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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) August 15, 1997
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, Irvine, California 92618
(Address of Principal Executive Offices) (Zip Code)
(714) 753-6800
(Registrant's Telephone Number, Including Area Code)
2 Ada, Suite 100, Irvine, California 92718
(Former Name or Former Address, if Changed Since Last Report)
-1-
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
20.1 Computational Material
-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: August 15, 1997 By: /s/ Jeffrey P. Fritz
---------------------
Jeffrey P. Fritz
Senior Vice President
-3-
INDEX TO EXHIBITS
Sequential
Exhibit No. Document Description Page No.
20.1 Computational Material
-4-
Exhibit 20.4
Computational Material
CPS AUTO RECEIVABLES TRUST 1997-3
PRELIMINARY BACKGROUND INFORMATION
DISCLAIMER
The information included herein is produced and provided exclusively by
PaineWebber Incorporated ('PW') as underwriter for the CPS Auto Receivables
Trust 1997-3, and not by or as agent for CPS Receivables Corp. or any of its
affiliates (collectively, the 'Seller'). The Seller has not prepared, reviewed
or participated in the preparation hereof, is not responsible for the accuracy
hereof and has not authorized the dissemination hereof. The analysis in this
report is accurate to the best of PW's knowledge and is based on information
provided by the Seller. PW makes no representations as to the accuracy of such
information provided by the Seller.
The information herein is preliminary, and will be superseded by the applicable
prospectus supplement and prospectus and by any other information subsequently
filed with the Securities and Exchange Commission.
All opinions and conclusions in this report reflect PW's judgment as of this
date and are subject to change. All analyses are based on certain assumptions
noted herein and different assumptions could yield substantially different
results. You are cautioned that there is no universally accepted method for
analyzing financial instruments. You should review the assumptions; there may be
differences between these assumptions and your actual business practices.
Further, PW does not guarantee any results and there is no guarantee as to the
liquidity of the instruments involved in this analysis. The decision to adopt
any strategy remains your responsibility. PW (or any of its affiliates) or their
officers, directors, analysts or employees may have positions in securities,
commodities or derivative instruments thereon referred to herein, and may, as
principal or agent, buy or sell such securities, commodities or derivative
instruments. In addition, PW may make a market in the securities referred to
herein. Neither the information nor the opinions expressed shall be construed to
be, or constitute, an offer to sell or buy or a solicitation of an offer to sell
or buy any securities, commodities or derivative instruments mentioned herein.
Finally, PW has not addressed the legal, accounting and tax implications of the
analysis with respect to you and PW strongly urges you to seek advice from your
counsel, accountant and tax advisor.
[GRAPHIC OMITTED]
CPS AUTO RECEIVABLES TRUST 1997-3
PRICING INFORMATION
OFFERED SECURITIES
Princ. Expected Ratings
Size Avg. Window First Last S&P/
Class ($000s) Rate Price Life (Mths) Prin. Prin. Moodys
- -----------------------------------------------------------------------------
A-1 Notes: [$80,832] [6.16%] [100.00] [0.9] [23] 9/97 7/99 AAA/Aaa
A-2 Notes: [$61,668] [6.50%] [100.00] [3.0] [32] 7/99 2/02 AAA/Aaa
NOT OFFERED
Class B Notes:
[$3,750]
Class B Certificates:
[$3,750]
DESCRIPTION OF SECURITIES
Issuer: CPS Auto Receivables Trust 1997-3 (the 'Issuer').
Offered Notes: Class A-1 and Class A-2 Notes (the 'Class A
Notes'). The Class A Notes will be publicly offered pursuant
to an effective shelf registration. A prospectus and
prospectus supplement will be distributed after pricing.
Subordinated
Securities: One Class of Subordinated Notes (the 'Class B Notes' and
together with the Class A Notes, the 'Notes') and one Class of
Subordinated Certificates (the 'Certificates', and together
with the Class B Notes, the 'Subordinated Securities'). The
Subordinated Securities will not be offered hereby or pursuant
to the prospectus and prospectus supplement.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
2
CPS AUTO RECEIVABLES TRUST 1997-3
Seller: CPS Receivables Corp.
Servicer: Consumer Portfolio Services, Inc. ('CPS'),
headquartered in Irvine, California
Owner Trustee: Bankers Trust (Delaware)
Indenture Trustee
and Backup Servicer: Norwest Bank Minnesota, National Association.
Underwriters: Lead Manager -- PaineWebber Incorporated Co-manager
-- Black Diamond Securities, LLC.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
3
CPS AUTO RECEIVABLES TRUST 1997-3
Surety Provider: Financial Security Assurance Inc. ('FSA') will fully
insure the timely payment of principal and interest
on the Class A Notes.
Form of Offering: Book-Entry form, same-day funds through DTC, Cedel,
societe anonyme and Euroclear for all of the Class A
Notes.
Minimum Denominations: [$1,000 initial and $1,000 increments]
The Receivables: Motor vehicle retail installment sales contracts made
to borrowers who would not be expected to qualify for
traditional financing (sub-prime borrowers), secured
by new and used motor vehicles and light duty trucks,
vans, and mini-vans purchased by CPS and its
affiliate Samco Acceptance Corp. ('Samco') from
Dealers who regularly originate and sell such
contracts to CPS and Samco.
Cut-off Date: July 31, 1997
Closing Date: On or about August 19, 1997
Interest Accrual
Period: Interest will be calculated on the basis of a 360 day
year consisting of twelve 30 day months.
Payment Date: The 15th day of each month (or, if any such date is
not a business day, the next business day thereafter)
commencing on September 15, 1997.
Record Date: The 10th day of each calendar month.
Final Scheduled
Payment Date: The Payment Date in December 2002.
Short First
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
4
CPS AUTO RECEIVABLES TRUST 1997-3
Interest Period: With respect to the first Payment Date, interest will
accrue from and including the Closing Date through
and including September 14, 1997.
Pricing Assumption: [1.5%] ABS
Delay: 0 day delay.
Class A Percentage
of Principal: Initially 95%, until the Payment Date on which the
balance of the Class A Notes first reaches 90% of the
current Aggregate Principal Balance of the
Receivables (the 'Class A Target Amount'), and after
such time 91% for the remainder of the transaction.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
5
CPS AUTO RECEIVABLES TRUST 1997-3
Class B Noteholders
Percentage of
Principal: 2.5%, until the balance of the Class A-2 Notes is
reduced to zero.
Certificateholders
Percentage of
Principal: 2.5%, until the balance of the Certificates is
reduced to zero.
Principal: On any monthly Payment Date, the Class A Noteholders
receive the Class A Percentage of principal
collections plus any required accelerated payments
(distributed sequentially to the Class A-1 Notes and
then the Class A-2 Notes). Each of the Class B
Noteholders and the Certificateholders will receive
2.5% of principal collections (until the balance of
the Class A-2 Notes is reduced to zero).
Additionally, on any date when the current principal
balance of Class A Notes exceeds the Class A Target
Amount, the Class A Notes are entitled to all excess
interest collections (after paying fees and all
payments of interest on the Notes and Certificates).
Priority of
Payments: Unless an Event of Default has occured and is
continuing: (1) To the Servicer, Collateral Agent and
Trustee, the Servicing Fee and other fees and
expenses; (2) To the Class A Noteholders, Class A
Interest and Class A Interest Carryover; (3) Pro-rata
(a) To the Class B Noteholders, Class B Interest and
Class B Interest Carryover, and (b) to the
Certificateholders, Certificate Interest and
Certificate Interest Carryover, and; (4) To the Class
A Noteholders, Class A Principal and Class A
Principal Carryover, sequentially to the
lowest-numbered outstanding Class A Note until such
class is reduced to zero; (5) To FSA, any amount due
under the Insurance Agreement;
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
6
CPS AUTO RECEIVABLES TRUST 1997-3
(6) Pro-rata (a) to the Class B Noteholders, Class B
Principal and Class B Principal Carryover, and (b) to
the Certificateholders, Certificate Principal and
Certificate Principal Carryover;
(7) If an accelerated payment is required to reach
the Class A Target Amount, any remaining cash to the
Class A Noteholders as a payment of principal;
(8) To the Spread Account Collateral Agent for
deposit into the Spread Account.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
7
CPS AUTO RECEIVABLES TRUST 1997-3
Servicing/Other
Fees: The receivables are subject to certain fees,
including a Servicing Fee of 2.12% per annum payable
monthly and based on the current Aggregate Principal
Balance of the Receivables. All other fees, including
fees payable to the Trustee and Standby Servicer will
be payable by the Servicer.
Credit
Enhancement: The sum of funds on deposit in a reserve account (the
'Reserve Account') and the amount by which the
Aggregate Principal Balance of the Receivables
exceeds the aggregate outstanding principal balance
of the Notes and the Certificates ('O/C') must grow
to equal at least 9% of the current Aggregate
Principal Balance of the Receivables. From that point
forward, the sum of the Reserve Account and O/C must
equal at least 9% of the current Aggregate Principal
Balance, subject to a floor of 3.0% of the initial
Aggregate Principal Balance, and further subject to a
minimum 2% Reserve Account balance (based on the
initial Aggregate Principal Balance of the
Receivables).
Credit Enhancement is provided by the following five
mechanisms:
(1) Excess spread
(2) Over-collateralization
(3) Reserve Account
(4) [5%] subordination of principal
(5) 100% FSA Insurance Policy covering timely
payment of interest and principal
(1) Excess Spread: The weighted average coupon rate on the Receivables
is generally expected to be higher than the sum of
(a) the servicing fee and all other fees, and (b) the
weighted average pass through rate on the Notes and
Certificates, thus generating excess interest
collections which will be available, to the extent
required, to fund payments on the Notes and
Certificates on each Payment Date.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
8
CPS AUTO RECEIVABLES TRUST 1997-3
(2) Over-
collateralization: Excess Spread (as described above) is applied, to the
extent available and required, to make accelerated
payments of principal to the Class A Notes then
entitled to receive distributions of principal; such
application will cause the Aggregate Principal
Balance of the Notes to amortize more rapidly than
the Receivables, thus increasing the O/C amount. In
addition to the acceleration of excess interest, by
fixing the Class A Percentage above the actual ratio
of the Class A Notes to the Aggregate Principal
Balance of the Receivables, the application of
principal is expected to increase the O/C over the
life of the transaction.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
9
CPS AUTO RECEIVABLES TRUST 1997-3
(3) Reserve Account: The Reserve Account will have an initial deposit of
[3.5%] of the initial Aggregate Principal Balance of
the Receivables. The Reserve Account can increase at
various times for the protection of the Class A
Notes, and can step down over time to 2% of the
initial Aggregate Principal Balance of the
Receivables.
(4) Subordination: The rights of the Class B Noteholders and the
Certificateholders to receive payments of interest on
each Payment Date will be subordinate to those of the
Class A Noteholders to receive interest, and the
rights of the Class B Noteholders and the
Certificateholders to receive payments of principal
on each Payment Date will be subordinate to those of
the Class A Noteholders to receive principal.
(5) FSA Policy: FSA will issue an Insurance Policy that will
unconditionally and irrevocably guarantee to the
Class A Noteholders payment of interest collected and
principal collected on each payment date.
Pre-funding Account: Approximately [$27,084,817] of the proceeds from the
sale of the Notes and the Certificates will be placed
in a pre-funding account for the acquisition of
additional Receivables until the October 15, 1997
Payment Date. Amounts remaining at the end of the
Pre- Funding period will be paid to the Class A
Noteholders, Class B Noteholders and the Certificate-
holders on a pro-rata basis. Sale proceeds will also
fund the Interest Reserve Account, which will exist
during the pre-funding period for the purpose of
ensuring that adequate interest is available to pay
Class A Noteholders.
ERISA Considerations: The Class A Notes will be ERISA eligible. However,
investors should consult with their counsel with
respect to the consequences under ERISA and the
Internal Revenue Code of the Plan's acquisition and
ownership of such Notes.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
10
CPS AUTO RECEIVABLES TRUST 1997-3
Optional Termination: The Servicer may cause the Indenture Trustee to
terminate the Notes and Certificates on any
remittance date when the current Aggregate Principal
Balance is less than or equal to 15% of the initial
Aggregate Principal Balance (including those
Receivables purchased during the pre-funding period),
by selling the Receivables to an unaffiliated party,
and so long as a minimum termination price is
reached. In addition, the holder of the residual
interest may cause an early termination of the Notes
and Certificates on any remittance date when the
current Aggregate Principal Balance is less than or
equal to 10% of the initial Aggregate Principal
Balance (including those Receivables purchased during
the pre-funding period), by providing for the payment
of the termination price.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
11
CPS AUTO RECEIVABLES TRUST 1997-3
Tax Considerations: The trust will not be characterized as an association
taxable as a corporation or as a publicly traded
partnership. The Class A Notes will be characterized
as debt for federal income tax purposes.
Prospectus: The Class A Notes are being offered pursuant to a
Prospectus which includes a Prospectus Supplement
(together, the 'Prospectus'). Complete information
with respect to the Class A Notes and the collateral
is contained in the Prospectus. The material
presented herein is qualified in its entirety by the
information appearing in the Prospectus. To the
extent that the foregoing is inconsistent with the
Prospectus, the Prospectus shall govern in all
respects. Sales of the Class A Notes may not be
consummated unless the purchaser has received the
Prospectus.
Origination: The Receivables were originated by CPS and Samco
under four programs: (1) Standard Program; (2) First
Time Buyers, for first time automobile buyers, with
higher credit standards than the Standard program;
(3) Alpha Program, for buyers who exceed the credit
guidelines of the Standard Program; (4) Delta
Program, for buyers who fall beneath the credit
guidelines of the Standard Program;
Samco is an 80% owned subsidiary of CPS, which
originates Receivables in rural areas of the South
and Southwest.
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
12
CPS AUTO RECEIVABLES TRUST 1997-3
DESCRIPTION OF AUTO RECEIVABLES AS OF THE CUT-OFF DATE
Number of Loans 9,826
Current Balance 122,915,182.63
Average Balance 12,509.18
Minimum Balance 1,181.74
Maximum Balance 28,751.89
Wtd Average Coupon 20.50%
Wtd Average Original Term 57
Wtd Average Seasoning 1
Wtd Average Stated Remaining Term 56
The sums and percentages in the following tables may not equal the totals shown
due to rounding.
Aggregate Field Description Count Balance Pool%
- --------------- ----------- ----- ------- -----
Current Rate Below 17.000% 2 29,061.21 0.0
17.000% to 17.999% 195 2,947,856.61 2.4
18.000% to 18.999% 1479 20,382,975.01 16.6
19.000% to 19.999% 1692 22,966,123.30 18.7
20.000% to 20.999% 1849 24,515,905.09 20.0
21.000% to 21.999% 2240 26,644,874.27 21.7
22.000% to 22.999% 388 4,506,716.15 3.7
23.000% to 23.999% 828 9,158,036.71 7.5
24.000% to 24.999% 1057 10,904,402.30 8.9
25.000% to 25.999% 85 777,366.46 0.6
26.000% and over 11 81,865.52 0.1
---- -------------- -----
9826 122,915,182.63 100.0%
Aggregate Field Description Count Balance Pool%
- --------------- ----------- ----- ------- -----
Origination Date Prior to January, 1997 25 322,888.10 0.3
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
13
CPS AUTO RECEIVABLES TRUST 1997-3
January, 1997 4 44,008.34 0.0
February, 1997 14 180,848.40 0.2
March, 1997 68 826,624.18 0.7
April, 1997 160 1,987,800.87 1.6
May, 1997 3035 37,441,234.83 30.5
June, 1997 4015 50,243,017.98 40.9
July, 1997 2505 31,868,759.93 25.9
9826 122,915,182.63 100.0%
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
14
CPS AUTO RECEIVABLES TRUST 1997-3
Aggregate Field Description Count Balance Pool%
- --------------- ----------- ----- ------- -----
State AE 2 22,074.44 0.0
AL 388 4,701,680.12 3.8
AR 34 430,900.19 0.4
AZ 32 384,635.87 0.3
CA 1727 22,852,025.63 18.6
CO 13 155,886.11 0.1
CT 1 12,742.58 0.0
DC 31 394,912.20 0.3
DE 35 433,552.46 0.4
FL 622 7,980,241.51 6.5
GA 346 4,150,471.06 3.4
GU 1 10,000.35 0.0
HI 213 2,684,455.87 2.2
IA 111 1,248,711.45 1.0
ID 1 8,086.50 0.0
IL 477 5,680,743.66 4.6
IN 119 1,413,397.00 1.2
KS 5 77,499.19 0.1
KY 61 677,277.77 0.6
LA 746 9,915,208.74 8.1
MD 330 4,117,909.70 3.4
ME 2 23,646.75 0.0
MI 366 4,548,517.09 3.7
MN 142 1,741,958.42 1.4
MO 8 105,403.11 0.1
MS 62 764,439.66 0.6
MT 2 19,819.00 0.0
NC 228 2,680,010.81 2.2
ND 7 69,194.84 0.1
NE 31 337,041.15 0.3
NJ 276 3,474,090.75 2.8
NM 66 788,471.67 0.6
NV 281 3,422,477.10 2.8
NY 678 8,025,026.49 6.5
OH 120 1,345,877.21 1.1
OK 40 449,124.82 0.4
OR 9 100,881.10 0.1
PA 722 8,915,797.17 7.3
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NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
15
CPS AUTO RECEIVABLES TRUST 1997-3
SC 178 2,300,243.98 1.9
SD 21 244,205.01 0.2
TN 369 4,453,410.48 3.6
TX 722 9,453,788.25 7.7
UT 52 582,275.56 0.5
VA 109 1,277,267.25 1.0
WA 27 293,347.36 0.2
WI 3 37,869.99 0.0
WV 8 85,493.70 0.1
WY 2 23,091.51 0.0
---- -------------- -----
9826 122,915,182.63 100.0%
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
16
CPS AUTO RECEIVABLES TRUST 1997-3
Aggregate Field Description Count Balance Pool%
- --------------- ----------- ----- ------- -----
Remain Term Fewer than 21 Months 2 7,412.37 0.0
21 - 25 Months 49 264,962.07 0.2
26 - 30 Months 72 518,222.50 0.4
31 - 35 Months 330 2,655,663.50 2.2
36 - 40 Months 180 1,565,375.51 1.3
41 - 45 Months 214 2,128,327.03 1.7
46 - 50 Months 1360 13,994,475.91 11.4
51 - 55 Months 1151 13,871,572.77 11.3
56 - 60 Months 6468 87,909,170.97 71.5
---- -------------- -----
9826 122,915,182.63 100.0%
Aggregate Field Description Count Balance Pool%
- --------------- ----------- ----- ------- -----
Original Term Fewer than 21 Months 1 2,196.78 0.0
21 - 25 Months 50 270,177.66 0.2
26 - 30 Months 68 487,596.52 0.4
31 - 35 Months 2 16,071.87 0.0
36 - 40 Months 447 3,629,265.52 3.0
41 - 45 Months 244 2,346,955.92 1.9
46 - 50 Months 1379 14,194,782.01 11.6
51 - 55 Months 1143 13,726,951.11 11.2
56 - 60 Months 6492 88,241,185.24 71.8
---- -------------- -----
9826 122,915,182.63 100.0%
Aggregate Field Description Count Balance Pool%
- --------------- ----------- ----- ------- -----
Model Year Prior to 1990 100 701,571.78 0.6
1990 177 1,379,766.94 1.1
1991 315 2,798,057.18 2.3
1992 599 6,084,258.93 5.0
1993 1188 12,961,029.20 10.5
1994 1955 23,652,711.68 19.2
1995 2675 34,917,105.08 28.4
1996 1916 26,115,073.62 21.3
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
17
CPS AUTO RECEIVABLES TRUST 1997-3
1997 900 14,286,040.21 11.6
1998 1 19,568.01 0.0
---- -------------- -----
9826 122,915,182.63 100.0%
THIS PAGE MUST BE ACCOMPANIED BY A DISCLAIMER. IF YOU DID
NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
18
CPS AUTO RECEIVABLES TRUST 1997-3
Aggregate Field Description Count Balance Pool%
- --------------- ----------- ----- ------- -----
Original Balance 0 - 4,999 61 260,387.43 0.2
5,000 - 9,999 2179 18,169,520.86 14.8
10,000 - 14,999 5447 67,328,978.55 54.8
15,000 - 19,999 1863 31,097,450.51 25.3
20,000 - 24,999 256 5,537,489.75 4.5
25,000 and over 20 521,355.53 0.4
---- -------------- -----
9826 122,915,182.63 100.0%
Aggregate Field Description Count Balance Pool%
- --------------- ----------- ----- ------- -----
New/Used N 734 11,790,036.01 9.6
U 9092 111,125,146.62 90.4
---- -------------- -----
9826 122,915,182.63 100.0%
Aggregate Field Description Count Balance Pool%
- --------------- ----------- ----- ------- -----
Program ALPHA 4516 59,513,944.28 48.4
OTHER 1 13,141.08 0.0
DELTA 1010 11,617,937.20 9.5
FIRST TIME BUYER 1120 12,220,785.75 9.9
STANDARD 3179 39,549,374.32 32.2
---- -------------- -----
9826 122,915,182.63 100.0%
Aggregate Field Description Count Balance Pool%
- --------------- ----------- ----- ------- -----
Source OTHER 1 13,141.08 0.0
CPS 9369 117,940,718.49 96.0
SAMCO 456 4,961,323.06 4.0
---- -------------- -----
9826 122,915,182.63 100.0%
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NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PAINEWEBBER INCORPORATED FINANCIAL ADVISOR IMMEDIATELY.
19
CPS AUTO RECEIVABLES TRUST 1997-3
BOND SENSITIVITY TO PREPAYMENT ASSUMPTIONS
ABS %
CLASS A-1 1.00% 1.25% 1.50% 1.75% 2.00% 2.25%
- -------------------------------------------------------------------------
Average Life 1.064 0.970 0.888 0.818 0.756 0.703
Duration 0.989 0.905 0.832 0.768 0.712 0.664
Yield (at 100-00) 6.240 6.240 6.240 6.240 6.240 6.240
First Payment 9/97 9/97 9/97 9/97 9/97 9/97
Last Payment 12/99 9/99 7/99 5/99 4/99 2/99
Payment Window (months) 28 25 23 21 20 18
ABS %
CLASS A-2 1.00% 1.25% 1.50% 1.75% 2.00% 2.25%
- -------------------------------------------------------------------------
Average Life 3.387 3.203 3.001 2.786 2.570 2.367
Duration 2.941 2.795 2.634 2.463 2.288 2.122
Yield (at 100-00) 6.589 6.589 6.589 6.589 6.589 6.589
First Payment 12/99 9/99 7/99 5/99 4/99 2/99
Last Payment 4/02 3/02 2/02 12/01 7/01 3/01
Payment Window (months) 29 31 32 32 28 26
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