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) October 14, 1997
CONSUMER PORTFOLIO SERVICES, INC.
(Exact Name of Registrant as Specified in its Charter)
California
(State or Other Jurisdiction of Incorporation)
333-25301 33-0459135
(Commission File Number) (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, Irvine, California 92718
(Former Name or Former Address, if Changed Since Last Report)
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
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20.1 Computational Material
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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: October 16, 1997 By: /s/ Mark Creatura
Mark Creatura
Senior Vice President
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INDEX TO EXHIBITS
Exhibit No. Document Description Sequential
20.1 Computational Material Page No.
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Exhibit 20.4
Computational Material
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PRELIMINARY TERM SHEET
Prepared: October 14, 1997
Subject to Revision
CPS AUTO RECEIVABLES TRUST, SERIES 1997-4
CPS Receivables Corp., Seller
Consumer Portfolio Services, Inc., Servicer
$100,000,000 +/- 5% $[51,205,000]
Class A-1 Notes $[43,795,000] Class A-2 Notes
$[5,000,000] Class B Certificates
(Note: This Preliminary Term Sheet has been prepared to assist prospective
investors in the Class A Notes only; references to the Class B Certificates are
provided solely for information purposes.)
Summary Security Terms:
Class A-1 Notes
Principal Amount $[51,205,000]
Class Percentage [51.205]%
Initial Credit Support (1) FSA Policy
Expected Rating (MoodyAEs/S&P) Aaa/AAA
Pass-Through Rate [ ]%
Benchmark 6 1/8% of 8/98
Price (Approximate) 100
Servicer Consumer Portfolio Services, Inc. ("CPS")
Owner Trustee Bankers Trust (Delaware)("BT")
Indenture Trustee/Standby Norwest Bank Minnesota, N.A. ("NW")
Servicer/Collateral Agent
Insurer Financial Security Assurance Inc.("FSA")
Pricing Prepayment Speed [1.50]% ABS
Expected Settlement Date [October 23],1997
Projected Weighted Average Life [0.80] Years
Final Scheduled Distribution Date [March 15, 2003]
Distribution Dates 15th day of each Month
Class A-2 Notes Class B
Principal Amount $[43,795,000] $[5,000,000]
Class Percentage [43.795]% [5.000]%
Initial Credit Support (1) FSA Policy
Expected Rating (MoodyAEs/S&P) Aaa/AAA BB (S&P Only)
Pass-Through Rate [ ]% [ ]%
Benchmark 6.00% of 8/00 N/A
Price (Approximate) 100
Servicer CPS CPS
Owner Trustee BT BT
Indenture Trustee/Standby NW NW
Servicer/Collateral Agent
Insurer FSA
Pricing Prepayment Speed [1.50]% ABS [1.50]% ABS
Expected Settlement Date [October 23],1997 October 23],1997
Projected Weighted Average Life [2.88] Years [1.87] Years
Final Scheduled Distribution Date [March 15, 2003] [March 15, 2003]
Distribution Dates 15th day of each 15th day of each
Month Month
(1) The Class A Notes will have the benefit of an FSA Insurance Policy (the
"Policy") which will guarantee timely interest and ultimate principal. A Spread
Account will be established for the benefit of the Insurer and the Indenture
Trustee on behalf of the Class A Noteholders.
The Trust: CPS Auto Receivables Trust 1997-4 (the "Trust") will be
formed pursuant to a Trust Agreement between CPS Receivables
Corp. (the "Seller"), and Bankers Trust (Delaware), (the
"Owner Trustee").
The Trust will issue []% Asset-Backed Notes, Class A-1 (the
"Class A-1 Notes") in an aggregate original principal amount
of $[51,205,000] and the []% Asset-Backed Notes, Class A-2
(the "Class A-2 Notes") in an aggregate original principal
amount of $[43,795,000] (together with Class A-1 Notes, the
"Notes"). The Trust will also issue []% Asset- Backed
Certificates in the aggregate original principal amount of
$[5,000,000] (the "Certificates" and, together with the
Notes, the "Securities").
The rights of the holders of the Certificates to receive
payments of principal and/or interest will be subordinated
to the rights of the Noteholders to the extent described
herein.
The Notes will be issued pursuant to an Indenture between
the Trust and Norwest Bank Minnesota, National Association,
( the "Indenture Trustee"). The Notes and Certificates will
be secured by the Trust Assets as, and to the extent,
provided in the Indenture and the Trust Agreement.
Trust Assets: The property of the Trust (the "Trust Assets") will include
(i) a pool of retail installment sale contracts (each a
"Receivable" and collectively, the "Receivables Pool")
secured by the new and used automobiles, light trucks, vans
and minivans financed thereby (the "Financed Vehicles"),
(ii) with respect to the Receivables that are Rule of 78's
Receivables all payments due thereon after [October 9], 1997
(the "Cutoff Date) and, with respect to the Receivables that
are and Simple Interest Receivables all payments received
thereunder after the Cutoff Date, (iii) security interests
in the Financed Vehicles, (iv) certain bank accounts and the
proceeds thereof, (v) right of CPS or Samco to receive
proceeds from
claims under, or refunds of unearned premiums from, certain
insurance policies and extended service contracts, (vi) all
right, title and interest of the Seller in and to the
Purchase Agreements, (vii) the Policy issued by the Insurer
with respect to the Class A Notes, and (x) certain property.
Certain of the Receivables (the "CPS Receivables") will be
purchased by the Seller from CPS pursuant to a purchase
agreement (the "CPS Purchase Agreement") and certain of the
Receivables (the "Samco Receivables") will be purchased by
the Seller from CPS's subsidiary, Samco Acceptance Corp.
("Samco") pursuant to a purchase agreement (the "Samco
Purchase Agreement" and, together with the CPS Purchase
Agreement, the "Purchase Agreements"). The Receivables arise
from loans originated by dealers for assignment to CPS or a
subsidiary of CPS pursuant to CPS's auto loan programs.
The Receivables: On or prior to the Closing Date, the Trust
will purchase from the Seller Receivables that, as of the
Closing Date, are expected to have an aggregate outstanding
principal balance of $[100,000,000] (the "Original Pool
Balance"). The Receivables consist of retail installment
sale contracts secured by new and used automobiles, light
trucks, vans and minivans including, with respect to Rule of
78's Receivables, the rights to all payments due with
respect to such Receivables after the Cutoff Date, and, with
respect to Simple Interest Receivables, the rights to all
payments received with respect to such Receivables after the
Cutoff Date. The Receivables arise from loans originated by
automobile dealers or independent finance companies for
assignment to CPS or a subsidiary of CPS pursuant to CPS's
auto loan programs. The auto loan programs target automobile
purchasers with marginal credit ratings who are generally
unable to obtain credit from banks or other low-risk
lenders. The Receivables have been or will be selected from
motor vehicle retail installment sale contracts in CPS's and
Samco's portfolio based on the criteria specified in the
Purchase Agreements and described in the Prospectus
Supplement. As of Cutoff Date, the weighted average annual
percentage rate (the "APR") of the portion of the
Receivables originated on or before the Cutoff Date was
approximately [20.38]%, the weighted average remaining
maturity of the Receivables was approximately [56.23] months
and the weighted average original maturity of the
Receivables was approximately [56.83] months. No Receivable
will have a scheduled maturity date later than [ October 31,
2002].
Terms of the
Notes:
Payments of interest and principal on the Notes will be made
on the 15th day of each month, or if such 15th day is not a
Business Day, on the next following Business Day (each a
"Payment Date"), commencing November 17, 1997. Payments will
be made to holders of record of the Notes as of the close of
business on the Record Date applicable to such Payment Date.
A "Business Day" is a day other than a Saturday, a Sunday or
a day on which banking institutions in the City of New York,
New York, the State in which the principal corporate trust
office of the Indenture Trustee is located, the State in
which the principal corporate trust office of the Owner
Trustee is located, the State in which the executive offices
of the Servicer are located, or the State in which the
principal place of business of Financial Security Assurance
Inc. ("FSA" or the "Insurer") is located are authorized or
obligated by law, executive order or governmental decree to
be closed. A "Record Date" applicable to each Payment Date,
is the 10th day of the calendar month in which such Payment
Date occurs. The Noteholders will be entitled to receive the
Noteholders' Distributable Amount with respect to each
payment Date. The "Noteholders' Distributable Amount" with
respect to a Payment Date will be an amount equal to the sum
of: (i) the Class A Noteholders' Principal Distributable
Amount (ii) any previously due and unpaid Class A
Noteholders' Principal Distributable Amount and (iii) the
Class A Noteholders' interest amount.
The Class A-1 Notes will bear interest at a rate equal to
[]% per annum (the "Class A-1 Interest Rate"). The Class A-2
Notes will bear interest at a rate equal to []% per annum
(the "Class A-2 Interest Rate"). Each such interest rate for
a class of Notes is referred to as an "Interest Rate".
Interest on the Notes will be calculated on the basis of a
360 day year consisting of twelve 30 day months.
On each Payment Date, the holders of record of the Class A-1
Notes as of the related Record Date will be entitled to
receive, pro rata, thirty days of interest at the Class A-1
Interest Rate on the outstanding principal amount of the
Class A-1 Notes at the close of business on the last day of
the related Collection Period. On each Payment Date, the
holders of record of the Class A-2 Notes as of the related
Record Date will be entitled to receive, pro rata, thirty
days of interest at the Class A-2 Interest Rate on the
outstanding principal amount of the Class A-2 Notes at the
close of business on the last day of the related Collection
Period. Notwithstanding the foregoing, on
the first Payment Date, the interest payable to the
Noteholders of record of each class of Notes will be an
amount equal to the product of (a) the Interest Rate
applicable to such class of Notes, (b) the initial principal
amount of such class of Notes and (c) a fraction (i) the
numerator of which is the number of days from and including
the Closing Date to and including November 16, 1997 and (ii)
the denominator of which is 360. Interest on the Notes which
is due but not paid on any Payment Date will be payable on
the next Payment Date together with, to the extent permitted
by law, interest on such unpaid amount at the applicable
Interest Rate.
Principal of the Class A Notes will be payable on each
Payment Date in an amount equal to the Class A Noteholders'
Principal Distributable Amount for the related Collection
Period. The "Class A Noteholders' Principal Distributable
Amount" is equal to the product of (x) the Class A
Noteholders' Percentage of the Principal Distributable
Amount and (y) any unpaid portion of the amount described in
clause (x) with respect to a prior Payment Date. In
addition, until the Target Payment Date the holders of the
Class A Notes will be entitled to receive the portion of the
Total Distribution Amount remaining after required payments
have been made, as further payment in respect of principal.
The "Class A Noteholders' Percentage" will (a) on any
Payment Date on or prior to the Target Payment Date, be 95%,
(b) on any Payment Date after the Target Payment Date but
prior to the Payment Date on which the principal amount of
the Class A-2 Notes is reduced to zero, be 91%, (c) on the
Payment Date on which the principal amount of the Class A-2
Notes is reduced to zero, be the percentage equivalent of a
fraction, the numerator of which is the principal amount of
the Class A-2 Notes immediately prior to such Payment Date,
and the denominator of which is the sum of the then
outstanding principal amount of the Notes and the
Certificates and (d) on any other Payment Date, be 0%.
The "Class A Target Amount" means, with respect to any
Payment Date, an amount equal to 90% of the aggregate
principal balance of the Receivables as of such Payment Date
after giving effect to all payments of principal on the
Receivables received during the related Collection Period.
The "Target Payment Date" means the first Payment Date on
which the then outstanding principal amount of the Class A
Notes equals or is less than the Class A Target Amount after
giving effects to payments made on such Payment Date.
On each Payment Date, unless an Event of Default shall have
occurred and be continuing, amounts paid on account of the
Class A Noteholders' Principal Distributable Amount will be
applied sequentially, to pay principal of the Class A-1
Notes until the principal balance of the Class A-1 Notes has
been reduced to zero, and then to the holders of the Class
A-2 Notes until the principal balance of the Class A-2 Notes
has been reduced to zero. On each Payment Date on which an
Event of Default is continuing, amounts distributed on
account of the Class Noteholders' Principal Distributable
Amount will be applied, pro rata (based on the outstanding
principal amount of each class of the Class A Notes), to the
payment of principal of each class of Class A Notes.
"Events of Default" (as described in the Prospectus
Supplement) will consist of those events defined in the
Insurance Agreement and will constitute an Event of Default
under the Indenture only if the Insurer shall have delivered
to the Indenture Trustee a written notice specifying that
such events have occurred under the Indenture.
The "Principal Distributable Amount" for a Payment Date will
equal the sum of, without duplication, (a) the principal
portion of all scheduled payments on Rule of 78's
Receivables and all payments of principal received on Simple
Interest Receivables; (b) the principal portion of all
prepayments in full (including prepayments in full); (c) the
portion of the Purchase Amount allocable to principal of
each Receivable that was purchased or repurchased; (d) the
Principal Balance of each Receivable that first became a
Liquidated Receivable; and (e) the aggregate amount
of Cram Down Losses (reductions to obligor indebtedness
imposed by a bankruptcy court). In addition, outstanding
principal amount of the Notes of any class, to the extent
not previously paid, will be payable on the respective Final
Scheduled Payment for such Class.
"Purchase Amount" means, with respect to a Receivable, the
amount, as of the close of business on the last day of a
Collection Period, required to prepay in full such
Receivable under the terms thereof including interest to the
end of the month of purchase.
A "Collection Period" with respect to a Payment Date will be
the calendar month preceding the month in which such payment
Date occurs; provided, however, that with respect to the
the first Payment Date, the "Collection Period" will be the
period from and excluding the Cutoff Date to and including
October 31, 1997.
Priority of Distributions: The "Total Distribution Amount"
for a Payment Date will be the sum of the following amounts
with respect to the preceding Collection Period: (i) all
collections on Receivables; (ii) all proceeds received
during the Collection Period with respect to Receivables
that became Liquidated Receivables during the Collection
Period, net of the reasonable expenses incurred by the
Servicer in connection with such liquidation and any amounts
required by law to be remitted to the obligor on such
Liquidated Receivable ("Liquidation Proceeds"); (iii)
proceeds from Recoveries with respect to Liquidated
Receivables; (iv) earnings on investments of funds in the
Collection Account during the related Collection Period; and
(v) the Purchase Amount of each Receivable that was
repurchased by CPS or purchased by the Servicer as of the
last day of the related Collection Period. "Liquidated
Receivable" means a Receivable (i) which has been liquidated
by the Servicer through the sale of the Financed Vehicle, or
(ii) for which the related financed Vehicle has been
repossessed and 90 days have elapsed since the date of such
repossession, of (iii) as to which an obligor has failed to
make more than 90% of a scheduled payment of more than ten
dollars for 120 or more days as of the end of a Collection
Period, or (iv) with respect to which proceeds have been
received which, in the Servicer's judgment, constitute the
final amounts recoverable in respect of such Receivable.
"Recoveries" means, with respect to a Liquidated Receivable,
the monies collected from whatever source, during any
Collection Period following the Collection Period in which
such Receivable became a Liquidated Receivable, net of the
reasonable costs of liquidation plus any amounts required by
law to be remitted to the obligor.
On each Payment Date, the Indenture Trustee shall make the
following distributions in the following order or priority:
(i) to the Servicer, from the Total Distribution Amount, the fee
to the Servicer and all unpaid fees from prior Collection
Periods; provided, however, that as long as CPS is Servicer
and Norwest Bank Minnesota, National Association
("Norwest"), is the Standby Servicer, the Indenture Trustee
will first pay to the Standby Servicer out of the fee to the
Servicer otherwise payable to CPS;
(ii) in the event the Standby Servicer becomes the successor
Servicer, to the Standby Servicer, from the Total
Distribution Amount, reasonable transition expenses (up to a
maximum of $50,000) incurred in acting as successor
Servicer;
(iii)to the Indenture Trustee and the Owner Trustee, from the
Total Distribution Amount, the fees payable thereto, other
reasonable expenses and any previously unpaid fees; provided
however, than unless an Event of Default shall have occurred
and be continuing, expenses payable to the Indenture Trustee
and Owner Trustee and expenses payable to the Collateral
Agent shall be limited to a total of $50,000;
(iv) to the Collateral Agent, from the Total Distribution Amount,
all fees and expenses payable to the Collateral Agent with
respect to such Distribution Date;
(v) to the Class A Noteholders, from the Total Distribution
Amount, the Class A Noteholders' interest for such Payment
Date;
(vi) unless an Event of Default has occurred and is continuing,
to the Certificateholders, from the Total Distribution
Amount, the Certificateholders' interest for such Payment
Date;
(vii)to the Class A Noteholders, form the Total Distribution
Amount, the Class A Noteholders' Principal Distributable
Amount for such Payment Date;
(viii) to the Insurer, from the Total Distribution Amount, any
amounts due;
(ix) if someone other than the Standby Servicer becomes the
successor Servicer, to such successor Servicer, from the
Total Distribution Amount to the extent not previously paid
by the predecessor Servicer, reasonable transition expenses
(up to a maximum of $50,000 for all such expenses) incurred
in acting as successor Servicer;
(x) unless an Event of Default has occurred and is continuing,
to the Certificateholders, from the Total Distribution
Amount, the Certificateholders' principal amount for such
Payment Date;
(xi) until the Target Payment Date, the remaining Total
Distribution Amount, if any, to the holders of the then
paying class of Class A Notes as payment of principal;
(xii)if an Event of Default shall have occurred and be
continuing, to the Certificateholders, from the Total
Distribution Amount, the Certificateholders' interest or
such Payment Date;
(xiii) if an Event of Default shall have occurred and be
continuing, to the Certificateholders, from the Total
Distribution Amount, the Certificateholders' principal for
such Payment Date; and
(xiv) after the Target Payment Date, to the Collateral
Agent, for deposit into the Spread Account, the remaining
Total Distribution Amount, if any.
Upon the occurrence and during the continuance of an Event
of Default, the Certificates will not receive any payment of
principal or interest on a Payment Date until the full
amount of the Noteholders' Distributable Amount due to the
Class A Noteholders with respect to such Payment Date has
been deposited in a distribution account.
The Policy: On the Closing Date, the Insurer will issue the Policy to
the Indenture Trustee for the benefit of the Class A
Noteholders (the "Policy"). Pursuant to the Policy, the
Insurer will unconditionally and irrevocably guarantee to
the Class A Noteholders payment of the Class A Noteholders'
interest amount and the Class A Noteholders' Principal
Distributable Amount (collectively, the "Scheduled
Payments") on each Payment Date. The Certificates do not
have the benefit of the Policy.
Spread Account: FSA will have the benefit of a reserve account (the "Spread
Account") established by CPS with the Collateral Agent for
the benefit of the Insurer and the Indenture Trustee on
behalf of the Class A Noteholders. After the Target Payment
Date any portion of the Total Distribution Amount remaining
on any Payment Date after payment of all fees and expenses
due on such date to the Servicer, the Standby Servicer, the
Indenture Trustee, the Owner Trustee, any successor Servicer
and the Collateral Agent and all amounts owing to the
Insurer on such date and all principal and interest payments
due to the Noteholders and Certificateholders on such
Payment Date, will be deposited in the Spread Account and
held by the Collateral Agent for the benefit of the Insurer
and the Indenture Trustee on behalf of the Class A
Noteholders. If on any Payment Date, the Total Distribution
Amount is insufficient to pay all the
distributions required to be made on such day pursuant to
priorities (i) through (v) and (vii) through (ix) under
"Priority of Distributions", then amounts on deposit in the
Spread Account will be applied to pay the amounts due on
such Payment Date pursuant to such priorities (i) through
(v) and (vii) through (ix).
Amounts on deposit on any Payment Date which (after all
payments required to be made on such Payment Date have been
made) are in excess of an amount determined in the master
spread account agreement, will be released to or at the
direction of the Seller on such Payment Date.
Subordination of
the Certificates: The Certificates will not receive any payment of principal
or interest on a Payment Date until the full amount of the
Class A Noteholders' interest due to the Class A Noteholders
with respect to such Payment Date is available. The
Certificates will not receive any payment of principal on a
Payment Date until the full amount of the Class A
Noteholders' interest due to the Class A Noteholders with
respect to such Payment Date is available. Upon the
occurrence and during the continuance of an Event of
Default, the Certificates will not receive any payment of
principal or interest on a Payment Date until the full
amount of the Noteholders' Distributable Amount due to the
Class A Noteholders with respect to such Payment Date is
available to pay the Class A Noteholders.
Tax Status of the
Trust: In the opinion of Mayer, Brown & Platt for Federal income
tax purposes the Class A Notes will be characterized as debt
and the Trust will not be characterized as an association
(or publicly traded partnership) taxable as a corporation.
Each Noteholder, by acceptance of a Note, will agree to
treat the Notes as indebtedness for Federal income tax
purposes. Prospective investors must review the Prospectus
and Prospectus Supplement for a more detailed description of
these matters.
ERISA
Eligibility: The Class A Notes are expected to be eligible for purchase
by employee benefit plans subject to ERISA. Prospective
investors must review the Prospectus and Prospectus
Supplement for a more detailed description of these matters.
Optional
Redemption: The Notes and the Certificates, to the extent still
outstanding, may be redeemed in whole, but not in
part, on any Payment Date on which the Servicer exercises
its option to purchase all the Receivables on or after 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 redemption
price equal to at least the unpaid principal amount of the
Notes and the Certificates, plus accrued and unpaid interest
thereon; provided that the Servicer's right to exercise such
option will be subject to the prior approval of the Insurer,
but only if, after giving effect to such sale and
redemption, a claim on the Policy would occur or any amount
owing to the Insurer or the holders of the Notes would
remain unpaid.
Mandatory
Redemption: The Notes may be accelerated and subject to immediate
payment at par with accrued interest thereon upon the
occurrence of an Event of Default under the Indenture. So
long as no Insurer Default (as described in the Prospectus
and Prospectus Supplement) shall have occurred and be
continuing, an Event of Default under the Indenture will
occur only upon delivery by the Insurer to the Indenture
Trustee of notice of the occurrence of certain events of
default under the Insurance Agreement. In the case of such
an Event of Default, the Notes will automatically be
accelerated and subject to immediate payment at par with
accrued interest thereon. The Policy does not guarantee
payments of any amounts that become due on an accelerated
basis, unless the Insurer elects, in its sole discretion to
pay such amounts in whole or in part.
** ALL INFORMATION IS SUBJECT TO THE DISCLAIMER AVAILABLE FROM THE GCMD MENU **
COMPUTATIONAL MATERIALS DISCLAIMER
The attached tables and other statistical analyses (the "Computational
Materials") are privileged and intended for use by the addressee only. These
Computational Materials have been prepared by Greenwich Capital Markets, Inc. in
reliance upon information furnished by CPS Receivables Corp. and its affiliates.
These Computational Materials are furnished to you solely by Greenwich Capital
Markets, Inc. and not by CPS Receivables Corp. 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.
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
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 weighted average lives, yields and principal payment periods shown in the
Computational Materials are based on prepayments assumptions. Changes in such
prepayment assumptions may dramatically affect such weighted average lives,
yields and principal payment periods. In addition, it is possible that
prepayments on the underlying assets will occur at rates significantly lower or
faster than the rates shown in the attached Computational Materials.
Furthermore, unless other wise 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. Neither
Greenwich Capital Markets, Inc. nor any of its affiliates makes any
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities.
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 Securities and exchange Commission. This communication shall not constitute
an offer to sell or the solicitation of any offer to buy 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 of such securities 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 and any matter discussed in this communication. Once available, a
final prospectus and prospectus supplement may be obtained by contacting the
Greenwich Capital Markets Trading Desk at (203) 625-6160.
-1-
Please be advised that the securities described herein may not be appropriate
for all investors. Potential investors must be willing to assume, among other
things, market price volatility, prepayment, 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.
** ALL INFORMATION IS SUBJECT TO THE DISCLAIMER AVAILABLE FROM THE GCMD MENU **
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CPS 1997-4 Class A-1
Price-Yield Sensitivity Report
Settlement 10/23/97
Next Payment 11/15/97
Class Balance $51,205,000
Accrued Days 22
Coupon 6.400%
Voluntary Prepayment Speed
Quoted Base Case
Price 1.00% CDR 1.25% CDR 1.50% CDR 1.75%CDR 2.00%CDR
------ --------- ---------- ---------- -------- --------
99-24 6.487 6.487 6.487 6.487 6.487
99-24+ 6.469 6.468 6.466 6.465 6.463
99-25 6.452 6.449 6.445 6.442 6.438
99-25+ 6.435 6.430 6.425 6.419 6.414
99-26 6.417 6.411 6.404 6.397 6.390
99-26+ 6.400 6.392 6.383 6.374 6.365
99-27 6.382 6.372 6.362 6.352 6.341
99-27+ 6.365 6.353 6.341 6.329 6.317
99-28 6.348 6.334 6.321 6.307 6.292
99-28+ 6.330 6.315 6.300 6.284 6.268
99-29 6.313 6.296 6.279 6.261 6.244
99-29+ 6.295 6.277 6.258 6.239 6.219
99-30 6.278 6.258 6.237 6.216 6.195
99-30+ 6.261 6.239 6.217 6.194 6.171
99-31 6.243 6.220 6.196 6.171 6.146
99-31+ 6.226 6.201 6.175 6.149 6.122
100-00 6.209 6.182 6.154 6.126 6.098
100-00+ 6.191 6.163 6.134 6.104 6.073
100-01 6.174 6.144 6.113 6.081 6.049
100-01+ 6.157 6.125 6.092 6.059 6.025
100-02 6.139 6.106 6.072 6.036 6.001
100-02+ 6.122 6.087 6.051 6.014 5.976
100-03 6.105 6.068 6.030 5.992 5.952
100-03+ 6.087 6.049 6.010 5.969 5.928
100-04 6.070 6.030 5.989 5.947 5.904
100-04+ 6.053 6.011 5.968 5.924 5.880
100-05 6.035 5.992 5.948 5.902 5.855
100-05+ 6.018 5.973 5.927 5.879 5.831
100-06 6.001 5.954 5.906 5.857 5.807
100-06+ 5.983 5.935 5.886 5.835 5.783
100-07 5.966 5.916 5.865 5.812 5.759
100-07+ 5.949 5.898 5.844 5.790 5.734
100-08 5.932 5.879 5.824 5.767 5.710
WAL (yr) 0.96 0.88 0.80 0.74 0.68
First Pay Nov-97 Nov-97 Nov-97 Nov-97 Nov-97
Last Pay Dec-99 Sep-99 Jul-99 Jun-99 Apr-99
MAT (yr) 2.14 1.89 1.73 1.64 1.48
MDUR (yr) 0.90 0.82 0.75 0.69 0.64
"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.
** ALL INFORMATION IS SUBJECT TO THE DISCLAIMER AVAILABLE FROM THE GCMD MENU **
CPS 1997-4 Class A-2
Price-Yield Sensitivity Report
Settlement 10/23/97
Next Payment 11/15/97
Class Balance $43,795,000
Accrued Days 22
Coupon 6.300%
Voluntary Prepayment Speed
Quoted Base Case
Price 1.00% CDR 1.25% CDR 1.50% CDR 1.75% CDR 2.00% CDR
------- --------- ---------- --------- --------- ---------
99-24 6.385 6.385 6.385 6.385 6.385
99-24+ 6.379 6.379 6.379 6.379 6.378
99-25 6.374 6.373 6.373 6.372 6.371
99-25+ 6.368 6.368 6.367 6.365 6.364
99-26 6.363 6.362 6.361 6.359 6.357
99-26+ 6.358 6.356 6.354 6.352 6.350
99-27 6.352 6.350 6.348 6.346 6.343
99-27+ 6.347 6.345 6.342 6.339 6.336
99-28 6.341 6.339 6.336 6.333 6.329
99-28+ 6.336 6.333 6.330 6.326 6.322
99-29 6.330 6.327 6.324 6.319 6.314
99-29+ 6.325 6.321 6.318 6.313 6.307
99-30 6.319 6.316 6.311 6.306 6.300
99-30+ 6.314 6.310 6.305 6.300 6.293
99-31 6.308 6.304 6.299 6.293 6.286
99-31+ 6.303 6.298 6.293 6.287 6.279
100-00 6.297 6.293 6.287 6.280 6.272
100-00+ 6.292 6.287 6.281 6.273 6.265
100-01 6.286 6.281 6.275 6.267 6.258
100-01+ 6.281 6.275 6.268 6.260 6.251
100-02 6.276 6.270 6.262 6.254 6.244
100-02+ 6.270 6.264 6.256 6.247 6.237
100-03 6.265 6.258 6.250 6.241 6.229
100-03+ 6.259 6.252 6.244 6.234 6.222
100-04 6.254 6.247 6.238 6.227 6.215
100-04+ 6.248 6.241 6.232 6.221 6.208
100-05 6.243 6.235 6.226 6.214 6.201
100-05+ 6.237 6.229 6.220 6.208 6.194
100-06 6.232 6.224 6.213 6.201 6.187
100-06+ 6.226 6.218 6.207 6.195 6.180
100-07 6.221 6.212 6.201 6.188 6.173
100-07+ 6.216 6.206 6.195 6.182 6.166
100-08 6.210 6.201 6.189 6.175 6.159
WAL (yr) 3.26 3.07 2.87 2.66 2.45
First Pay Dec-99 Sep-99 Jul-99 Jun-99 Apr-99
Last Pay May-2002 May-2002 Mar-2002 Jan-2002 Aug-2001
MAT (yr) 4.56 4.56 4.39 4.23 3.81
MDUR (yr) 2.85 2.70 2.54 2.37 2.20
"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.
** ALL INFORMATION IS SUBJECT TO THE DISCLAIMER AVAILABLE FROM THE GCMD MENU **
CPS AUTO GRANTOR TRUST, SERIES 1997-4
ALL AMOUNTS SUBJECT TO CHANGE
INFORMATION SHEET
10/09/97
Consumer Portfolio Services Inc.
Balances as of 09/29/97
TOTAL CURRENT BALANCE: $81,770,607.56
TOTAL ORIGINAL BALANCE: $82,229,932.08
NUMBER OF TOTAL PORTFOLIO
LOANS: 6,441
AVERAGE ORIGINAL BALANCE: $12,766.64 RANGE: $ 2,499.45 - $ 28,237.48
AVERAGE CURRENT BALANCE: $12,695.33 RANGE: $ 719.87 - $ 28,237.48
WEIGHTED AVERAGE CALC APR RATE: 20.380% RANGE: 16.950 - 29.037 %
WEIGHTED AVERAGE ORIGINALLOAN
TERM: 56.83 months RANGE: 22.00 - 60.00 months
WEIGHTED AVERAGE REMAINING
TERM: 56.23 months RANGE: 20.00 - 60.00 months
TOP STATE CONCENTRATIONS ($): 21.15% California, 8.44 % Texas, 8.31 % Florida
NEW-USED BREAKDOWN ($) 87.78% USED, 12.22 % NEW
COLLATERAL YEAR BREAKDOWN ($): 28.61% 95, 19.74 % 96, 17.46 % 94
MANUFACTURER BREAKDOWN ($): 18.50% FORD, 13.08 % CHEVROLET, 10.52 % NISSAN
CONTRACT DATE: May 01, 1996 - Sep 26, 1997
FIRST PAYMENT DATE: Jun 01, 1996 - Nov 07, 1997
NEXT PAYMENT DATE: Sep 01, 1997 - Apr 25, 1999
MATURITY DATE: May 01, 1999 - Oct 07, 2002
CURRENT
PRINCIPAL
BALANCE PCT($) # OF LOANS PCT(#)
--------- ------ ---------- -------
CONTRACTDATE: 05/01/96 - 05/31/96 3,912.60 0.00 1 0.02
10/01/96 - 10/31/96 14,886.11 0.02 1 0.02
02/01/97 - 02/28/97 9,155.78 0.01 1 0.02
04/01/97 - 04/30/97 8,570.92 0.01 1 0.02
05/01/97 - 05/31/97 45,505.48 0.06 5 0.08
06/01/97 - 06/30/97 151,027.54 0.18 10 0.16
07/01/97 - 07/31/97 5,599,640.68 6.85 441 6.85
08/01/97 - 08/31/97 53,148,709.87 65.00 4,189 65.04
09/01/97 - 09/30/97 22,789,198.58 27.87 1,792 27.82
ORIGINAL BALANCE: 2,499 - 4,999 146,925.07 0.18 34 0.53
5,000 - 9,999 11,612,695.84 14.2 1,400 21.74
10,000 - 14,999 44,918,709.49 54.93 3,597 55.85
15,000 - 19,999 19,555,836.80 23.92 1,159 17.99
20,000 - 24,999 5,100,679.06 6.24 234 3.63
25,000 435,761.30 0.53 17 0.26
CALC APR RATE: 16.95 - 16.99 13,027.25 0.02 1 0.02
17.00 - 17.99 2,812,433.05 3.44 190 2.95
18.00 - 18.99 14,257,433.92 17.44 1,022 15.87
19.00 - 19.99 14,926,627.72 18.25 1,103 17.12
20.00 - 20.99 18,211,149.04 22.27 1,341 20.82
21.00 - 21.99 16,669,609.43 20.39 1,400 21.74
22.00 - 22.99 2,990,432.66 3.66 255 3.96
23.00 - 23.99 5,380,065.73 6.58 494 7.67
24.00 - 24.99 6,104,743.41 7.47 591 9.18
25.00 - 25.99 383,684.43 0.47 41 0.64
>= 26.00 21,400.92 0.03 3 0.05
ORIGINAL LOAN
TERM:
22 - 25 187,414.83 0.23 33 0.51
26 - 30 442,365.40 0.54 61 0.95
31 - 35 5,480.19 0.01 1 0.02
36 - 40 2,210,827.34 2.70 279 4.33
41 - 45 1,778,021.88 2.17 183 2.84
46 - 50 8,381,484.87 10.25 819 12.72
51 - 55 8,943,539.00 10.94 742 11.52
56 - 60 59,821,474.05 73.16 4,323 67.12
** ALL INFORMATION IS SUBJECT TO THE DISCLAIMER AVAILABLE FROM THE GCMD MENU **
CURRENT # OF
PRINCIPAL BALANCE PCT($) LOANS PCT(#)
----------------- ------- ------- -------
REMAINING TERM: 20 - 20 3,912.60 0.00 1 0.02
21 - 25 187,414.83 0.23 33 0.51
26 - 30 447,845.59 0.55 62 0.96
31 - 35 1,203,991.50 1.47 153 2.38
36 - 40 1,072,239.43 1.31 132 2.05
41 - 45 1,708,705.69 2.09 176 2.73
46 - 50 8,396,370.98 10.27 820 12.73
51 - 55 8,952,694.78 10.95 743 11.54
56 - 60 59,797,432.16 73.13 4,321 67.09
PROGRAM: ALPHA 42,251,713.01 51.67 3,147 48.86
DELTA 6,812,306.56 8.33 592 9.19
FIRST TIME BUYER 11,567,944.35 14.15 1,040 16.15
STANDARD 21,138,643.64 25.85 1,662 25.8
SOURCE: CPS 78,191,072.25 95.62 6,123 95.06
SAMCO 3,579,535.31 4.38 318 4.94
LOAN TYPE: Rule of 78s 23,786,635.43 29.09 1,832 28.44
Simple Interest 57,983,972.13 70.91 4,609 71.56
LOAN STATUS: Current 81,770,607.56 100 6,441 100
NEW/USED: NEW 9,993,049.93 12.22 631 9.8
USED 71,777,557.63 87.78 5,810 90.2
COLLATERAL AGE: 88 3,912.60 0.00 1 0.02
89 295,253.37 0.36 45 0.70
90 896,014.30 1.10 116 1.80
91 1,527,302.00 1.87 173 2.69
92 3,045,851.24 3.72 313 4.86
93 7,590,659.75 9.28 703 10.91
94 14,277,936.93 17.46 1,209 18.77
95 23,391,038.31 28.61 1,756 27.26
96 16,142,488.78 19.74 1,188 18.44
97 13,944,549.10 17.05 900 13.97
98 655,601.18 0.8 37 0.57
MANUFACTURER: ACURA 367,834.07 0.45 26 0.40
AMC 7,201.91 0.01 1 0.02
BMW 192,219.77 0.24 12 0.19
BUICK 1,483,023.08 1.81 123 1.91
CADILLAC 288,557.03 0.35 17 0.26
CHEVROLET 10,693,787.62 13.08 836 12.98
CHYRSLER 1,206,964.36 1.48 92 1.43
DAIHATSU 6,639.94 0.01 1 0.02
DODGE 5,802,929.41 7.10 458 7.11
EAGLE 304,383.13 0.37 25 0.39
FORD 15,128,050.56 18.5 1,212 18.82
GEO 1,949,311.47 2.38 185 2.87
GMC 1,041,421.00 1.27 71 1.10
HONDA 3,112,789.11 3.81 229 3.56
HYUNDAI 1,962,878.50 2.40 178 2.76
INFINITI 166,349.18 0.20 11 0.17
ISUZU 747,203.90 0.91 48 0.75
JEEP 1,444,913.16 1.77 93 1.44
KIA 1,696,275.44 2.07 137 2.13
LEXUS 31,985.49 0.04 2 0.03
LINCOLN 319,284.59 0.39 24 0.37
MAZDA 3,408,637.07 4.17 266 4.13
MERCEDES 22,319.28 0.03 1 0.02
MERCURY 3,160,160.07 3.86 257 3.99
MITSUBISHI 3,421,170.03 4.18 259 4.02
NISSAN 8,604,426.10 10.52 637 9.89
OLDSMOBILE 2,121,433.19 2.59 179 2.78
PLYMOUTH 2,415,782.53 2.95 211 3.28
PONTIAC 4,125,621.02 5.05 340 5.28
SAAB 13,033.65 0.02 1 0.02
SATURN 653,216.93 0.80 58 0.9
SUBARU 308,766.53 0.38 25 0.39
SUZUKI 698,500.46 0.85 53 0.82
TOYOTA 4,463,354.98 5.46 341 5.29
VOLKSWAGON 308,213.14 0.38 25 0.39
VOLVO 91,969.86 0.11 7 0.11
OBLIGOR STATE: Alabama 3,142,045.46 3.84 256 3.97
California 17,291,538.45 21.15 1,274 19.78
Florida 6,793,743.61 8.31 521 8.09
Georgia 2,525,981.09 3.09 199 3.09
Illinois 3,453,068.52 4.22 289 4.49
Indiana 1,207,340.49 1.48 101 1.57
Louisiana 4,746,335.16 5.80 372 5.78
Maryland 2,443,411.77 2.99 196 3.04
Michigan 3,135,279.05 3.83 249 3.87
Minnesota 1,113,161.55 1.36 91 1.41
Nevada 2,304,275.02 2.82 188 2.92
NewJersey 1,305,123.17 1.60 103 1.6
NewYork 4,652,647.19 5.69 384 5.96
NorthCarolina 2,496,773.35 3.05 196 3.04
Ohio 1,512,188.44 1.85 135 2.1
Pennsylvania 4,893,974.96 5.99 402 6.24
SouthCarolina 1,359,941.81 1.66 107 1.66
Tennessee 3,233,447.60 3.95 255 3.96
Texas 6,904,165.72 8.44 527 8.18
All Others ( 24 ) + DC 7,256,165.15 8.87 596 9.25
** ALL INFORMATION IS SUBJECT TO THE DISCLAIMER AVAILABLE FROM THE GCMD MENU **
