (516,331) (335,615) (461,572)
10/31/97 1.7% 1.2% 30.9% 9,631,181 11.2% 3,585,386 (363,921) (236,549) (107,703)
11/30/97 1.9% 1.2% 38.3% 8,622,154 10.4% 2,815,355 (770,031) (500,520) 34,040
12/31/97 2.5% 1.5% 39.1% 7,229,872 9.1% 1,691,689 (1,123,667) (730,383) 131,233
1/31/98 1.8% 1.1% 38.5% 6,459,132 8.5% 1,159,542 (532,147) (345,895) 170,760
2/28/98 1.6% 0.7% 56.5% 5,452,857 7.5% 378,015 (781,526) (507,992) 637,263
3/31/98 1.2% 0.7% 40.2% 4,800,884 6.9% - (378,015) (245,710) 347,041
4/30/98 1.0% 0.7% 30.7% 4,560,286 6.8% - - - (23,524)
5/31/98 1.6% 1.0% 41.0% 4,876,034 7.6% 400,742 400,742 260,482 (413,190)
6/30/98 1.3% 0.5% 57.8% 4,788,707 7.8% 502,447 101,706 66,109 46,267
7/31/98 1.1% 0.5% 51.1% 4,734,523 8.1% 631,077 128,630 83,610 61,319
8/31/98 0.9% 0.5% 41.9% 6,040,329 10.7% 2,090,255 1,459,177 948,465 (813,970)
9/30/98 0.8% 0.6% 22.1% 6,349,549 11.7% 2,554,519 464,265 301,772 (228,302)
10/31/98 1.7% 1.3% 24.2% 6,017,575 11.7% 2,419,235 (135,285) (87,935) (231,889)
</TABLE>
<PAGE> 51
SCHEDULE 9 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1997-1
- --------------------------------------------------------------------------------
A-1,A-2 CERTIFICATE HOLDERS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Balance Additional Principal Balance % of % of Principal Interest Total Trustee, %
BOM Funding Payments EOM Portfolio+ Portfolio + Payments Payment Payments Insurer, Of
Spread Acct Servicer, Current
Payments Cash Coll.
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 92,463,326 0 1,969,085 90,494,241 91.4% 86.3% 1,969,085 461,093 2,430,178 2,722,104 77.3%
7/31/97 90,494,241 0 2,486,468 88,007,773 91.2% 85.8% 2,486,468 471,138 2,957,606 3,238,500 93.4%
8/31/97 88,007,773 0 2,746,568 85,261,205 90.9% 85.5% 2,746,568 457,323 3,203,891 3,486,245 103.3%
9/30/97 85,261,205 0 3,973,111 81,288,094 90.5% 85.6% 3,973,111 434,887 4,407,998 4,693,447 120.5%
10/31/97 81,288,094 0 3,406,291 77,881,803 90.2% 85.4% 3,406,291 439,175 3,845,466 4,113,185 109.1%
11/30/97 77,881,803 0 3,414,228 74,467,575 89.8% 85.3% 3,414,228 384,956 3,799,184 4,134,626 112.7%
12/31/97 74,467,575 0 3,837,358 70,630,217 89.3% 85.2% 3,837,358 402,582 4,239,940 4,487,962 115.4%
1/31/98 70,630,217 0 3,408,476 67,221,741 88.8% 84.8% 3,408,476 381,774 3,790,250 4,040,838 104.5%
2/28/98 67,221,741 0 3,210,694 64,011,047 88.3% 84.0% 3,210,694 328,878 3,539,572 3,764,848 96.7%
3/31/98 64,011,047 0 3,018,943 60,992,104 87.8% 83.2% 3,018,943 333,318 3,352,261 3,670,053 97.3%
4/30/98 60,992,104 0 2,622,554 58,369,550 87.3% 82.6% 2,622,554 317,865 2,940,418 3,209,376 100.7%
5/31/98 58,369,550 0 2,923,497 55,446,054 86.7% 82.1% 2,923,497 309,844 3,233,341 3,500,567 104.6%
6/30/98 55,446,054 0 2,700,459 52,745,595 86.1% 81.2% 2,700,459 291,122 2,991,581 3,294,339 96.7%
7/31/98 52,745,595 0 2,611,639 50,133,956 85.5% 80.2% 2,611,639 289,264 2,900,903 3,190,872 95.7%
8/31/98 50,133,956 0 2,191,014 47,942,942 85.0% 79.3% 2,191,014 261,949 2,452,963 2,674,727 95.2%
9/30/98 47,942,942 0 2,214,915 45,728,026 84.3% 78.4% 2,214,915 253,928 2,468,843 2,700,737 97.4%
10/31/98 45,728,026 0 2,809,855 42,918,171 83.5% 77.8% 2,809,855 245,898 3,055,753 3,299,718 110.7%
</TABLE>
<PAGE> 52
SCHEDULE 9 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1997-1
- --------------------------------------------------------------------------------
SPREAD ACCOUNT AND CURRENT MONTH ACTIVITY BALANCES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Balance Spread Current Payment Balance % of Bal EOM % of
BOM Account Month FMAC EOM Portfolio Spread + Portfolio
Deposit Portfolio As Owner Balance Retained Balance
Long(Short)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
6/30/97 5,048,235 0 798,228 0 5,846,463 5.9% 14,333,152 14.5%
7/31/97 5,846,463 0 229,846 0 6,076,309 6.3% 14,562,998 15.1%
8/31/97 6,076,309 0 (110,042) 0 5,966,267 6.4% 14,452,958 15.4%
9/30/97 5,966,267 0 (797,189) 0 5,169,078 5.8% 13,655,771 15.2%
10/31/97 5,169,078 0 (344,250) 0 4,824,828 5.6% 13,311,519 15.4%
11/30/97 4,824,828 0 (466,480) 0 4,358,348 5.3% 12,845,039 15.5%
12/31/97 4,358,348 0 (599,149) 0 3,759,199 4.8% 12,245,889 15.5%
1/31/98 3,759,199 0 (175,136) 0 3,584,063 4.7% 12,070,754 15.9%
2/28/98 3,584,063 0 129,271 0 3,713,334 5.1% 12,200,025 16.8%
3/31/98 3,713,334 0 101,332 0 3,814,666 5.5% 12,301,356 17.7%
4/30/98 3,814,666 0 (23,524) 0 3,791,142 5.7% 12,277,832 18.4%
5/31/98 3,791,142 0 (152,708) 0 3,638,435 5.7% 12,125,125 19.0%
6/30/98 3,638,435 0 112,376 0 3,750,811 6.1% 12,237,501 20.0%
7/31/98 3,750,811 0 144,928 0 3,895,739 6.6% 12,382,429 21.1%
8/31/98 3,895,739 0 134,495 0 4,030,234 7.1% 12,516,924 22.2%
9/30/98 4,030,234 0 73,470 0 4,103,704 7.6% 12,590,394 23.2%
10/31/98 4,103,704 0 (319,824) 0 3,783,880 7.4% 12,270,570 23.9%
-----------
12,270,570
-----------
(1,572,503) Delinq Loss Adjustment
-----------
10,698,068 Retained Interest Adj for
Delinq. Losses
</TABLE>
<PAGE> 53
SCHEDULE 9 (CONT.)
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1997-1
- -------------------------------------------------------------------------
B CERTIFICATE HOLDER & SELLER
- -------------------------------------------------------------------------
<TABLE>
<CAPTION>
B Cert B Cert Return Total Total
Interest Principal of Spread Payments Pmts + Chg
Paid Paid Residual To B/Seller Retained
(&X-Coll Pmts)
<S> <C> <C> <C> <C> <C>
6/30/97 0 0 0 0 798,228
7/31/97 0 0 0 0 229,846
8/31/97 0 0 0 0 (110,040)
9/30/97 0 0 0 0 (797,187)
10/31/97 0 0 0 0 (344,252)
11/30/97 0 0 0 0 (466,480)
12/31/97 0 0 0 0 (599,150)
1/31/98 0 0 0 0 (175,135)
2/28/98 0 0 0 0 129,271
3/31/98 0 0 0 0 101,331
4/30/98 0 0 0 0 (23,524)
5/31/98 0 0 0 0 (152,708)
6/30/98 0 0 0 0 112,376
7/31/98 0 0 0 0 144,928
8/31/98 0 0 0 0 134,495
9/30/98 0 0 0 0 73,470
10/31/98 0 0 0 0 (319,824)
</TABLE>
<PAGE> 54
SCHEDULE 10
ACTUAL DEVELOPMENT OF FIRST MERCHANTS AUTO TRUST 1997-2
<TABLE>
<CAPTION>
Noteholders Loan Portfolio Spread
Balance Principal Balance Current Account
BOM Payments EOM Balance-EOM Delinq. % Balance
<S> <C> <C> <C> <C> <C> <C>
6/30/97 62,950,000 1,242,517 61,707,483 70,289,777 1.8% 1,084,689
7/31/97 61,707,483 1,262,528 60,444,955 69,072,249 4.4% 1,588,748
8/31/97 60,444,955 1,277,557 59,167,398 67,749,692 6.3% 2,000,880
9/30/97 59,167,398 1,421,020 57,746,378 66,328,672 7.0% 2,472,625
10/31/97 57,746,378 2,009,472 55,736,906 64,265,570 7.0% 2,482,783
11/30/97 55,736,906 1,835,724 53,901,182 62,179,572 6.7% 2,386,164
12/31/97 53,901,182 2,049,930 51,851,252 59,850,164 6.8% 2,381,080
1/31/98 51,851,252 2,011,674 49,839,578 57,798,930 6.0% 2,391,967
2/28/98 49,839,578 1,947,957 47,891,621 55,850,973 5.2% 2,415,170
3/31/98 47,891,621 2,225,956 45,665,665 53,625,016 5.1% 2,538,681
4/30/98 45,665,665 2,086,845 43,578,820 51,538,172 5.2% 2,562,879
5/31/98 43,578,820 1,900,898 41,677,922 49,637,274 6.2% 2,726,625
6/30/98 41,677,922 1,932,403 39,745,519 47,704,871 6.2% 2,862,292
7/31/98 39,745,519 1,858,337 37,887,182 45,846,534 5.9% 2,874,808
8/31/98 37,887,182 1,606,453 36,280,729 44,240,081 6.4% 2,654,404
9/30/98 36,280,729 1,795,412 34,485,317 42,444,669 7.4% 2,546,680
10/31/98 34,485,317 2,000,000 32,485,307 40,365,688 8.4% 2,421,998
</TABLE>
