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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant
to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) December 11, 1996
CONSUMER PORTFOLIO SERVICES, INC.
(Exact Name of Registrant as Specified in its Charter)
California
(State or Other Jurisdiction of Incorporation)
333-09343
(Commission File Number)
33-0459135
(I.R.S. Employer Identification No.)
2 Ada, Suite 100, Irvine, California 92718
(Address of Principal Executive Offices) (Zip Code)
(714) 753-6800
(Registrant's Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
The Registrant is filing final forms of the exhibits listed in Item
7(c) below.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit
No. Document Description
--- --------------------
20.2 Computational Material
20.3 Computational Material
23.1 Consent of Accountants
-2-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CONSUMER PORTFOLIO SERVICES, INC.,
as Originator of the Trust (Registrant)
Dated: December 17, 1996 By: /s/ Jeffrey P. Fritz
---------------------
Jeffrey P. Fritz
Senior Vice President
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INDEX TO EXHIBITS
Sequential
Exhibit No. Document Description Page No.
----------- -------------------- --------
20.2 Computational Material
20.3 Computational Material
23.1 Accountant's Consent
-4-
Exhibit 20.2
Computational Material
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
information term sheet for this transaction. In addition, the information
contained herein may be superseded by information contained in term sheets
circulated after the date hereof and is qualified in its entirety by information
contained in the Prospectus Supplement for this transaction. An offering may be
made only through the delivery of a Prospectus Supplement and the related
Prospectus through Greenwich Capital Markets, Inc., the Underwriter.
PRELIMINARY TERM SHEET
Prepared: December 11, 1996
Subject to Revision
CPS AUTO GRANTOR TRUST, SERIES 1996-3
CPS Receivables Corp., Seller
Consumer Portfolio Services, Inc., Servicer
$95,000,000 + 5%
$[90,250,000] [ ]% Class A Certificates
$[4,750,000] [ ]% Class B Certificates
(Note: This Preliminary Term Sheet has been prepared to assist prospective
investors in the Class A Certificates only; references to the Class B
Certificates are provided solely for information purposes.)
Summary Security Terms:
- --------------------------------------------------------------------------------------------------
Certificates Class A Class B
- --------------------------------------------------------------------------------------------------
Principal Amount $[90,250,000] $[4,750,000]
Class Percentage [95.00]% [5.00]%
Initial Credit Support1 FSA Policy
Expected Rating Aaa/AAA BB (S&P Only)
(Moody's/S&P)
Pass-Through Rate [ ]% [ ]%
Price Talk + [55] Area over the
5 1/2's of 11/98
Price (Approximate) 100
Originator/Servicer Consumer Portfolio CPS
Services, Inc. ("CPS")
Trustee, Paying Agent & Norwest Bank NW
Standby Servicer Minnesota, N.A. ("NW")
Pricing Prepayment Speed 1.50% ABS 1.50% ABS
Expected Settlement Date December 20,1996 December 20,1996
Projected Weighted [1.88] Years [1.88] Years
Average Life
Final Scheduled [August 15, 2002] [August 15, 2002]
Distribution Date
Distribution Dates 15th day of each Month 15th day of each
Month
- --------------------------------------------------------------------------------------------------
1 The Class A Certificates will have the benefit of an FSA Insurance Policy
which will guarantee timely interest and ultimate principal. FSA will have
first priority on a reserve account (the "Spread Account"). The Class B
Certificateholders will have the benefit of (i) current period subordinated
excess interest ("Excess Spread") and (ii) releases from the Spread
Account, if any, prior to distribution to CPS. Excess Spread, equivalent to
the weighted average gross coupon on the Receivables less the sum of the
Servicing Fee, the weighted average coupon on the Certificates, and certain
other transaction expenses, is expected to be approximately [11.80]% per
annum at the Settlement Date. Excess Spread over the life of the
transaction is dependent, among other things, upon the actual prepayment
and default experience of the transaction, as to which no assurance can be
given.
The Certificates: Asset backed certificates issued in two classes
(the "Class A Certificates" and the "Class B
Certificates", collectively the "Certificates") by
a grantor trust (the "Trust") to be formed by CPS
Receivables Corp. (the "Seller"), a wholly-owned
bankruptcy-remote subsidiary of Consumer Portfolio
Services, Inc. ("CPS"). The Certificates will be
secured by, among other assets, a pool of
sub-prime motor vehicle retail installment sale
contracts (the "Receivables") secured by new and
used automobiles, vans and light duty trucks (the
"Financed Vehicles") aggregating $[95,000,000] in
principal amount (the "Initial Pool Balance") as
of December [16], 1996 (the "Cut-off Date"). The
Receivables, which will provide for level monthly
payments (with interest and principal calculated
pursuant to Rule of 78's and simple interest
methods), were purchased by CPS from approved new
and used automobile dealers and finance companies
located primarily in the states of California,
Florida, Pennsylvania and Texas.
Each Certificate will evidence beneficial
ownership of an undivided interest in the Trust.
The Class A Certificates will evidence, in the
aggregate, beneficial ownership of an undivided
interest in the Trust equal to [95]% (the "Class A
Percentage") of the Trust Assets (not including
any interest received by the Trust in excess of
the Class A Pass-Through Rate). The Class B
Certificates will evidence, in the aggregate,
beneficial ownership of an undivided interest in
the Trust equal to [5]% (the "Class B Percentage")
of the Trust Assets (not including any interest
received by the Trust in excess of the Class B
Pass-Through Rate).
The rights of the Class B Certificates to receive
distributions will be subordinated to the rights
of the Class A Certificates and the Certificate
Insurer.
Distributions to
Certificateholders: Distributions of interest on the Certificates will
be made on the 15th of each month (or, if the 15th
is not a Business Day, the next succeeding
Business Day) (each, a "Distribution Date"),
commencing January 15, 1997, to the extent funds
are available therefor, in an amount (the
"Certificateholders' Interest Distributable
Amount") equal, with respect to each class of
Certificates, to interest accrued thereon at the
Class A Pass- Through Rate and the Class B
Pass-Through Rate, respectively, in the case of
the initial Distribution Date, from December 19,
1996 through and including January 14, 1997, and
with respect to each subsequent Distribution Date,
for the one month period (each, an "Accrual
Period") commencing on the 15th of the month
immediately preceding such Distribution Date and
ending on the 14th day of the month in which such
Distribution Date occurs. Distributions of
interest will be made on a pro rata basis (to
holders of record as of the last day of each
accrual period, each a "Record Date") on the
Certificates. Distributions of interest will be
calculated on the basis of 12 months each
consisting of 30 days.
Distributions of principal on the Certificates, to
the extent funds are available therefor, will be
distributed (a) to the Class A Certificateholders
as of the related Record Date in an amount equal
to the Class A Percentage of the Principal
Distributable Amount (defined below) and (b) to
the Class B Certificateholders as of the related
Record Date in an amount equal to the Class B
Percentage of the Principal Distributable Amount.
The "Principal Distributable Amount" for a
Distribution Date will equal the sum of (i) the
principal portion of all scheduled Distributions
received during the preceding calendar month
(each, a "Collection Period") on the Rule of 78's
Receivables and all Distributions of principal
received on simple interest receivables during the
preceding Collection Period; (ii) the principal
portion of all prepayments in full (including
principal collected on those accounts plus any
amounts applied from the Pay Ahead Account related
to such Receivable) of such Receivables; (iii) the
portion of the Purchase Amount allocable to
principal of each Receivable that was repurchased
by the Originator or Servicer as of the last day
of the related Collection Period; (iv) the
principal balance of each Receivable that became a
liquidated Receivable during such Collection
Period; and (v) the aggregate
-2-
amount of Cram Down Losses (reductions to obligor
indebtedness imposed by a bankruptcy court) that
shall have occurred during the related Collection
Period.
Priority of
Distributions: On each Distribution Date available funds,
together with any Spread Account Draw, will be
allocated by the Trustee in the following order:
(i) To the Servicer (if CPS is not the
Servicer), the Servicing Fee of 2.12% (212
basis points) per annum; provided, however,
that as long as CPS is the Servicer and
Norwest is the Stand-by Servicer, the
Trustee will first pay the Standby Servicer
out of the Servicing Fee otherwise payable
to CPS an amount equal to the Standby Fee;
(ii) in the event the Standby Servicer or any
other party becomes the successor Servicer,
to the Standby Servicer, reasonable
transition expenses (up to a maximum of
$50,000) incurred in acting as successor
Servicer;
(iii)to the Trustee, the Trustee Fee and other
reasonable expenses;
(iv) to the Collateral Agent, all fees and
expenses payable to the Collateral Agent
with respect to such Distribution Date;
(v) to the Class A Certificateholders, the
related Interest Distributable Amount,
together with any Class A Certificate
Interest Carryover Shortfall Amount for
such Distribution Date;
(vi) to Holders of the Class B Certificates, the
related Interest Distributable Amount,
together with any Class B Certificate
Interest Carryover Shortfall Amount for
such Distribution Date;
(vii)to Holders of the Class A Certificates,
the related Class A Principal Distributable
Amount and Class A Principal Carryover
Shortfall Amount;
(viii) to FSA, any amounts due under the terms
of the Pooling and Servicing Agreement and
under the Insurance Agreement;
(ix) to Holders of the Class B Certificates, the
related Class B Principal Distributable
Amount and Class B Principal Carryover
Shortfall Amount; and
(x) to the Collateral Agent, for deposit into
the Spread Account, the remaining Total
Distribution Amount, if any.
Spread Account: FSA will have the benefit of a reserve account
(the "Spread Account") established by CPS with the
Collateral Agent pursuant to a Master Spread
Account Agreement.
Tax Status of the
Trust: Mayer, Brown & Platt will deliver an opinion that
the Trust will be treated as a grantor trust for
federal income tax purposes and will not be
subject to federal income tax. Owners of
beneficial interests in the Certificates will
report their pro rata share of all income earned
on the Receivables (other than amounts, if any,
treated as "stripped coupons") and, subject to
certain limitations in the case of such owners who
are individuals, trust or estates, may deduct
their pro rata share of reasonable servicing and
other fees. Prospective investors must review the
Prospectus and Prospectus Supplement for a more
detailed description of these matters.
ERISA Eligibility: The Class A Certificates will generally be
permitted to be held by employee benefit plans
subject to ERISA. Prospective investors must
review the Prospectus and Prospectus Supplement
for a more detailed description of these matters.
Record Date: The 10th day of each calendar month.
Optional Redemption: The Servicer may at its option purchase all the
Receivables as of the last day of any Collection
Period on or after which the aggregate principal
balance of the Receivables is equal to 10% or less
of the Original Pool Balance, at a purchase price
equal to the aggregate principal balance of the
Receivables, plus accrued interest at the
respective APRs.
-3-
The Originator/
Servicer: CPS was incorporated in the State of California in
1991. CPS and its subsidiaries engage primarily in
the business of purchasing, selling and servicing
retail installment sales contracts ("Contracts")
made to borrowers who generally would not be
expected to qualify for traditional financing
because of factors generally including limited
credit history, lower than average income or past
credit problems. CPS purchases Contracts, at a
discount ranging from 0% to 8%, from dealers with
whom it has dealer agreements ("Dealers") in [34]
States. In addition to any discount, CPS generally
charges Dealers an acquisition fee to defray the
direct administrative costs associated with the
processing of Contracts that are ultimately
purchased by CPS.
CPS purchases Contracts from Dealers with the
intent to resell them. CPS also purchases
Contracts from third parties that have been
originated by others. Contracts have been sold
both as bulk sales to institutional investors and
through securitization transactions.
Underwriting CPS originates Contracts under three programs: the
Standard Program, the Alpha Program, and the Delta
Program. The Alpha program is designed to
accommodate applicants who generally exceed the
requirements of the Standard Program in respect of
job stability, residence stability, income level
or the nature of the credit history. The Delta
Program is designed to accommodate applicants who
may not meet all of the requirements of the
Standard Program but are deemed by CPS to be
generally as creditworthy as Standard Program
applicants. CPS determines whether to purchase a
Contract based principally on the applicant's
creditworthiness and the collateral value of the
financed vehicle. Upon receipt of an application
from a Dealer, CPS obtains credit reports from
three credit bureaus. A CPS loan officer will
review the credit application, credit bureau
report, and a one page Dealer summary of the
proposed transaction and will either conditionally
approve or reject the application, generally
within one business day of receipt of the credit
application. Based in part on the conditions to
approval, the Dealer and applicant file a more
complete application package which initially is
reviewed by a CPS processor for deficiencies. As
part of this review, references are checked,
direct calls are made to the applicant and
employment, income, residence and insurance
verification are performed. Next, a CPS
underwriter confirms the satisfaction of any
remaining deficiencies in the application package.
Finally, a loan review officer reviews the package
for deficiencies prior to funding. CPS
conditionally approves approximately 50% of the
credit applications it receives and ultimately
purchases approximately 20% of the received
applications.
Generally, the amount funded by CPS will not
exceed, in the case of new cars, 110% of the
dealer invoice, and in the case of used cars, 115%
of the value quoted in industry accepted car
guides (such as the Kelley Wholesale Blue Book),
in each case plus taxes, license fees, insurance
and the cost of any service contract. The maximum
amount that will be financed on any vehicle
generally will not exceed $25,000. The maximum
term of the Contract depends primarily on the age
of the vehicle and its mileage. Vehicles having in
excess of 80,000 miles will not be financed.
The minimum downpayment required on the purchase
of a vehicle is generally 10% to 15% of the
purchase price. The downpayment may be made in
cash, and/or with a trade-in car, and, if
available, a proven manufacturer's rebate (which
rebate cannot comprise more than 50% of the
downpayment).
Servicing and
Collections: CPS continues to service all Contracts it has
purchased, including those it has sold to
institutional investors. CPS's Contract servicing
activities consist of collecting, accounting for
and posting all payments, responding to borrower
inquiries, taking steps to maintain the security
interest in the financed vehicle or other
collateral, investigating delinquencies,
repossessing and liquidating collateral when
necessary, and generally monitoring each
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Contract and related collateral. CPS maintains
sophisticated data processing and management
information systems to support its Contract
servicing activities.
If an account becomes six days past due, CPS's
collection staff typically attempts to contact the
borrower with the aid of an auto dialer. A
collection officer tries to establish contact with
the customer and obtain a promise to make the
overdue payment within seven days. If payment is
not received by the end of such seven day period,
the customer is called again through the auto
dialer system and the collection officer attempts
to elicit a second promise to make the overdue
payment within seven days. If a second promise to
make the overdue payment is not satisfied, the
account automatically is referred to a supervisor
for further action. If the customer cannot be
reached by a collection officer, a letter is
automatically generated and the customer's
references are contacted. Field agents (who are
independent contractors) often make calls on
customers who are unreachable or whose payment is
thirty days or more delinquent. A decision to
repossess the vehicle is generally made after 30
to 90 days of delinquency or three unfulfilled
promises to make the overdue payment.
The Receivables: Summary Collateral Term Sheets attached.
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COMPUTATIONAL MATERIALS DISCLAIMER
The attached tables and other statistical analyses (the "Computational
Materials") are privileged and confidential and intended for use by the
addressee only. These Computational Materials are furnished to you solely by
Greenwich Capital Markets, Inc. and not by the issuer of the securities or any
of its affiliates. They may not be provided to any third party other than the
addressee's legal, tax, financial and/or accounting advisors for the purposes of
evaluating said material. Greenwich Capital Markets, Inc. is not acting as agent
for the issuer of the securities or its affiliates in connection with the
proposed transaction.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be reflected therein. As such, no assurance can be given as to
either the Computational Materials' accuracy, appropriateness or completeness in
any particular context; nor as to whether the Computational Materials and/or the
assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be construed
as either projections or predictions or as legal, tax, financial or accounting
advice.
Any yields or weighted average lives shown in the Computational Materials are
based on prepayment assumptions, and changes in such prepayment assumptions may
dramatically affect such yields or weighted average lives. In addition, it is
possible that prepayments on the underlying assets will occur at rates slower or
faster than the rates shown in the attached Computational Materials.
Furthermore, unless otherwise provided, the Computational Materials assume no
losses on the underlying assets and no interest shortfall. The specific
characteristics of the securities may differ from those shown in the
Computational Materials due to differences between the actual underlying assets
and the hypothetical underlying assets used in preparing the Computational
Materials. The principal amount and designation of any security described in the
Computational Materials are subject to change prior to issuance.
Although a registration statement (including the Prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final Prospectus supplement
relating to the securities discussed in this communication has not been filed
with the Securities and Exchange Commission. This communication shall not
constitute an offer to sell or the solicitation of an offer to bay nor shall
there be any sale of the securities discussed in this communication in any state
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final Prospectus supplement relating
to the securities discussed In this communication for definitive Computational
Materials on any matter discussed in this communication. A final Prospectus and
Prospectus supplement may be obtained by contacting GCM's Trading Desk at (203)
625-6160.
Please be advised that asset-backed securities may not be appropriate for all
investors. Potential investors must be willing to assume, among other things,
market price volatility, prepayments, yield curve and interest rate risks.
Investors should make every effort to consider the risks of these securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
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CPS 1996-3 CLASS A
PRICE-YIELD SENSITIVITY REPORT
Settlement 12/19/96
Next Payment 01/15/97
Class Balance $90,250,000.00
Cutoff Date 12/16/96
Accrued Days 3
Coupon 6.100%
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Quoted
Price 1.00% ABS 1.25% ABS 1.50% ABS 1.75% ABS 2.00% ABS
=====================================================================================
99.24 6.309 6.317 6.326 6.337 6.349
99.24+ 6.301 6.308 6.317 6.327 6.338
99.25 6.292 6.299 6.308 6.317 6.327
99.25+ 6.284 6.291 6.298 6.307 6.317
99.26 6.276 6.282 6.289 6.297 6.306
99.26+ 6.268 6.273 6.280 6.287 6.295
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99.27 6.260 6.265 6.270 6.277 6.285
99.27+ 6.251 6.256 6.261 6.267 6.274
99.28 6.243 6.247 6.252 6.257 6.263
99.28+ 6.235 6.239 6.243 6.247 6.253
99.29 6.227 6.230 6.233 6.237 6.242
99.29+ 6.219 6.221 6.224 6.228 6.231
99.30 6.211 6.213 6.215 6.218 6.221
99.30+ 6.202 6.204 6.206 6.208 6.210
99.31 6.194 6.195 6.196 6.198 6.199
99.31+ 6.186 6.187 6.187 6.188 6.189
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100.00 6.178 6.178 6.178 6.178 6.178
- -------------------------------------------------------------------------------------
100.00+ 6.170 6.169 6.169 6.168 6.167
100.01 6.162 6.161 6.160 6.158 6.157
100.01+ 6.154 6.152 6.150 6.148 6.146
100.02 6.145 6.143 6.141 6.138 6.135
100.02+ 6.137 6.135 6.132 6.129 6.125
100.03 6.129 6.126 6.123 6.119 6.114
100.03+ 6.121 6.117 6.113 6.109 6.103
100.04 6.113 6.109 6.104 6.099 6.093
100.04+ 6.105 6.100 6.095 6.089 6.082
100.05 6.097 6.092 6.086 6.079 6.072
- -------------------------------------------------------------------------------------
100.05+ 6.088 6.083 6.077 6.069 6.061
100.06 6.080 6.074 6.067 6.059 6.050
100.06+ 6.072 6.066 6.058 6.050 6.040
100.07 6.064 6.057 6.049 6.040 6.029
100.07+ 6.056 6.048 6.040 6.030 6.019
100.08 6.048 6.040 6.031 6.020 6.008
=====================================================================================
WAL (yr) 2.15 2.02 1.88 1.75 1.61
MAT (yr) 4.57 4.57 4.57 4.57 4.07
MDUR (yr) 1.91 1.80 1.69 1.58 1.47
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"Full Price" = "Flat Price" = Accrued Interest.
Duration and related sensitivities are calculated at midpoint price/yield.
Maturity and last Principal Pay Dates may be distorted by the use of collateral
pool WAMs.
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- ---------------------------------------------------------------------------------------------------------------------------
CPS AUTO GRANTOR TRUST, SERIES 1996-3
ALL AMOUNTS SUBJECT TO CHANGE
INFORMATION SHEET
12/10/96
Consumer Portfolio Services Inc.
Balances as of 12/04/96
- ---------------------------------------------------------------------------------------------------------------------------
Total Current Balance: $ 80,039,688.63
Total Original Balance: $ 81,087,603.40
Number of Total Portfolio Loans: 6,385
Average Original Balance $ 12,699.70 RANGE: $ 2,288.06 - $ 29,000.36
Average Current Balance $ 12,535.58 RANGE: $ 253.26 28,897.29
Weighted Average APR Rate: 20.551 % RANGE: $ 16,500 - 29,070%
Weighted Average Original Loan Term: 55.98 months RANGE: 18.00 - 61.00 months
Weighted Average Remaining Term: 54.74 months RANGE: 1.00 - 60.00 months
Top State Concentration ($): 25.04 % California, 9.71 % Pennsylvania, 8.07 % Texas
New-Used Breakdown ($): 86.93 % USED, 13.07 % NEW
Collateral Year Breakdown ($): 26.29 % 95, 23.09 % 94, 14.77% 96
Manufacturer Breakdown (S): 19.51 % FORD, 13.14 % CHEVROLET, 8.45 % NISSAN
Contract Date: Mar 14, 1994 - Nov 29, 1996
First Payment Date: Apr 13, 1994 - Feb 20, 1997
Next Payment Date: Nov 04, 1996 - Mar 02, 1999
Maturity Date: Dec 06, 1996 - Jan 02, 2002
- ---------------------------------------------------------------------------------------------------------------------------
CURRENT # OF
PRINCIPAL BALANCE PCT($) LOANS PCT(#)
----------------- ------ ----- ------
CONTRACT DATE: < 01/01/96 671,026.89 0.84 75 1.17 18.9564
01/01/96 - 01/31/96 20,761.27 0.03 2 0.03 22.1286
02/01/96 - 02/29/96 57,191.13 0.07 5 0.08 21.5851
03/01/96 - 03/31/96 190,200.28 0.24 16 0.25 20.5224
04/01/96 - 04/30/96 50,695.96 0.06 5 0.08 19.7286
05/01/96 - 05/31/96 97,703.84 0.12 8 0.13 19.9278
06/01/96 - 06/30/96 398,658,88 0.50 35 0.55 20.5932
07/01/96 - 07/31/96 388,933.05 0.49 33 0.52 20.8255
08/01/96 - 08/31/96 2,36,115,33 2.96 193 3.02 20.6654
09/01/96 - 09/30/96 23,909,627.53 29.87 1,911 29.93 20.5979
10/01/96 - 10/31/96 32,910,030.49 41.12 2,597 40.67 20.5436
11/01/96 - 11/30/96 18,978,743.78 23.71 1,505 23.57 20.5424
ORIGINAL 2,288 - 4,999 199,478.47 0.25 51 0.80 22.4827
BALANCE: 5,000 - 9,999 12,602,741.04 15.75 1,541 24.13 21.5332
10,000 - 14,999 39,806,516.95 49.73 3,253 50.95 20.6179
15,000 - 19,999 20,385,137.49 25.47 1,220 19.11 20.0629
20,000 - 24,999 6,434,404.01 8.04 296 4.64 19.7992
>= 25,000 611,410.47 0.76 24 0.38 19.5407
APR RATE: 16.50 - 16.99 43,245.75 0.05 4 0.06 16.5977
17.00 - 17.99 2,597,624.59 3.25 171 2.68 17.4397
18.00 - 18.99 14,043,899.04 17.55 994 15.57 18.1470
19.00 - 19.99 7,534,091.96 9.41 535 8.38 19.8310
20.00 - 20.99 13,652,633.63 17.06 1,032 16.16 20.3130
21.00 - 21.99 27,697,516.16 34.60 2,300 36.02 21.0078
22.00 - 22.99 3,532,674.52 4.41 302 4.73 22.0127
23.00 - 23.99 7,334,864.93 9.16 697 10.92 23.0056
24.00 - 24.99 1,612,617.53 2.01 152 2.38 24.1290
25.00 - 25.99 1,950,174.72 2.44 193 3.02 25.0781
<= 26.00 40,345.62 0.05 5 0.08 27.7683
- --------------------------------------------------------------------------------------------------------------------------------
The information contained herein has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein. The information contained herein will be
superseded by the description of the collateral contained in the prospectus
supplement.
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- --------------------------------------------------------------------------------------------------------------------------------
CPS AUTO GRANTOR TRUST, SERIES 1996-3
ALL AMOUNTS SUBJECT TO CHANGE
INFORMATION SHEET
12/10/96
Consumer Portfolio Services Inc.
Balances as of 12/04/96
- --------------------------------------------------------------------------------------------------------------------------------
CURRENT # OF
PRINCIPAL BALANCE PCT($) LOANS PCT(#)
----------------- ------ ----- ------
ORIGINAL LOAN 18 - 21 3,955.33 0.00 2 0.03 20.2626
TERM: 22 - 26 74,828.33 0.09 14 0.22 21.8868
27 - 31 163,830.02 0.20 27 0.42 21.1927
32 - 36 3,712,110.40 4.64 477 7.47 21.9003
37 - 41 5,650.27 0.01 1 0.02 17.9000
42 - 46 3,011,901.35 3.76 306 4.79 21.4447
47 - 51 8,775,498.21 10.96 849 13.30 21.2711
52 - 56 10,854,080.81 13.56 884 13.84 20.8782
57 - 61 53,437,833.71 66.76 3,825 59.91 20.2191
REMAINING TERM: <= 16 14,457.87 0.02 6 0.09 20.1330
17 - 21 39,743.24 0.05 7 0.11 20.6320
22 - 26 100,577.16 0.13 19 0.30 21.4869
27 - 31 341,239.07 0.43 50 0.78 20.4117
32 - 36 3,697,248.54 4.62 469 7.35 21.8513
37 - 41 2,278,818.52 2.85 234 3.66 21.4148
42 - 46 3,914,570.88 4.89 379 5.94 21.1213
47 - 51 6,800,199.84 8.50 636 9.96 21.2597
52 - 56 10,557,449.80 13.19 852 13.34 20.8299
57 - 60 52,295,383.51 65.34 3,733 58.47 20.2299
PROGRAM: ALPHA 43,070,968.44 53.81 3,193 50.01 20.3181
DELTA 8,207,852.48 10.25 794 12.44 21.3750
OTHER 4,386,046.70 5.48 448 7.02 20.3995
STANDARD 24,374,820.81 30.45 1,950 30.54 20.7132
LOAN TYPE: Rule of 78s 34,837,215.10 43.52 2,698 42.26 20.4855
Simple Interest 45,202,473.33 56.48 3,687 57.74 20.6020
LOAN STATUS: Current 80,039,688.43 100.00 6,385 100.00 20.5513
NEW/USED: NEW 10,458,378.57 13.07 640 10.02 19.6925
USED 69,581,309.86 86.93 5,745 89.98 20.6804
COLLATERAL AGE: 88 284,663.80 0.36 47 0.74 21.9970
89 797,234,26 1.00 111 1.74 22.0716
90 2,055,803.42 2.57 242 3.79 21.6447
91 3,806,106.06 4.76 412 6.45 21.5716
92 6,554,771.99 8.19 620 9.71 21.5211
93 11,603,995.43 14.50 1,010 15.82 21.3522
94 18,482,964.17 23.90 1,428 22.36 20.3381
95 21,045,838.67 26.29 1,556 24.37 20.1906
96 11,819,207.10 14.77 756 11.84 19.7874
97 3,572,738.29 4.46 202 3.16 19.7549
98 16,365.24 0.02 1 0.02 20.3100
- --------------------------------------------------------------------------------------------------------------------------------
The information contained herein has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein. The information contained herein will be
superseded by the description of the collateral contained in the prospectus
supplement.
-9-
- --------------------------------------------------------------------------------------------------------------------------------
CPS AUTO GRANTOR TRUST, SERIES 1996-3
ALL AMOUNTS SUBJECT TO CHANGE
INFORMATION SHEET
12/10/96
Consumer Portfolio Services Inc.
Balances as of 12/04/96
- --------------------------------------------------------------------------------------------------------------------------------
CURRENT # OF
PRINCIPAL BALANCE PCT($) LOANS PCT(#)
----------------- ------ ----- ------
MANUFACTURER: ACURA 431,020.94 0.54 30 0.47 21.1695
AUDI 28,112.00 0.04 3 0.05 21.7667
BMW 111,236.75 0.14 7 0.11 20.5414
BUICK 1,745,087.68 2.18 154 2.41 20.8886
CADILLAC 915,953.96 1.14 57 0.89 20.9190
CHEVROLET 10,513,442.28 13.14 837 13.11 20.6976
CHRYSLER 1,105,510.15 1.38 79 1.24 20.2419
DAIHATSU 25,754.07 0.03 3 0.05 23.8471
DODGE 4,977,451.38 6.22 403 6.31 20.6908
EAGLE 224,385.40 0.28 21 0.33 21.2345
FORD 15,617,938.16 19.51 1,280 20.05 20.5632
GEO 1,759,888.25 2.20 173 2.71 20.7854
GMC 1,148,887,09 1.44 80 1.25 20.5367
HONDA 2,825,705.51 3.53 208 3.26 20.4324
HYUNDAI 2,606,823.49 3.26 237 3.71 20.5624
INFINITI 189,001.78 0.24 11 0.17 20.7139
ISUZU 604,082.68 0.75 49 0.77 20.9377
JAGUAR 50,889.05 0.06 3 0.05 21.2582
JEEP 1,589,979,88 1.99 102 1.60 20.3468
KIA 1,282.511.21 1.60 94 1.47 18.9670
LINCOLN 562,998.46 0.70 38 0.60 20.5933
MAZDA 2,908,914,03 3.63 227 3.56 20.7656
MERCEDES 18,446.52 0.02 1 0.02 20.5300
MERCURY 2,335,333.67 2.92 200 3.13 20.7562
MITSUBISHI 2,910,040.96 3.64 227 3.56 20.3068
NISSAN 6,766,961.46 8.45 496 7.77 20.5420
OLDSMOBILE 1,506,952.33 1.88 134 2.10 20.8470
PLYMOUTH 2,686,981.04 3.36 227 3.56 20.2486
PONTIAC 4,335,682,42 5.42 361 5.65 20.6115
SAAB 25,535.22 0.03 3 0.05 23.1210
SATURN 595,747.93 0.74 50 0.78 20.6573
STERLING 14,264.35 0.02 2 0.03 21.1384
SUBARU 322,523.14 0.40 27 0.42 20.0952
SUZUKI 612,625.15 0.77 47 0.74 20.1111
TOYOTA 6,052,296.01 7.56 459 7.19 20.2835
WOLKSWAGEN 564,528.17 0.71 50 0.78 20.6648
VOLVO 66,195.86 0.08 5 0.08 20.8545
OBLIGOR STATE: Alabama 2,285,635.21 2.86 195 3.05 21.5468
California 20,038,073.10 25.04 1,481 23.19 20.1910
Florida 6,037,979.66 7.54 452 7.08 19.1671
Hawaii 1,517,903.77 1.90 132 2.07 22.5913
Illinois 4,252,942.28 5.31 368 5.76 21.7264
Iowa 1,144,156.94 1.43 98 1.53 21.6837
Louisiana 3,705,917.00 4.63 300 4.70 21.1785
Maryland 2,442,788.86 3.05 202 3.16 21.6860
Michigan 2,081,131.58 2.60 172 2.69 21.1509
Minnesota 1,096,528.31 1.37 92 1.44 19.3279
Nevada 2,844,322.11 3.55 230 3.60 22.0926
New Jersey 1,950,389.01 2.44 165 2.58 21.2275
New York 3,949,814.97 4.93 327 5.12 21.1965
Ohio 2,993,748.60 3.74 280 4.39 22.6897
Pennsylvania 7,771,825.18 9.71 625 9.79 19.1186
Tennessee 4,321,559.25 5.40 344 5.39 21.4345
Texas 6,463,163.26 8.07 494 7.74 18.6778
All others 5,141,809.34 6.42 428 6.70 21.2671
- --------------------------------------------------------------------------------------------------------------------------------
The information contained herein has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein. The information contained herein will be
superseded by the description of the collateral contained in the prospectus
supplement.
-10-
Exhibit 20.3
Computational Material
4
This Preliminary Term Sheet is provided for information purposes only, and does
not constitute an offer to sell, nor a solicitation of an offer to buy, the
referenced securities. It does not purport to be all-inclusive or to contain all
of the information that a prospective investor may require to make a full
analysis of the transaction. All amounts are approximate and subject to change.
The information contained herein supersedes information contained in any prior
information term sheet for this transaction. In addition, the information
contained herein may be superseded by information contained in term sheets
circulated after the date hereof and is qualified in its entirety by information
contained in the Prospectus Supplement for this transaction. An offering may be
made only through the delivery of a Prospectus Supplement and the related
Prospectus through Greenwich Capital Markets, Inc., the Underwriter.
PRELIMINARY TERM SHEET
Prepared: December 11, 1996
Subject to Revision
CPS AUTO GRANTOR TRUST, SERIES 1996-3
CPS Receivables Corp., Seller
Consumer Portfolio Services, Inc., Servicer
$95,000,000 +or - 5%
$[90,250,000] [ ]% Class A Certificates
$[4,750,000] [ ]%Class B Certificates
(Note: This Preliminary Term Sheet has been prepared to assist
prospective investors in the Class A Certificates only;
references to the Class B Certificates are provided solely
for information purposes.)
Summary Security Terms:
------------------------------------------------------------------------------------------
Certificates Class A Class B
------------------------------------------------------------------------------------------
Principal Amount $[90,250,000] $[4,750,000]
Class Percentage [95.00]% [5.00]%
Initial Credit Support1 FSA Policy
Expected Rating (Moody's/S&P) Aaa/AAA BB (S&P Only)
Pass-Through Rate [ ]% [ ]%
Price Talk + [55] Area over the
5 1/2's of 11/98
Price (Approximate) 100
Originator/Servicer Consumer Portfolio CPS
Services, Inc. ("CPS")
Norwest Bank Minnesota, NW
Trustee, Paying Agent & N.A. ("NW")
Standby Servicer
Pricing Prepayment Speed 1.50% ABS 1.50% ABS
Expected Settlement Date December 20,1996 December 20,1996
Projected Weighted Average Life [1.88] Years [1.88] Years
Final Scheduled Distribution Date [August 15, 2002] [August 15, 2002]
Distribution Dates 15th day of each Month 15th day of each Month
------------------------------------------------------------------------------------------
1 The Class A Certificates will have the benefit of an FSA Insurance Policy
which will guarantee timely interest and ultimate principal. FSA will have
first priority on a reserve account (the "Spread Account"). The Class B
Certificateholders will have the benefit of (i) current period subordinated
excess interest ("Excess Spread") and (ii) releases from the Spread
Account, if any, prior to distribution to CPS. Excess Spread, equivalent to
the weighted average gross coupon on the Receivables less the sum of the
Servicing Fee, the weighted average coupon on the Certificates, and certain
other transaction expenses, is expected to be approximately [11.80]% per
annum at the Settlement Date. Excess Spread over the life of the
transaction is dependent, among other things, upon the actual prepayment
and default experience of the transaction, as to which no assurance can be
given.
1
The Certificates: Asset backed certificates issued in two classes
(the "Class A Certificates" and the "Class B
Certificates", collectively the "Certificates") by
a grantor trust (the "Trust") to be formed by CPS
Receivables Corp. (the "Seller"), a wholly-owned
bankruptcy-remote subsidiary of Consumer Portfolio
Services, Inc. ("CPS"). The Certificates will be
secured by, among other assets, a pool of
sub-prime motor vehicle retail installment sale
contracts (the "Receivables") secured by new and
used automobiles, vans and light duty trucks (the
"Financed Vehicles") aggregating $[95,000,000] in
principal amount (the "Initial Pool Balance") as
of December [16], 1996 (the "Cut-off Date"). The
Receivables, which will provide for level monthly
payments (with interest and principal calculated
pursuant to Rule of 78's and simple interest
methods), were purchased by CPS from approved new
and used automobile dealers and finance companies
located primarily in the states of California,
Florida, Pennsylvania and Texas.
Each Certificate will evidence beneficial
ownership of an undivided interest in the Trust.
The Class A Certificates will evidence, in the
aggregate, beneficial ownership of an undivided
interest in the Trust equal to [95]% (the "Class A
Percentage") of the Trust Assets (not including
any interest received by the Trust in excess of
the Class A Pass-Through Rate). The Class B
Certificates will evidence, in the aggregate,
beneficial ownership of an undivided interest in
the Trust equal to [5]% (the "Class B Percentage")
of the Trust Assets (not including any interest
received by the Trust in excess of the Class B
Pass-Through Rate).
The rights of the Class B Certificates to receive
distributions will be subordinated to the rights
of the Class A Certificates and the Certificate
Insurer.
Distributions to
Certificateholders: Distributions of interest on the Certificates will
be made on the 15th of each month (or, if the 15th
is not a Business Day, the next succeeding
Business Day) (each, a "Distribution Date"),
commencing January 15, 1997, to the extent funds
are available therefor, in an amount (the
"Certificateholders' Interest Distributable
Amount") equal, with respect to each class of
Certificates, to interest accrued thereon at the
Class A Pass-Through Rate and the Class B
Pass-Through Rate, respectively, in the case of
the initial Distribution Date, from December 19,
1996 through and including January 14, 1997, and
with respect to each subsequent Distribution Date,
for the one month period (each, an "Accrual
Period") commencing on the 15th of the month
immediately preceding such Distribution Date and
ending on the 14th day of the month in which such
Distribution Date occurs. Distributions of
interest will be made on a pro rata basis (to
holders of record as of the last day of each
accrual period, each a "Record Date") on the
Certificates. Distributions of interest will be
calculated on the basis of 12 months each
consisting of 30 days.
Distributions of principal on the Certificates, to
the extent funds are available therefor, will be
distributed (a) to the Class A Certificateholders
as of the related Record Date in an amount equal
to the Class A Percentage of the Principal
Distributable Amount (defined below) and (b) to
the Class B Certificateholders as of the related
Record Date in an amount equal to the Class B
Percentage of the Principal Distributable Amount.
The "Principal Distributable Amount" for a
Distribution Date will equal the sum of (i) the
principal portion of all scheduled Distributions
received during the preceding
2
calendar month (each, a "Collection Period") on
the Rule of 78's Receivables and all Distributions
of principal received on simple interest
receivables during the preceding Collection
Period; (ii) the principal portion of all
prepayments in full (including principal collected
on those accounts plus any amounts applied from
the Pay Ahead Account related to such Receivable)
of such Receivables; (iii) the portion of the
Purchase Amount allocable to principal of each
Receivable that was repurchased by the Originator
or Servicer as of the last day of the related
Collection Period; (iv) the principal balance of
each Receivable that became a liquidated
Receivable during such Collection Period; and (v)
the aggregate amount of Cram Down Losses
(reductions to obligor indebtedness imposed by a
bankruptcy court) that shall have occurred during
the related Collection Period.
Priority of
Distributions: On each Distribution Date available funds,
together with any Spread Account Draw, will be
allocated by the Trustee in the following order:
(i) To the Servicer (if CPS is not the
Servicer), the Servicing Fee of 2.12% (212
basis points) per annum; provided, however,
that as long as CPS is the Servicer and
Norwest is the Stand-by Servicer, the
Trustee will first pay the Standby Servicer
out of the Servicing Fee otherwise payable
to CPS an amount equal to the Standby Fee;
(ii) in the event the Standby Servicer or any
other party becomes the successor Servicer,
to the Standby Servicer, reasonable
transition expenses (up to a maximum of
$50,000) incurred in acting as successor
Servicer;
(iii)to the Trustee, the Trustee Fee and other
reasonable expenses;
(iv) to the Collateral Agent, all fees and
expenses payable to the Collateral Agent
with respect to such Distribution Date;
(v) to the Class A Certificateholders, the
related Interest Distributable Amount,
together with any Class A Certificate
Interest Carryover Shortfall Amount for
such Distribution Date;
(vi) to Holders of the Class B Certificates, the
related Interest Distributable Amount,
together with any Class B Certificate
Interest Carryover Shortfall Amount for
such Distribution Date;
(vii)to Holders of the Class A Certificates,
the related Class A Principal Distributable
Amount and Class A Principal Carryover
Shortfall Amount; (viii) to FSA, any
amounts due under the terms of the Pooling
and Servicing Agreement and under the
Insurance Agreement;
(ix) to Holders of the Class B Certificates, the
related Class B Principal Distributable
Amount and Class B Principal Carryover
Shortfall Amount; and
(x) to the Collateral Agent, for deposit into
the Spread Account, the remaining Total
Distribution Amount, if any.
Spread Account: FSA will have the benefit of a reserve account
(the "Spread Account") established by CPS with the
Collateral Agent pursuant to a Master Spread
Account Agreement.
Tax Status of the
Trust: Mayer, Brown & Platt will deliver an opinion that
the Trust will be treated as a grantor trust for
federal income tax purposes and will not be
subject to federal income tax. Owners of
beneficial interests in the Certificates will
report their
3
pro rata share of all income earned on the
Receivables (other than amounts, if any, treated
as "stripped coupons") and, subject to certain
limitations in the case of such owners who are
individuals, trust or estates, may deduct their
pro rata share of reasonable servicing and other
fees. Prospective investors must review the
Prospectus and Prospectus Supplement for a more
detailed description of these matters.
ERISA Eligibility: The Class A Certificates will generally be
permitted to be held by employee benefit plans
subject to ERISA. Prospective investors must
review the Prospectus and Prospectus Supplement
for a more detailed description of these matters.
Record Date: The 10th day of each calendar month.
Optional Redemption: The Servicer may at its option purchase all the
Receivables as of the last day of any Collection
Period on or after which the aggregate principal
balance of the Receivables is equal to 10% or less
of the Original Pool Balance, at a purchase price
equal to the aggregate principal balance of the
Receivables, plus accrued interest at the
respective APRs.
The Originator/Servicer: CPS was incorporated in the State of California in
1991. CPS and its subsidiaries engage primarily in
the business of purchasing, selling and servicing
retail installment sales contracts ("Contracts")
made to borrowers who generally would not be
expected to qualify for traditional financing
because of factors generally including limited
credit history, lower than average income or past
credit problems. CPS purchases Contracts, at a
discount ranging from 0% to 8%, from dealers with
whom it has dealer agreements ("Dealers") in [34]
States. In addition to any discount, CPS generally
charges Dealers an acquisition fee to defray the
direct administrative costs associated with the
processing of Contracts that are ultimately
purchased by CPS.
CPS purchases Contracts from Dealers with the
intent to resell them. CPS also purchases
Contracts from third parties that have been
originated by others. Contracts have been sold
both as bulk sales to institutional investors and
through securitization transactions.
Underwriting
CPS originates Contracts under three programs: the
Standard Program, the Alpha Program, and the Delta
Program. The Alpha program is designed to
accommodate applicants who generally exceed the
requirements of the Standard Program in respect of
job stability, residence stability, income level
or the nature of the credit history. The Delta
Program is designed to accommodate applicants who
may not meet all of the requirements of the
Standard Program but are deemed by CPS to be
generally as creditworthy as Standard Program
applicants. CPS determines whether to purchase a
Contract based principally on the applicant's
creditworthiness and the collateral value of the
financed vehicle. Upon receipt of an application
from a Dealer, CPS obtains credit reports from
three credit bureaus. A CPS loan officer will
review the credit application, credit bureau
report, and a one page Dealer summary of the
proposed transaction and will either conditionally
approve or reject the application, generally
within one business day of receipt of the credit
application. Based in part on the conditions to
approval, the Dealer and applicant file a more
complete application package which initially is
reviewed by a CPS processor for deficiencies. As
part of this review, references are
4
checked, direct calls are made to the applicant
and employment, income, residence and insurance
verification are performed. Next, a CPS
underwriter confirms the satisfaction of any
remaining deficiencies in the application package.
Finally, a loan review officer reviews the package
for deficiencies prior to funding. CPS
conditionally approves approximately 50% of the
credit applications it receives and ultimately
purchases approximately 20% of the received
applications.
Generally, the amount funded by CPS will not
exceed, in the case of new cars, 110% of the
dealer invoice, and in the case of used cars, 115%
of the value quoted in industry accepted car
guides (such as the Kelley Wholesale Blue Book),
in each case plus taxes, license fees, insurance
and the cost of any service contract. The maximum
amount that will be financed on any vehicle
generally will not exceed $25,000. The maximum
term of the Contract depends primarily on the age
of the vehicle and its mileage. Vehicles having in
excess of 80,000 miles will not be financed.
The minimum downpayment required on the purchase
of a vehicle is generally 10% to 15% of the
purchase price. The downpayment may be made in
cash, and/or with a trade-in car, and, if
available, a proven manufacturer's rebate (which
rebate cannot comprise more than 50% of the
downpayment).
Servicing and Collections
CPS continues to service all Contracts it has
purchased, including those it has sold to
institutional investors. CPS's Contract servicing
activities consist of collecting, accounting for
and posting all payments, responding to borrower
inquiries, taking steps to maintain the security
interest in the financed vehicle or other
collateral, investigating delinquencies,
repossessing and liquidating collateral when
necessary, and generally monitoring each Contract
and related collateral. CPS maintains
sophisticated data processing and mangement
information systems to support its Contract
servicing activities.
If an account becomes six days past due, CPS's
collection staff typically attempts to contact the
borrower with the aid of an auto dialer. A
collection officer tries to establish contact with
the customer and obtain a promise to make the
overdue payment within seven days. If payment is
not received by the end of such seven day period,
the customer is called again through the auto
dialer system and the collection officer attempts
to elicit a second promise to make the overdue
payment within seven days. If a second promise to
make the overdue payment is not satisfied, the
account automatically is referred to a supervisor
for further action. If the customer cannot be
reached by a collection officer, a letter is
automatically generated and the customer's
references are contacted. Field agents (who are
independent contractors) often make calls on
customers who are unreachable or whose payment is
thirty days or more delinquent. A decision to
repossess the vehicle is generally made after 30
to 90 days of delinquency or three unfulfilled
promises to make the overdue payment.
The Receivables: Summary Collateral Term Sheets attached.
5
COMPUTATIONAL MATERIALS DISCLAIMER
The attached tables and other statistical analyses (the "Computational
Materials") are privileged and confidential and intended for use by the
addressee only. These Computational Materials are furnished to you solely by
Greenwich Capital Markets, Inc. and not by the issuer of the securities or any
of its affiliates. They may not be provided to any third party other than the
addressee's legal, tax, financial and/or accounting advisors for the purposes of
evaluating said material. Greenwich Capital Markets, Inc. is not acting as agent
for the issuer of the securities or its affiliates in connection with the
proposed transaction.
Numerous assumptions were used in preparing the Computational Materials which
may or may not be reflected therein. As such, no assurance can be given as to
either the Computational Materials' accuracy, appropriateness or completeness in
any particular context; nor as to whether the Computational Materials and/or the
assumptions upon which they are based reflect present market conditions or
future market performance. These Computational Materials should not be construed
as either projections or predictions or as legal, tax, financial or accounting
advice.
Any yields or weighted average lives shown in the Computational Materials are
based on prepayment assumptions, and changes in such prepayment assumptions may
dramatically affect such yields or weighted average lives. In addition, it is
possible that prepayments on the underlying assets will occur at rates slower or
faster than the rates shown in the attached Computational Materials.
Furthermore, unless otherwise provided, the Computational Materials assume no
losses on the underlying assets and no interest shortfall. The specific
characteristics of the securities may differ from those shown in the
Computational Materials due to differences between the actual underlying assets
and the hypothetical underlying assets used in preparing the Computational
Materials. The principal amount and designation of any security described in the
Computational Materials are subject to change prior to issuance.
Although a registration statement (including the Prospectus) relating to the
securities discussed in this communication has been filed with the Securities
and Exchange Commission and is effective, the final Prospectus supplement
relating to the securities discussed in this communication has not been filed
with the Securities and Exchange Commission. This communication shall not
constitute an offer to sell or the solicitation of an offer to bay nor shall
there be any sale of the securities discussed in this communication in any state
in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Prospective purchasers are referred to the final Prospectus supplement relating
to the securities discussed In this communication for definitive Computational
Materials on any matter discussed in this communication. A final Prospectus and
Prospectus supplement may be obtained by contacting GCM's Trading Desk at (203)
625-6160.
Please be advised that asset-backed securities may not be appropriate for all
investors. Potential investors must be willing to assume, among other things,
market price volatility, prepayments, yield curve and interest rate risks.
Investors should make every effort to consider the risks of these securities.
If you have received this communication in error, please notify the sending
party immediately by telephone and return the original to such party by mail.
-6-
CPS 1996-3 CLASS A
PRICE-YIELD SENSITIVITY REPORT
Settlement 12/19/96
Next Payment 01/15/97
Class Balance $90,250,000.00
Cutoff Date 12/19/96
Accrued Days 3
Coupon 6.300%
- -------------------------------------------------------------------------------------
Quoted
Price 1.00% ABS 1.25% ABS 1.50% ABS 1.75% ABS 2.00% ABS
=====================================================================================
99.24 6.515 6.523 6.532 6.543 6.555
99.24+ 6.506 6.514 6.523 6.533 6.544
99.25 6.498 6.505 6.513 6.523 6.533
99.25+ 6.490 6.497 6.504 6.513 6.523
99.26 6.482 6.488 6.495 6.503 6.512
99.26+ 6.474 6.479 6.485 6.493 6.501
- -------------------------------------------------------------------------------------
99.27 6.465 6.470 6.476 6.483 6.490
99.27+ 6.457 6.462 6.467 6.473 6.480
99.28 6.449 6.453 6.458 6.463 6.469
99.28+ 6.441 6.444 6.448 6.453 6.458
99.29 6.433 6.436 6.439 6.443 6.448
99.29+ 6.424 6.427 6.430 6.433 6.437
99.30 6.416 6.418 6.420 6.423 6.426
99.30+ 6.408 6.409 6.411 6.413 6.415
99.31 6.400 6.401 6.402 6.403 6.405
99.31+ 6.392 6.392 6.393 6.393 6.394
- -------------------------------------------------------------------------------------
100.00 6.383 6.383 6.383 6.383 6.383
- -------------------------------------------------------------------------------------
100.00+ 6.375 6.375 6.374 6.373 6.373
100.01 6.367 6.366 6.365 6.364 6.362
100.01+ 6.359 6.357 6.356 6.354 6.351
100.02 6.351 6.349 6.346 6.344 6.341
100.02+ 6.342 6.340 6.337 6.334 6.330
100.03 6.334 6.331 6.328 6.324 6.319
100.03+ 6.326 6.323 6.319 6.314 6.309
100.04 6.318 6.314 6.309 6.304 6.298
100.04+ 6.310 6.305 6.300 6.294 6.287
100.05 6.302 6.297 6.291 6.284 6.277
- -------------------------------------------------------------------------------------
100.05+ 6.293 6.288 6.282 6.274 6.266
100.06 6.285 6.279 6.272 6.264 6.255
100.06+ 6.277 6.271 6.263 6.255 6.245
100.07 6.269 6.262 6.254 6.245 6.234
100.07+ 6.261 6.253 6.245 6.235 6.223
100.08 6.253 6.245 6.235 6.225 6.213
=====================================================================================
WAL (yr) 2.15 2.02 1.88 1.75 1.61
MAT (yr) 4.57 4.57 4.57 4.57 4.07
MDUR (yr) 1.91 1.80 1.69 1.58 1.46
- -------------------------------------------------------------------------------------
"Full Price" = "Flat Price" = Accrued Interest.
Duration and related sensitivities are calculated at midpoint price/yield.
Maturity and last Principal Pay Dates may be distorted by the use of collateral
pool WAMs.
-7-
- ---------------------------------------------------------------------------------------------------------------------------
CPS AUTO GRANTOR TRUST, SERIES 1996-3
ALL AMOUNTS SUBJECT TO CHANGE
INFORMATION SHEET
12/13/96
Consumer Portfolio Services Inc.
Balances as of 12/04/96
- ---------------------------------------------------------------------------------------------------------------------------
Total Current Balance: $ 80,039,690.51
Total Original Balance: $ 81,087,603.40
Number of Total Portfolio Loans: 6,385
Average Original Balance $ 12,699.70 RANGE: $ 2,288.06 - $ 29,000.36
Average Current Balance $ 12,535.58 RANGE: $ 255.32 28,897.29
Weighted Average APR Rate: 20.551 % RANGE: $ 16,500 - 29,070%
Weighted Average Original Loan Term: 55.98 months RANGE: 18.00 - 61.00 months
Weighted Average Remaining Term: 54.74 months RANGE: 1.00 - 60.00 months
Top State Concentration ($): 25.04 % California, 9.71 % Pennsylvania, 8.07 % Texas
New-Used Breakdown ($): 86.93 % USED, 13.07 % NEW
Collateral Year Breakdown ($): 26.29 % 95, 23.09 % 94, 14.77% 96
Manufacturer Breakdown (S): 19.51 % FORD, 13.14 % CHEVROLET, 8.45 % NISSAN
Contract Date: Mar 14, 1994 - Nov 29, 1996
First Payment Date: Apr 13, 1994 - Feb 20, 1997
Next Payment Date: Nov 04, 1996 - Mar 02, 1999
Maturity Date: Dec 06, 1996 - Jan 02, 2002
- ---------------------------------------------------------------------------------------------------------------------------
CURRENT # OF
PRINCIPAL BALANCE PCT($) LOANS PCT(#)
----------------- ------ ----- ------
CONTRACT DATE: < 01/01/96 671,028.97 0.84 75 1.17
01/01/96 - 01/31/96 20,761.27 0.03 2 0.03
02/01/96 - 02/29/96 57,191.13 0.07 5 0.08
03/01/96 - 03/31/96 190,200.28 0.24 16 0.25
04/01/96 - 04/30/96 50,695.96 0.06 5 0.08
05/01/96 - 05/31/96 97,703.84 0.12 8 0.13
06/01/96 - 06/30/96 398,658,88 0.50 35 0.55
07/01/96 - 07/31/96 388,933.05 0.49 33 0.52
08/01/96 - 08/31/96 2,366,115,33 2.96 193 3.02
09/01/96 - 09/30/96 23,909,627.53 29.87 1,911 29.93
10/01/96 - 10/31/96 32,910,030.49 41.12 2,597 40.67
11/01/96 - 11/30/96 18,978,743.78 23.71 1,505 23.57
ORIGINAL 2,288 - 4,999 199,478.47 0.25 51 0.80
BALANCE: 5,000 - 9,999 12,602,741.55 15.75 1,541 24.13
10,000 - 14,999 39,806,516.95 49.73 3,253 50.95
15,000 - 19,999 20,385,137.49 25.47 1,220 19.11
20,000 - 24,999 6,434,404.01 8.04 296 4.64
>= 25,000 611,410.47 0.76 24 0.38
APR RATE: 16.50 - 16.99 43,245.75 0.05 4 0.06
17.00 - 17.99 2,597,624.59 3.25 171 2.68
18.00 - 18.99 14,043,899.04 17.55 994 15.57
19.00 - 19.99 7,534,091.96 9.41 535 8.38
20.00 - 20.99 13,652,633.63 17.06 1,032 16.16
21.00 - 21.99 27,697,516.16 34.60 2,300 36.02
22.00 - 22.99 3,532,674.52 4.41 302 4.73
23.00 - 23.99 7,334,864.93 9.16 697 10.92
24.00 - 24.99 1,612,617.53 2.01 152 2.38
25.00 - 25.99 1,950,174.72 2.44 193 3.02
>= 26.00 40,345.62 0.05 5 0.08
- --------------------------------------------------------------------------------------------------------------------------------
The information contained herein has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein. The information contained herein will be
superseded by the description of the collateral contained in the prospectus
supplement.
-8-
- --------------------------------------------------------------------------------------------------------------------------------
CPS AUTO GRANTOR TRUST, SERIES 1996-3
ALL AMOUNTS SUBJECT TO CHANGE
INFORMATION SHEET
12/10/96
Consumer Portfolio Services Inc.
Balances as of 12/04/96
- --------------------------------------------------------------------------------------------------------------------------------
CURRENT # OF
PRINCIPAL BALANCE PCT($) LOANS PCT(#)
----------------- ------ ----- ------
ORIGINAL LOAN 18 - 21 3,957.41 0.00 2 0.03
TERM: 22 - 26 74,828.33 0.09 14 0.22
27 - 31 163,830.02 0.20 27 0.42
32 - 36 3,712,110.40 4.64 477 7.47
37 - 41 5,650.27 0.01 1 0.02
42 - 46 3,011,901.35 3.76 306 4.79
47 - 51 8,775,498.21 10.96 849 13.30
52 - 56 10,854,080.81 13.56 884 13.84
57 - 61 53,437,833.71 66.76 3,825 59.91
REMAINING TERM: <= 16 14,459.95 0.02 6 0.09
17 - 21 39,743.24 0.05 7 0.11
22 - 26 100,577.16 0.13 19 0.30
27 - 31 341,239.07 0.43 50 0.78
32 - 36 3,697,248.54 4.62 469 7.35
37 - 41 2,278,818.52 2.85 234 3.66
42 - 46 3,914,570.88 4.89 379 5.94
47 - 51 6,800,199.84 8.50 636 9.96
52 - 56 10,557,449.80 13.19 852 13.34
57 - 60 52,295,383.51 65.34 3,733 58.47
PROGRAM: ALPHA 43,070,968.44 53.81 3,193 50.01
DELTA 8,207,852.48 10.25 794 12.44
OTHER 4,386,048.78 5.48 448 7.02
STANDARD 24,374,820.81 30.45 1,950 30.54
LOAN TYPE: Rule of 78s 34,836,961.86 43.52 2,698 42.26
Simple Interest 45,202,728.65 56.48 3,688 57.74
LOAN STATUS: Current 80,039,690.51 100.00 6,385 100.00
NEW/USED: NEW 10,458,378.57 13.07 640 10.02
USED 69,581,311.94 86.93 5,745 89.98
COLLATERAL AGE: 88 284,663.80 0.36 47 0.74
89 797,234,26 1.00 111 1.74
90 2,055,803.42 2.57 242 3.79
91 3,806,106.06 4.76 412 6.45
92 6,554,771.99 8.19 620 9.71
93 11,603,995.43 14.50 1,010 15.82
94 18,482,964.17 23.90 1,428 22.36
95 21,045,838.67 26.29 1,556 24.37
96 11,819,207.10 14.77 756 11.84
97 3,572,738.29 4.46 202 3.16
98 16,365.24 0.02 1 0.02
- --------------------------------------------------------------------------------------------------------------------------------
The information contained herein has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein. The information contained herein will be
superseded by the description of the collateral contained in the prospectus
supplement.
-9-
- --------------------------------------------------------------------------------------------------------------------------------
CPS AUTO GRANTOR TRUST, SERIES 1996-3
ALL AMOUNTS SUBJECT TO CHANGE
INFORMATION SHEET
12/10/96
Consumer Portfolio Services Inc.
Balances as of 12/04/96
- --------------------------------------------------------------------------------------------------------------------------------
CURRENT # OF
PRINCIPAL BALANCE PCT($) LOANS PCT(#)
----------------- ------ ----- ------
MANUFACTURER: ACURA 431,020.94 0.54 30 0.47
AUDI 28,112.00 0.04 3 0.05
BMW 111,236.75 0.14 7 0.11
BUICK 1,745,087.68 2.18 154 2.41
CADILLAC 915,953.96 1.14 57 0.89
CHEVROLET 10,513,442.28 13.14 837 13.11
CHRYSLER 1,105,510.15 1.38 79 1.24
DAIHATSU 25,754.07 0.03 3 0.05
DODGE 4,977,451.38 6.22 403 6.31
EAGLE 224,385.40 0.28 21 0.33
FORD 15,617,938.16 19.51 1,280 20.05
GEO 1,759,888.25 2.20 173 2.71
GMC 1,148,887,09 1.44 80 1.25
HONDA 2,825,705.51 3.53 208 3.26
HYUNDAI 2,606,823.49 3.26 237 3.71
INFINITI 189,001.78 0.24 11 0.17
ISUZU 604,082.68 0.75 49 0.77
JAGUAR 50,889.05 0.06 3 0.05
JEEP 1,589,979,88 1.99 102 1.60
KIA 1,282.511.21 1.60 94 1.47
LINCOLN 562,998.46 0.70 38 0.60
MAZDA 2,908,914,03 3.63 227 3.56
MERCEDES 18,446.52 0.02 1 0.02
MERCURY 2,335,333.67 2.92 200 3.13
MITSUBISHI 2,910,040.96 3.64 227 3.56
NISSAN 6,766,961.46 8.45 496 7.77
OLDSMOBILE 1,506,952.33 1.88 134 2.10
PLYMOUTH 2,686,981.04 3.36 227 3.56
PONTIAC 4,335,682,42 5.42 361 5.65
SAAB 25,535.22 0.03 3 0.05
SATURN 595,747.93 0.74 50 0.78
STERLING 14,264.35 0.02 2 0.03
SUBARU 322,523.14 0.40 27 0.42
SUZUKI 612,625.15 0.77 47 0.74
TOYOTA 6,052,296.01 7.56 459 7.19
WOLKSWAGEN 564,528.17 0.71 50 0.78
VOLVO 66,195.86 0.08 5 0.08
OBLIGOR STATE: Alabama 2,285,635.21 2.86 195 3.05
California 20,038,073.10 25.04 1,481 23.19
Florida 6,037,979.66 7.54 452 7.08
Hawaii 1,517,903.77 1.90 132 2.07
Illinois 4,252,942.28 5.31 368 5.76
Iowa 1,144,156.94 1.43 98 1.53
Louisiana 3,705,917.00 4.63 300 4.70
Maryland 2,442,788.86 3.05 202 3.16
Michigan 2,081,131.58 2.60 172 2.69
Minnesota 1,096,528.31 1.37 92 1.44
Nevada 2,844,322.11 3.55 230 3.60
New Jersey 1,950,389.01 2.44 165 2.58
New York 3,949,814.97 4.93 327 5.12
Ohio 2,993,748.60 3.74 280 4.39
Pennsylvania 7,771,825.18 9.71 625 9.79
Tennessee 4,321,559.25 5.40 344 5.39
Texas 6,463,163.26 8.07 494 7.74
All others (26 + DC) 5,141,809.34 6.42 428 6.70
- --------------------------------------------------------------------------------------------------------------------------------
The information contained herein has not been independently verified by
Greenwich Capital Markets, Inc. Accordingly, Greenwich Capital Markets, Inc.
makes no express or implied representations or warranties of any kind and
expressly disclaims all liability for any use or misuse of the contents hereof.
Greenwich Capital Markets, Inc. assumes no responsibility for the accuracy of
any material contained herein. The information contained herein will be
superseded by the description of the collateral contained in the prospectus
supplement.
-10-
Exhibit 23.1
Consent of Accountants
CONSENT OF INDEPENDENT ACCOUNTANTS
------------
We consent to the incorporation by reference in the Prospectus Supplement dated
December 17, 1996 (to the Prospectus dated December 17, 1996) of CPS Receivables
Corp. relating to Asset Backed Certificates, Class A of the CPS Auto Grantor
Trust 1996-3 of our report dated January 17, 1996 on our audits of the
consolidated financial statements of Financial Security Assurance Inc. and
Subsidiaries as of December 31, 1995 and 1994 and for each of the three years in
the period ended December 31, 1995. We also consent to the reference to our Firm
under the caption "Experts."
COOPERS & LYBRAND L.L.P.
New York, New York
December 19, 1996
