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) November 15, 1998 CONSUMER PORTFOLIO SERVICES, INC. (Exact Name of Registrant as Specified in its Charter) California (State or Other Jurisdiction of Incorporation) 333-09343 333-26355 333-25301 333-1548 333-49945 33-0459135 (Commission File Number) (I.R.S. Employer Identification No.) 16355 Laguna Canyon Road, Irvine, California 92618 (Address of Principal Executive Offices) (Zip Code) (949) 753-6800 (Registrant's Telephone Number, Including Area Code) 2 Ada, Irvine, California, 92618 (Former Name or Former Address, if Changed Since Last Report) Item 5. Other Events. None Item 7. Financial Statements and Exhibits. (c) Exhibits. Exhibit No. Document Description 20.28 Monthly Servicing Report for the October 1998 collection period for FASCO Auto Grantor Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS Auto Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS Auto Receivables Trust 1997-4, CPS Auto Receivables Trust 1997-5, CPS Grantor Trust 1998-1, CPS Auto Grantor Trust 1998-2 and CPS Auto Receivables Trust 1998-3. 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. (Registrant) Dated: November 24, 1998 By: /s/ Jeffrey P. Fritz Name: Jeffrey P. Fritz Title: Chief Financial Officer INDEX TO EXHIBITS Exhibit Sequential No. Document Description Page No. 20.28 Monthly Servicing Report for the October 1998 collection period for FASCO Auto Grantor Trust 1996-1, CPS Auto Grantor Trust 1996-2, CPS Auto Grantor Trust 1996-3, CPS Auto Grantor Trust 1997-1, CPS Auto Grantor Trust 1997-2, CPS Auto Receivables Trust 1997-3, CPS Auto Receivables Trust 1997-4, CPS Auto Receivables Trust 1997-5, CPS Grantor Trust 1998-1, CPS Auto Grantor Trust 1998-2 and CPS Auto Receivables Trust 1998-3.
MONTHLY CERTIFICATEHOLDER STATEMENT FASCO AUTO GRANTOR TRUST 1996-1 6.65% ASSET-BACKED CERTIFICATES Distribution Date 11/16/98 Collection Period 10/98 Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee and as Collateral Agent, the Servicer is required to prepare certain information each month regarding current distributions to Certificateholders and the performance of the Trust during the previous month. The information which is required to be prepared with respect to the Distribution Date and Collection Period listed above is set forth below. Certain of the information is presented on the basis of an original principal amount of $1,000 per Certificate, and certain other information is presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution: 1 Certificates. (a) The aggregate amount of the distribution to Class A Certificateholders on the Distribution Date set forth above $1,714,557.35 (b) The amount of the distribution set forth in paragraph A.1. (a) above in respect of interest $162,671.98 (c) The amount of the distribution set forth in in paragraph A.1. (a) above in respect of principal $1,551,885.37 (d) The amount of the distribution set forth in paragraph A.1. (a) above, per $1,000 interest $20.30 (e) The amount of the distribution set forth in paragraph A.1. (b) above, per $1,000 interest $1.93 (f) The amount of the distribution set forth in paragraph A.1. (c) above, per $1,000 interest $18.38 (g) The aggregate amount of the distribution to Class B Certificateholders on the Distribution Date set forth above $98,058.53 (h) The amount of the distribution set forth in paragraph A.1. (g) above in respect of interest $12,903.68 (i) The amount of the distribution set forth in in paragraph A.1. (g) above in respect of principal $85,154.85 (j) Scheduled Payments due in such Collection Period $1,413,104.00 (k) Scheduled Payments collected in such Collection Period $1,367,846.71 B. Information Regarding the Performance of the Trust. 1 Pool Balance and Certificate Balances. (a) The aggregate Principal Balance of the Receivables as of the close of business on the last day of the preceding Collection Period $30,899,307.01 (b) The aggregate balance of the Certificates as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A.1.(c) above $29,265,743.44 (c) The Pool factor as of the close of business on the last day set forth above 0.9471327 2 Servicing Fee and Purchased Receivables. (a) The aggregate amount of the Servicing Fee (exclusive of the Standby Fee paid to the Standby Servicer) paid to the Servicer with respect to the Collection Period set forth above $66,847.55 (b) The aggregate amount of the Standby Fee paid to the Standby Servicer with respect to the Collection Period set forth above. $2,059.95 (c) The amount of the payment set forth in paragraph B.2. (a) above per $1,000 interest $0.79 (d) The amount of the payment set forth in paragraph B.2. (b) above per $1,000 interest $0.02 (e) The amount of any unpaid Servicing Fee $0.00 (f) The change in the amount of any unpaid Servicing Fee from the prior Distribution Date $0.00 The number and aggregate Purchase Amount of Receivables that became Purchased Receivables during the related Collection Period Number 0 Aggregate Purchase Amount $0.00 3 Payment Shortfalls. (a) The amount of the Interest Carryover shortfall after giving effect to the payments set forth in paragraph A.1. (b) above $0.00 (b) The amount of the Principal Carryover Shortfall after giving effect to the payment set forth in paragraph A.1. (c) above $0.00 4 Payahead Account. (a) The aggregate Payahead Balance on the prior Distribution Date $19,983.46 (b) Distributions (to) from Collection Account ($3,004.86) for Payaheads (c) Interest earned on Payahead Balances $84.90 (d) Ending Payahead Account Balance $17,063.50 5 Spread Account. (a) The Specified Spread Account Balance with respect to such Distribution Date and the Spread Account Balance on the Distribution Date set forth above, after giving effect to distributions made on such Distribution Date Specified Spread Account Balance $27,802,456.29 Spread Account Balance $5,387,467.76 (b) The change in the spread account on the Distribution Date set forth above $109,418.82 6 Policy. (a) The amount paid to the Certificateholders under the Policy for such Distribution Date $0.00 (b) The amount distributable to the Certificate Insurer on such Distribution Date $8,109.05 7 Losses and Delinquencies. (a) The aggregate amount of Realized Losses on the Distribution Date set forth above $243,037.07 (b) The change in the aggregate amount of Realized Losses from the prior Distribution Date $0.00 (c) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent between 31 and 59 days Number 99 Aggregate Gross Amount $831,000.00 (d) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent 60 days or more Number 103 Aggregate Gross Amount $988,000.00 8 Performance Triggers. (a) Delinquency Ratio 5.58% (b) Average Delinquency Ratio 5.64% (c) Cumulative Default Ratio 17.86% (d) Cumulative Net Loss Ratio 13.26% (e) Is a Portfolio Performance Test violation continuing? Yes (f) Has an Insurance Agreement Event of Default occurred? Yes
FASCO AUTO GRANTOR TRUST 1996-1 STATEMENT TO CERTIFICATEHOLDERS IS THERE A DEFICIENCY CLAIM AMOUNT? NO DEFICIENCY CLAIM AMOUNT 0.00 INPUTS GROSS COLLECTION PROCEEDS: 1,992,549.18 LOCK BOX NSF ITEMS: (27,409.24) TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: 3,004.86 COLLECTION ACCOUNT INTEREST 7,279.72 PAYAHEAD ACCOUNT INTEREST 84.90 TOTAL COLLECTION PROCEEDS: 1,975,509.42 FOR DISTRIBUTION DATE: 11/16/98 FOR DETERMINATION DATE: 11/6/98 FOR COLLECTION PERIOD: 10/98 COLLATERAL ACTIVITY INFORMATION PRINCIPAL Beginning Principal Balance 30,899,307.01 Principal portion of payments collected (non-prepayments) 857,934.74 Prepayments in full allocable to principal 414,487.00 Collections allocable to principal 1,272,421.74 Partial prepayments relating to various contracts or policies 0.00 Liquidation Proceeds allocable to principal 118,104.74 Purchase Amounts allocable to principal 0.00 --------------- Total Principal 1,390,526.48 Realized Losses 243,037.07 Cram Down Losses 0.00 Ending Principal Balance 29,265,743.46 INTEREST Collections allocable to interest 509,911.97 Liquidation Proceeds allocable to interest 0.00 Purchase Amounts allocable to interest 0.00 Recoveries from Liquidated Receivables from prior periods 75,070.97 --------------- Total Interest 584,982.94 CERTIFICATE INFORMATION Beginning of Period Class A Principal Balance 29,354,341.66 Beginning of Period Class B Principal Balance 1,548,442.00 MISCELLANEOUS BALANCES Beginning of Period Spread Account Balance 5,278,048.94 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 15,348.70 Aggregate Payahead Balance 16,978.60 Aggregate Payahead Balance for preceding Distribution Date 19,983.46 Interest Earned on Payahead Balances 84.90 Scheduled Payments due in Collection Period 1,413,104.00 Scheduled Payments collected in Collection Period 1,367,846.71 Aggregate Amount of Realized Losses for preceding Distribution Date 243,037.07 MISCELLANEOUS CURRENT EXPENSES Trustee's out-of-pocket expenses 670.26 Collateral Agent's expenses 0.00 Transition Expenses to Standby Servicer 0.00 Transition Expenses to successor Servicer 0.00 Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00 MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 DELINQUENCY INFORMATION Aggregate Gross Amount # of Receivables of Receivables 31 - 59 days delinquent 99 831,000.00 60+ days delinquent 103 988,000.00 PURCHASED RECEIVABLES Aggregate Purchase Amt # of Receivables of Receivables 0 0.00 INFORMATION FOR PORTFOLIO PERFORMANCE TESTS Principal Balance of all Receivables delinquent more than 30 days as of the close 1,819,000.00 of business on the last day of the related Collection Period. Principal Balance of all Receivables that became Purchased Receivables as of 0.00 the close of business on the last day of the related Collection Period and that were delinquent 30 days or more. Principal Balance of all Receivables that became Defaulted Receivables 232,654.21 during the related Collection Period. Delinquency Ratio for second preceding Determination Date 5.84% Delinquency Ratio for third preceding Determination Date 5.51% Cumulative Defaults for preceding Determination Date 15,640,745.04 Cumulative Net Losses for preceding Determination Date 11,623,452.53 Is a Portfolio Performance Test violation continuing? (Y/N) Y Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED CALCULATIONS TOTAL DISTRIBUTION AMOUNT All collections on receivables (incl. amts from payahead, excl. amounts deposited into payahead) 1,782,333.71 Liquidation Proceeds 118,104.74 Recoveries 75,070.97 Purchase Amounts 0.00 Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00 Investment earnings from Collection Account 0.00 Investment earnings from Payahead Account 0.00 --------------- TOTAL DISTRIBUTION AMOUNT 1,975,509.42 DISTRIBUTABLE AMOUNT Principal Distributable Amount Principal portion of payments collected (non-prepayments) 857,934.74 Prepayments in full allocable to principal 414,487.00 Principal Balance of Liquidated Receivables 361,141.81 Purchase Amounts allocable to principal 0.00 Cram Down Losses 0.00 --------------- Principal Distributable Amount 1,633,563.55 Class A Principal Distributable Amount Principal Distributable Amount 1,633,563.55 Times Class A Percentage (95%) 95% --------------- 1,551,885.37 Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00 --------------- Class A Principal Distributable Amount 1,551,885.37 Class A Interest Distributable Amount Beginning of Period Principal Balance of the Certificates 29,354,341.66 Multiplied by Certificate Pass-Through Rate 6.65% Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333 --------------- Class A Interest Distributable Amount 162,671.98 Class B Principal Distributable Amount Principal Distributable Amount 1,633,563.55 Times Class B Percentage (5%) 5% --------------- Class B Principal Distributable Amount 81,678.18 Class B Coupon Interest Amount Beginning of Period Principal Balance of the Certificates 1,548,442.00 Multiplied by Certificate Pass-Through Rate 10.00% Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333 --------------- Class B Coupon Interest Amount 12,903.68 Class B Excess Interest Amount Total Distribution Amount 1,975,509.42 minus Class A Principal and Interest Distributable Amount 1,714,557.35 Class A Interest Carryover Shortfall 0.00 Class A Principal Carryover Shortfall 0.00 Class B Coupon Interest 12,903.68 Class B Interest Carryover Shortfall 0.00 Class B Principal Distributable Amount 81,678.18 Class B Principal Carryover Shortfall 3,476.67 Trustee distributions 1,056.50 Standby Servicer distributions 2,059.95 Servicer distributions 66,847.55 Collateral Agent distributions 386.28 Reimbursement Obligations 8,109.05 --------------- 84,434.21 CARRYOVER SHORTFALLS FROM PRIOR PERIODS Class B Principal Carryover Shortfall from previous period 3,476.67 --------------- 3,476.67 Class B Interest Carryover Shortfall from previous period 0.00 Interest on Class B Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class B Interest Shortfall 0.00 Interest Earned 0.00 --------------- 0.00 Class A Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class A Interest Carryover Shortfall from previous period 0.00 Interest on Class A Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class A Interest Shortfall 0.00 Interest Earned 0.00 --------------- 0.00
CALCULATIONS DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT): Use --- (i) Standby Fee 2,059.95 Servicing Fee (2.0%) 51,498.85 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 15,348.70 Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 (ii) Transition Expenses to Standby Servicer 0.00 (iii) Trustee Fee 386.24 Trustee's out-of-pocket expenses 670.26 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 (iv) Collateral Agent Fee 386.28 Collateral Agent Expenses 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 (v)(A) Class A Interest Distributable Amount - Current Month 162,671.98 Prior Month(s) Class A Carryover Shortfall 0.00 Class A Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A Interest Carryover Shortfall 0.00 Class A Interest Distributable Amount 162,671.98 (viii)(A) Class B Coupon Interest - Unadjusted 12,903.68 Class B Interest Carryover Shortfall - Previous Month(s) 0.00 Interest on B Interest Shortfall - Previous Month(s) 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class B Interest Shortfall 0.00 Adjusted Class B Interest Distributable Amount 12,903.68 (v)(B) Class A Principal Distributable Amount - Current Month 1,551,885.37 Class A Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Class A Principal Shortfall 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 Class A Principal Distribution Amount 1,551,885.37 (vi) Certificate Insurer Premium 8,109.05 Certificate Insurer Premium Supplement 0.00 Other Reimbursement Obligations to Certificate Insurer 0.00 (vii) Transition Expenses to successor Servicer 0.00 (B) Class B Principal Distributable Amount - Current Month Unadjusted 81,678.18 Class B Principal Carryover Shortfall - Previous Month(s) 3,476.67 Current Month Class B Principal Shortfall 0 Adjusted Class B Principal Distributable Amount 85,154.85 (C) Excess Interest Amount for Deposit in Spread Account 84,434.21 IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above. CONSUMER PORTFOLIO SERVICES, INC. By: /s/ James L. Stock ---------------------------------------------------- Name: James L. Stock ---------------------------------------------------- Title: Vice President ----------------------------------------------------
CERTIFICATE BALANCE Class A Beginning of Period Principal Balance 29,354,341.66 Class A Principal Distributions 1,551,885.37 Class A End of Period Principal Balance 27,802,456.29 Class B Beginning of Period Principal Balance 1,548,442.00 Class B Principal Distributable Amount 85,154.85 Class B End of Period Principal Balance BEFORE Spread Account Distributions 1,463,287.15 Withdrawal from Spread Account to Cover B Shortfalls 0.00 Class B End of Period Principal Balance AFTER Spread Account Distributions 1,463,287.15 CLASS A DEFICIENCY - INTEREST (i) Total Distribution Amount Available 1,975,509.42 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 233,022.26 (iii)Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 1,742,487.16 CLASS B DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 1,742,487.16 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 12,903.68 (iii)Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO Amount Remaining for Further Distribution/(Deficiency) 1,729,583.48 CLASS A DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 1,729,583.48 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 1,551,885.37 (iii)Prior month(s) carryover shortfalls 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 177,698.11 OTHER DISTRIBUTIONS (i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 177,698.11 (vi) Certificate Insurer Premium 8,109.05 (v) Certificate Insurer Premium Supplement 0.00 Deficiency Amount 0.00 Withdrawal from Spread Account to Cover Deficiency 0.00 If (i) is less than (ii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 169,589.06 CLASS B DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 169,589.06 (ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 81,678.18 (iii)Prior month(s) carryover shortfalls 3,476.67 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Unadjusted Amount Remaining for Further Distribution/(Deficiency) 84,434.21 Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00 Adjusted Amount Remaining for Further Distribution/(Deficiency) 84,434.21 CALCULATIONS PERFORMANCE MEASURES Calculation of Delinquency Ratio (Current Period) Delinquency Amount Receivables more than 30 days delinquent 1,819,000.00 Purchased receivables more than 30 days delinquent 0.00 --------------- Total 1,819,000.00 Aggregate Gross Principal Balance as of the close of 32,597,009.79 business on the last day of the Collection Period. DELINQUENCY RATIO 5.58% Calculation of Average Delinquency Ratio Delinquency Ratio for most recent Determination Date 5.58% Delinquency Ratio for second preceding Determination Date 5.84% Delinquency Ratio for third preceding Determination Date 5.51% --------------- Average Delinquency Ratio 5.64% CALCULATION OF CUMULATIVE DEFAULT RATIO Default Amount Principal Balance of Previously Defaulted Receivables 15,640,745.04 Current Period Defaulted Receivables 232,654.21 --------------- Total 15,873,399.25 Cumulative Defaulted Receivables 15,873,399.25 Original Pool Balance 88,900,750.37 Cumulative Default Ratio 17.86% CALCULATION OF CUMULATIVE NET LOSS RATIO Calculation of Net Liquidation Losses Principal Balance plus accrued and unpaid interest of Liquidated Receivables 361,141.81 Cram Down Losses 0.00 Net Liquidation Proceeds (193,175.71) --------------- Net Liquidation Losses 167,966.10 Cumulative Previous Net Losses 11,623,452.53 --------------- Cumulative Net Losses 11,791,418.63 Original Pool Balance 88,900,750.37 Cumulative Net Loss Ratio 13.26% ADDITIONAL POOL INFORMATION: Weighted Average Original Term 54.67 Weighted Average Remaining Term 27.78 Weighted Average Annual Percentage Rate 20.32% SPREAD ACCOUNT Spread Account Cap 10% of Outstanding Certificate Balance 2,926,574.34 15% of Outstanding Certificate Balance 4,389,861.52 Is a Portfolio Performance Test violation continuing? (Y/N) Y Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED --------------- Cap Amount 27,802,456.29 Spread Account Floor 3% of the Initial Certificate Balance 2,667,022.51 Outstanding Certificate Balance 29,265,743.44 Minimum Floor 100,000.00 --------------- Floor Amount 2,667,022.51 Required Spread Account Amount 27,802,456.29 Beginning of Period Spread Account Balance 5,278,048.94 Spread Account Deposit (Withdrawal) from Current Distributions 84,434.21 Transfer (to) from Cross-Collateralized Spread Accounts 0.00 Required addition to/(eligible withdrawal from) Spread Account 22,439,973.14 Earnings on Spread Account Balance 24,984.61 Amount of Spread Account deposit (withdrawal) 0.00 Amount of Withdrawal Allocated to B Piece Shortfalls 0.00 Net Spread Account Withdrawal to Seller 0.00 Ending Spread Account Balance 5,378,467.76 MONTHLY CERTIFICATEHOLDER STATEMENT CPS AUTO GRANTOR TRUST 1996-2 6.70% ASSET-BACKED CERTIFICATES Distribution Date 11/16/98 Collection Period 10/98 Under the Pooling and Servicing Agreement dated as of September 19, 1996 (the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee and as Collateral Agent, the Servicer is required to prepare certain information each month regarding current distributions to Certificateholders and the performance of the Trust during the previous month. The information which is required to be prepared with respect to the Distribution Date and Collection Period listed above is set forth below. Certain of the information is presented on the basis of an original principal amount of $1,000 per Certificate, and certain other information is presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution: 1 Certificates. (a) The aggregate amount of the distribution to Class A Certificateholders on the Distribution Date set forth above $2,052,952.60 (b) The amount of the distribution set forth in paragraph A.1. (a) above in respect of interest $204,352.79 (c) The amount of the distribution set forth in in paragraph A.1. (a) above in respect of principal $1,848,599.81 (d) The amount of the distribution set forth in paragraph A.1. (a) above, per $1,000 interest $23.46 (e) The amount of the distribution set forth in paragraph A.1. (b) above, per $1,000 interest $2.33 (f) The amount of the distribution set forth in paragraph A.1. (c) above, per $1,000 interest $21.12 (g) The aggregate amount of the distribution to Class B Certificateholders on the Distribution Date set forth above $21,939.08 (h) The amount of the distribution set forth in paragraph A.1. (g) above in respect of interest $21,939.08 (i) The amount of the distribution set forth in in paragraph A.1. (g) above in respect of principal $0.00 (j) Scheduled Payments due in such Collection Period $1,575,542.64 (k) Scheduled Payments collected in such Collection Period $1,362,457.39 B. Information Regarding the Performance of the Trust. 1 Pool Balance and Certificate Balances. (a) The aggregate Principal Balance of the Receivables as of the close of business on the last day of the preceding Collection Period $38,526,842.28 (b) The aggregate balance of the Certificates as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A.1.(c) above $37,081,714.29 (c) The Pool factor as of the close of business on the last day set forth above 0.9624904 2 Servicing Fee and Purchased Receivables. (a) The aggregate amount of the Servicing Fee (exclusive of the Standby Fee paid to the Standby Servicer) paid to the Servicer with respect to the Collection Period set forth above $78,428.15 (b) The aggregate amount of the Standby Fee paid to the Standby Servicer with respect to the Collection Period set forth above. $2,568.48 (c) The amount of the payment set forth in paragraph B.2. (a) above per $1,000 interest $0.90 (d) The amount of the payment set forth in paragraph B.2. (b) above per $1,000 interest $0.03 (e) The amount of any unpaid Servicing Fee $0.00 (f) The change in the amount of any unpaid Servicing Fee from the prior Distribution Date $0.00 The number and aggregate Purchase Amount of Receivables that became Purchased Receivables during the related Collection Period Number 0 Aggregate Purchase Amount $0.00 3 Payment Shortfalls. (a) The amount of the Interest Carryover shortfall after giving effect to the payments set forth in paragraph A.1. (b) above $0.00 (b) The amount of the Principal Carryover Shortfall after giving effect to the payment set forth in paragraph A.1. (c) above $0.00 4 Payahead Account. (a) The aggregate Payahead Balance on the prior Distribution Date $26,385.54 (b) Distributions (to) from Collection Account ($5,695.54) for Payaheads (c) Interest earned on Payahead Balances $109.58 (d) Ending Payahead Account Balance $20,799.58 5 Spread Account. (a) The Specified Spread Account Balance with respect to such Distribution Date and the Spread Account Balance on the Distribution Date set forth above, after giving effect to distributions made on such Distribution Date Specified Spread Account Balance $34,751,900.33 Spread Account Balance $4,718,198.55 (b) The change in the spread account on the Distribution Date set forth above ($30,160.62) 6 Policy. (a) The amount paid to the Certificateholders under the Policy for such Distribution Date $0.00 (b) The amount distributable to the Certificate Insurer on such Distribution Date $10,135.97 7 Losses and Delinquencies. (a) The aggregate amount of Realized Losses on the Distribution Date set forth above $384,393.48 (b) The change in the aggregate amount of Realized Losses from the prior Distribution Date $0.00 (c) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent between 31 and 59 days Number 148 Aggregate Gross Amount $1,524,000.00 (d) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent 60 days or more Number 122 Aggregate Gross Amount $1,341,000.00 8 Performance Triggers. (a) Delinquency Ratio 6.91% (b) Average Delinquency Ratio 6.53% (c) Cumulative Default Ratio 16.89% (d) Cumulative Net Loss Ratio 12.43% (e) Is a Portfolio Performance Test violation continuing? Yes (f) Has an Insurance Agreement Event of Default occurred? No(a)
CPS AUTO GRANTOR TRUST 1996-2 STATEMENT TO CERTIFICATEHOLDERS IS THERE A DEFICIENCY CLAIM AMOUNT? NO DEFICIENCY CLAIM AMOUNT 0.00 INPUTS GROSS COLLECTION PROCEEDS: 2,134,808.57 LOCK BOX NSF ITEMS: (33,365.49) TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: 5,695.54 COLLECTION ACCOUNT INTEREST 7,746.50 PAYAHEAD ACCOUNT INTEREST 109.58 TOTAL COLLECTION PROCEEDS: 2,114,994.70 FOR DISTRIBUTION DATE: 11/16/98 FOR DETERMINATION DATE: 11/6/98 FOR COLLECTION PERIOD: 10/98 COLLATERAL ACTIVITY INFORMATION PRINCIPAL Beginning Principal Balance 38,526,842.28 Principal portion of payments collected (non-prepayments) 885,065.96 Prepayments in full allocable to principal 455,299.00 Collections allocable to principal 1,340,364.96 Partial prepayments relating to various contracts or policies 0.00 Liquidation Proceeds allocable to principal 221,136.10 Purchase Amounts allocable to principal 0.00 --------------- Total Principal 1,561,501.06 Realized Losses 384,393.48 Cram Down Losses 0.00 Ending Principal Balance 36,580,947.74 INTEREST Collections allocable to interest 477,391.43 Liquidation Proceeds allocable to interest 0.00 Purchase Amounts allocable to interest 0.00 Recoveries from Liquidated Receivables from prior periods 76,102.21 --------------- Total Interest 553,493.64 CERTIFICATE INFORMATION Beginning of Period Class A Principal Balance 36,600,500.14 Beginning of Period Class B Principal Balance 2,329,813.96 MISCELLANEOUS BALANCES Beginning of Period Spread Account Balance 4,748,359.17 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 14,216.75 Aggregate Payahead Balance 20,690.00 Aggregate Payahead Balance for preceding Distribution Date 26,385.54 Interest Earned on Payahead Balances 109.58 Scheduled Payments due in Collection Period 1,575,542.64 Scheduled Payments collected in Collection Period 1,362,457.39 Aggregate Amount of Realized Losses for preceding Distribution Date 384,393.48 MISCELLANEOUS CURRENT EXPENSES Trustee's out-of-pocket expenses 638.29 Collateral Agent's expenses 0.00 Transition Expenses to Standby Servicer 0.00 Transition Expenses to successor Servicer 0.00 Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00 MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 DELINQUENCY INFORMATION Aggregate Gross Amount # of Receivables of Receivables 31 - 59 days delinquent 148 1,524,000.00 60+ days delinquent 122 1,341,000.00 PURCHASED RECEIVABLES Aggregate Purchase Amt # of Receivables of Receivables 0 0.00 INFORMATION FOR PORTFOLIO PERFORMANCE TESTS Principal Balance of all Receivables delinquent more than 30 days as of the close 2,865,000.00 of business on the last day of the related Collection Period. Principal Balance of all Receivables that became Purchased Receivables as of 0.00 the close of business on the last day of the related Collection Period and that were delinquent 30 days or more. Principal Balance of all Receivables that became Defaulted Receivables 294,983.42 during the related Collection Period. Delinquency Ratio for second preceding Determination Date 6.73% Delinquency Ratio for third preceding Determination Date 5.96% Cumulative Defaults for preceding Determination Date 15,268,056.42 Cumulative Net Losses for preceding Determination Date 11,147,525.02 Is a Portfolio Performance Test violation continuing? (Y/N) Y Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) CALCULATIONS TOTAL DISTRIBUTION AMOUNT All collections on receivables (incl. amts from payahead, excl. amounts deposited into payahead) 1,817,756.39 Liquidation Proceeds 221,136.10 Recoveries 76,102.21 Purchase Amounts 0.00 Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00 Investment earnings from Collection Account 0.00 Investment earnings from Payahead Account 0.00 --------------- TOTAL DISTRIBUTION AMOUNT 2,114,994.70 DISTRIBUTABLE AMOUNT Principal Distributable Amount Principal portion of payments collected (non-prepayments) 885,065.96 Prepayments in full allocable to principal 455,299.00 Principal Balance of Liquidated Receivables 605,529.58 Purchase Amounts allocable to principal 0.00 Cram Down Losses 0.00 --------------- Principal Distributable Amount 1,945,894.54 Class A Principal Distributable Amount Principal Distributable Amount 1,945,894.54 Times Class A Percentage (95%) 95% --------------- 1,848,599.81 Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00 --------------- Class A Principal Distributable Amount 1,848,599.81 Class A Interest Distributable Amount Beginning of Period Principal Balance of the Certificates 36,600,500.14 Multiplied by Certificate Pass-Through Rate 6.70% Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333 --------------- Class A Interest Distributable Amount 204,352.79 Class B Principal Distributable Amount Principal Distributable Amount 1,945,894.54 Times Class B Percentage (5%) 5% --------------- Class B Principal Distributable Amount 97,294.73 Class B Coupon Interest Amount Beginning of Period Principal Balance of the Certificates 2,329,813.96 Multiplied by Certificate Pass-Through Rate 11.30% Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333 --------------- Class B Coupon Interest Amount 21,939.08 Class B Excess Interest Amount Total Distribution Amount 2,114,994.70 minus Class A Principal and Interest Distributable Amount 2,052,952.60 Class A Interest Carryover Shortfall 0.00 Class A Principal Carryover Shortfall 0.00 Class B Coupon Interest 21,939.08 Class B Interest Carryover Shortfall 0.00 Class B Principal Distributable Amount 97,294.73 Class B Principal Carryover Shortfall 403,471.85 Trustee distributions 1,119.88 Standby Servicer distributions 2,568.46 Servicer distributions 78,428.15 Collateral Agent distributions 486.63 Reimbursement Obligations 10,135.97 --------------- 0.00 CARRYOVER SHORTFALLS FROM PRIOR PERIODS Class B Principal Carryover Shortfall from previous period 403,471.85 --------------- 403,471.85 Class B Interest Carryover Shortfall from previous period 0.00 Interest on Class B Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class B Interest Shortfall 0.00 Interest Earned 0.00 --------------- 0.00 Class A Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class A Interest Carryover Shortfall from previous period 0.00 Interest on Class A Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class A Interest Shortfall 0.00 Interest Earned 0.00 --------------- 0.00
CALCULATIONS DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT): Use --- (i) Standby Fee 2,568.46 Servicing Fee (2.0%) 64,211.40 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 14,216.75 Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 (ii) Transition Expenses to Standby Servicer 0.00 (iii) Trustee Fee 481.59 Trustee's out-of-pocket expenses 638.29 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 (iv) Collateral Agent Fee 486.63 Collateral Agent Expenses 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 (v)(A) Class A Interest Distributable Amount - Current Month 204,352.79 Prior Month(s) Class A Carryover Shortfall 0.00 Class A Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A Interest Carryover Shortfall 0.00 Class A Interest Distributable Amount 204,352.79 (viii)(A) Class B Coupon Interest - Unadjusted 21,939.08 Class B Interest Carryover Shortfall - Previous Month(s) 0.00 Interest on B Interest Shortfall - Previous Month(s) 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class B Interest Shortfall 0.00 Adjusted Class B Interest Distributable Amount 21,939.08 (v)(B) Class A Principal Distributable Amount - Current Month 1,848,599.81 Class A Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Class A Principal Shortfall (42,500.10) Withdrawal from Spread Account to Cover Shortfall 42,500.10 Class A Principal Distribution Amount 1,848,599.81 (vi) Certificate Insurer Premium 10,135.97 Certificate Insurer Premium Supplement 0.00 Other Reimbursement Obligations to Certificate Insurer 0.00 (vii) Transition Expenses to successor Servicer 0.00 (B) Class B Principal Distributable Amount - Current Month Unadjusted 97,294.73 Class B Principal Carryover Shortfall - Previous Month(s) 403,471.85 Current Month Class B Principal Shortfall (500,766.57) Adjusted Class B Principal Distributable Amount 0.00 (C) Excess Interest Amount for Deposit in Spread Account (52,636.07) IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above. CONSUMER PORTFOLIO SERVICES, INC. By: /s/ James L. Stock ---------------------------------------------------- Name: James L. Stock ---------------------------------------------------- Title: Vice President ---------------------------------------------------- (a) Requisite levels for spread accounts reflect insurance defaults on pools 1995-4, 1996-1, FASCO 1996-1, and 1997-1.
CERTIFICATE BALANCE Class A Beginning of Period Principal Balance 36,600,500.14 Class A Principal Distributions 1,848,599.81 Class A End of Period Principal Balance 34,751,900.33 Class B Beginning of Period Principal Balance 2,329,813.96 Class B Principal Distributable Amount 0.00 Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,329,813.96 Withdrawal from Spread Account to Cover B Shortfalls 0.00 Class B End of Period Principal Balance AFTER Spread Account Distributions 2,329,813.96 CLASS A DEFICIENCY - INTEREST (i) Total Distribution Amount Available 2,114,994.70 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 286,955.91 (iii)Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 1,828,038.79 CLASS B DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 1,828,038.79 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 21,939.08 (iii)Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO Amount Remaining for Further Distribution/(Deficiency) 1,806,099.71 CLASS A DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 1,806,099.71 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 1,848,599.81 (iii)Prior month(s) carryover shortfalls 0.00 Withdrawal from Spread Account to Cover Shortfall 42,500.10 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 0.00 OTHER DISTRIBUTIONS (i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 0.00 (vi) Certificate Insurer Premium 10,135.97 (v) Certificate Insurer Premium Supplement 0.00 Deficiency Amount (10,135.97) Withdrawal from Spread Account to Cover Deficiency 10,135.97 If (i) is less than (ii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 0.00 CLASS B DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 0.00 (ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 97,294.73 (iii)Prior month(s) carryover shortfalls 403,471.85 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES Unadjusted Amount Remaining for Further Distribution/(Deficiency) (500,766.57) Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00 Adjusted Amount Remaining for Further Distribution/(Deficiency) (500,766.57) CALCULATIONS PERFORMANCE MEASURES Calculation of Delinquency Ratio (Current Period) Delinquency Amount Receivables more than 30 days delinquent 2,865,000.00 Purchased receivables more than 30 days delinquent 0.00 --------------- Total 2,865,000.00 Aggregate Gross Principal Balance as of the close of 41,466,553.93 business on the last day of the Collection Period. DELINQUENCY RATIO 6.91% Calculation of Average Delinquency Ratio Delinquency Ratio for most recent Determination Date 6.91% Delinquency Ratio for second preceding Determination Date 6.73% Delinquency Ratio for third preceding Determination Date 5.96% --------------- Average Delinquency Ratio 6.53% CALCULATION OF CUMULATIVE DEFAULT RATIO Default Amount Principal Balance of Previously Defaulted Receivables 15,268,056.42 Current Period Defaulted Receivables 294,983.42 --------------- Total 15,563,039.84 Cumulative Defaulted Receivables 15,563,039.84 Original Pool Balance 92,129,299.54 Cumulative Default Ratio 16.89% CALCULATION OF CUMULATIVE NET LOSS RATIO Calculation of Net Liquidation Losses Principal Balance plus accrued and unpaid interest of Liquidated Receivables 605,529.58 Cram Down Losses 0.00 Net Liquidation Proceeds (297,238.31) --------------- Net Liquidation Losses 308,291.27 Cumulative Previous Net Losses 11,147,525.02 --------------- Cumulative Net Losses 11,455,816.29 Original Pool Balance 92,129,299.54 Cumulative Net Loss Ratio 12.43% ADDITIONAL POOL INFORMATION: Weighted Average Original Term 55.54 Weighted Average Remaining Term 31.48 Weighted Average Annual Percentage Rate 20.44% SPREAD ACCOUNT Spread Account Cap 10% of Outstanding Certificate Balance 3,708,171.43 15% of Outstanding Certificate Balance 5,562,257.14 Is a Portfolio Performance Test violation continuing? (Y/N) Y Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) --------------- Cap Amount 34,751,900.33 Spread Account Floor 3% of the Initial Certificate Balance 2,763,878.99 Outstanding Certificate Balance 37,081,714.29 Minimum Floor 100,000.00 --------------- Floor Amount 2,763,878.99 Required Spread Account Amount 34,751,900.33 Beginning of Period Spread Account Balance 4,748,359.17 Spread Account Deposit (Withdrawal) from Current Distributions (52,636.07) Transfer (to) from Cross-Collateralized Spread Accounts 0.00 Required addition to/(eligible withdrawal from) Spread Account 30,056,177.23 Earnings on Spread Account Balance 22,475.45 Amount of Spread Account deposit (withdrawal) 0.00 Amount of Withdrawal Allocated to B Piece Shortfalls 0.00 Net Spread Account Withdrawal to Seller 0.00 Ending Spread Account Balance 4,718,198.55 MONTHLY CERTIFICATEHOLDER STATEMENT CPS AUTO GRANTOR TRUST 1996-3 6.30% ASSET-BACKED CERTIFICATES Distribution Date 11/16/98 Collection Period 10/98 Under the Pooling and Servicing Agreement dated as of December 19, 1996 (the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee and as Collateral Agent, the Servicer is required to prepare certain information each month regarding current distributions to Certificateholders and the performance of the Trust during the previous month. The information which is required to be prepared with respect to the Distribution Date and Collection Period listed above is set forth below. Certain of the information is presented on the basis of an original principal amount of $1,000 per Certificate, and certain other information is presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution: 1 Certificates. (a) The aggregate amount of the distribution to Class A Certificateholders on the Distribution Date set forth above $2,238,982.90 (b) The amount of the distribution set forth in paragraph A.1. (a) above in respect of interest $229,712.15 (c) The amount of the distribution set forth in in paragraph A.1. (a) above in respect of principal $2,009,270.75 (d) The amount of the distribution set forth in paragraph A.1. (a) above, per $1,000 interest $25.38 (e) The amount of the distribution set forth in paragraph A.1. (b) above, per $1,000 interest $2.60 (f) The amount of the distribution set forth in paragraph A.1. (c) above, per $1,000 interest $22.78 (g) The aggregate amount of the distribution to Class B Certificateholders on the Distribution Date set forth above $23,261.70 (h) The amount of the distribution set forth in paragraph A.1. (g) above in respect of interest $23,261.70 (i) The amount of the distribution set forth in in paragraph A.1. (g) above in respect of principal $0.00 (j) Scheduled Payments due in such Collection Period $1,742,823.25 (k) Scheduled Payments collected in such Collection Period $1,517,124.12 B. Information Regarding the Performance of the Trust. 1 Pool Balance and Certificate Balances. (a) The aggregate Principal Balance of the Receivables as of the close of business on the last day of the preceding Collection Period $46,057,573.53 (b) The aggregate balance of the Certificates as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A.1.(c) above $44,495,575.90 (c) The Pool factor as of the close of business on the last day set forth above 0.9660860 2 Servicing Fee and Purchased Receivables. (a) The aggregate amount of the Servicing Fee (exclusive of the Standby Fee paid to the Standby Servicer) paid to the Servicer with respect to the Collection Period set forth above $92,472.61 (b) The aggregate amount of the Standby Fee paid to the Standby Servicer with respect to the Collection Period set forth above. $3,070.50 (c) The amount of the payment set forth in paragraph B.2. (a) above per $1,000 interest $1.05 (d) The amount of the payment set forth in paragraph B.2. (b) above per $1,000 interest $0.03 (e) The amount of any unpaid Servicing Fee $0.00 (f) The change in the amount of any unpaid Servicing Fee from the prior Distribution Date $0.00 The number and aggregate Purchase Amount of Receivables that became Purchased Receivables during the related Collection Period Number 0 Aggregate Purchase Amount $0.00 3 Payment Shortfalls. (a) The amount of the Interest Carryover shortfall after giving effect to the payments set forth in paragraph A.1. (b) above $0.00 (b) The amount of the Principal Carryover Shortfall after giving effect to the payment set forth in paragraph A.1. (c) above $0.00 4 Payahead Account. (a) The aggregate Payahead Balance on the prior Distribution Date $21,680.54 (b) Distributions (to) from Collection Account ($4,165.35) for Payaheads (c) Interest earned on Payahead Balances $90.69 (d) Ending Payahead Account Balance $17,605.88 5 Spread Account. (a) The Specified Spread Account Balance with respect to such Distribution Date and the Spread Account Balance on the Distribution Date set forth above, after giving effect to distributions made on such Distribution Date Specified Spread Account Balance $12,523,627.22 Spread Account Balance $5,966,175.31 (b) The change in the spread account on the Distribution Date set forth above ($63,095.76) 6 Policy. (a) The amount paid to the Certificateholders under the Policy for such Distribution Date $0.00 (b) The amount distributable to the Certificate Insurer on such Distribution Date $12,175.75 7 Losses and Delinquencies. (a) The aggregate amount of Realized Losses on the Distribution Date set forth above $556,317.16 (b) The change in the aggregate amount of Realized Losses from the prior Distribution Date $0.00 (c) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent between 31 and 59 days Number 148 Aggregate Gross Amount $1,709,000.00 (d) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent 60 days or more Number 148 Aggregate Gross Amount $1,588,000.00 8 Performance Triggers. (a) Delinquency Ratio 6.56% (b) Average Delinquency Ratio 6.39% (c) Cumulative Default Ratio 14.83% (d) Cumulative Net Loss Ratio 11.59% (e) Is a Portfolio Performance Test violation continuing? Yes (f) Has an Insurance Agreement Event of Default occurred? No(a)
CPS AUTO GRANTOR TRUST 1996-3 STATEMENT TO CERTIFICATEHOLDERS IS THERE A DEFICIENCY CLAIM AMOUNT? NO DEFICIENCY CLAIM AMOUNT 0.00 INPUTS GROSS COLLECTION PROCEEDS: 2,309,986.02 LOCK BOX NSF ITEMS: (42,466.96) TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: 4,165.35 COLLECTION ACCOUNT INTEREST 8,420.95 PAYAHEAD ACCOUNT INTEREST 90.69 TOTAL COLLECTION PROCEEDS: 2,280,196.05 FOR DISTRIBUTION DATE: 11/16/98 FOR DETERMINATION DATE: 11/6/98 FOR COLLECTION PERIOD: 10/98 COLLATERAL ACTIVITY INFORMATION PRINCIPAL Beginning Principal Balance 46,057,573.53 Principal portion of payments collected (non-prepayments) 890,209.74 Prepayments in full allocable to principal 431,749.00 Collections allocable to principal 1,321,958.74 Partial prepayments relating to various contracts or policies 0.00 Liquidation Proceeds allocable to principal 236,745.94 Purchase Amounts allocable to principal 0.00 --------------- Total Principal 1,558,704.68 Realized Losses 556,317.16 Cram Down Losses 0.00 Ending Principal Balance 43,942,551.69 INTEREST Collections allocable to interest 626,914.38 Liquidation Proceeds allocable to interest 0.00 Purchase Amounts allocable to interest 0.00 Recoveries from Liquidated Receivables from prior periods 94,576.99 --------------- Total Interest 721,491.37 CERTIFICATE INFORMATION Beginning of Period Class A Principal Balance 43,754,694.82 Beginning of Period Class B Principal Balance 2,750,151.83 MISCELLANEOUS BALANCES Beginning of Period Spread Account Balance 6,029,271.07 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 15,709.99 Aggregate Payahead Balance 17,515.19 Aggregate Payahead Balance for preceding Distribution Date 21,680.54 Interest Earned on Payahead Balances 90.69 Scheduled Payments due in Collection Period 1,742,823.25 Scheduled Payments collected in Collection Period 1,517,124.12 Aggregate Amount of Realized Losses for preceding Distribution Date 556,317.16 MISCELLANEOUS CURRENT EXPENSES Trustee's out-of-pocket expenses 715.84 Collateral Agent's expenses 0.00 Transition Expenses to Standby Servicer 0.00 Transition Expenses to successor Servicer 0.00 Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00 MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 DELINQUENCY INFORMATION Aggregate Gross Amount # of Receivables of Receivables 31 - 59 days delinquent 148 1,709,000.00 60+ days delinquent 147 1,588,000.00 PURCHASED RECEIVABLES Aggregate Purchase Amt # of Receivables of Receivables 0 0.00 INFORMATION FOR PORTFOLIO PERFORMANCE TESTS Principal Balance of all Receivables delinquent more than 30 days as of the close 3,297,000.00 of business on the last day of the related Collection Period. Principal Balance of all Receivables that became Purchased Receivables as of 0.00 the close of business on the last day of the related Collection Period and that were delinquent 30 days or more. Principal Balance of all Receivables that became Defaulted Receivables 365,290.43 during the related Collection Period. Delinquency Ratio for second preceding Determination Date 6.55% Delinquency Ratio for third preceding Determination Date 6.08% Cumulative Defaults for preceding Determination Date 13,409,254.39 Cumulative Net Losses for preceding Determination Date 10,302,544.24 Is a Portfolio Performance Test violation continuing? (Y/N) Y Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) CALCULATIONS TOTAL DISTRIBUTION AMOUNT All collections on receivables (incl. amts from payahead, excl. amounts deposited into payahead) 1,948,873.12 Liquidation Proceeds 236,745.94 Recoveries 94,576.99 Purchase Amounts 0.00 Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00 Investment earnings from Collection Account 0.00 Investment earnings from Payahead Account 0.00 --------------- TOTAL DISTRIBUTION AMOUNT 2,280,196.05 DISTRIBUTABLE AMOUNT Principal Distributable Amount Principal portion of payments collected (non-prepayments) 890,209.74 Prepayments in full allocable to principal 431,749.00 Principal Balance of Liquidated Receivables 793,063.10 Purchase Amounts allocable to principal 0.00 Cram Down Losses 0.00 --------------- Principal Distributable Amount 2,115,021.84 Class A Principal Distributable Amount Principal Distributable Amount 2,115,021.84 Times Class A Percentage (95%) 95% --------------- 2,009,270.75 Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00 --------------- Class A Principal Distributable Amount 2,009,270.75 Class A Interest Distributable Amount Beginning of Period Principal Balance of the Certificates 43,754,694.82 Multiplied by Certificate Pass-Through Rate 6.30% Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333 --------------- Class A Interest Distributable Amount 229,712.15 Class B Principal Distributable Amount Principal Distributable Amount 2,115,021.84 Times Class B Percentage (5%) 5% --------------- Class B Principal Distributable Amount 105,751.09 Class B Coupon Interest Amount Beginning of Period Principal Balance of the Certificates 2,750,151.83 Multiplied by Certificate Pass-Through Rate 10.15% Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333 --------------- Class B Coupon Interest Amount 23,261.70 Class B Excess Interest Amount Total Distribution Amount 2,280,196.05 minus Class A Principal and Interest Distributable Amount 2,238,982.90 Class A Interest Carryover Shortfall 0.00 Class A Principal Carryover Shortfall 0.00 Class B Coupon Interest 23,261.70 Class B Interest Carryover Shortfall 0.00 Class B Principal Distributable Amount 105,751.09 Class B Principal Carryover Shortfall 447,273.14 Trustee distributions 1,291.56 Standby Servicer distributions 3,070.50 Servicer distributions 92,472.61 Collateral Agent distributions 581.31 Reimbursement Obligations 12,175.75 --------------- 0.00 CARRYOVER SHORTFALLS FROM PRIOR PERIODS Class B Principal Carryover Shortfall from previous period 447,273.14 --------------- 447,273.14 Class B Interest Carryover Shortfall from previous period 0.00 Interest on Class B Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class B Interest Shortfall 0.00 Interest Earned 0.00 --------------- 0.00 Class A Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class A Interest Carryover Shortfall from previous period 0.00 Interest on Class A Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class A Interest Shortfall 0.00 Interest Earned 0.00 --------------- 0.00
CALCULATIONS DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT): Use --- (i) Standby Fee 3,070.50 Servicing Fee (2.0%) 76,762.62 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 15,709.99 Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 (ii) Transition Expenses to Standby Servicer 0.00 (iii) Trustee Fee 575.72 Trustee's out-of-pocket expenses 715.84 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 (iv) Collateral Agent Fee 581.31 Collateral Agent Expenses 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 (v)(A) Class A Interest Distributable Amount - Current Month 229,712.15 Prior Month(s) Class A Carryover Shortfall 0.00 Class A Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A Interest Carryover Shortfall 0.00 Class A Interest Distributable Amount 229,712.15 (viii)(A) Class B Coupon Interest - Unadjusted 23,261.70 Class B Interest Carryover Shortfall - Previous Month(s) 0.00 Interest on B Interest Shortfall - Previous Month(s) 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class B Interest Shortfall 0.00 Adjusted Class B Interest Distributable Amount 23,261.70 (v)(B) Class A Principal Distributable Amount - Current Month 2,009,270.75 Class A Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Class A Principal Shortfall (79,464.53) Withdrawal from Spread Account to Cover Shortfall 79,464.53 Class A Principal Distribution Amount 2,009,270.75 (vi) Certificate Insurer Premium 12,175.75 Certificate Insurer Premium Supplement 0.00 Other Reimbursement Obligations to Certificate Insurer 0.00 (vii) Transition Expenses to successor Servicer 0.00 (B) Class B Principal Distributable Amount - Current Month Unadjusted 105,751.09 Class B Principal Carryover Shortfall - Previous Month(s) 447,273.14 Current Month Class B Principal Shortfall (553,024.23) Adjusted Class B Principal Distributable Amount 0.00 (C) Excess Interest Amount for Deposit in Spread Account (91,640.28) IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above. CONSUMER PORTFOLIO SERVICES, INC. By: /s/ James L. Stock ---------------------------------------------------- Name: James L. Stock ---------------------------------------------------- Title: Vice President ---------------------------------------------------- (a) Requisite levels for spread accounts reflect insurance defaults on pools 1995-4, 1996-1, FASCO 1996-1, and 1997-1.
CERTIFICATE BALANCE Class A Beginning of Period Principal Balance 43,754,694.82 Class A Principal Distributions 2,009,270.75 Class A End of Period Principal Balance 41,745,424.07 Class B Beginning of Period Principal Balance 2,750,151.83 Class B Principal Distributable Amount 0.00 Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,750,151.83 Withdrawal from Spread Account to Cover B Shortfalls 0.00 Class B End of Period Principal Balance AFTER Spread Account Distributions 2,750,151.83 CLASS A DEFICIENCY - INTEREST (i) Total Distribution Amount Available 2,280,196.05 (ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 327,128.13 (iii)Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 1,953,067.92 CLASS B DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,953,067.92 (ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 23,261.70 (iii)Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO Amount Remaining for Further Distribution/(Deficiency) 1,929,806.22 CLASS A DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,929,806.22 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 2,009,270.75 (iii)Prior month(s) carryover shortfalls 0.00 Withdrawal from Spread Account to Cover Shortfall 79,464.53 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 0.00 OTHER DISTRIBUTIONS (i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 0.00 (vi) Certificate Insurer Premium 12,175.75 (v) Certificate Insurer Premium Supplement 0.00 Deficiency Amount (12,175.75) Withdrawal from Spread Account to Cover Deficiency 12,175.75 If (i) is less than (ii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 0.00 CLASS B DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 0.00 (ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 105,751.09 (iii)Prior month(s) carryover shortfalls 447,273.14 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES Unadjusted Amount Remaining for Further Distribution/(Deficiency) (553,024.23) Withdrawal from Spread Account to B PieceCover Shortfalls 0.00 Adjusted Amount Remaining for Further Distribution/(Deficiency) (553,024.23) CALCULATIONS PERFORMANCE MEASURES Calculation of Delinquency Ratio (Current Period) Delinquency Amount Receivables more than 30 days delinquent 3,297,000.00 Purchased receivables more than 30 days delinquent 0.00 --------------- Total 3,297,000.00 Aggregate Gross Principal Balance as of the close of 50,273,478.78 business on the last day of the Collection Period. DELINQUENCY RATIO 6.56% Calculation of Average Delinquency Ratio Delinquency Ratio for most recent Determination Date 6.56% Delinquency Ratio for second preceding Determination Date 6.55% Delinquency Ratio for third preceding Determination Date 6.08% --------------- Average Delinquency Ratio 6.39% CALCULATION OF CUMULATIVE DEFAULT RATIO Default Amount Principal Balance of Previously Defaulted Receivables 13,409,254.39 Current Period Defaulted Receivables 365,290.43 --------------- Total 13,774,544.82 Cumulative Defaulted Receivables 13,774,544.82 Original Pool Balance 92,857,811.12 Cumulative Default Ratio 14.83% CALCULATION OF CUMULATIVE NET LOSS RATIO Calculation of Net Liquidation Losses Principal Balance plus accrued and unpaid interest of Liquidated Receivables 793,063.10 Cram Down Losses 0.00 Net Liquidation Proceeds (331,322.93) --------------- Net Liquidation Losses 461,740.17 Cumulative Previous Net Losses 10,302,544.24 --------------- Cumulative Net Losses 10,764,284.41 Original Pool Balance 92,857,811.12 Cumulative Net Loss Ratio 11.59% ADDITIONAL POOL INFORMATION: Weighted Average Original Term 56.03 Weighted Average Remaining Term 34.67 Weighted Average Annual Percentage Rate 20.48% SPREAD ACCOUNT Spread Account Cap 10% of Outstanding Certificate Balance 4,449,557.59 15% of Outstanding Certificate Balance 6,674,336.39 Is a Portfolio Performance Test violation continuing? (Y/N) Y Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) --------------- Cap Amount 12,523,627.22 Spread Account Floor 3% of the Initial Certificate Balance 2,785,734.33 Outstanding Certificate Balance 44,495,575.90 Minimum Floor 100,000.00 --------------- Floor Amount 2,785,734.33 Required Spread Account Amount 12,523,627.22 Beginning of Period Spread Account Balance 6,029,271.07 Spread Account Deposit (Withdrawal) from Current Distributions (91,640.28) Transfer (to) from Cross-Collateralized Spread Accounts 0.00 Required addition to/(eligible withdrawal from) Spread Account 6,585,996.43 Earnings on Spread Account Balance 28,544.52 Amount of Spread Account deposit (withdrawal) 0.00 Amount of Withdrawal Allocated to B Piece Shortfalls 0.00 Net Spread Account Withdrawal to Seller 0.00 Ending Spread Account Balance 5,966,175.31 MONTHLY CERTIFICATEHOLDER STATEMENT CPS AUTO GRANTOR TRUST 1997-1 6.55% ASSET-BACKED CERTIFICATES Distribution Date 11/16/98 Collection Period 10/98 Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee and as Collateral Agent, the Servicer is required to prepare certain information each month regarding current distributions to Certificateholders and the performance of the Trust during the previous month. The information which is required to be prepared with respect to the Distribution Date and Collection Period listed above is set forth below. Certain of the information is presented on the basis of an original principal amount of $1,000 per Certificate, and certain other information is presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution: 1 Certificates. (a) The aggregate amount of the distribution to Class A Certificateholders on the Distribution Date set forth above $2,772,486.42 (b) The amount of the distribution set forth in paragraph A.1. (a) above in respect of interest $296,108.21 (c) The amount of the distribution set forth in in paragraph A.1. (a) above in respect of principal $2,476,378.21 (d) The amount of the distribution set forth in paragraph A.1. (a) above, per $1,000 interest $28.52 (e) The amount of the distribution set forth in paragraph A.1. (b) above, per $1,000 interest $3.05 (f) The amount of the distribution set forth in paragraph A.1. (c) above, per $1,000 interest $25.47 (g) The aggregate amount of the distribution to Class B Certificateholders on the Distribution Date set forth above $32,257.42 (h) The amount of the distribution set forth in paragraph A.1. (g) above in respect of interest $32,257.42 (i) The amount of the distribution set forth in in paragraph A.1. (g) above in respect of principal $0.00 (j) Scheduled Payments due in such Collection Period $2,030,758.69 (k) Scheduled Payments collected in such Collection Period $1,826,568.82 B. Information Regarding the Performance of the Trust. 1 Pool Balance and Certificate Balances. (a) The aggregate Principal Balance of the Receivables as of the close of business on the last day of the preceding Collection Period $57,104,033.57 (b) The aggregate balance of the Certificates as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A.1.(c) above $55,092,256.55 (c) The Pool factor as of the close of business on the last day set forth above 0.9647700 2 Servicing Fee and Purchased Receivables. (a) The aggregate amount of the Servicing Fee (exclusive of the Standby Fee paid to the Standby Servicer) paid to the Servicer with respect to the Collection Period set forth above $113,727.55 (b) The aggregate amount of the Standby Fee paid to the Standby Servicer with respect to the Collection Period set forth above. $3,806.94 (c) The amount of the payment set forth in paragraph B.2. (a) above per $1,000 interest $1.17 (d) The amount of the payment set forth in paragraph B.2. (b) above per $1,000 interest $0.04 (e) The amount of any unpaid Servicing Fee $0.00 (f) The change in the amount of any unpaid Servicing Fee from the prior Distribution Date $0.00 The number and aggregate Purchase Amount of Receivables that became Purchased Receivables during the related Collection Period Number 0 Aggregate Purchase Amount $0.00 3 Payment Shortfalls. (a) The amount of the Interest Carryover shortfall after giving effect to the payments set forth in paragraph A.1. (b) above $0.00 (b) The amount of the Principal Carryover Shortfall after giving effect to the payment set forth in paragraph A.1. (c) above $0.00 4 Payahead Account. (a) The aggregate Payahead Balance on the prior Distribution Date $24,780.56 (b) Distributions (to) from Collection Account ($1,349.71) for Payaheads (c) Interest earned on Payahead Balances $312.23 (d) Ending Payahead Account Balance $23,743.08 5 Spread Account. (a) The Specified Spread Account Balance with respect to such Distribution Date and the Spread Account Balance on the Distribution Date set forth above, after giving effect to distributions made on such Distribution Date Specified Spread Account Balance $15,531,736.10 Spread Account Balance $7,025,153.53 (b) The change in the spread account on the Distribution Date set forth above ($105,358.25) 6 Policy (a) The amount paid to the Certificateholders under the Policy for such Distribution Date $0.00 (b) The amount distributable to the Certificate Insurer on such Distribution Date $15,100.30 7 Losses and Delinquencies. (a) The aggregate amount of Realized Losses on the Distribution Date set forth above $748,727.77 (b) The change in the aggregate amount of Realized Losses from the prior Distribution Date $0.00 (c) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent between 31 and 59 days Number 189 Aggregate Gross Amount $2,163,000.00 (d) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent 60 days or more Number 189 Aggregate Gross Amount $2,143,000.00 8 Performance Triggers. (a) Delinquency Ratio 6.90% (b) Average Delinquency Ratio 6.78% (c) Cumulative Default Ratio 14.67% (d) Cumulative Net Loss Ratio 11.14% (e) Is a Portfolio Performance Test violation continuing? Yes (f) Has an Insurance Agreement Event of Default occurred? Yes
CPS AUTO GRANTOR TRUST 1997-1 STATEMENT TO CERTIFICATEHOLDERS IS THERE A DEFICIENCY CLAIM AMOUNT? NO DEFICIENCY CLAIM AMOUNT 0.00 INPUTS Gross Collection Proceeds: 2,828,383.93 Lock Box NSF Items: (36,948.05) Transfers from (to) Payahead Account: 1,349.71 Collection Account Interest 10,612.13 Payahead Account Interest 312.23 Total Collection Proceeds: 2,803,709.95 For Distribution Date: 11/16/98 For Determination Date: 11/6/98 For Collection Period: 10/98 COLLATERAL ACTIVITY INFORMATION Principal Beginning Principal Balance 57,104,033.57 Principal portion of payments collected (non-prepayments) 995,660.59 Prepayments in full allocable to principal 565,289.00 Collections allocable to principal 1,560,949.59 Partial prepayments relating to various contracts or policies 0.00 Liquidation Proceeds allocable to principal 297,036.55 Purchase Amounts allocable to principal 0.00 --------------- Total Principal 1,857,986.14 Realized Losses 748,727.77 Cram Down Losses 0.00 Ending Principal Balance 54,497,319.66 INTEREST Collections allocable to interest 830,908.23 Liquidation Proceeds allocable to interest 0.00 Purchase Amounts allocable to interest 0.00 Recoveries from Liquidated Receivables from prior periods 114,815.58 --------------- Total Interest 945,723.81 CERTIFICATE INFORMATION Beginning of Period Class A Principal Balance 54,248,831.88 Beginning of Period Class B Principal Balance 3,319,802.88 MISCELLANEOUS BALANCES Beginning of Period Spread Account Balance 7,130,511.78 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 18,554.16 Aggregate Payahead Balance 23,430.85 Aggregate Payahead Balance for preceding Distribution Date 24,780.56 Interest Earned on Payahead Balances 312.23 Scheduled Payments due in Collection Period 2,030,758.69 Scheduled Payments collected in Collection Period 1,826,568.82 Aggregate Amount of Realized Losses for preceding Distribution Date 748,727.77 MISCELLANEOUS CURRENT EXPENSES Trustee's out-of-pocket expenses 4,016.11 Collateral Agent's expenses 0.00 Transition Expenses to Standby Servicer 0.00 Transition Expenses to successor Servicer 0.00 Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00 MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 DELINQUENCY INFORMATION Aggregate Gross Amount # of Receivables of Receivables 31 - 59 days delinquent 189 2,163,000.00 60+ days delinquent 185 2,143,000.00 PURCHASED RECEIVABLES Aggregate Purchase Amt # of Receivables of Receivables 0 0.00 INFORMATION FOR PORTFOLIO PERFORMANCE TESTS Principal Balance of all Receivables delinquent more than 30 days as of the close of business on the last day of the related Collection Period. 4,306,000.00 Principal Balance of all Receivables that became Purchased Receivables as of the close of business on the last day of the related Collection Period and that were delinquent 30 days or more. 0.00 Principal Balance of all Receivables that became Defaulted Receivables during the related Collection Period. 644,572.07 Delinquency Ratio for second preceding Determination Date 6.82% Delinquency Ratio for third preceding Determination Date 6.63% Cumulative Defaults for preceding Determination Date 14,371,535.53 Cumulative Net Losses for preceding Determination Date 10,763,009.08 Is a Portfolio Performance Test violation continuing? (Y/N) Y Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED CALCULATIONS TOTAL DISTRIBUTION AMOUNT All collections on receivables (incl. amts from payahead, excl. amounts deposited into payahead) 2,391,857.82 Liquidation Proceeds 297,036.55 Recoveries 114,815.58 Purchase Amounts 0.00 Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00 Investment earnings from Collection Account 0.00 Investment earnings from Payahead Account 0.00 --------------- Total Distribution Amount 2,803,709.95 DISTRIBUTABLE AMOUNT PRINCIPAL DISTRIBUTABLE AMOUNT Principal portion of payments collected (non-prepayments) 995,660.59 Prepayments in full allocable to principal 565,289.00 Principal Balance of Liquidated Receivables 1,045,764.32 Purchase Amounts allocable to principal 0.00 Cram Down Losses 0.00 --------------- Principal Distributable Amount 2,606,713.91 CLASS A PRINCIPAL DISTRIBUTABLE AMOUNT Principal Distributable Amount 2,606,713.91 Times Class A Percentage (95%) 95% --------------- 2,476,378.21 Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00 --------------- Class A Principal Distributable Amount 2,476,378.21 CLASS A INTEREST DISTRIBUTABLE AMOUNT Beginning of Period Principal Balance of the Certificates 54,248,831.88 Multiplied by Certificate Pass-Through Rate 6.55% Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333 --------------- Class A Interest Distributable Amount 296,108.21 CLASS B PRINCIPAL DISTRIBUTABLE AMOUNT Principal Distributable Amount 2,606,713.91 Times Class B Percentage (5%) 5% --------------- Class B Principal Distributable Amount 130,335.70 CLASS B COUPON INTEREST AMOUNT Beginning of Period Principal Balance of the Certificates 3,319,802.88 Multiplied by Certificate Pass-Through Rate 11.66% Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333 --------------- Class B Coupon Interest Amount 32,257.42 CLASS B EXCESS INTEREST AMOUNT Total Distribution Amount 2,803,709.95 minus Class A Principal and Interest Distributable Amount 2,772,486.42 Class A Interest Carryover Shortfall 0.00 Class A Principal Carryover Shortfall 0.00 Class B Coupon Interest 32,257.42 Class B Interest Carryover Shortfall 0.00 Class B Principal Distributable Amount 130,335.70 Class B Principal Carryover Shortfall 464,601.20 Trustee distributions 4,729.91 Standby Servicer distributions 3,806.94 Servicer distributions 113,727.55 Collateral Agent distributions 719.61 Reimbursement Obligations 15,100.30 --------------- 0.00 Carryover Shortfalls from Prior Periods Class B Principal Carryover Shortfall from previous period 464,601.20 --------------- 464,601.20 Class B Interest Carryover Shortfall from previous period 0.00 Interest on Class B Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class B Interest Shortfall 0.00 Interest Earned 0.00 ---------------- 0.00 Class A Principal Carryover Shortfall from previous period 0.00 ---------------- 0.00 Class A Interest Carryover Shortfall from previous period 0.00 Interest on Class A Interest Carryover Shortfall 0.00 ---------------- 0.00 Interest Carryover on Class A Interest Shortfall 0.00 Interest Earned 0.00 ---------------- 0.00
CALCULATIONS DISTRIBUTIONS (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement): Use --- (i) Standby Fee 3,806.94 Servicing Fee (2.0%) 95,173.39 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 18,554.16 Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 (ii) Transition Expenses to Standby Servicer 0.00 (iii) Trustee Fee 713.80 Trustee's out-of-pocket expenses 4,016.11 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 (iv) Collateral Agent Fee 719.61 Collateral Agent Expenses 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 (v)(A) Class A Interest Distributable Amount - Current Month 296,108.21 Prior Month(s) Class A Carryover Shortfall 0.00 Class A Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A Interest Carryover Shortfall 0.00 Class A Interest Distributable Amount 296,108.21 (viii)(A) Class B Coupon Interest - Unadjusted 32,257.42 Class B Interest Carryover Shortfall - Previous Month(s) 0.00 Interest on B Interest Shortfall - Previous Month(s) 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class B Interest Shortfall 0.00 Adjusted Class B Interest Distributable Amount 32,257.42 (v)(B) Class A Principal Distributable Amount - Current Month 2,476,378.21 Class A Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Class A Principal Shortfall (124,017.90) Withdrawal from Spread Account to Cover Shortfall 124,017.90 Class A Principal Distribution Amount 2,476,378.21 (vi) Certificate Insurer Premium 15,100.30 Certificate Insurer Premium Supplement 0.00 Other Reimbursement Obligations to Certificate Insurer 0.00 (vii) Transition Expenses to successor Servicer 0.00 (B) Class B Principal Distributable Amount - Current Month Unadjusted 130,335.70 Class B Principal Carryover Shortfall - Previous Month(s) 464,601.20 Current Month Class B Principal Shortfall (594,936.89) Adjusted Class B Principal Distributable Amount 0.00 (C) Excess Interest Amount for Deposit in Spread Account (139,118.20) IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above. CONSUMER PORTFOLIO SERVICES, INC. By: /s/ James L. Stock ---------------------------------------------------- Name: James L. Stock ---------------------------------------------------- Title: Vice President ----------------------------------------------------
CERTIFICATE BALANCE Class A Beginning of Period Principal Balance 54,248,831.88 Class A Principal Distributions 2,476,378.21 Class A End of Period Principal Balance 51,772,453.67 Class B Beginning of Period Principal Balance 3,319,802.88 Class B Principal Distributable Amount 0.00 Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,319,802.88 Withdrawal from Spread Account to Cover B Shortfalls 0.00 Class B End of Period Principal Balance AFTER Spread Account Distributions 3,319,802.88 CLASS A DEFICIENCY - INTEREST (i) Total Distribution Amount Available 2,803,709.95 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 419,092.22 (iii)Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 2,384,617.73 CLASS B DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 2,384,617.73 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 32,257.42 (iii)Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO Amount Remaining for Further Distribution/(Deficiency) 2,352,360.31 CLASS A DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 2,352,360.31 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 2,476,378.21 (iii)Prior month(s) carryover shortfalls 0.00 Withdrawal from Spread Account to Cover Shortfall 124,017.90 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 0.00 OTHER DISTRIBUTIONS (i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 0.00 (vi) Certificate Insurer Premium 15,100.30 (v) Certificate Insurer Premium Supplement 0.00 Deficiency Amount (15,100.30) Withdrawal from Spread Account to Cover Deficiency 15,100.30 If (i) is less than (ii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 0.00 CLASS B DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 0.00 (ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 130,335.70 (iii)Prior month(s) carryover shortfalls 464,601.20 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES Unadjusted Amount Remaining for Further Distribution/(Deficiency) (594,936.89) Withdrawal from Spread Account to B PieceCover Shortfalls 0.00 Adjusted Amount Remaining for Further Distribution/(Deficiency) (594,936.89) CALCULATIONS PERFORMANCE MEASURES CALCULATION OF DELINQUENCY RATIO (CURRENT PERIOD) DELINQUENCY AMOUNT Receivables more than 30 days delinquent 4,306,000.00 Purchased receivables more than 30 days delinquent 0.00 --------------- Total 4,306,000.00 Aggregate Gross Principal Balance as of the close of 62,436,821.03 business on the last day of the Collection Period. DELINQUENCY RATIO 6.90% CALCULATION OF AVERAGE DELINQUENCY RATIO Delinquency Ratio for most recent Determination Date 6.90% Delinquency Ratio for second preceding Determination Date 6.82% Delinquency Ratio for third preceding Determination Date 6.63% --------------- AVERAGE DELINQUENCY RATIO 6.78% CALCULATION OF CUMULATIVE DEFAULT RATIO DEFAULT AMOUNT Principal Balance of Previously Defaulted Receivables 14,371,535.53 Current Period Defaulted Receivables 644,572.07 --------------- Total 15,016,107.60 Cumulative Defaulted Receivables 15,016,107.60 Original Pool Balance 102,327,009.71 CUMULATIVE DEFAULT RATIO 14.67% CALCULATION OF CUMULATIVE NET LOSS RATIO CALCULATION OF NET LIQUIDATION LOSSES Principal Balance plus accrued and unpaid interest of Liquidated Receivables 1,045,764.32 Cram Down Losses 0.00 Net Liquidation Proceeds (411,852.13) --------------- Net Liquidation Losses 633,912.19 Cumulative Previous Net Losses 10,763,009.08 --------------- Cumulative Net Losses 11,396,921.27 Original Pool Balance 102,327,009.71 CUMULATIVE NET LOSS RATIO 11.14% ADDITIONAL POOL INFORMATION: Weighted Average Original Term 56.35 Weighted Average Remaining Term 37.50 Weighted Average Annual Percentage Rate 20.51% SPREAD ACCOUNT SPREAD ACCOUNT CAP 10% of Outstanding Certificate Balance 5,509,225.65 15% of Outstanding Certificate Balance 8,263,838.48 Is a Portfolio Performance Test violation continuing? (Y/N) Y Has an Insurance Agreement Event of Default occurred? (Y/N) Y-WAIVED --------------- Cap Amount 15,531,736.10 SPREAD ACCOUNT FLOOR 3% of the Initial Certificate Balance 3,069,810.29 Outstanding Certificate Balance 55,092,256.55 Minimum Floor 100,000.00 --------------- FLOOR AMOUNT 3,069,810.29 Required Spread Account Amount 15,531,736.10 Beginning of Period Spread Account Balance 7,130,511.78 Spread Account Deposit (Withdrawal) from Current Distributions (139,118.20) Transfer (to) from Cross-Collateralized Spread Accounts 0.00 Required addition to/(eligible withdrawal from) Spread Account 8,540,342.52 Earnings on Spread Account Balance 33,759.95 Amount of Spread Account deposit (withdrawal) 0.00 Amount of Withdrawal Allocated to B Piece Shortfalls 0.00 Net Spread Account Withdrawal to Seller 0.00 Ending Spread Account Balance 7,025,153.53 MONTHLY CERTIFICATEHOLDER STATEMENT CPS AUTO GRANTOR TRUST 1997-2 6.65% ASSET-BACKED CERTIFICATES Distribution Date 11/16/98 Collection Period 10/98 Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee and as Collateral Agent, the Servicer is required to prepare certain information each month regarding current distributions to Certificateholders and the performance of the Trust during the previous month. The information which is required to be prepared with respect to the Distribution Date and Collection Period listed above is set forth below. Certain of the information is presented on the basis of an original principal amount of $1,000 per Certificate, and certain other information is presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution: 1 Certificates. (a) The aggregate amount of the distribution to Class A Certificateholders on the Distribution Date set forth above $3,305,432.76 (b) The amount of the distribution set forth in paragraph A.1. (a) above in respect of interest $394,975.31 (c) The amount of the distribution set forth in in paragraph A.1. (a) above in respect of principal $2,910,457.45 (d) The amount of the distribution set forth in paragraph A.1. (a) above, per $1,000 interest $29.15 (e) The amount of the distribution set forth in paragraph A.1. (b) above, per $1,000 interest $3.48 (f) The amount of the distribution set forth in paragraph A.1. (c) above, per $1,000 interest $25.67 (g) The aggregate amount of the distribution to Class B Certificateholders on the Distribution Date set forth above $40,580.99 (h) The amount of the distribution set forth in paragraph A.1. (g) above in respect of interest $40,580.99 (i) The amount of the distribution set forth in in paragraph A.1. (g) above in respect of principal $0.00 (j) Scheduled Payments due in such Collection Period $2,547,620.89 (k) Scheduled Payments collected in such Collection Period $2,326,246.20 B. Information Regarding the Performance of the Trust. 1 Pool Balance and Certificate Balances (a) The aggregate Principal Balance of the Receivables as of the close of business on the last day of the preceding Collection Period $75,024,990.48 (b) The aggregate balance of the Certificates as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A.1.(c) above $72,620,030.92 (c) The Pool factor as of the close of business on the last day set forth above 0.9679446 2 Servicing Fee and Purchased Receivables. (a) The aggregate amount of the Servicing Fee (exclusive of the Standby Fee paid to the Standby Servicer) paid to the Servicer with respect to the Collection Period set forth above $145,778.04 (b) The aggregate amount of the Standby Fee paid to the Standby Servicer with respect to the Collection Period set forth above. $5,001.67 (c) The amount of the payment set forth in paragraph B.2. (a) above per $1,000 interest $1.29 (d) The amount of the payment set forth in paragraph B.2. (b) above per $1,000 interest $0.04 (e) The amount of any unpaid Servicing Fee $0.00 (f) The change in the amount of any unpaid Servicing Fee from the prior Distribution Date $0.00 The number and aggregate Purchase Amount of Receivables that became Purchased Receivables during the related Collection Period Number 0 Aggregate Purchase Amount $0.00 3 Payment Shortfalls. (a) The amount of the Interest Carryover shortfall after giving effect to the payments set forth in paragraph A.1. (b) above $0.00 (b) The amount of the Principal Carryover Shortfall after giving effect to the payment set forth in paragraph A.1. (c) above $0.00 4 Payahead Account. (a) The aggregate Payahead Balance on the prior Distribution Date $28,413.59 (b) Distributions (to) from Collection Account ($6,332.60) for Payaheads (c) Interest earned on Payahead Balances $127.21 (d) Ending Payahead Account Balance $22,208.20 5 Spread Account. (a) The Specified Spread Account Balance with respect to such Distribution Date and the Spread Account Balance on the Distribution Date set forth above, after giving effect to distributions made on such Distribution Date Specified Spread Account Balance $10,893,004.64 Spread Account Balance $9,059,399.19 (b) The change in the spread account on the Distribution Date set forth above ($147,538.99) 6 Policy. (a) The amount paid to the Certificateholders under the Policy for such Distribution Date $0.00 (b) The amount distributable to the Certificate Insurer on such Distribution Date $19,939.29 7 Losses and Delinquencies. (a) The aggregate amount of Realized Losses on the Distribution Date set forth above $1,037,512.46 (b) The change in the aggregate amount of Realized Losses from the prior Distribution Date $0.00 (c) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent between 31 and 59 days Number 219 Aggregate Gross Amount $2,538,000.00 (d) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent 60 days or more Number 205 Aggregate Gross Amount $2,582,000.00 8 Performance Triggers. (a) Delinquency Ratio 6.26% (b) Average Delinquency Ratio 6.38% (c) Cumulative Default Ratio 11.87% (d) Cumulative Net Loss Ratio 8.96% (e) Is a Portfolio Performance Test violation continuing? Yes (f) Has an Insurance Agreement Event of Default occurred? No(a)
CPS AUTO GRANTOR TRUST 1997-2 STATEMENT TO CERTIFICATEHOLDERS IS THERE A DEFICIENCY CLAIM AMOUNT? NO DEFICIENCY CLAIM AMOUNT 0.00 INPUTS GROSS COLLECTION PROCEEDS: 3,363,416.04 LOCK BOX NSF ITEMS: (53,117.97) TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: 6,332.60 COLLECTION ACCOUNT INTEREST 11,637.70 PAYAHEAD ACCOUNT INTEREST 127.21 TOTAL COLLECTION PROCEEDS: 3,328,395.58 FOR DISTRIBUTION DATE: 11/16/98 FOR DETERMINATION DATE: 11/6/98 FOR COLLECTION PERIOD: 10/98 COLLATERAL ACTIVITY INFORMATION PRINCIPAL Beginning Principal Balance 75,024,990.48 Principal portion of payments collected (non-prepayments) 1,189,275.56 Prepayments in full allocable to principal 486,281.00 Collections allocable to principal 1,675,556.56 Partial prepayments relating to various contracts or policies 0.00 Liquidation Proceeds allocable to principal 350,570.40 Purchase Amounts allocable to principal 0.00 --------------- Total Principal 2,026,126.96 Realized Losses 1,037,512.46 Cram Down Losses 0.00 Ending Principal Balance 71,961,351.06 INTEREST Collections allocable to interest 1,136,970.64 Liquidation Proceeds allocable to interest 0.00 Purchase Amounts allocable to interest 0.00 Recoveries from Liquidated Receivables from prior periods 165,297.98 --------------- Total Interest 1,302,268.62 CERTIFICATE INFORMATION Beginning of Period Class A Principal Balance 71,273,740.97 Beginning of Period Class B Principal Balance 4,256,747.40 MISCELLANEOUS BALANCES Beginning of Period Spread Account Balance 9,206,938.18 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 20,736.39 Aggregate Payahead Balance 22,080.99 Aggregate Payahead Balance for preceding Distribution Date 28,413.59 Interest Earned on Payahead Balances 127.21 Scheduled Payments due in Collection Period 2,547,620.89 Scheduled Payments collected in Collection Period 2,326,246.20 Aggregate Amount of Realized Losses for preceding Distribution Date 1,037,512.46 MISCELLANEOUS CURRENT EXPENSES Trustee's out-of-pocket expenses 908.75 Collateral Agent's expenses 0.00 Transition Expenses to Standby Servicer 0.00 Transition Expenses to successor Servicer 0.00 Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00 MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 DELINQUENCY INFORMATION Aggregate Gross Amount # of Receivables of Receivables 31 - 59 days delinquent 219 2,538,000.00 60+ days delinquent 205 2,582,000.00 PURCHASED RECEIVABLES Aggregate Purchase Amt # of Receivables of Receivables 0 0.00 INFORMATION FOR PORTFOLIO PERFORMANCE TESTS Principal Balance of all Receivables delinquent more than 30 days as of the close of business on the last day of the related Collection Period. 5,120,000.00 Principal Balance of all Receivables that became Purchased Receivables as of the close of business on the last day of the related Collection Period and that were delinquent 30 days or more. 0.00 Principal Balance of all Receivables that became Defaulted Receivables during the related Collection Period. 671,984.59 Delinquency Ratio for second preceding Determination Date 6.86% Delinquency Ratio for third preceding Determination Date 6.03% Cumulative Defaults for preceding Determination Date 13,495,323.77 Cumulative Net Losses for preceding Determination Date 9,817,807.56 Is a Portfolio Performance Test violation continuing? (Y/N) Y Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) CALCULATIONS TOTAL DISTRIBUTION AMOUNT All collections on receivables (incl. amts from payahead, excl. amounts deposited into payahead) 2,812,527.20 Liquidation Proceeds 350,570.40 Recoveries 165,297.98 Purchase Amounts 0.00 Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00 Investment earnings from Collection Account 0.00 Investment earnings from Payahead Account 0.00 --------------- TOTAL DISTRIBUTION AMOUNT 3,328,395.58 DISTRIBUTABLE AMOUNT Principal Distributable Amount Principal portion of payments collected (non-prepayments) 1,189,275.56 Prepayments in full allocable to principal 486,281.00 Principal Balance of Liquidated Receivables 1,388,082.86 Purchase Amounts allocable to principal 0.00 Cram Down Losses 0.00 --------------- Principal Distributable Amount 3,063,639.42 Class A Principal Distributable Amount Principal Distributable Amount 3,063,639.42 Times Class A Percentage (95%) 95% --------------- 2,910,457.45 Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00 --------------- Class A Principal Distributable Amount 2,910,457.45 Class A Interest Distributable Amount Beginning of Period Principal Balance of the Certificates 71,273,740.97 Multiplied by Certificate Pass-Through Rate 6.65% Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333 --------------- Class A Interest Distributable Amount 394,975.31 Class B Principal Distributable Amount Principal Distributable Amount 3,063,639.42 Times Class B Percentage (5%) 5% --------------- Class B Principal Distributable Amount 153,181.97 Class B Coupon Interest Amount Beginning of Period Principal Balance of the Certificates 4,256,747.40 Multiplied by Certificate Pass-Through Rate 11.44% Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333 --------------- Class B Coupon Interest Amount 40,580.99 Class B Excess Interest Amount Total Distribution Amount 3,328,395.58 minus Class A Principal and Interest Distributable Amount 3,305,432.76 Class A Interest Carryover Shortfall 0.00 Class A Principal Carryover Shortfall 0.00 Class B Coupon Interest 40,580.99 Class B Interest Carryover Shortfall 0.00 Class B Principal Distributable Amount 153,181.97 Class B Principal Carryover Shortfall 505,497.88 Trustee distributions 1,846.56 Standby Servicer distributions 5,001.67 Servicer distributions 145,778.04 Collateral Agent distributions 944.13 Reimbursement Obligations 19,939.29 --------------- 0.00 CARRYOVER SHORTFALLS FROM PRIOR PERIODS Class B Principal Carryover Shortfall from previous period 505,497.88 --------------- 505,497.88 Class B Interest Carryover Shortfall from previous period 0.00 Interest on Class B Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class B Interest Shortfall 0.00 Interest Earned 0.00 --------------- 0.00 Class A Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class A Interest Carryover Shortfall from previous period 0.00 Interest on Class A Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class A Interest Shortfall 0.00 Interest Earned 0.00 --------------- 0.00
CALCULATIONS DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT): Use --- (i) Standby Fee 5,001.67 Servicing Fee (2.0%) 125,041.65 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 20,736.39 Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 (ii) Transition Expenses to Standby Servicer 0.00 (iii) Trustee Fee 937.81 Trustee's out-of-pocket expenses 908.75 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 (iv) Collateral Agent Fee 944.13 Collateral Agent Expenses 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 (v)(A) Class A Interest Distributable Amount - Current Month 394,975.31 Prior Month(s) Class A Carryover Shortfall 0.00 Class A Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A Interest Carryover Shortfall 0.00 Class A Interest Distributable Amount 394,975.31 (viii)(A) Class B Coupon Interest - Unadjusted 40,580.99 Class B Interest Carryover Shortfall - Previous Month(s) 0.00 Interest on B Interest Shortfall - Previous Month(s) 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class B Interest Shortfall 0.00 Adjusted Class B Interest Distributable Amount 40,580.99 (v)(B) Class A Principal Distributable Amount - Current Month 2,910,457.45 Class A Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Class A Principal Shortfall (171,188.57) Withdrawal from Spread Account to Cover Shortfall 171,188.57 Class A Principal Distribution Amount 2,910,457.45 (vi) Certificate Insurer Premium 19,939.29 Certificate Insurer Premium Supplement 0.00 Other Reimbursement Obligations to Certificate Insurer 0.00 (vii) Transition Expenses to successor Servicer 0.00 (B) Class B Principal Distributable Amount - Current Month Unadjusted 153,181.97 Class B Principal Carryover Shortfall - Previous Month(s) 505,497.88 Current Month Class B Principal Shortfall (658,679.86) Adjusted Class B Principal Distributable Amount 0.00 (C) Excess Interest (Shortage) Amount for Deposit to (withdrawal from) Spread Account (191,127.86) IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above. CONSUMER PORTFOLIO SERVICES, INC. By: /s/ James L. Stock ---------------------------------------------------- Name: James L. Stock ---------------------------------------------------- Title: Vice President ---------------------------------------------------- (a) Requisite levels for spread accounts reflect insurance defaults on pools 1995-4, 1996-1, FASCO 1996-1, and 1997-1.
CERTIFICATE BALANCE Class A Beginning of Period Principal Balance 71,273,740.97 Class A Principal Distributions 2,910,457.45 Class A End of Period Principal Balance 68,363,283.52 Class B Beginning of Period Principal Balance 4,256,747.40 Class B Principal Distributable Amount 0.00 Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,256,747.40 Withdrawal from Spread Account to Cover B Shortfalls 0.00 Class B End of Period Principal Balance AFTER Spread Account Distributions 4,256,747.40 CLASS A DEFICIENCY - INTEREST (i) Total Distribution Amount Available 3,328,395.58 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 548,545.71 (iii) Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 2,779,849.87 CLASS B DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 2,779,849.87 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 40,580.99 (iii) Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO Amount Remaining for Further Distribution/(Deficiency) 2,739,268.88 CLASS A DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 2,739,268.88 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 2,910,457.45 (iii) Prior month(s) carryover shortfalls 0.00 Withdrawal from Spread Account to Cover Shortfall 171,188.57 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 0.00 OTHER DISTRIBUTIONS (i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 0.00 (vi) Certificate Insurer Premium 19,939.29 (v) Certificate Insurer Premium Supplement 0.00 Deficiency Amount (19,939.29) Withdrawal from Spread Account to Cover Deficiency 19,939.29 If (i) is less than (ii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 0.00 CLASS B DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 0.00 (ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 153,181.97 (iii) Prior month(s) carryover shortfalls 505,497.88 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES Unadjusted Amount Remaining for Further Distribution/(Deficiency) (658,679.86) Withdrawal from Spread Account to B PieceCover Shortfalls 0.00 Adjusted Amount Remaining for Further Distribution/(Deficiency) (658,679.86) CALCULATIONS PERFORMANCE MEASURES Calculation of Delinquency Ratio (Current Period) Delinquency Amount Receivables more than 30 days delinquent 5,120,000.00 Purchased receivables more than 30 days delinquent 0.00 --------------- Total 5,120,000.00 Aggregate Gross Principal Balance as of the close of 81,747,415.19 business on the last day of the Collection Period. DELINQUENCY RATIO 6.26% Calculation of Average Delinquency Ratio Delinquency Ratio for most recent Determination Date 6.26% Delinquency Ratio for second preceding Determination Date 6.83% Delinquency Ratio for third preceding Determination Date 6.03% --------------- Average Delinquency Ratio 6.38% CALCULATION OF CUMULATIVE DEFAULT RATIO Default Amount Principal Balance of Previously Defaulted Receivables 13,495,323.77 Current Period Defaulted Receivables 671,984.59 --------------- Total 14,167,308.36 Cumulative Defaulted Receivables 14,167,308.36 Original Pool Balance 119,362,032.46 Cumulative Default Ratio 11.87% CALCULATION OF CUMULATIVE NET LOSS RATIO Calculation of Net Liquidation Losses Principal Balance plus accrued and unpaid interest of Liquidated Receivables 1,388,082.86 Cram Down Losses 0.00 Net Liquidation Proceeds (515,868.38) --------------- Net Liquidation Losses 872,214.48 Cumulative Previous Net Losses 9,817,807.56 --------------- Cumulative Net Losses 10,690,022.04 Original Pool Balance 119,362,032.46 Cumulative Net Loss Ratio 8.96% ADDITIONAL POOL INFORMATION: Weighted Average Original Term 56.35 Weighted Average Remaining Term 39.98 Weighted Average Annual Percentage Rate 20.46% SPREAD ACCOUNT Spread Account Cap 9% of Outstanding Certificate Balance 6,535,802.78 15% of Outstanding Certificate Balance 10,893,004.64 Is a Portfolio Performance Test violation continuing? (Y/N) Y Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) --------------- Cap Amount 10,893,004.64 Spread Account Floor 3% of the Initial Certificate Balance 3,580,860.93 Outstanding Certificate Balance 72,620,030.92 Minimum Floor 100,000.00 --------------- Floor Amount 3,580,860.93 Required Spread Account Amount 10,893,004.64 Beginning of Period Spread Account Balance 9,206,938.18 Spread Account Deposit (Withdrawal) from Current Distributions (191,127.86) Transfer (to) from Cross-Collateralized Spread Accounts 0.00 Required addition to/(eligible withdrawal from) Spread Account 1,877,194.32 Earnings on Spread Account Balance 43,588.87 Amount of Spread Account deposit (withdrawal) 0.00 Amount of Withdrawal Allocated to B Piece Shortfalls 0.00 Net Spread Account Withdrawal to Seller 0.00 Ending Spread Account Balance 9,059,399.19 MONTHLY NOTEHOLDER STATEMENT CPS AUTO RECEIVABLES TRUST 1997-3 6.10% ASSET-BACKED NOTES, CLASS A-1 6.38% ASSET-BACKED NOTES, CLASS A-2 10.65% ASSET-BACKED NOTES, CLASS B 10.65% ASSET-BACKED CERTIFICATES Distribution Date 11/16/98 Collection Period 10/98 Under the Sale and Servicing Agreement dated as of August 1, 1997 (the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee and as Collateral Agent, the Servicer is required to prepare certain information each month regarding current distributions to Noteholders and Certificateholders and the performance of the Trust during the previous month. The information which is required to be prepared with respect to the Distribution Date and Collection Period listed above is set forth below. Certain of the information is presented on the basis of an original principal amount of $1,000 per Note, and certain other information is presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution: 1 Notes. (a) The aggregate amount of the distribution to Class A-1 Noteholders on the Distribution Date set forth above $3,795,577.38 (b) The amount of the distribution set forth in paragraph A.1. (a) above in respect of interest $153,515.53 (c) The amount of the distribution set forth in in paragraph A.1. (a) above in respect of principal $3,642,061.85 (d) The amount of the distribution set forth in paragraph A.1. (a) above, per $1,000 $46.96 (e) The amount of the distribution set forth in paragraph A.1. (b) above, per $1,000 $1.90 (f) The amount of the distribution set forth in paragraph A.1. (c) above, per $1,000 principal $45.06 (g) The aggregate amount of the distribution to Class A-2 Noteholders on the Distribution Date set forth above $327,868.20 (h) The amount of the distribution set forth in paragraph A.1. (g) above in respect of interest $327,868.20 (i) The amount of the distribution set forth in in paragraph A.1. (g) above in respect of principal $0.00 (j) The amount of the distribution set forth in paragraph A.1. (g) above, per $1,000 $5.31 (k) The amount of the distribution set forth in paragraph A.1. (h) above, per $1,000 $0.00 (l) The amount of the distribution set forth in paragraph A.1. (i) above, per $1,000 $0.00 (m) The aggregate amount of the distribution to Class B Noteholders on the Distribution Date set forth above $38,255.80 (n) The amount of the distribution set forth in paragraph A.1. (m) above in respect of interest $23,165.43 (o) The amount of the distribution set forth in in paragraph A.1. (m) above in respect of principal $15,090.37 (p) The aggregate amount of the distribution to Certificateholders on the Distribution Date set forth above $38,255.80 (q) The amount of the distribution set forth in paragraph A.1. (p) above in respect of interest $23,165.43 (r) The amount of the distribution set forth in in paragraph A.1. (p) above in respect of principal $15,090.37 (s) Scheduled Payments due in such Collection Period $3,382,211.67 (t) Scheduled Payments collected in such Collection Period $2,764,440.91 B. Information Regarding the Performance of the Trust. 1 Pool, Note and Certificate Balances. (a) The aggregate Principal Balance of the Receivables as of the close of business on the last day of the preceding Collection Period $104,407,586.42 (b) The aggregate principal amount of the Securities as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A.1.(c),(i),(o),(r) above $93,415,913.86 (c) Aggregate principal amount of Notes as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A.1.(c),(i),(o) above $90,820,814.59 (d) The Note Pool Factor as of the close of business on the last day set forth above 0.8698680 (e) Aggregate principal amount of Certificates as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A.1.(r) above $2,595,099.28 (f) The Certificate Pool Factor as of the close of business on the last day set forth above 0.0248555 2 Servicing Fee and Purchased Receivables. (a) The aggregate amount of the Servicing Fee (exclusive of the Standby Fee paid to the Standby Servicer) paid to the Servicer with respect to the Collection Period set forth above $205,645.37 (b) The aggregate amount of the Standby Fee paid to the Standby Servicer with respect to the Collection Period set forth above. $5,220.38 (c) The amount of the payment set forth in paragraph B.2. (a) above per $1,000 $2.54 (d) The amount of the payment set forth in paragraph B.2. (b) above per $1,000 $0.06 (e) The amount of any unpaid Servicing Fee $0.00 (f) The change in the amount of any unpaid Servicing Fee from the prior Distribution Date $0.00 The number and aggregate Purchase Amount of Receivables that became Purchased Receivables during the related Collection Period Number 0 Aggregate Purchase Amount $0.00 3 Payment Shortfalls. (a) The amount of the Class A-1 Interest Carryover shortfall shortfall after giving effect to the payments set forth in paragraph A.1. (b) above $0.00 (b) The amount of the Class A-2 Interest Carryover shortfall shortfall after giving effect to the payments set forth in paragraph A.1. (h) above $0.00 (c) The amount of the Class A Principal Carryover Shortfall after giving effect to the payments set forth in paragraph A.1.(c),(i) above $0.00 (d) The amount of the Class B Interest Carryover shortfall shortfall after giving effect to the payments set forth in paragraph A.1. (n) above $0.00 (e) The amount of the Class B Principal Carryover Shortfall after giving effect to the payment set forth in paragraph A.1. (o) above ($84,966.27) (f) The amount of the Certificate Interest Carryover shortfall shortfall after giving effect to the payments set forth in paragraph A.1. (q) above $0.00 (g) The amount of the Certificate Principal Carryover Shortfall after giving effect to the payment set forth in paragraph A.1. (r) above ($84,966.27) 4 Spread Account. (a) The Specified Spread Account Balance with respect to such Distribution Date and the Spread Account Balance on the Distribution Date set forth above, after giving effect to distributions made on such Distribution Date Specified Spread Account Balance $30,121,596.20 Spread Account Balance $3,044,099.12 (b) The change in the spread account on the Distribution Date set forth above $14,342.30 5 Policy. (a) The amount paid to the Noteholders under the Policy for such Distribution Date $0.00 (b) The amount distributable to the Note Insurer on such Distribution Date $25,732.50 6 Losses and Delinquencies. (a) The aggregate amount of Realized Losses on the Distribution Date set forth above $1,244,682.63 (b) The change in the aggregate amount of Realized Losses from the prior Distribution Date $0.00 (c) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent between 31 and 59 days Number 297 Aggregate Gross Amount $3,574,000.00 (d) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent 60 days or more Number 310 Aggregate Gross Amount $3,795,000.00 7 Performance Triggers (a) Delinquency Ratio 6.49% (b) Average Delinquency Ratio 6.55% (c) Cumulative Default Ratio 10.29% (d) Cumulative Net Loss Ratio 7.31% (e) Is a Portfolio Performance Test violation continuing? Yes (f) Has an Insurance Agreement Event of Default occurred? No(a)
CPS AUTO RECEIVABLES TRUST 1997-3 STATEMENT TO NOTEHOLDERS IS THERE A DEFICIENCY CLAIM AMOUNT? YES DEFICIENCY CLAIM AMOUNT (169,932.53) INPUTS GROSS COLLECTION PROCEEDS: 4,490,273.01 LOCK BOX NSF ITEMS: (67,202.65) TOTAL COLLECTION PROCEEDS: 4,423,070.36 FOR DISTRIBUTION DATE: 11/16/98 FOR DETERMINATION DATE: 11/6/98 FOR COLLECTION PERIOD: 10/98 COLLATERAL ACTIVITY INFORMATION PRINCIPAL Beginning Principal Balance 104,407,586.42 Beginning Principal Balance of Subsequent Receivables Transferred 0.00 --------------- Aggregate Beginning Principal Balance 104,407,586.42 Principal portion of payments collected (non-prepayments) 1,289,436.66 Prepayments in full allocable to principal 713,227.00 Collections allocable to principal 2,002,663.66 Partial prepayments relating to various contracts or policies 0.00 Liquidation Proceeds allocable to principal 754,919.48 Purchase Amounts allocable to principal 0.00 --------------- Total Principal 2,757,583.14 Realized Losses 1,244,682.63 Cram Down Losses 0.00 Ending Principal Balance 100,405,320.65 PREFUNDING Original Amount in Prefunding Account 27,084,817.00 Subsequent Loans Sold to the Trust 27,084,817.00 Balance of Prefunding Account 0.00 INTEREST Collections allocable to interest 1,475,004.25 Liquidation Proceeds allocable to interest 0.00 Purchase Amounts allocable to interest 0.00 Recoveries from Liquidated Receivables from prior periods 190,482.97 --------------- Total Interest 1,665,487.22 NOTE & CERTIFICATE INFORMATION Beginning of Period Class A-1 Principal Balance 30,199,777.16 Beginning of Period Class A-2 Principal Balance 61,668,000.00 Beginning of Period Class B Principal Balance 2,610,189.65 Beginning of Period Certificate Balance 2,610,189.65 MISCELLANEOUS BALANCES Beginning of Period Spread Account Balance 3,029,756.82 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 31,632.73 Scheduled Payments due in Collection Period 3,382,211.67 Scheduled Payments collected in Collection Period 2,764,440.91 Aggregate Amount of Realized Losses for preceding Distribution Date 1,244,682.63 MISCELLANEOUS CURRENT EXPENSES Trustee's out-of-pocket expenses 533.88 Collateral Agent's expenses 0.00 Transition Expenses to Standby Servicer 0.00 Transition Expenses to successor Servicer 0.00 Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00 MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 DELINQUENCY INFORMATION Aggregate Gross Amount # of Receivables of Receivables 31 - 59 days delinquent 297 3,574,000.00 60+ days delinquent 310 3,795,000.00 PURCHASED RECEIVABLES Aggregate Purchase Amt # of Receivables of Receivables 0 0.00 INFORMATION FOR PORTFOLIO PERFORMANCE TESTS Principal Balance of all Receivables delinquent more than 30 days as of the close of business on the last day of the related Collection Period. 7,369,000.00 Principal Balance of all Receivables that became Purchased Receivables as of the close of business on the last day of the related Collection Period and that were delinquent 30 days or more. 0.00 Principal Balance of all Receivables that became Defaulted Receivables during the related Collection Period. 1,228,002.58 Delinquency Ratio for second preceding Determination Date 6.72% Delinquency Ratio for third preceding Determination Date 6.43% Cumulative Defaults for preceding Determination Date 14,213,424.44 Cumulative Net Losses for preceding Determination Date 9,910,257.38 Does a Trigger Event Exist? N Is a Portfolio Performance Test violation continuing? (Y/N) Y Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) CALCULATIONS REQUISITE RESERVE AMOUNT Weighted Average of the Interest Rates and Pass-Through Rates 6.5225% minus 2.5% 2.50% --------------- 4.0225% divided by 360 0.0112% times the prefunded amount 0.00 times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00 --------------- Requisite Reserve Amount 0.00 Amount in Interest Reserve Account 0.00 Excess in Interest Reserve Account 0.00 TOTAL DISTRIBUTION AMOUNT All collections on receivables (incl. amts from payahead, excl. amounts deposited into payahead) 3,477,667.91 Liquidation Proceeds 754,919.48 Recoveries 190,482.97 Purchase Amounts 0.00 Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00 Excess released from Prefunding Account 0.00 Investment earnings from Note Distribution Account 616.26 Investment earnings from Prefunding Account 0.00 Investment earnings from Interest Reserve Account 289.62 Investment earnings from Collection Account 14,792.21 --------------- TOTAL DISTRIBUTION AMOUNT 4,438,768.45 DISTRIBUTABLE AMOUNT Principal Distributable Amount Principal portion of payments collected (non-prepayments) 1,289,436.66 Prepayments in full allocable to principal 713,227.00 Principal Balance of Liquidated Receivables 1,999,602.11 Purchase Amounts allocable to principal 0.00 Cram Down Losses 0.00 --------------- Principal Distributable Amount 4,002,265.77 Class A Target Amount 90% 90% times Aggregate Principal Balance of Receivables 100,405,320.65 --------------- 90,364,788.59 Class A Noteholders' Percentage After the Target Payment Date? Yes Will the Class A-2 Notes be reduced to 0? No On or Prior to Target Payment Date 95.0% After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0% On Payment Date when Class A-2 Notes will be reduced to 0 63.5% --------------- 91.0% Class A Noteholders' Principal Distributable Amount Principal Distributable Amount 4,002,265.77 Times Class A Noteholders' Percentage 91% --------------- 3,642,061.85 Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00 --------------- Class A Principal Distributable Amount 3,642,061.85 Class A-1 Noteholders' Interest Distributable Amount Beginning of Period Principal Balance of the Notes 30,199,777.16 Multiplied by the Note Rate 6.10% Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333 --------------- Class A Interest Distributable Amount 153,515.53 Class A-2 Noteholders' Interest Distributable Amount Beginning of Period Principal Balance of the Notes 61,668,000.00 Multiplied by the Note Rate 6.38% Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333 --------------- Class A Interest Distributable Amount 327,868.20 Class B Noteholders Principal Distributable Amount Principal Distributable Amount 4,002,265.77 Times Class B Percentage 2.5% --------------- Class B Principal Distributable Amount 100,056.64 Certificate Principal Distributable Amount Principal Distributable Amount 4,002,265.77 Times Certificate Percentage 2.5% --------------- Certificate Principal Distributable Amount 100,056.64 Class B Noteholders' Interest Amount Beginning of Period Principal Balance of the Notes 2,610,189.65 Multiplied by Note Pass-Through Rate 10.65% Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333 --------------- Class B Coupon Interest Amount 23,165.43 Certificateholders' Interest Amount Beginning of Period Principal Balance of the Certificates 2,610,189.65 Multiplied by Pass-Through Rate 10.65% Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333 --------------- Certificateholders' Interest Amount 23,165.43 Class B Excess Interest Amount Total Distribution Amount 4,438,768.45 minus Class A Principal and Interest Distributable Amount 3,795,577.38 Class A Interest Carryover Shortfall 0.00 Class A Principal Carryover Shortfall 0.00 Class B Coupon Interest 23,165.43 Class B Interest Carryover Shortfall 0.00 Class B Principal Distributable Amount 100,056.64 Class B Principal Carryover Shortfall 0.00 Trustee distributions 1,403.94 Standby Servicer distributions 5,220.38 Servicer distributions 205,645.37 Collateral Agent distributions 809.07 Reimbursement Obligations 25,732.50 --------------- 281,157.74 CARRYOVER SHORTFALLS FROM PRIOR PERIODS Class B and Certificates Principal Carryover Shortfall from previous period 216,206.88 --------------- 216,206.88 Class B Interest Carryover Shortfall from previous period 0.00 Interest on Class B Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class B Interest Shortfall 0.00 Interest Earned 0.00 --------------- 0.00 Class A Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class A-1 Interest Carryover Shortfall from previous period 0.00 Interest on Class A-1 Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class A-1 Interest Shortfall 0.00 Interest Earned 0.00 --------------- 0.00 Class A-2 Interest Carryover Shortfall from previous period Interest on Class A-2 Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class A-2 Interest Shortfall Interest Earned 0.00 --------------- 0.00
CALCULATIONS DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT): Use --- (i) Standby Fee 5,220.38 Servicing Fee (2.0%) 174,012.64 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 31,632.73 Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 (ii) Transition Expenses to Standby Servicer 0.00 (iii) Indenture Trustee Fee 870.06 Indenture Trustee's out-of-pocket expenses 533.88 Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 Unpaid Indenture Trustee's out-of-pocket exp. - prior Collection Periods 0.00 Owner Trustee Fee 0.00 Owner Trustee's out-of-pocket expenses 0.00 Unpaid Owner Trustee Fee from prior Collection Periods 0.00 Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 (iv) Collateral Agent Fee 809.07 Collateral Agent Expenses 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 (v)(A) Class A-1 Interest Distributable Amount - Current Month 153,515.53 Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00 Class A-1 Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A-1 Interest Carryover Shortfall 0.00 Class A-1 Interest Distributable Amount 153,515.53 (B) Class A-2 Interest Distributable Amount - Current Month 327,868.20 Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00 Class A-2 Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A-2 Interest Carryover Shortfall 0.00 Class A-2 Interest Distributable Amount 327,868.20 (vi)(A) Class B Note Interest - Unadjusted 23,165.43 Class B Note Interest Carryover Shortfall - Previous Month(s) 0.00 Interest on B Interest Shortfall - Previous Month(s) 0.00 Interest on B Interest Carryover from Prior Months 0.00 Current Month Class B Interest Shortfall 0.00 Adjusted Class B Note Interest Distributable Amount 23,165.43 (B) Certificate Interest - Unadjusted 23,165.43 Certificate Interest Carryover Shortfall - Previous Month(s) 0.00 Interest on Certificate Interest Shortfall - Previous Month(s) 0.00 Interest on Certificate Interest Carryover from Prior Months 0.00 Current Month Certificate Interest Shortfall 0.00 Adjusted Certificate Interest Distributable Amount 23,165.43 (vii) Class A Principal Distributable Amount - Current Month 3,642,061.85 Class A Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Class A Principal Shortfall 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 Class A Principal Distribution Amount to Class A-1 3,642,061.85 Class A Principal Distribution Amount to Class A-2 0.00 (viii) Note Insurer Premium 25,732.50 Note Insurer Premium Supplement 0.00 Other Reimbursement Obligations to Note Insurer 0.00 (ix) Transition Expenses to successor Servicer 0.00 (x) Class B Principal Distributable Amount - Current Month Unadjusted 100,056.64 Class B Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Class B Principal Shortfall (84,966.27) Adjusted Class B Principal Distributable Amount 15,090.37 Certificate Principal Distributable Amount - Current Month Unadjusted 100,056.64 Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Certificate Principal Shortfall (84,966.27) Adjusted Certificate Principal Distributable Amount 15,090.37 (xi) Until the Target Payment Date, remaining amount to Class A Noteholders 0.00 Amount to Class A-1 Noteholders 0.00 Amount to Class A-2 Noteholders 0.00 (xii) After an Event of Default, Certificateholders' Int. Dist. Amount 0.00 (xiii) After an Event of Default, Certificateholders' Prin. Dist. Amount 0.00 (xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00 Spread Account withdrawal for deficiencies 0.00 IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above. CONSUMER PORTFOLIO SERVICES, INC. By: /s/ James L. Stock ---------------------------------------------------- Name: James L. Stock ---------------------------------------------------- Title: Vice President ---------------------------------------------------- (a) Requisite levels for spread accounts reflect insurance defaults on pools 1995-4, 1996-1, FASCO 1996-1, and 1997-1.
SECURITIES BALANCE Class A-1 Beginning of Period Principal Amount 30,199,777.16 Class A-1 Principal Distributions 3,642,061.85 Class A-1 End of Period Principal Amount (prior to turbo) 26,557,715.31 Additional Principal Distribution 0.00 Class A-1 End of Period Principal Amount 26,557,715.31 Class A-2 Beginning of Period Principal Amount 61,668,000.00 Class A-2 Principal Distributions 0.00 Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00 Additional Principal Distribution 0.00 Class A-2 End of Period Principal Amount 61,668,000.00 Class B Beginning of Period Principal Amount 2,610,189.65 Class B Principal Distributable Amount 15,090.37 Class B End of Period Principal Amount BEFORE Spread Account Distributions 2,595,099.28 Allocations of Cash Releases to Cover B Shortfalls 0.00 Class B End of Period Principal Amount AFTER Spread Account Distributions 2,595,099.28 Certificate Beginning of Period Principal Amount 2,610,189.65 Certificate Principal Distributable Amount 15,090.37 Certificate End of Period Principal Amount BEFORE Spread Account Distributions 2,595,099.28 Allocation of Cash Releases to Cover Certificate Shortfalls 0.00 Certificate End of Period Principal Amount AFTER Spread Account Distributions 2,595,099.28 CLASS A-1 DEFICIENCY - INTEREST (i) Total Distribution Amount Available 4,438,768.45 (ii) Current distribution amounts payable pursuant to Section 5.8(a)(i) and (v)A 366,594.29 (iii) Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 4,072,174.16 CLASS A-2 DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 5.8(a)(v) B 4,072,174.16 (ii) Current distribution amounts payable pursuant to Section 5.8(a)(v) B 327,868.20 (iii) Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO Amount Remaining for Further Distribution/(Deficiency) 3,744,305.96 CLASS B NOTE DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 5.8(a)(vi) A 3,744,305.96 (ii) Current distribution amounts payable pursuant to Section 5.8(a)(v) A 23,165.43 (iii) Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO Amount Remaining for Further Distribution/(Deficiency) 3,721,140.53 CLASS B CERTIFICATE DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 5.8(a)(vi) and (x) 3,721,140.53 (ii) Current distribution amounts payable pursuant to Section 5.8(a)(vi) and (x) 23,165.43 (iii) Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO Amount Remaining for Further Distribution/(Deficiency) 3,697,975.10 CLASS A DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 5.8(a)(vii) 3,697,975.10 (ii) Current distribution amounts payable pursuant to Section 5.8(a)(vii) 3,642,061.85 (iii) Prior month(s) carryover shortfalls 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 55,913.25 OTHER DISTRIBUTIONS (i) Amounts available to make payments pursuant to Section 5.8(a)(viii) 55,913.25 (vi) Note Insurer Premium 25,732.50 (v) Note Insurer Premium Supplement 0.00 Deficiency Amount 0.00 Withdrawal from Spread Account to Cover Deficiency 0.00 If (i) is less than (ii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 30,180.75 CLASS B NOTES & CERTIFICATES DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 5.8(a)(vi) and (x) 30,180.75 (ii) Amounts payable pursuant to Section 5.8(a)(vi) and (x) 200,113.28 (iii) Prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES Amount Remaining for Further Distribution/ B Notes (Deficiency) (84,966.27) Amount Remaining for Further Distribution/ B Certificates (Deficiency) (84,966.27) Withdrawal from Spread Account to B PieceCover Shortfalls 0.00 Adjusted Amount Remaining for Further Distribution/(Deficiency) (169,932.53) CALCULATIONS PERFORMANCE MEASURES Calculation of Delinquency Ratio (Current Period) Delinquency Amount Receivables more than 30 days delinquent 7,369,000.00 Purchased receivables more than 30 days delinquent 0.00 --------------- Total 7,369,000.00 Aggregate Gross Principal Balance as of the close of 113,497,912.51 business on the last day of the Collection Period. DELINQUENCY RATIO 6.49% Calculation of Average Delinquency Ratio Delinquency Ratio for most recent Determination Date 6.49% Delinquency Ratio for second preceding Determination Date 6.72% Delinquency Ratio for third preceding Determination Date 6.43% ---------------- Average Delinquency Ratio 6.55% CALCULATION OF CUMULATIVE DEFAULT RATIO Default Amount Principal Balance of Previously Defaulted Receivables 14,213,424.44 Current Period Defaulted Receivables 1,228,002.58 --------------- Total 15,441,427.02 Cumulative Defaulted Receivables 15,441,427.02 Original Pool Balance 150,000,000.00 Cumulative Default Ratio 10.29% CALCULATION OF CUMULATIVE NET LOSS RATIO Calculation of Net Liquidation Losses Principal Balance plus accrued and unpaid interest of Liquidated Receivables 1,999,602.11 Cram Down Losses 0.00 Net Liquidation Proceeds (945,402.45) --------------- Net Liquidation Losses 1,054,199.66 Cumulative Previous Net Losses 9,910,257.38 --------------- Cumulative Net Losses 10,964,457.04 Original Pool Balance 150,000,000.00 Cumulative Net Loss Ratio 7.31% ADDITIONAL POOL INFORMATION: Weighted Average Original Term 57.00 Weighted Average Remaining Term 42.67 Weighted Average Annual Percentage Rate 20.39% SPREAD ACCOUNT OC Percent Aggregate Principal Balance 100,405,320.65 minus the Securities Balance 93,415,913.86 --------------- 6,989,406.79 divided by the Aggregate Principal Balance 6.96% Floor OC Percent Aggregate Principal Balance 100,405,320.65 minus the Securities Balance 93,415,913.86 --------------- 6,989,406.79 divided by the initial Aggregate Principal Balance 150,000,000.00 --------------- 4.66% Floor Amount greater of (a) $100,000 100,000.00 (b) the lesser of (i) Securities Balance 93,415,913.86 (ii) the sum of (A) 2% of the sum of 2.00% (I) initial Aggregate Principal Balance 122,915,183.00 (II) balance of all Subsequent Receivables 27,084,817.00 --------------- 3,000,000.00 (B) the product of (I) excess of 1% over the Floor OC Percent 0.00% (II) initial Aggregate Principal Balance 150,000,000.00 --------------- 0.00 Floor Amount 3,000,000.00 Requisite Amount the greater of (1) the Floor Amount 3,000,000.00 (2) the product of: if no Trigger Event, 9% minus the OC Percent 2.04% if a Trigger Event, 15% minus the OC Percent 8.04% if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.04% if an Insurance Agreement Event of Default, 30% 30.00% 30.00% times the Aggregate Principal Balance 100,405,320.65 --------------- 30,121,596.20 Requisite Amount 30,121,596.20 Does a Trigger Event exist? N Is a Portfolio Performance Test violation continuing? (Y/N) Y Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) Required Spread Account Amount 30,121,596.20 Beginning of Period Spread Account Balance 3,029,756.82 Additional Deposit for Subsequent Receivables Transfer 0.00 Spread Account Deposit (Withdrawal) from Current Distributions 0.00 Transfer (to) from Cross-Collateralized Spread Accounts 0.00 Required addition to/(eligible withdrawal from) Spread Account 27,091,839.38 Earnings on Spread Account Balance 14,342.30 Amount of Spread Account deposit (withdrawal) 0.00 Amount of Withdrawal Allocated to B Notes Shortfalls 0.00 Amount of Withdrawal Allocated to B Certificates Shortfalls 0.00 Net Spread Account Withdrawal to Seller 0.00 Ending Spread Account Balance 3,044,099.12 MONTHLY NOTEHOLDER STATEMENT CPS AUTO RECEIVABLES TRUST 1997-4 6.07% ASSET-BACKED NOTES, CLASS A-1 6.30% ASSET-BACKED NOTES, CLASS A-2 10.59% ASSET-BACKED CERTIFICATES Distribution Date 11/16/98 Collection Period 10/98 Under the Sale and Servicing Agreement dated as of October 9, 1997 and amended as of October 17, 1997 (the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee and as Collateral Agent, the Servicer is required to prepare certain information each month regarding current distributions to Noteholders and Certificateholders and the performance of the Trust during the previous month. The information which is required to be prepared with respect to the Distribution Date and Collection Period listed above is set forth below. Certain of the information is presented on the basis of an original principal amount of $1,000 per Note, and certain other information is presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution: 1 Notes. (a) The aggregate amount of the distribution to Class A-1 Noteholders on the Distribution Date set forth above $2,710,049.07 (b) The amount of the distribution set forth in paragraph A.1. (a) above in respect of interest $122,695.87 (c) The amount of the distribution set forth in in paragraph A.1. (a) above in respect of principal $2,587,353.20 (d) The amount of the distribution set forth in paragraph A.1. (a) above, per $1,000 $49.95 (e) The amount of the distribution set forth in paragraph A.1. (b) above, per $1,000 $2.26 (f) The amount of the distribution set forth in paragraph A.1. (c) above, per $1,000 principal $47.68 (g) The aggregate amount of the distribution to Class A-2 Noteholders on the Distribution Date set forth above $243,114.89 (h) The amount of the distribution set forth in paragraph A.1. (g) above in respect of interest $243,114.89 (i) The amount of the distribution set forth in in paragraph A.1. (g) above in respect of principal $0.00 (j) The amount of the distribution set forth in paragraph A.1. (g) above, per $1,000 $3.94 (k) The amount of the distribution set forth in paragraph A.1. (h) above, per $1,000 $0.00 (l) The amount of the distribution set forth in paragraph A.1. (i) above, per $1,000 $0.00 (m) The aggregate amount of the distribution to Certificateholders on the Distribution Date set forth above $177,469.17 (n) The amount of the distribution set forth in paragraph A.1. (m) above in respect of interest $35,306.91 (o) The amount of the distribution set forth in in paragraph A.1. (m) above in respect of principal $142,162.26 (p) Scheduled Payments due in such Collection Period $2,518,705.11 (q) Scheduled Payments collected in such Collection Period $2,290,254.30 B. Information Regarding the Performance of the Trust. 1 Pool, Note and Certificate Balances. (a) The aggregate Principal Balance of the Receivables as of the close of business on the last day of the preceding Collection Period $80,015,648.96 (b) The aggregate principal amount of the Securities as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A.1.(c),(i),(o) above $71,835,050.57 (c) Aggregate principal amount of Notes as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A.1.(c),(i) above $67,976,430.38 (d) The Note Pool Factor as of the close of business on the last day set forth above 0.8495392 (e) Aggregate principal amount of the Certificates as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A.1.(o) above $3,858,620.19 (f) The Certificate Pool Factor as of the close of business on the last day set forth above 0.0482233 2 Servicing Fee and Purchased Receivables. (a) The aggregate amount of the Servicing Fee (exclusive of the Standby Fee paid to the Standby Servicer) paid to the Servicer with respect to the Collection Period set forth above $153,282.12 (b) The aggregate amount of the Standby Fee paid to the Standby Servicer with respect to the Collection Period set forth above. $4,000.78 (c) The amount of the payment set forth in paragraph B.2. (a) above per $1,000 $2.82 (d) The amount of the payment set forth in paragraph B.2. (b) above per $1,000 $0.07 (e) The amount of any unpaid Servicing Fee $0.00 (f) The change in the amount of any unpaid Servicing Fee from the prior Distribution Date $0.00 The number and aggregate Purchase Amount of Receivables that became Purchased Receivables during the related Collection Period Number 0 Aggregate Purchase Amount $0.00 3 Payment Shortfalls. (a) The amount of the Class A-1 Interest Carryover shortfall shortfall after giving effect to the payments set forth in paragraph A.1. (b) above $0.00 (b) The amount of the Class A-2 Interest Carryover shortfall shortfall after giving effect to the payments set forth in paragraph A.1. (h) above $0.00 (c) The amount of the Class A Principal Carryover Shortfall after giving effect to the payments set forth in paragraph A.1.(c),(i) above $0.00 (d) The amount of the Class B Interest Carryover shortfall shortfall after giving effect to the payments set forth in paragraph A.1. (n) above $0.00 (e) The amount of the Class B Principal Carryover Shortfall after giving effect to the payment set forth in paragraph A.1. (o) above $0.00 4 Spread Account. (a) The Specified Spread Account Balance with respect to such Distribution Date and the Spread Account Balance on the Distribution Date set forth above, after giving effect to distributions made on such Distribution Date Specified Spread Account Balance $23,151,721.11 Spread Account Balance $2,341,446.46 (b) The change in the spread account on the Distribution Date set forth above $125,166.60 5 Policy. (a) The amount paid to the Noteholders under the Policy for such Distribution Date $0.00 (b) The amount distributable to the Note Insurer on such Distribution Date $19,826.46 6 Losses and Delinquencies. (a) The aggregate amount of Realized Losses on the Distribution Date set forth above $742,250.51 (b) The change in the aggregate amount of Realized Losses from the prior Distribution Date $0.00 (c) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent between 31 and 59 days Number 219 Aggregate Gross Amount $2,762,000.00 (d) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent 60 days or more Number 158 Aggregate Gross Amount $1,971,000.00 7 Performance Triggers. (a) Delinquency Ratio 5.44% (b) Average Delinquency Ratio 5.49% (c) Cumulative Default Ratio 7.50% (d) Cumulative Net Loss Ratio 5.17% (e) Is a Portfolio Performance Test violation continuing? No (f) Has an Insurance Agreement Event of Default occurred? No(a)
CPS AUTO RECEIVABLES TRUST 1997-4 STATEMENT TO NOTEHOLDERS IS THERE A DEFICIENCY CLAIM AMOUNT? NO DEFICIENCY CLAIM AMOUNT 0.00 INPUTS GROSS COLLECTION PROCEEDS: 3,462,733.69 LOCK BOX NSF ITEMS: (50,494.29) TOTAL COLLECTION PROCEEDS: 3,412,239.40 FOR DISTRIBUTION DATE: 11/16/98 FOR DETERMINATION DATE: 11/6/98 FOR COLLECTION PERIOD: 10/98 COLLATERAL ACTIVITY INFORMATION PRINCIPAL Beginning Principal Balance 80,015,648.96 Beginning Principal Balance of Subsequent Receivables Transferred 0.00 --------------- Aggregate Beginning Principal Balance 80,015,648.96 Principal portion of payments collected (non-prepayments) 1,106,905.00 Prepayments in full allocable to principal 679,165.00 Collections allocable to principal 1,786,070.00 Partial prepayments relating to various contracts or policies 0.00 Liquidation Proceeds allocable to principal 314,924.76 Purchase Amounts allocable to principal 0.00 --------------- Total Principal 2,100,994.76 Realized Losses 742,250.51 Cram Down Losses 0.00 Ending Principal Balance 77,172,403.69 PREFUNDING Original Amount in Prefunding Account 0.00 Subsequent Loans Sold to the Trust 0.00 Balance of Prefunding Account 0.00 INTEREST Collections allocable to interest $1,183,349.30 Liquidation Proceeds allocable to interest 0.00 Purchase Amounts allocable to interest 0.00 Recoveries from Liquidated Receivables from prior periods 127,895.34 --------------- Total Interest $1,311,244.64 NOTE & CERTIFICATE INFORMATION Beginning of Period Class A-1 Principal Balance 24,256,184.98 Beginning of Period Class A-2 Principal Balance 46,307,598.60 Beginning of Period Certificate Principal Balance 4,000,782.45 MISCELLANEOUS BALANCES Beginning of Period Spread Account Balance 2,216,279.86 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 19,922.71 Scheduled Payments due in Collection Period 2,518,705.11 Scheduled Payments collected in Collection Period 2,290,254.30 Aggregate Amount of Realized Losses for preceding Distribution Date 742,250.51 MISCELLANEOUS CURRENT EXPENSES Trustee's out-of-pocket expenses 484.45 Collateral Agent's expenses 0.00 Transition Expenses to Standby Servicer 0.00 Transition Expenses to successor Servicer 0.00 Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00 MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 DELINQUENCY INFORMATION Aggregate Gross Amount # of Receivables of Receivables 31 - 59 days delinquent 219 2,762,000.00 60+ days delinquent 158 1,971,000.00 PURCHASED RECEIVABLES Aggregate Purchase Amt # of Receivables of Receivables 0 0.00 INFORMATION FOR PORTFOLIO PERFORMANCE TESTS Principal Balance of all Receivables delinquent more than 30 days as of the close of business on the last day of the related Collection Period. 4,733,000.00 Principal Balance of all Receivables that became Purchased Receivables as of the close of business on the last day of the related Collection Period and that were delinquent 30 days or more. 0.00 Principal Balance of all Receivables that became Defaulted Receivables during the related Collection Period. 747,015.30 Delinquency Ratio for second preceding Determination Date 5.82% Delinquency Ratio for third preceding Determination Date 5.22% Cumulative Defaults for preceding Determination Date 7,194,976.80 Cumulative Net Losses for preceding Determination Date 4,856,539.42 Does a Trigger Event Exist? N Is a Portfolio Performance Test violation continuing? (Y/N) N Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) CALCULATIONS TOTAL DISTRIBUTION AMOUNT All collections on receivables (incl. amts from payahead, excl. amounts deposited into payahead) 2,969,419.30 Liquidation Proceeds 314,924.76 Recoveries 127,895.34 Purchase Amounts 0.00 Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00 Investment earnings from Collection Account 11,959.22 --------------- TOTAL DISTRIBUTION AMOUNT 3,424,198.62 DISTRIBUTABLE AMOUNT Principal Distributable Amount Principal portion of payments collected (non-prepayments) 1,106,905.00 Prepayments in full allocable to principal 679,165.00 Principal Balance of Liquidated Receivables 1,057,175.27 Purchase Amounts allocable to principal 0.00 Cram Down Losses 0.00 --------------- Principal Distributable Amount 2,843,245.27 Class A Target Amount 90% 90% times Aggregate Principal Balance of Receivables 77,172,403.69 --------------- 69,455,163.32 Class A Noteholders' Percentage After the Target Payment Date? Yes Will the Class A-2 Notes be reduced to 0? No On or Prior to Target Payment Date 95.0% After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0% On Payment Date when Class A-2 Notes will be reduced to 0 62.1% --------------- 91.0% Class A Noteholders' Principal Distributable Amount Principal Distributable Amount 2,843,245.27 Times Class A Noteholders' Percentage 91% --------------- 2,587,353.20 Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00 --------------- Class A Principal Distributable Amount 2,587,353.20 Class A-1 Noteholders' Interest Distributable Amount Beginning of Period Principal Balance of the Notes 24,256,184.98 Multiplied by the Note Rate 6.07% Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333 --------------- Class A Interest Distributable Amount 122,695.87 Class A-2 Noteholders' Interest Distributable Amount Beginning of Period Principal Balance of the Notes 46,307,598.60 Multiplied by the Note Rate 6.30% Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333 --------------- Class A Interest Distributable Amount 243,114.89 Certificateholders Principal Distributable Amount Principal Distributable Amount 2,843,245.27 Times Certificate Percentage 5.0% --------------- Class B Principal Distributable Amount 142,162.26 Certificateholders' Interest Amount Total Distribution Amount 3,424,198.62 minus Class A Principal and Interest Distributable Amount 2,953,163.96 Beginning of Period Principal Balance of the Certificates 4,000,782.45 Multiplied by Note Pass-Through Rate 10.59% Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333 --------------- Certificate Coupon Interest Amount 35,306.91 Class A Interest Carryover Shortfall 0.00 Class A Principal Carryover Shortfall 0.00 Class B Coupon Interest 35,306.91 Class B Interest Carryover Shortfall 0.00 Class B Principal Distributable Amount 142,162.26 Class B Principal Carryover Shortfall 0.00 Trustee distributions 1,151.25 Standby Servicer distributions 4,000.78 Servicer distributions 153,282.12 Collateral Agent distributions 621.37 Reimbursement Obligations 19,826.46 --------------- 114,683.51 CARRYOVER SHORTFALLS FROM PRIOR PERIODS Class B Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class B Interest Carryover Shortfall from previous period 0.00 Interest on Class B Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class B Interest Shortfall 0.00 Interest Earned 0.00 --------------- 0.00 Class A Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class A-1 Interest Carryover Shortfall from previous period 0.00 Interest on Class A-1 Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class A-1 Interest Shortfall 0.00 Interest Earned 0.00 --------------- 0.00 Class A-2 Interest Carryover Shortfall from previous period Interest on Class A-2 Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class A-2 Interest Shortfall Interest Earned 0.00 --------------- 0.00
CALCULATIONS DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT): Use --- (i) Standby Fee 4,000.78 Servicing Fee (2.0%) 133,359.41 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 19,922.71 Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 (ii) Transition Expenses to Standby Servicer 0.00 (iii) Indenture Trustee Fee 666.80 Indenture Trustee's out-of-pocket expenses 484.45 Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 Unpaid Indenture Trustee's out-of-pocket exp. - prior Collection Periods 0.00 Owner Trustee Fee 0.00 Owner Trustee's out-of-pocket expenses 0.00 Unpaid Owner Trustee Fee from prior Collection Periods 0.00 Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 (iv) Collateral Agent Fee 621.37 Collateral Agent Expenses 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 (v)(A) Class A-1 Interest Distributable Amount - Current Month 122,695.87 Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00 Class A-1 Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A-1 Interest Carryover Shortfall 0.00 Class A-1 Interest Distributable Amount 122,695.87 (B) Class A-2 Interest Distributable Amount - Current Month 243,114.89 Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00 Class A-2 Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A-2 Interest Carryover Shortfall 0.00 Class A-2 Interest Distributable Amount 243,114.89 (vi)(A) Certificate Note Interest - Unadjusted 35,306.91 Certificate Note Interest Carryover Shortfall - Previous Month(s) 0.00 Interest on B Interest Shortfall - Previous Month(s) 0.00 Interest on B Interest Carryover from Prior Months 0.00 Current Month Certificate Interest Shortfall 0.00 Adjusted Certificate Note Interest Distributable Amount 35,306.91 (vii) Class A Principal Distributable Amount - Current Month 2,587,353.20 Class A Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Class A Principal Shortfall 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 Class A Principal Distribution Amount to Class A-1 2,587,353.20 Class A Principal Distribution Amount to Class A-2 0.00 (viii) Note Insurer Premium 19,826.46 Note Insurer Premium Supplement 0.00 Other Reimbursement Obligations to Note Insurer 0.00 (ix) Transition Expenses to successor Servicer 0.00 (x) Certificate Principal Distributable Amount - Current Month Unadjusted 142,162.26 Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Certificate Principal Shortfall 0.00 Adjusted Certificate Principal Distributable Amount 142,162.26 (xi) Until the Target Payment Date, remaining amount to Class A Noteholders 0.00 Amount to Class A-1 Noteholders 0.00 Amount to Class A-2 Noteholders 0.00 (xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 114,683.51 Spread Account Withdrawal to cover deficiencies 0.00 IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above. CONSUMER PORTFOLIO SERVICES, INC. By: /s/ James L. Stock ---------------------------------------------------- Name: James L. Stock ---------------------------------------------------- Title: Vice President ---------------------------------------------------- (a) Requisite levels for spread accounts reflect insurance defaults on pools 1995-4, 1996-1, FASCO 1996-1, and 1997-1.
SECURITIES BALANCE Class A-1 Beginning of Period Principal Amount 24,256,184.98 Class A-1 Principal Distributions 2,587,353.20 Class A-1 End of Period Principal Amount (prior to turbo) 21,668,831.78 Additional Principal Distribution 0.00 Class A-1 End of Period Principal Amount 21,668,831.78 Class A-2 Beginning of Period Principal Amount 46,307,598.60 Class A-2 Principal Distributions 0.00 Class A-2 End of Period Principal Amount (prior to turbo) 46,307,598.60 Additional Principal Distribution 0.00 Class A-2 End of Period Principal Amount 46,307,598.60 Certificate Beginning of Period Principal Amount 4,000,782.45 Certificate Principal Distributable Amount 142,162.26 Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,858,620.19 Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00 Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,858,620.19 CLASS A DEFICIENCY - INTEREST (i) Total Distribution Amount Available 3,424,198.62 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 524,866.28 (iii) Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 2,899,332.34 CLASS B DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 2,899,332.34 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 35,306.91 (iii) Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO Amount Remaining for Further Distribution/(Deficiency) 2,864,025.43 CLASS A DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 2,864,025.43 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 2,587,353.20 (iii) Prior month(s) carryover shortfalls 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 276,672.23 OTHER DISTRIBUTIONS (i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 276,672.23 (vi) Note Insurer Premium 19,826.46 (v) Note Insurer Premium Supplement 0.00 Deficiency Amount 0.00 Withdrawal from Spread Account to Cover Deficiency 0.00 If (i) is less than (ii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 256,845.77 CLASS B DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 256,845.77 (ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 142,162.26 (iii) Prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Unadjusted Amount Remaining for Further Distribution/(Deficiency) 114,683.51 Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00 Adjusted Amount Remaining for Further Distribution/(Deficiency) 114,683.51 CALCULATIONS PERFORMANCE MEASURES Calculation of Delinquency Ratio (Current Period) Delinquency Amount Receivables more than 30 days delinquent 4,733,000.00 Purchased receivables more than 30 days delinquent 0.00 --------------- Total 4,733,000.00 Aggregate Gross Principal Balance as of the close of 86,996,496.82 business on the last day of the Collection Period. DELINQUENCY RATIO 5.44% Calculation of Average Delinquency Ratio Delinquency Ratio for most recent Determination Date 5.44% Delinquency Ratio for second preceding Determination Date 5.82% Delinquency Ratio for third preceding Determination Date 5.22% --------------- Average Delinquency Ratio 5.49% CALCULATION OF CUMULATIVE DEFAULT RATIO Default Amount Principal Balance of Previously Defaulted Receivables 7,194,976.80 Current Period Defaulted Receivables 747,015.30 --------------- Total 7,941,992.10 Cumulative Defaulted Receivables 7,941,992.10 Original Pool Balance 105,860,630.11 Cumulative Default Ratio 7.50% CALCULATION OF CUMULATIVE NET LOSS RATIO Calculation of Net Liquidation Losses Principal Balance plus accrued and unpaid interest of Liquidated Receivables 1,057,175.27 Cram Down Losses 0.00 Net Liquidation Proceeds (442,820.10) --------------- Net Liquidation Losses 614,355.17 Cumulative Previous Net Losses 4,856,539.42 --------------- Cumulative Net Losses 5,470,894.59 Original Pool Balance 105,860,630.11 Cumulative Net Loss Ratio 5.17% ADDITIONAL POOL INFORMATION: Weighted Average Original Term 56.79 Weighted Average Remaining Term 44.69 Weighted Average Annual Percentage Rate 20.30% SPREAD ACCOUNT OC Percent Aggregate Principal Balance 77,172,403.69 minus the Securities Balance 71,835,050.57 --------------- 5,337,353.12 divided by the Aggregate Principal Balance 6.92% Floor OC Percent Aggregate Principal Balance 77,172,403.69 minus the Securities Balance 71,835,050.57 --------------- 5,337,353.12 divided by the initial Aggregate Principal Balance 105,860,630.11 --------------- 5.04% Floor Amount greater of (a) $100,000 100,000.00 (b) the lesser of (i) Securities Balance 71,835,050.57 (ii) the sum of (A) 2% of the sum of 2.00% (I) initial Aggregate Principal Balance 105,860,630.11 (II) balance of all Subsequent Receivables 0.00 --------------- 2,117,212.60 (B) the product of (I) excess of 1% over the Floor OC Percent 0.00% (II) initial Aggregate Principal Balance 105,860,630.11 --------------- 0.00 Floor Amount 2,117,212.60 Requisite Amount the greater of (1)the Floor Amount 2,117,212.60 (2)the product of: if no Trigger Event, 9% minus the OC Percent 2.08% if a Trigger Event, 15% minus the OC Percent 8.08% if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.08% if an Insurance Agreement Event of Default, 30% 30.00% 30.00% times the Aggregate Principal Balance 77,172,403.69 --------------- 23,151,721.11 Requisite Amount 23,151,721.11 Does a Trigger Event exist? N Is a Portfolio Performance Test violation continuing? (Y/N) N Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) Required Spread Account Amount 23,151,721.11 Beginning of Period Spread Account Balance 2,216,279.86 Spread Account Deposit (Withdrawal) from Current Distributions 114,683.51 Transfer (to) from Cross-Collateralized Spread Accounts 0.00 Required addition to/(eligible withdrawal from) Spread Account 20,820,757.73 Earnings on Spread Account Balance 10,483.09 Amount of Spread Account deposit (withdrawal) 0.00 Amount of Withdrawal Allocated to Certificates' Shortfalls 0.00 Net Spread Account Withdrawal to Seller 0.00 Ending Spread Account Balance 2,341,446.46 MONTHLY NOTEHOLDER STATEMENT CPS AUTO RECEIVABLES TRUST 1997-5 6.26% ASSET-BACKED NOTES, CLASS A-1 6.40% ASSET-BACKED NOTES, CLASS A-2 10.55% ASSET-BACKED CERTIFICATES Distribution Date 11/16/98 Collection Period 10/98 Under the Sale and Servicing Agreement dated as of December 1, 1997, (the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee and as Collateral Agent, the Servicer is required to prepare certain information each month regarding current distributions to Noteholders and Certificateholders and the performance of the Trust during the previous month. The information which is required to be prepared with respect to the Distribution Date and Collection Period listed above is set forth below. Certain of the information is presented on the basis of an original principal amount of $1,000 per Note, and certain other information is presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution: 1 Notes. (a) The aggregate amount of the distribution to Class A-1 Noteholders on the Distribution Date set forth above $2,559,734.39 (b) The amount of the distribution set forth in paragraph A.1. (a) above in respect of interest $168,107.76 (c) The amount of the distribution set forth in in paragraph A.1. (a) above in respect of principal $2,391,626.63 (d) The amount of the distribution set forth in paragraph A.1. (a) above, per $1,000 $45.91 (e) The amount of the distribution set forth in paragraph A.1. (b) above, per $1,000 $3.02 (f) The amount of the distribution set forth in paragraph A.1. (c) above, per $1,000 principal $42.90 (g) The aggregate amount of the distribution to Class A-2 Noteholders on the Distribution Date set forth above $187,600.00 (h) The amount of the distribution set forth in paragraph A.1. (g) above in respect of interest $187,600.00 (i) The amount of the distribution set forth in in paragraph A.1. (g) above in respect of principal $0.00 (j) The amount of the distribution set forth in paragraph A.1. (g) above, per $1,000 $3.04 (k) The amount of the distribution set forth in paragraph A.1. (h) above, per $1,000 $0.00 (l) The amount of the distribution set forth in paragraph A.1. (i) above, per $1,000 $0.00 (m) The aggregate amount of the distribution to Certificateholders on the Distribution Date set forth above $164,884.13 (n) The amount of the distribution set forth in paragraph A.1. (m) above in respect of interest $33,476.07 (o) The amount of the distribution set forth in in paragraph A.1. (m) above in respect of principal $131,408.06 (p) Scheduled Payments due in such Collection Period $2,352,529.54 (q) Scheduled Payments collected in such Collection Period $2,081,645.30 B. Information Regarding the Performance of the Trust. 1 Pool, Note and Certificate Balances. (a) The aggregate Principal Balance of the Receivables as of the close of business on the last day of the preceding Collection Period $76,234,254.66 (b) The aggregate principal amount of the Securities as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A.1.(c),(i),(o) above $68,684,799.99 (c) Aggregate principal amount of Notes as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A.1.(c),(i) above $65,008,503.66 (d) The Note Pool Factor as of the close of business on the last day set forth above 0.8527466 (e) Aggregate principal amount of the Certificates as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A.1.(o) above $3,676,296.33 (f) The Certificate Pool Factor as of the close of business on the last day set forth above 0.0482237 2 Servicing Fee and Purchased Receivables. (a) The aggregate amount of the Servicing Fee (exclusive of the Standby Fee paid to the Standby Servicer) paid to the Servicer with respect to the Collection Period set forth above $142,733.77 (b) The aggregate amount of the Standby Fee paid to the Standby Servicer with respect to the Collection Period set forth above. $3,811.71 (c) The amount of the payment set forth in paragraph B.2. (a) above per $1,000 $2.56 (d) The amount of the payment set forth in paragraph B.2. (b) above per $1,000 $0.07 (e) The amount of any unpaid Servicing Fee $0.00 (f) The change in the amount of any unpaid Servicing Fee from the prior Distribution Date $0.00 The number and aggregate Purchase Amount of Receivables that became Purchased Receivables during the related Collection Period Number 0 Aggregate Purchase Amount $0.00 3 Payment Shortfalls. (a) The amount of the Class A-1 Interest Carryover shortfall shortfall after giving effect to the payments set forth in paragraph A.1. (b) above $0.00 (b) The amount of the Class A-2 Interest Carryover shortfall shortfall after giving effect to the payments set forth in paragraph A.1. (h) above $0.00 (c) The amount of the Class A Principal Carryover Shortfall after giving effect to the payments set forth in paragraph A.1.(c),(i) above $0.00 (d) The amount of the Class B Interest Carryover shortfall shortfall after giving effect to the payments set forth in paragraph A.1. (n) above $0.00 (e) The amount of the Class B Principal Carryover Shortfall after giving effect to the payment set forth in paragraph A.1. (o) above $0.00 4 Spread Account. (a) The Specified Spread Account Balance with respect to such Distribution Date and the Spread Account Balance on the Distribution Date set forth above, after giving effect to distributions made on such Distribution Date Specified Spread Account Balance $22,081,828.06 Spread Account Balance $2,584,505.88 (b) The change in the spread account on the Distribution Date set forth above $87,406.83 5 Policy. (a) The amount paid to the Noteholders under the Policy for such Distribution Date $0.00 (b) The amount distributable to the Note Insurer on such Distribution Date $21,127.76 6 Losses and Delinquencies. (a) The aggregate amount of Realized Losses on the Distribution Date set forth above $715,908.24 (b) The change in the aggregate amount of Realized Losses from the prior Distribution Date $0.00 (c) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent between 31 and 59 days Number 179 Aggregate Gross Amount $2,366,000.00 (d) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent 60 days or more Number 200 Aggregate Gross Amount $2,569,000.00 7 Performance Triggers. (a) Delinquency Ratio 6.03% (b) Average Delinquency Ratio 6.01% (c) Cumulative Default Ratio 5.77% (d) Cumulative Net Loss Ratio 3.83% (e) Is a Portfolio Performance Test violation continuing? No (f) Has an Insurance Agreement Event of Default occurred? No(a)
CPS AUTO RECEIVABLES TRUST 1997-5 STATEMENT TO NOTEHOLDERS IS THERE A DEFICIENCY CLAIM AMOUNT? NO DEFICIENCY CLAIM AMOUNT 0.00 INPUTS GROSS COLLECTION PROCEEDS: 3,193,582.47 LOCK BOX NSF ITEMS: (47,351.46) TOTAL COLLECTION PROCEEDS: 3,146,231.01 FOR DISTRIBUTION DATE: 11/16/98 FOR DETERMINATION DATE: 11/6/98 FOR COLLECTION PERIOD: 10/98 COLLATERAL ACTIVITY INFORMATION PRINCIPAL Beginning Principal Balance 76,234,254.66 Beginning Principal Balance of Subsequent Receivables Transferred 0.00 --------------- Aggregate Beginning Principal Balance 76,234,254.66 Principal portion of payments collected (non-prepayments) 926,558.05 Prepayments in full allocable to principal 542,419.00 Collections allocable to principal 1,468,977.05 Partial prepayments relating to various contracts or policies 0.00 Liquidation Proceeds allocable to principal 443,275.84 Purchase Amounts allocable to principal 0.00 --------------- Total Principal 1,912,252.89 Realized Losses 715,908.24 Cram Down Losses 0.00 Ending Principal Balance 73,606,093.53 INTEREST Collections allocable to interest $1,155,087.25 Liquidation Proceeds allocable to interest 0.00 Purchase Amounts allocable to interest 0.00 Recoveries from Liquidated Receivables from prior periods 78,890.87 --------------- Total Interest $1,233,978.12 NOTE & CERTIFICATE INFORMATION Beginning of Period Class A-1 Principal Balance 32,225,130.29 Beginning of Period Class A-2 Principal Balance 35,175,000.00 Beginning of Period Certificate Principal Balance 3,807,704.39 MISCELLANEOUS BALANCES Beginning of Period Spread Account Balance 2,497,099.05 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 15,676.68 Scheduled Payments due in Collection Period 2,352,529.54 Scheduled Payments collected in Collection Period 2,081,645.30 Aggregate Amount of Realized Losses for preceding Distribution Date 715,908.24 MISCELLANEOUS CURRENT EXPENSES Trustee's out-of-pocket expenses 501.55 Collateral Agent's expenses 0.00 Transition Expenses to Standby Servicer 0.00 Transition Expenses to successor Servicer 0.00 Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00 MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 DELINQUENCY INFORMATION Aggregate Gross Amount # of Receivables of Receivables 31 - 59 days delinquent 179 2,366,000.00 60+ days delinquent 200 2,569,000.00 PURCHASED RECEIVABLES Aggregate Purchase Amt # of Receivables of Receivables 0 0.00 INFORMATION FOR PORTFOLIO PERFORMANCE TESTS Principal Balance of all Receivables delinquent more than 30 days as of the close 4,935,000.00 of business on the last day of the related Collection Period. Principal Balance of all Receivables that became Purchased Receivables as of 0.00 the close of business on the last day of the related Collection Period and that were delinquent 30 days or more. Principal Balance of all Receivables that became Defaulted Receivables 734,694.36 during the related Collection Period. Delinquency Ratio for second preceding Determination Date 6.12% Delinquency Ratio for third preceding Determination Date 5.88% Cumulative Defaults for preceding Determination Date 4,782,860.36 Cumulative Net Losses for preceding Determination Date 3,031,286.25 Does a Trigger Event Exist? N Is a Portfolio Performance Test violation continuing? (Y/N) N Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) CALCULATIONS TOTAL DISTRIBUTION AMOUNT All collections on receivables (incl. amts from payahead, excl. amounts deposited into payahead) 2,624,064.30 Liquidation Proceeds 443,275.84 Recoveries 78,890.87 Purchase Amounts 0.00 Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00 Investment earnings from Collection Account 10,983.56 --------------- TOTAL DISTRIBUTION AMOUNT 3,157,214.57 DISTRIBUTABLE AMOUNT Principal Distributable Amount Principal portion of payments collected (non-prepayments) 926,558.05 Prepayments in full allocable to principal 542,419.00 Principal Balance of Liquidated Receivables 1,159,184.08 Purchase Amounts allocable to principal 0.00 Cram Down Losses 0.00 --------------- Principal Distributable Amount 2,628,161.13 Class A Target Amount 90% 90% times Aggregate Principal Balance of Receivables 73,606,093.53 -------------- 66,245,484.18 Class A Noteholders' Percentage After the Target Payment Date? Yes Will the Class A-2 Notes be reduced to 0? No On or Prior to Target Payment Date 95.0% After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0% On Payment Date when Class A-2 Notes will be reduced to 0 49.4% --------------- 91.0% Class A Noteholders' Principal Distributable Amount Principal Distributable Amount 2,628,161.13 Times Class A Noteholders' Percentage 91% --------------- 2,391,626.63 Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00 --------------- Class A Principal Distributable Amount 2,391,626.63 Class A-1 Noteholders' Interest Distributable Amount Beginning of Period Principal Balance of the Notes 32,225,130.29 Multiplied by the Note Rate 6.26% Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333 --------------- Class A Interest Distributable Amount 168,107.76 Class A-2 Noteholders' Interest Distributable Amount Beginning of Period Principal Balance of the Notes 35,175,000.00 Multiplied by the Note Rate 6.40% Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333 --------------- Class A Interest Distributable Amount 187,600.00 Certificateholders Principal Distributable Amount Principal Distributable Amount 2,628,161.13 Times Certificate Percentage 5.0% --------------- Class B Principal Distributable Amount 131,408.06 Certificateholders' Interest Amount Total Distribution Amount 3,157,214.57 minus Class A Principal and Interest Distributable Amount 2,747,334.39 Beginning of Period Principal Balance of the Certificates 3,807,704.39 Multiplied by Note Pass-Through Rate 10.55% Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333 --------------- Certificate Coupon Interest Amount 33,476.07 Class A Interest Carryover Shortfall 0.00 Class A Principal Carryover Shortfall 0.00 Class B Coupon Interest 33,476.07 Class B Interest Carryover Shortfall 0.00 Class B Principal Distributable Amount 131,408.06 Class B Principal Carryover Shortfall 0.00 Trustee distributions 1,136.84 Standby Servicer distributions 3,811.71 Servicer distributions 142,733.77 Collateral Agent distributions 593.40 Reimbursement Obligations 21,127.76 --------------- 75,592.57 CARRYOVER SHORTFALLS FROM PRIOR PERIODS Class B Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class B Interest Carryover Shortfall from previous period 0.00 Interest on Class B Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class B Interest Shortfall 0.00 Interest Earned 0.00 --------------- 0.00 Class A Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class A-1 Interest Carryover Shortfall from previous period 0.00 Interest on Class A-1 Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class A-1 Interest Shortfall 0.00 Interest Earned 0.00 --------------- 0.00 Class A-2 Interest Carryover Shortfall from previous period Interest on Class A-2 Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class A-2 Interest Shortfall Interest Earned 0.00 --------------- 0.00
CALCULATIONS DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT): Use --- (i) Standby Fee 3,811.71 Servicing Fee (2.0%) 127,057.09 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 15,676.68 Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 (ii) Transition Expenses to Standby Servicer 0.00 (iii) Indenture Trustee Fee 635.29 Indenture Trustee's out-of-pocket expenses 501.55 Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 Unpaid Indenture Trustee's out-of-pocket exp. - prior Collection Periods 0.00 Owner Trustee Fee 0.00 Owner Trustee's out-of-pocket expenses 0.00 Unpaid Owner Trustee Fee from prior Collection Periods 0.00 Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 (iv) Collateral Agent Fee 593.40 Collateral Agent Expenses 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 (v)(A) Class A-1 Interest Distributable Amount - Current Month 168,107.76 Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00 Class A-1 Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A-1 Interest Carryover Shortfall 0.00 Class A-1 Interest Distributable Amount 168,107.76 (B) Class A-2 Interest Distributable Amount - Current Month 187,600.00 Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00 Class A-2 Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A-2 Interest Carryover Shortfall 0.00 Class A-2 Interest Distributable Amount 187,600.00 (vi)(A)Certificate Note Interest - Unadjusted 33,476.07 Certificate Note Interest Carryover Shortfall - Previous Month(s) 0.00 Interest on B Interest Shortfall - Previous Month(s) 0.00 Interest on B Interest Carryover from Prior Months 0.00 Current Month Certificate Interest Shortfall 0.00 Adjusted Certificate Note Interest Distributable Amount 33,476.07 (vii) Class A Principal Distributable Amount - Current Month 2,391,626.63 Class A Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Class A Principal Shortfall 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 Class A Principal Distribution Amount to Class A-1 2,391,626.63 Class A Principal Distribution Amount to Class A-2 0.00 (viii) Note Insurer Premium 21,127.76 Note Insurer Premium Supplement 0.00 Other Reimbursement Obligations to Note Insurer 0.00 (ix) Transition Expenses to successor Servicer 0.00 (x) Certificate Principal Distributable Amount - Current Month Unadjusted 131,408.06 Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Certificate Principal Shortfall 0.00 Adjusted Certificate Principal Distributable Amount 131,408.06 (xi) Until the Target Payment Date, remaining amount to Class A Noteholders 0.00 Amount to Class A-1 Noteholders 0.00 Amount to Class A-2 Noteholders 0.00 (xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 75,592.57 Spread Account Withdrawal to cover deficiencies 0.00 IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above. CONSUMER PORTFOLIO SERVICES, INC. By: /s/ James L. Stock ---------------------------------------------------- Name: James L. Stock ---------------------------------------------------- Title: Vice President ---------------------------------------------------- (a) Requisite levels for spread accounts reflect insurance defaults on pools 1995-4, 1996-1, FASCO 1996-1, and 1997-1.
SECURITIES BALANCE Class A-1 Beginning of Period Principal Amount 32,225,130.29 Class A-1 Principal Distributions 2,391,626.63 Class A-1 End of Period Principal Amount (prior to turbo) 29,833,503.66 Additional Principal Distribution 0.00 Class A-1 End of Period Principal Amount 29,833,503.66 Class A-2 Beginning of Period Principal Amount 35,175,000.00 Class A-2 Principal Distributions 0.00 Class A-2 End of Period Principal Amount (prior to turbo) 35,175,000.00 Additional Principal Distribution 0.00 Class A-2 End of Period Principal Amount 35,175,000.00 Certificate Beginning of Period Principal Amount 3,807,704.39 Certificate Principal Distributable Amount 131,408.06 Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,676,296.33 Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00 Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,676,296.33 CLASS A DEFICIENCY - INTEREST (i) Total Distribution Amount Available 3,157,214.57 (ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 503,983.48 (iii)Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 2,653,231.09 CLASS B DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,653,231.09 (ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 33,476.07 (iii)Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO Amount Remaining for Further Distribution/(Deficiency) 2,619,755.02 CLASS A DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,619,755.02 (ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,391,626.63 (iii)Prior month(s) carryover shortfalls 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 228,128.39 OTHER DISTRIBUTIONS (i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 228,128.39 (vi) Note Insurer Premium 21,127.76 (v) Note Insurer Premium Supplement 0.00 Deficiency Amount 0.00 Withdrawal from Spread Account to Cover Deficiency 0.00 If (i) is less than (ii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 207,000.63 CLASS B DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 207,000.63 (ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 131,408.06 (iii)Prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Unadjusted Amount Remaining for Further Distribution/(Deficiency) 75,592.57 Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00 CALCULATIONS PERFORMANCE MEASURES Calculation of Delinquency Ratio (Current Period) Delinquency Amount Receivables more than 30 days delinquent 4,935,000.00 Purchased receivables more than 30 days delinquent 0.00 --------------- Total 4,935,000.00 Aggregate Gross Principal Balance as of the close of 81,871,592.36 business on the last day of the Collection Period. DELINQUENCY RATIO 6.03% Calculation of Average Delinquency Ratio Delinquency Ratio for most recent Determination Date 6.03% Delinquency Ratio for second preceding Determination Date 6.12% Delinquency Ratio for third preceding Determination Date 5.88% ---------------- Average Delinquency Ratio 6.01% CALCULATION OF CUMULATIVE DEFAULT RATIO Default Amount Principal Balance of Previously Defaulted Receivables 4,782,860.36 Current Period Defaulted Receivables 734,694.36 --------------- Total 5,517,554.72 Cumulative Defaulted Receivables 5,517,554.72 Original Pool Balance 95,706,307.00 Cumulative Default Ratio 5.77% CALCULATION OF CUMULATIVE NET LOSS RATIO Calculation of Net Liquidation Losses Principal Balance plus accrued and unpaid interest of Liquidated Receivables 1,159,184.08 Cram Down Losses 0.00 Net Liquidation Proceeds (522,166.71) --------------- Net Liquidation Losses 637,017.37 Cumulative Previous Net Losses 3,031,286.25 --------------- Cumulative Net Losses 3,668,303.62 Original Pool Balance 95,706,307.00 Cumulative Net Loss Ratio 3.83% ADDITIONAL POOL INFORMATION: Weighted Average Original Term 57.00 Weighted Average Remaining Term 46.01 Weighted Average Annual Percentage Rate 20.21% SPREAD ACCOUNT OC Percent Aggregate Principal Balance 73,606,093.53 minus the Securities Balance 68,684,799.99 --------------- 4,921,293.54 divided by the Aggregate Principal Balance 6.69% Floor OC Percent Aggregate Principal Balance 73,606,093.53 minus the Securities Balance 68,684,799.99 --------------- 4,921,293.54 divided by the initial Aggregate Principal Balance 95,706,307.00 --------------- 5.14% Floor Amount greater of (a) $100,000 100,000.00 (b) the lesser of (i) Securities Balance 68,684,799.99 (ii) the sum of (A) 2% of the sum of 2.00% (I) initial Aggregate Principal Balance 95,706,307.00 (II) balance of all Subsequent Receivables 0.00 --------------- 1,914,126.14 (B) the product of (I) excess of 1% over the Floor OC Percent 0.00% (II) initial Aggregate Principal Balance 95,706,307.00 --------------- 0.00 Floor Amount 1,914,126.14 Requisite Amount the greater of (1) the Floor Amount 1,914,126.14 (2) the product of: if no Trigger Event, 9% minus the OC Percent 2.3% if a Trigger Event, 15% minus the OC Percent 8.3% if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.3% if an Insurance Agreement Event of Default, 30% 30% 30% times the Aggregate Principal Balance 73,606,093.53 --------------- 22,081,828.06 Requisite Amount 22,081,828.06 Does a Trigger Event exist? N Is a Portfolio Performance Test violation continuing? (Y/N) N Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) Required Spread Account Amount 22,081,828.06 Beginning of Period Spread Account Balance 2,497,099.05 Spread Account Deposit (Withdrawal) from Current Distributions 75,592.57 Transfer (to) from Cross-Collateralized Spread Accounts 0.00 Required addition to/(eligible withdrawal from) Spread Account 19,509,136.44 Earnings on Spread Account Balance 11,814.26 Amount of Spread Account deposit (withdrawal) 0.00 Amount of Withdrawal Allocated to B Piece Shortfalls 0.00 Net Spread Account Withdrawal to Seller 0.00 Ending Spread Account Balance 2,584,505.88 MONTHLY CERTIFICATEHOLDER STATEMENT CPS AUTO GRANTOR TRUST 1998-1 6.00% ASSET-BACKED CERTIFICATES, CLASS A 10.25% ASSET-BACKED CERTIFICATES, CLASS B Distribution Date 11/16/98 Collection Period 10/98 Under the Pooling and Servicing Agreement dated as of March 16, 1998 (the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee and as Collateral Agent, the Servicer is required to prepare certain information each month regarding current distributions to Certificateholders and the performance of the Trust during the previous month. The information which is required to be prepared with respect to the Distribution Date and Collection Period listed above is set forth below. Certain of the information is presented on the basis of an original principal amount of $1,000 per Certificate, and certain other information is presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution: 1 Certificates. (a) The aggregate amount of the distribution to Class A Certificateholders on the Distribution Date set forth above $5,692,319.29 (b) The amount of the distribution set forth in paragraph A.1. (a) above in respect of interest $783,173.57 (c) The amount of the distribution set forth in in paragraph A.1. (a) above in respect of principal $4,909,145.72 (d) The amount of the distribution set forth in paragraph A.1. (a) above, per $1,000 interest $32.05 (e) The amount of the distribution set forth in paragraph A.1. (b) above, per $1,000 interest $4.41 (f) The amount of the distribution set forth in paragraph A.1. (c) above, per $1,000 interest $27.64 (g) The aggregate amount of the distribution to Class B Certificateholders on the Distribution Date set forth above $261,065.92 (h) The amount of the distribution set forth in paragraph A.1. (g) above in respect of interest $70,416.92 (i) The amount of the distribution set forth in in paragraph A.1. (g) above in respect of principal $190,649.00 (j) Scheduled Payments due in such Collection Period $4,918,053.94 (k) Scheduled Payments collected in such Collection Period $4,327,514.24 B. Information Regarding the Performance of the Trust. 1 Pool Balance and Certificate Balances. (a) The aggregate Principal Balance of the Receivables as of the close of business on the last day of the preceding Collection Period $164,878,645.02 (b) The aggregate balance of the Certificates as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A.1.(c) above $159,778,850.30 (c) The Pool factor as of the close of business on the last day set forth above 0.9690694 2 Servicing Fee and Purchased Receivables. (a) The aggregate amount of the Servicing Fee (exclusive of the Standby Fee paid to the Standby Servicer) paid to the Servicer with respect to the Collection Period set forth above $307,455.44 (b) The aggregate amount of the Standby Fee paid to the Standby Servicer with respect to the Collection Period set forth above. $3,434.97 (c) The amount of the payment set forth in paragraph B.2. (a) above per $1,000 interest $1.73 (d) The amount of the payment set forth in paragraph B.2. (b) above per $1,000 interest $0.02 (e) The amount of any unpaid Servicing Fee $0.00 (f) The change in the amount of any unpaid Servicing Fee from the prior Distribution Date $0.00 The number and aggregate Purchase Amount of Receivables that became Purchased Receivables during the related Collection Period Number 0 Aggregate Purchase Amount $0.00 3 Payment Shortfalls. (a) The amount of the Interest Carryover shortfall after giving effect to the payments set forth in paragraph A.1. (b) above $0.00 (b) The amount of the Principal Carryover Shortfall after giving effect to the payment set forth in paragraph A.1. (c) above $0.00 4 Payahead Account. (a) The aggregate Payahead Balance on the prior Distribution Date $41,550.56 (b) Distributions (to) from Collection Account ($7,221.66) for Payaheads (c) Interest earned on Payahead Balances $400.07 (d) Ending Payahead Account Balance $34,728.97 5 Spread Account. (a) The Specified Spread Account Balance with respect to such Distribution Date and the Spread Account Balance on the Distribution Date set forth above, after giving effect to distributions made on such Distribution Date Specified Spread Account Balance $47,933,655.09 Spread Account Balance $21,296,552.10 (b) The change in the spread account on the Distribution Date set forth above $98,448.86 6 Policy. (a) The amount paid to the Certificateholders under the Policy for such Distribution Date $0.00 (b) The amount distributable to the Certificate Insurer on such Distribution Date $51,839.57 7 Losses and Delinquencies. (a) The aggregate amount of Realized Losses on the Distribution Date set forth above $1,481,334.41 (b) The change in the aggregate amount of Realized Losses from the prior Distribution Date $0.00 (c) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent between 31 and 59 days Number 342 Aggregate Gross Amount $4,576,000.00 (d) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent 60 days or more Number 342 Aggregate Gross Amount $4,576,000.00 8 Performance Triggers. (a) Delinquency Ratio 5.48% (b) Average Delinquency Ratio 5.52% (c) Cumulative Default Ratio 3.25% (d) Cumulative Net Loss Ratio 1.72% (e) Is a Portfolio Performance Test violation continuing? No (f) Has an Insurance Agreement Event of Default occurred? Yes
CPS AUTO GRANTOR TRUST 1998-1 STATEMENT TO CERTIFICATEHOLDERS IS THERE A DEFICIENCY CLAIM AMOUNT? NO DEFICIENCY CLAIM AMOUNT 0.00 INPUTS GROSS COLLECTION PROCEEDS: 6,380,599.88 LOCK BOX NSF ITEMS: (89,322.74) TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: 7,221.66 COLLECTION ACCOUNT INTEREST 21,601.42 PAYAHEAD ACCOUNT INTEREST 400.07 TOTAL COLLECTION PROCEEDS: 6,320,500.29 FOR DISTRIBUTION DATE: 11/16/98 FOR DETERMINATION DATE: 11/6/98 FOR COLLECTION PERIOD: 10/98 COLLATERAL ACTIVITY INFORMATION PRINCIPAL Beginning Principal Balance 164,878,645.02 Principal portion of payments collected (non-prepayments) 1,834,780.96 Prepayments in full allocable to principal 998,351.00 Collections allocable to principal 2,833,131.96 Partial prepayments relating to various contracts or policies 0.00 Liquidation Proceeds allocable to principal 853,055.44 Purchase Amounts allocable to principal 0.00 --------------- Total Principal 3,686,187.40 Realized Losses 1,481,334.41 Cram Down Losses 0.00 Ending Principal Balance 159,711,123.21 INTEREST Collections allocable to interest 2,492,733.28 Liquidation Proceeds allocable to interest 0.00 Purchase Amounts allocable to interest 0.00 Recoveries from Liquidated Receivables from prior periods 141,579.61 --------------- Total Interest 2,634,312.89 CERTIFICATE INFORMATION Beginning of Period Class A Principal Balance 156,634,713.09 Beginning of Period Class B Principal Balance 8,243,931.93 MISCELLANEOUS BALANCES Beginning of Period Spread Account Balance 21,198,103.24 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 32,657.70 Aggregate Payahead Balance 34,328.90 Aggregate Payahead Balance for preceding Distribution Date 41,550.56 Interest Earned on Payahead Balances 400.07 Scheduled Payments due in Collection Period 4,918,053.94 Scheduled Payments collected in Collection Period 4,327,514.24 Aggregate Amount of Realized Losses for preceding Distribution Date 1,481,334.41 MISCELLANEOUS CURRENT EXPENSES Trustee's out-of-pocket expenses 1,637.12 Collateral Agent's expenses 0.00 Transition Expenses to Standby Servicer 0.00 Transition Expenses to successor Servicer 0.00 Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00 MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 DELINQUENCY INFORMATION Aggregate Gross Amount # of Receivables of Receivables 31 - 59 days delinquent 342 4,576,000.00 60+ days delinquent 400 5,185,000.00 PURCHASED RECEIVABLES Aggregate Purchase Amt # of Receivables of Receivables 1 12,014.70 INFORMATION FOR PORTFOLIO PERFORMANCE TESTS Principal Balance of all Receivables delinquent more than 30 days as of the close 9,761,000.00 of business on the last day of the related Collection Period. Principal Balance of all Receivables that became Purchased Receivables as of 0.00 the close of business on the last day of the related Collection Period and that were delinquent 30 days or more. Principal Balance of all Receivables that became Defaulted Receivables 1,464,141.82 during the related Collection Period. Delinquency Ratio for second preceding Determination Date 5.73% Delinquency Ratio for third preceding Determination Date 5.35% Cumulative Defaults for preceding Determination Date 4,606,088.03 Cumulative Net Losses for preceding Determination Date 1,881,959.41 Is a Portfolio Performance Test violation continuing? (Y/N) N Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) CALCULATIONS TOTAL DISTRIBUTION AMOUNT All collections on receivables (incl. amts from payahead, excl. amounts deposited into payahead) 5,325,865.24 Liquidation Proceeds 853,055.44 Recoveries 141,579.61 Purchase Amounts 0.00 Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00 Investment earnings from Collection Account 0.00 Investment earnings from Payahead Account 0.00 --------------- TOTAL DISTRIBUTION AMOUNT 6,320,500.29 DISTRIBUTABLE AMOUNT Principal Distributable Amount Principal portion of payments collected (non-prepayments) 1,834,780.96 Prepayments in full allocable to principal 998,351.00 Principal Balance of Liquidated Receivables 2,334,389.85 Purchase Amounts allocable to principal 0.00 Cram Down Losses 0.00 --------------- Principal Distributable Amount 5,167,521.81 Class A Principal Distributable Amount Principal Distributable Amount 5,167,521.81 Times Class A Percentage (95%) 95% --------------- 4,909,145.72 Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00 --------------- Class A Principal Distributable Amount 4,909,145.72 Class A Interest Distributable Amount Beginning of Period Principal Balance of the Certificates 156,634,713.09 Multiplied by Certificate Pass-Through Rate 6.00% Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333 --------------- Class A Interest Distributable Amount 783,173.57 Class B Principal Distributable Amount Principal Distributable Amount 5,167,521.81 Times Class B Percentage (5%) 5% --------------- Class B Principal Distributable Amount 258,376.09 Class B Coupon Interest Amount Beginning of Period Principal Balance of the Certificates 8,243,931.93 Multiplied by Certificate Pass-Through Rate 10.25% Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333 --------------- Class B Coupon Interest Amount 70,416.92 Class B Excess Interest Amount Total Distribution Amount 6,320,500.29 minus Class A Principal and Interest Distributable Amount 5,692,319.29 Class A Interest Carryover Shortfall 0.00 Class A Principal Carryover Shortfall 0.00 Class B Coupon Interest 70,416.92 Class B Interest Carryover Shortfall 0.00 Class B Principal Distributable Amount 258,376.09 Class B Principal Carryover Shortfall 0.00 Trustee distributions 3,011.11 Standby Servicer distributions 3,434.97 Servicer distributions 307,455.44 Collateral Agent distributions 1,373.99 Reimbursement Obligations 51,839.57 --------------- 0.00 CARRYOVER SHORTFALLS FROM PRIOR PERIODS Class B Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class B Interest Carryover Shortfall from previous period 0.00 Interest on Class B Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class B Interest Shortfall 0.00 Interest Earned 0.00 --------------- 0.00 Class A Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class A Interest Carryover Shortfall from previous period 0.00 Interest on Class A Interest Carryover Shortfall 0.00 --------------- 0.00 Interest Carryover on Class A Interest Shortfall 0.00 Interest Earned 0.00 --------------- 0.00
CALCULATIONS DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT): Use --- (i) Standby Fee 3,434.97 Servicing Fee (2.0%) 274,797.74 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 32,657.70 Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 (ii) Transition Expenses to Standby Servicer 0.00 (iii) Trustee Fee 1,373.99 Trustee's out-of-pocket expenses 1,637.12 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 (iv) Collateral Agent Fee 1,373.99 Collateral Agent Expenses 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 (v)(A) Class A Interest Distributable Amount - Current Month 783,173.57 Prior Month(s) Class A Carryover Shortfall 0.00 Class A Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A Interest Carryover Shortfall 0.00 Class A Interest Distributable Amount 783,173.57 (viii)(A)Class B Coupon Interest - Unadjusted 70,416.92 Class B Interest Carryover Shortfall - Previous Month(s) 0.00 Interest on B Interest Shortfall - Previous Month(s) 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class B Interest Shortfall 0.00 Adjusted Class B Interest Distributable Amount 70,416.92 (v)(B) Class A Principal Distributable Amount - Current Month 4,909,145.72 Class A Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Class A Principal Shortfall 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 Class A Principal Distribution Amount 4,909,145.72 (vi) Certificate Insurer Premium 51,839.57 Certificate Insurer Premium Supplement 0.00 Other Reimbursement Obligations to Certificate Insurer 0.00 (vii) Transition Expenses to successor Servicer 0.00 (B)Class B Principal Distributable Amount - Current Month Unadjusted 258,376.09 Class B Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Class B Principal Shortfall (67,727.09) Adjusted Class B Principal Distributable Amount 190,649.00 (C)Excess Interest (Shortage) Amount for Deposit to (withdrawal from) Spread Account 0.00 IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above. CONSUMER PORTFOLIO SERVICES, INC. By: /s/ James L. Stock ---------------------------------------------------- Name: James L. Stock ---------------------------------------------------- Title: Vice President ---------------------------------------------------- (a) Requisite levels for spread accounts reflect insurance defaults on pools 1995-4, 1996-1, FASCO 1996-1, and 1997-1.
CERTIFICATE BALANCE Class A Beginning of Period Principal Balance 156,634,713.09 Class A Principal Distributions 4,909,145.72 Class A End of Period Principal Balance 151,725,567.37 Class B Beginning of Period Principal Balance 8,243,931.93 Class B Principal Distributable Amount 190,649.00 Class B End of Period Principal Balance BEFORE Spread Account Distributions 8,053,282.93 Withdrawal from Spread Account to Cover B Shortfalls 0.00 Class B End of Period Principal Balance AFTER Spread Account Distributions 8,053,282.93 CLASS A DEFICIENCY - INTEREST (i) Total Distribution Amount Available 6,320,500.29 (ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,098,449.08 (iii) Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 5,222,051.21 CLASS B DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 5,222,051.21 (ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 70,416.92 (iii) Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO Amount Remaining for Further Distribution/(Deficiency) 5,151,634.29 CLASS A DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 5,151,634.29 (ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 4,909,145.72 (iii) Prior month(s) carryover shortfalls 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 242,488.57 OTHER DISTRIBUTIONS (i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 242,488.57 (vi) Certificate Insurer Premium 51,839.57 (v) Certificate Insurer Premium Supplement 0.00 Deficiency Amount 0.00 Withdrawal from Spread Account to Cover Deficiency 0.00 If (i) is less than (ii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 190,649.00 CLASS B DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 190,649.00 (ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 258,376.09 (iii) Prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES Unadjusted Amount Remaining for Further Distribution/(Deficiency) (67,727.09) Withdrawal from Spread Account to B PieceCover Shortfalls 0.00 Adjusted Amount Remaining for Further Distribution/(Deficiency) (67,727.09) CALCULATIONS PERFORMANCE MEASURES Calculation of Delinquency Ratio (Current Period) Delinquency Amount Receivables more than 30 days delinquent 9,761,000.00 Purchased receivables more than 30 days delinquent 0.00 --------------- Total 9,761,000.00 Aggregate Gross Principal Balance as of the close of 178,175,677.11 business on the last day of the Collection Period. DELINQUENCY RATIO 5.48% Calculation of Average Delinquency Ratio Delinquency Ratio for most recent Determination Date 5.48% Delinquency Ratio for second preceding Determination Date 5.73% Delinquency Ratio for third preceding Determination Date 5.35% --------------- Average Delinquency Ratio 5.52% CALCULATION OF CUMULATIVE DEFAULT RATIO Default Amount Principal Balance of Previously Defaulted Receivables 4,606,088.03 Current Period Defaulted Receivables 1,464,141.82 --------------- Total 6,070,229.85 Cumulative Defaulted Receivables 6,070,229.85 Original Pool Balance 186,954,818.61 Cumulative Default Ratio 3.25% CALCULATION OF CUMULATIVE NET LOSS RATIO Calculation of Net Liquidation Losses Principal Balance plus accrued and unpaid interest of Liquidated Receivables 2,334,389.85 Cram Down Losses 0.00 Net Liquidation Proceeds (994,635.05) --------------- Net Liquidation Losses 1,339,754.80 Cumulative Previous Net Losses 1,881,959.41 --------------- Cumulative Net Losses 3,221,714.21 Original Pool Balance 186,954,818.61 Cumulative Net Loss Ratio 1.72% ADDITIONAL POOL INFORMATION: Weighted Average Original Term 57.10 Weighted Average Remaining Term 48.73 Weighted Average Annual Percentage Rate 20.33% SPREAD ACCOUNT Spread Account Cap 13.5% of Outstanding Certificate Balance 21,570,144.79 18.5% of Outstanding Certificate Balance 29,559,087.31 Is a Portfolio Performance Test violation continuing? (Y/N) N Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) --------------- Cap Amount 47,933,655.09 Spread Account Floor 3% of the Initial Certificate Balance 5,608,644.56 Outstanding Certificate Balance 159,778,850.30 Minimum Floor 100,000.00 --------------- Floor Amount 5,608,644.56 Required Spread Account Amount 47,933,655.09 Beginning of Period Spread Account Balance 21,198,103.24 Spread Account Deposit (Withdrawal) from Current Distributions 0.00 Transfer (to) from Cross-Collateralized Spread Accounts 0.00 Allocations of cash releases from previous pools 0.00 Required addition to/(eligible withdrawal from) Spread Account 26,735,551.85 Earnings on Spread Account Balance 98,448.86 Amount of Spread Account deposit (withdrawal) 0.00 Amount of Withdrawal Allocated to B Piece Shortfalls 0.00 Net Spread Account Withdrawal to Seller 0.00 Ending Spread Account Balance 21,296,552.10 MONTHLY CERTIFICATEHOLDER STATEMENT CPS AUTO GRANTOR TRUST 1998-2 6.09% CLASS A ASSET-BACKED CERTIFICATES 10.34% CLASS B ASSET-BACKED CERTIFICATES Distribution Date 11/16/98 Collection Period 10/98 Under the Pooling and Servicing Agreement dated as of April 8, 1998 (the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee and as Collateral Agent, the Servicer is required to prepare certain information each month regarding current distributions to Certificateholders and the performance of the Trust during the previous month. The information which is required to be prepared with respect to the Distribution Date and Collection Period listed above is set forth below. Certain of the information is presented on the basis of an original principal amount of $1,000 per Certificate, and certain other information is presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution: 1 Certificates. (a) The aggregate amount of the distribution to Class A Certificateholders on the Distribution Date set forth above $5,177,399.57 (b) The amount of the distribution set forth in paragraph A.1. (a) above in respect of interest $947,643.42 (c) The amount of the distribution set forth in in paragraph A.1. (a) above in respect of principal $4,229,756.15 (d) The amount of the distribution set forth in paragraph A.1. (a) above, per $1,000 interest $25.82 (e) The amount of the distribution set forth in paragraph A.1. (b) above, per $1,000 interest $4.73 (f) The amount of the distribution set forth in paragraph A.1. (c) above, per $1,000 interest $21.10 (g) The aggregate amount of the distribution to Class B Certificateholders on the Distribution Date set forth above (given to the Collateral Agent for deposit into the Spread Account) $307,301.42 (h) The amount of the distribution set forth in paragraph A.1. (g) above in respect of interest $84,682.68 (i) The amount of the distribution set forth in in paragraph A.1. (g) above in respect of principal $222,618.74 (j) Scheduled Payments due in such Collection Period $5,714,731.36 (k) Scheduled Payments collected in such Collection Period $5,399,968.62 B. Information Regarding the Performance of the Trust. 1 Certificate Balances. (a) The original aggregate Principal Balance of the Certificates as of the closing date $211,042,290.00 (b) The aggregate principal balance of the Certificates as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A 1 (c) above $192,103,169.83 (c) The Aggregate Pool factor as of the close of business on the last day set forth above 0.9102591 2 Servicing Fee and Purchased Receivables. (a) The aggregate amount of the Servicing Fee (exclusive of the Standby Fee paid to the Standby Servicer) paid to the Servicer with respect to the Collection Period set forth above $366,660.17 (b) The aggregate amount of the Standby Fee paid to the Standby Servicer with respect to the Collection Period set forth above. $4,094.91 (c) The amount of the payment set forth in paragraph B.2. (a) above per $1,000 interest $1.83 (d) The amount of the payment set forth in paragraph B.2. (b) above per $1,000 interest $0.02 (e) The amount of any unpaid Servicing Fee $0.00 (f) The change in the amount of any unpaid Servicing Fee from the prior Distribution Date $0.00 The number and aggregate Purchase Amount of Receivables that became Purchased Receivables during the related Collection Period Number 1 Aggregate Purchase Amount $13,003.95 3 Payment Shortfalls. (a) The amount of the Class A Interest Carryover shortfall after giving effect to the payments set forth in paragraph A.1. (b) above $0.00 (b) The amount of the Class A Principal Carryover Shortfall after giving effect to the payment set forth in paragraph A.1. (c) above $0.00 (c) The amount of the Class B Interest Carryover shortfall after giving effect to the payments set forth in paragraph A.1. (h) above $0.00 (d) The amount of the Class B Principal Carryover Shortfall after giving effect to the payment set forth in paragraph A.1. (i) above $0.00 4 Payahead Account. (a) The aggregate Payahead Balance on the prior Distribution Date $36,760.77 (b) Distributions (to) from Collection Account ($4,841.50) for Payaheads (c) Interest earned on Payahead Balances $323.17 (d) Ending Payahead Account Balance $32,242.44 5 Spread Account. (a) The Specified Spread Account Balance with respect to such Distribution Date and the Spread Account Balance on the Distribution Date set forth above, after giving effect to distributions made on such Distribution Date Specified Spread Account Balance $57,630,950.95 Spread Account Balance $19,887,693.85 (b) The change in the spread account on the Distribution Date set forth above $1,059,403.76 6 Policy. (a) The amount paid to the Certificateholders under the Policy for such Distribution Date $0.00 (b) The amount distributable to the Certificate Insurer on such Distribution Date $62,353.49 7 Losses and Delinquencies. (a) The aggregate amount of Realized Losses on the Distribution Date set forth above $750,445.93 (b) The change in the aggregate amount of Realized Losses from the prior Distribution Date $0.00 (c) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent between 31 and 59 days Number 458 Aggregate Gross Amount $5,771,000.00 (d) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent 60 days or more Number 402 Aggregate Gross Amount $5,558,000.00 8 Performance Triggers. (a) Delinquency Ratio 5.35% (b) Average Delinquency Ratio 5.14% (c) Cumulative Default Ratio 1.60% (d) Cumulative Net Loss Ratio 0.50% (e) Is a Portfolio Performance Test violation continuing? No (f) Has an Insurance Agreement Event of Default occurred? No(a)
CPS AUTO GRANTOR TRUST 1998-2 STATEMENT TO CERTIFICATEHOLDERS IS THERE A DEFICIENCY CLAIM AMOUNT? NO DEFICIENCY CLAIM AMOUNT 0.00 INPUTS GROSS COLLECTION PROCEEDS: 6,997,018.34 LOCK BOX NSF ITEMS: (126,154.18) TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: 4,841.50 COLLECTION ACCOUNT INTEREST 23,487.87 PAYAHEAD ACCOUNT INTEREST 323.17 TOTAL COLLECTION PROCEEDS: 6,899,516.70 FOR DISTRIBUTION DATE: 11/16/98 FOR DETERMINATION DATE: 11/6/98 FOR COLLECTION PERIOD: 10/98 COLLATERAL ACTIVITY INFORMATION PRINCIPAL Beginning Principal Balance 196,555,545.28 Principal portion of payments collected (non-prepayments) 2,227,920.36 Prepayments in full allocable to principal 974,207.00 Collections allocable to principal 3,202,127.36 Partial prepayments relating to various contracts or policies 0.00 Liquidation Proceeds allocable to principal 486,797.65 Purchase Amounts allocable to principal 13,003.95 --------------- Total Principal 3,701,928.96 Realized Losses 750,445.93 Cram Down Losses 0.00 Ending Principal Balance 192,103,170.39 INTEREST Collections allocable to interest 3,172,048.26 Liquidation Proceeds allocable to interest 0.00 Purchase Amounts allocable to interest 0.00 Recoveries from Liquidated Receivables from prior periods 25,539.48 --------------- Total Interest 3,197,587.74 CERTIFICATE INFORMATION Beginning of Period Class A Principal Balance 186,727,767.99 Beginning of Period Class B Principal Balance 9,827,776.73 MISCELLANEOUS BALANCES Beginning of Period Spread Account Balance 18,828,290.09 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 39,067.59 Aggregate Payahead Balance 31,919.27 Aggregate Payahead Balance for preceding Distribution Date 36,760.77 Interest Earned on Payahead Balances 323.17 Scheduled Payments due in Collection Period 5,714,731.36 Scheduled Payments collected in Collection Period 5,399,968.62 Aggregate Amount of Realized Losses for preceding Distribution Date 750,445.93 MISCELLANEOUS CURRENT EXPENSES Trustee's out-of-pocket expenses 1,492.85 Collateral Agent's expenses 0.00 Transition Expenses to Standby Servicer 0.00 Transition Expenses to successor Servicer 0.00 Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00 MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 DELINQUENCY INFORMATION Aggregate Gross Amount # of Receivables of Receivables 31 - 59 days delinquent 458 5,771,000.00 60+ days delinquent 402 5,558,000.00 PURCHASED RECEIVABLES Aggregate Purchase Amt # of Receivables of Receivables 1 13,003.95 INFORMATION FOR PORTFOLIO PERFORMANCE TESTS Principal Balance of all Receivables delinquent more than 30 days as of the close 11,329,000.00 of business on the last day of the related Collection Period. Principal Balance of all Receivables that became Purchased Receivables as of 13,003.95 the close of business on the last day of the related Collection Period and that were delinquent 30 days or more. Principal Balance of all Receivables that became Defaulted Receivables 1,642,355.14 during the related Collection Period. Delinquency Ratio for second preceding Determination Date 5.51% Delinquency Ratio for third preceding Determination Date 4.57% Cumulative Defaults for preceding Determination Date 1,743,808.27 Cumulative Net Losses for preceding Determination Date 336,699.79 Is a Portfolio Performance Test violation continuing? (Y/N) N Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) CALCULATIONS TOTAL DISTRIBUTION AMOUNT All collections on receivables (incl. amts from payahead, excl. amounts deposited into payahead) 6,374,175.62 Liquidation Proceeds 486,797.65 Recoveries 25,539.48 Purchase Amounts 13,003.95 Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00 Investment earnings from Collection Account 0.00 Investment earnings from Payahead Account 0.00 --------------- TOTAL DISTRIBUTION AMOUNT 6,899,516.70 DISTRIBUTABLE AMOUNT Principal Distributable Amount Principal portion of payments collected (non-prepayments) 2,227,920.36 Prepayments in full allocable to principal 974,207.00 Principal Balance of Liquidated Receivables 1,237,243.58 Purchase Amounts allocable to principal 13,003.95 Cram Down Losses 0.00 --------------- Principal Distributable Amount 4,452,374.89 Class A Principal Distributable Amount Principal Distributable Amount 4,452,374.89 Times Class A Percentage (95%) 95% --------------- 4,229,756.15 Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00 --------------- Class A Principal Distributable Amount 4,229,756.15 Class A Interest Distributable Amount Beginning of Period Principal Balance of the Certificates 186,727,767.99 Multiplied by Certificate Pass-Through Rate 6.09% Multiplied by 30/360 0.0833333 --------------- Class A Interest Distributable Amount 947,643.42 Class B Principal Distributable Amount Principal Distributable Amount 4,452,374.89 Times Class B Percentage (5%) 5% --------------- Class B Principal Distributable Amount 222,618.74 Class B Interest Distributable Amount Beginning of Period Principal Balance of the Certificates 9,827,776.73 Multiplied by Certificate Pass-Through Rate 10.34% Multiplied by 30/360 0.0833333 --------------- Class B Coupon Interest Amount 84,682.68 CARRYOVER SHORTFALLS FROM PRIOR PERIODS Class B Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class B Interest Carryover Shortfall from previous period 0.00 Interest on Class B Interest Carryover Shortfall 0.00 --------------- 0.00 Class A Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class A Interest Carryover Shortfall from previous period 0.00 Interest on Class A Interest Carryover Shortfall 0.00 --------------- 0.00
CALCULATIONS DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT): Use --- (i) Standby Fee 4,094.91 Servicing Fee (2.0%) 327,592.58 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 39,067.59 Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 (ii) Transition Expenses to Standby Servicer 0.00 (iii) Trustee Fee 1,228.47 Trustee's out-of-pocket expenses 1,492.85 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 (iv) Collateral Agent Fee 1,228.47 Collateral Agent Expenses 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 (v) Class A Interest Distributable Amount - Unadjusted 947,643.42 Prior Month(s) Class A Carryover Shortfall 0.00 Class A Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A Interest Carryover Shortfall 0.00 Class A Interest Distributable Amount 947,643.42 (vi) Class B Coupon Interest - Unadjusted 84,682.68 Class B Interest Carryover Shortfall - Previous Month(s) 0.00 Interest on B Interest Shortfall - Previous Month(s) 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class B Interest Shortfall 0.00 Adjusted Class B Interest Distributable Amount 84,682.68 (vii) Class A Principal Distributable Amount - Current Month 4,229,756.15 Class A Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Class A Principal Shortfall 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 Class A Principal Distribution Amount 4,229,756.15 (viii) Certificate Insurer Premium 62,353.49 Certificate Insurer Premium Supplement 0.00 Other Reimbursement Obligations to Certificate Insurer 0.00 (ix) Transition Expenses to successor Servicer 0.00 (x) Class B Principal Distributable Amount - Unadjusted 222,618.74 Class B Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Class B Principal Carryover Shortfall 0.00 Adjusted Class B Principal Distributable Amount 222,618.74 (xi) Remaining amounts to Collateral Agent for deposit in Spread Account 977,757.35 IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above. CONSUMER PORTFOLIO SERVICES, INC. By: /s/ James L. Stock ---------------------------------------------------- Name: James L. Stock ---------------------------------------------------- Title: Vice President ---------------------------------------------------- (a) Requisite levels for spread accounts reflect insurance defaults on pools 1995-4, 1996-1, FASCO 1996-1, and 1997-1.
CERTIFICATE BALANCE Class A Beginning of Period Principal Balance 186,727,767.99 Class A Principal Distributions 4,229,756.15 Class A End of Period Principal Balance 182,498,011.84 Class B Beginning of Period Principal Balance 9,827,776.73 Class B Principal Distributable Amount 222,618.74 Class B End of Period Principal Balance BEFORE Spread Account Distributions 9,605,157.99 Withdrawal from Spread Account to Cover B Shortfalls 0.00 Class B End of Period Principal Balance AFTER Spread Account Distributions 9,605,157.99 CLASS A DEFICIENCY - INTEREST (i) Total Distribution Amount Available 6,899,516.70 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 1,322,348.29 (iii)Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 5,577,168.41 CLASS B DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 5,577,168.41 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 84,682.68 (iii)Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO Amount Remaining for Further Distribution/(Deficiency) 5,492,485.73 CLASS A DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 5,492,485.73 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 4,229,756.15 (iii)Prior month(s) carryover shortfalls 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 1,262,729.58 OTHER DEFICIENCIES - INSURANCE (i) Amounts available to make payments for insurance 1,262,729.58 Certificate Insurer Premium 62,353.49 Certificate Insurer Premium Supplement 0.00 Deficiency Amount 0.00 Withdrawal from Spread Account to Cover Deficiency 0.00 If (i) is less than (ii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 1,200,376.10 CLASS B DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 1,200,376.10 (ii) Amounts payable pursuant to Section 4.6(c)(vi) and (x) 222,618.74 (iii)Prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Unadjusted Amount Remaining for Further Distribution/(Deficiency) 977,757.35 Withdrawal from Spread Account to B PieceCover Shortfalls 0.00 Adjusted Amount Remaining for Further Distribution/(Deficiency) 977,757.35 CALCULATIONS PERFORMANCE MEASURES Calculation of Delinquency Ratio (Current Period) Delinquency Amount Receivables more than 30 days delinquent 11,329,000.00 Purchased receivables more than 30 days delinquent 13,003.95 --------------- Total 11,342,003.95 Aggregate Gross Principal Balance as of the close of 211,887,374.19 business on the last day of the Collection Period. Delinquency Ratio 5.35% Calculation of Average Delinquency Ratio Delinquency Ratio for most recent Determination Date 5.35% Delinquency Ratio for second preceding Determination Date 5.51% Delinquency Ratio for third preceding Determination Date 4.57% --------------- Average Delinquency Ratio 5.14% CALCULATION OF CUMULATIVE DEFAULT RATIO Default Amount Principal Balance of Previously Defaulted Receivables 1,743,808.27 Current Period Defaulted Receivables 1,642,355.14 --------------- Total 3,386,163.41 Cumulative Defaulted Receivables 3,386,163.41 Original Pool Balance 211,042,290.56 Cumulative Default Ratio 1.60% CALCULATION OF CUMULATIVE NET LOSS RATIO Calculation of Net Liquidation Losses Principal Balance plus accrued and unpaid interest of Liquidated Receivables 1,237,243.58 Cram Down Losses 0.00 Net Liquidation Proceeds (512,337.13) --------------- Net Liquidation Losses 724,906.45 Cumulative Previous Net Losses 336,699.79 --------------- Cumulative Net Losses 1,061,606.24 Original Pool Balance 211,042,290.56 Cumulative Net Loss Ratio 0.50% ADDITIONAL POOL INFORMATION: Weighted Average Original Term 57.46 Weighted Average Remaining Term 51.21 Weighted Average Annual Percentage Rate 20.40% SPREAD ACCOUNT Spread Account Cap 13.5% of Outstanding Certificate Balance 25,933,927.93 19.5% of Outstanding Certificate Balance 37,460,118.12 Is a Portfolio Performance Test violation continuing? (Y/N) N Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) --------------- Cap Amount 57,630,950.95 Spread Account Floor 3% of the Initial Certificate Balance 6,331,268.70 Outstanding Certificate Balance 192,103,169.83 Minimum Floor 100,000.00 --------------- Floor Amount 6,331,268.70 Required Spread Account Amount 57,630,950.95 Beginning of Period Spread Account Balance 18,828,290.09 Spread Account Deposit (Withdrawal) from Current Distributions 977,757.35 Transfer (to) from Cross-Collateralized Spread Accounts 0.00 Required addition to/(eligible withdrawal from) Spread Account 37,824,903.51 Earnings on Spread Account Balance 81,646.41 Amount of Spread Account deposit (withdrawal) 0.00 Amount of Withdrawal Allocated to B Piece Shortfalls 0.00 Net Spread Account Withdrawal to Seller 0.00 Ending Spread Account Balance 19,887,693.85 Reserve Fund Initial Class B Certificate Balance 10,552,114.40 Aggregate Pool Factor 0.9102591 Class B Principal % 5.00% Have both tests for Reserve Fund reduction been satisfied? (Y/N) N Requisite Amount If both tests for reduction have NOT been met, then 10% of Original Class B Outstanding Certificate Balance 1,055,211.40 otherwise 10% of Class B Outstanding Certificate Balance 960,515.80 or Cap Amount 1,055,211.40 Reserve Fund Floor Outstanding Class B Certificate Balance 9,605,157.99 Minimum Floor 300,000.00 --------------- Floor Amount 300,000.00 Required Reserve Fund Amount 1,055,211.40 Beginning of Period Reserve Fund Balance 1,055,211.40 Reserve Fund Deposit (Withdrawal) from Current Distributions 0.00 Required addition to/(eligible withdrawal from) Reserve Fund 0.00 Earnings on Reserve Fund Balance 4,272.08 Amount of Reserve Fund deposit (withdrawal) (4,272.08) Ending Reserve Fund Balance 1,055,211.40 MONTHLY NOTEHOLDER STATEMENT CPS AUTO RECEIVABLES TRUST 1998-3 5.6375% ASSET-BACKED NOTES, CLASS A-1 5.8550% ASSET-BACKED NOTES, CLASS A-2 5.9950% ASSET-BACKED NOTES, CLASS A-3 6.0800% ASSET-BACKED NOTES, CLASS A-4 Distribution Date 11/16/98 Collection Period 10/98 Under the Sale and Servicing Agreement dated as of July 8, 1998 (the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services, Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota, National Association, as Indenture Trustee and as Collateral Agent, the Servicer is required to prepare certain information each month regarding current distributions to Noteholders and Certificateholders and the performance of the Trust during the previous month. The information which is required to be prepared with respect to the Distribution Date and Collection Period listed above is set forth below. Certain of the information is presented on the basis of an original principal amount of $1,000 per Note, and certain other information is presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution: 1 Notes. (a) The aggregate amount of the distribution to Class A-1 Noteholders on the Distribution Date set forth above $5,939,877.40 (b) The amount of the distribution set forth in paragraph A.1. (a) above in respect of interest $102,341.00 (c) The amount of the distribution set forth in in paragraph A.1. (a) above in respect of principal $5,837,536.40 (d) The amount of the distribution set forth in paragraph A.1. (a) above $165.00 (e) The amount of the distribution set forth in paragraph A.1. (b) above, per $1,000 $2.84 (f) The amount of the distribution set forth in paragraph A.1. (c) above, per $1,000 principal $162.15 (g) The aggregate amount of the distribution to Class A-2 Noteholders on the Distribution Date set forth above $448,883.33 (h) The amount of the distribution set forth in paragraph A.1. (g) above in respect of interest $448,883.33 (i) The amount of the distribution set forth in in paragraph A.1. (g) above in respect of principal $0.00 (j) The amount of the distribution set forth in paragraph A.1. (g) above, per $1,000 $4.88 (k) The amount of the distribution set forth in paragraph A.1. (h) above, per $1,000 $4.88 (l) The amount of the distribution set forth in paragraph A.1. (i) above, per $1,000 $0.00 (m) The aggregate amount of the distribution to Class A-3 Noteholders on the Distribution Date set forth above $124,895.83 (n) The amount of the distribution set forth in paragraph A.1. (m) above in respect of interest $124,895.83 (o) The amount of the distribution set forth in in paragraph A.1. (m) above in respect of principal $0.00 (p) The amount of the distribution set forth in paragraph A.1. (m) above, per $1,000 $5.00 (q) The amount of the distribution set forth in paragraph A.1. (n) above, per $1,000 $5.00 (r) The amount of the distribution set forth in paragraph A.1. (o) above, per $1,000 $0.00 (s) The aggregate amount of the distribution to Class A-4 Noteholders on the Distribution Date set forth above $418,162.13 (t) The amount of the distribution set forth in paragraph A.1. (s) above in respect of interest $418,162.13 (u) The amount of the distribution set forth in in paragraph A.1. (s) above in respect of principal $0.00 (v) The amount of the distribution set forth in paragraph A.1. (s) above, per $1,000 $0.00 (w) The amount of the distribution set forth in paragraph A.1. (t) above, per $1,000 $5.07 (x) The amount of the distribution set forth in paragraph A.1. (u) above, per $1,000 $0.00 B. Information Regarding the Performance of the Trust. 1 Pool and Notes Balances. (a) The aggregate Principal Balance of the Receivables as of the close of business on the last day of the preceding Collection Period $231,299,043.50 (b) The aggregate principal amount of the Securities as of the close of business on the last day set forth above, after giving effect to payments allocated to principal in paragraph A.1.(c),(i),(o),(u) above $213,781,421.04 (c) The Note Pool Factor as of the close of business on the last day set forth above 0.9242642 2 Servicing Fee and Purchased Receivables. (a) The aggregate amount of the Servicing Fee (exclusive of the Standby Fee paid to the Standby Servicer) paid to the Servicer with respect to the Collection Period set forth above $422,014.25 (b) The aggregate amount of the Standby Fee paid to the Standby Servicer with respect to the Collection Period set forth above. $4,818.73 (c) The amount of the payment set forth in paragraph B.2. (a) above per $1,000 $11.72 (d) The amount of the payment set forth in paragraph B.2. (b) above per $1,000 $0.02 (e) The amount of any unpaid Servicing Fee $0.00 (f) The change in the amount of any unpaid Servicing Fee from the prior Distribution Date $0.00 The number and aggregate Purchase Amount of Receivables that became Purchased Receivables during the related Collection Period Number 9 Aggregate Purchase Amount $128,194.67 3 Payment Shortfalls. (a) The amount of the Class A-1 Interest Carryover shortfall shortfall after giving effect to the payments set forth in paragraph A.1. (b) above $0.00 (b) The amount of the Class A-2 Interest Carryover shortfall shortfall after giving effect to the payments set forth in paragraph A.1. (h) above $0.00 (c) The amount of the Class A-3 Interest Carryover shortfall shortfall after giving effect to the payments set forth in paragraph A.1. (n) above $0.00 (d) The amount of the Class A-4 Interest Carryover shortfall shortfall after giving effect to the payments set forth in paragraph A.1. (t) above $0.00 (e) The amount of the Class A Principal Carryover Shortfall after giving effect to the payments set forth in paragraph A.1.(c),(i),(o),(u) above $0.00 4 Spread Account. (a) The Specified Spread Account Balance with respect to such Distribution Date and the Spread Account Balance on the Distribution Date set forth above, after giving effect to distributions made on such Distribution Date Specified Spread Account Balance $79,527,369.03 Spread Account Balance $19,458,988.25 (b) The change in the spread account on the Distribution Date set forth above $91,681.35 5 Policy (a) The amount paid to the Noteholders under the Policy for such Distribution Date $0.00 (b) The amount distributable to the Note Insurer on such Distribution Date $118,592.39 6 Losses and Delinquencies. (a) The aggregate amount of Realized Losses on the Distribution Date set forth above $517,755.74 (b) The change in the aggregate amount of Realized Losses from the prior Distribution Date $0.00 (c) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent between 31 and 59 days Number 471 Aggregate Gross Amount $6,304,000.00 (d) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent 60 days or more Number 290 Aggregate Gross Amount $3,959,000.00 7 Performance Triggers (a) Delinquency Ratio 4.16% (b) Average Delinquency Ratio 3.32% (c) Cumulative Default Ratio 0.41% (d) Cumulative Net Loss Ratio 0.23% (e) Is a Portfolio Performance Test violation continuing? No (f) Has an Insurance Agreement Event of Default occurred? No(a)
CPS AUTO RECEIVABLES TRUST 1998-3 STATEMENT TO NOTEHOLDERS IS THERE A DEFICIENCY CLAIM AMOUNT? NO DEFICIENCY CLAIM AMOUNT 0.00 INPUTS GROSS COLLECTION PROCEEDS: 7,594,467.97 LOCK BOX NSF ITEMS: (139,468.97) TOTAL COLLECTION PROCEEDS: 7,454,999.00 FOR DISTRIBUTION DATE: 11/16/98 FOR DETERMINATION DATE: 11/6/98 FOR COLLECTION PERIOD: 10/98 COLLATERAL ACTIVITY INFORMATION PRINCIPAL Beginning Principal Balance 231,299,043.50 Beginning Principal Balance of Subsequent Receivables Transferred 0.00 --------------- Aggregate Beginning Principal Balance 231,299,043.50 Principal portion of payments collected (non-prepayments) 2,547,397.18 Prepayments in full allocable to principal 772,152.00 Collections allocable to principal 3,319,549.18 Partial prepayments relating to various contracts or policies 0.00 Liquidation Proceeds allocable to principal 112,489.55 Purchase Amounts allocable to principal 128,194.67 --------------- Total Principal 3,560,233.40 Realized Losses 517,755.74 Cram Down Losses 0.00 Ending Principal Balance 227,221,054.36 PREFUNDING Original Amount in Prefunding Account N/A Subsequent Loans Sold to the Trust N/A Balance of Prefunding Account N/A INTEREST Collections allocable to interest 3,891,818.91 Liquidation Proceeds allocable to interest 0.00 Purchase Amounts allocable to interest 0.00 Recoveries from Liquidated Receivables from prior periods 2,946.69 --------------- Total Interest 3,894,765.60 NOTE & CERTIFICATE INFORMATION Beginning of Period Class A-1 Principal Balance 20,086,957.44 Beginning of Period Class A-2 Principal Balance 92,000,000.00 Beginning of Period Class A-3 Principal Balance 25,000,000.00 Beginning of Period Class A-4 Principal Balance 82,532,000.00 MISCELLANEOUS BALANCES Beginning of Period Spread Account Balance 19,367,306.90 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 36,515.84 Scheduled Payments due in Collection Period 6,593,062.72 Scheduled Payments collected in Collection Period 6,439,216.09 Aggregate Amount of Realized Losses for preceding Distribution Date 517,755.74 MISCELLANEOUS CURRENT EXPENSES Trustee's out-of-pocket expenses 1,175.91 Collateral Agent's expenses 0.00 Transition Expenses to Standby Servicer 0.00 Transition Expenses to successor Servicer 0.00 Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00 MISCELLANEOUS UNPAID AMOUNTS FROM PRIOR COLLECTION PERIODS Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 DELINQUENCY INFORMATION Aggregate Gross Amount # of Receivables of Receivables 31 - 59 days delinquent 471 6,304,000.00 60+ days delinquent 290 3,959,000.00 PURCHASED RECEIVABLES Aggregate Purchase Amt # of Receivables of Receivables 9 128,194.67 INFORMATION FOR PORTFOLIO PERFORMANCE TESTS Principal Balance of all Receivables delinquent more than 30 days as of the close 10,263,000.00 of business on the last day of the related Collection Period. Principal Balance of all Receivables that became Purchased Receivables as of 128,194.67 the close of business on the last day of the related Collection Period and that were delinquent 30 days or more. Principal Balance of all Receivables that became Defaulted Receivables 870,675.82 during the related Collection Period. Delinquency Ratio for second preceding Determination Date 3.52% Delinquency Ratio for third preceding Determination Date 2.29% Cumulative Defaults for preceding Determination Date 118,733.95 Cumulative Net Losses for preceding Determination Date 27,653.36 Does a Trigger Event Exist? N Is a Portfolio Performance Test violation continuing? (Y/N) N Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) CALCULATIONS TOTAL DISTRIBUTION AMOUNT All collections on receivables (incl. amts from payahead, excl. amounts deposited into payahead) 7,211,368.09 Liquidation Proceeds 112,489.55 Recoveries 2,946.69 Purchase Amounts 128,194.67 Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00 Excess released from Prefunding Account 0.00 Investment earnings from Note Distribution Account 3,617.98 Investment earnings from Prefunding Account 0.00 Investment earnings from Interest Reserve Account 0.00 Investment earnings from Collection Account 22,621.23 --------------- TOTAL DISTRIBUTION AMOUNT 7,481,238.21 DISTRIBUTABLE AMOUNT Principal Distributable Amount Principal portion of payments collected (non-prepayments) 2,547,397.18 Prepayments in full allocable to principal 772,152.00 Principal Balance of Liquidated Receivables 630,245.29 Purchase Amounts allocable to principal 128,194.67 Cram Down Losses 0.00 --------------- Principal Distributable Amount 4,077,989.14 Class A Target Amount 90% 90% times Aggregate Principal Balance of Receivables 227,221,054.36 --------------- 204,498,948.92 Class A Noteholders' Percentage After the Target Payment Date? No Will the Class A-2 Notes be reduced to 0? No On or Prior to Target Payment Date 98.0% After Target Payment Date, before Payment Date when A-2 reduced to 0 90.0% On Payment Date when Class A-2 Notes will be reduced to 0 41.9% --------------- 98.0% Class A Noteholders' Principal Distributable Amount Principal Distributable Amount 4,077,989.14 Times Class A Noteholders' Percentage 98% --------------- 3,996,429.36 Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00 --------------- Class A Principal Distributable Amount 3,996,429.36 Class A-1 Noteholders' Interest Distributable Amount Beginning of Period Principal Balance of the Notes 20,086,957.44 Multiplied by the Note Rate 5.6375% Multiplied by actual/360, or for the first Distribution Date, by 18/360 0.0833333 --------------- Class A Interest Distributable Amount 100,657.98 Class A-2 Noteholders' Interest Distributable Amount Beginning of Period Principal Balance of the Notes 92,000,000.00 Multiplied by the Note Rate 5.8550% Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333 --------------- Class A Interest Distributable Amount 448,883.33 Class A-3 Noteholders' Interest Distributable Amount Beginning of Period Principal Balance of the Notes 25,000,000.00 Multiplied by the Note Rate 5.9950% Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333 --------------- Class A Interest Distributable Amount 124,895.83 Class A-4 Noteholders' Interest Distributable Amount Beginning of Period Principal Balance of the Notes 82,532,000.00 Multiplied by the Note Rate 6.0800% Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333 --------------- Class A Interest Distributable Amount 418,162.13 Excess Interest Amount Total Distribution Amount 7,481,238.21 minus Class A Principal and Interest Distributable Amount 5,089,028.63 Class A Interest Carryover Shortfall 0.00 Class A Principal Carryover Shortfall 0.00 Trustee and Collateral Agent distributions 3,994.15 Standby Servicer distributions 4,818.73 Servicer distributions 422,014.25 Insurance and Reimbursement Obligations 118,592.39 --------------- 1,842,790.06 CARRYOVER SHORTFALLS FROM PRIOR PERIODS Class A-1 Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class A-2 Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class A-3 Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class A-4 Principal Carryover Shortfall from previous period 0.00 --------------- 0.00 Class A-1 Interest Carryover Shortfall from previous period 0.00 --------------- 0.00 Class A-2 Interest Carryover Shortfall from previous period 0.00 --------------- 0.00 Class A-3 Interest Carryover Shortfall from previous period 0.00 --------------- 0.00 Class A-4 Interest Carryover Shortfall from previous period 0.00 --------------- 0.00
CALCULATIONS DISTRIBUTIONS (PURSUANT TO SECTION 4.6(C) OF THE POOLING AND SERVICING AGREEMENT): Use --- (i) Standby Fee 4,818.73 Servicing Fee (2.0%) 385,498.41 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 36,515.84 Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 (ii) Transition Expenses to Standby Servicer 0.00 (iii) Indenture Trustee Fee 1,445.62 Indenture Trustee's out-of-pocket expenses 1,175.91 Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 Unpaid Indenture Trustee's out-of-pocket exp. - prior Collection Periods 0.00 Owner Trustee Fee 0.00 Owner Trustee's out-of-pocket expenses 0.00 Unpaid Owner Trustee Fee from prior Collection Periods 0.00 Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 (iv) Collateral Agent Fee 1,372.62 Collateral Agent Expenses 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 (v)(A) Class A-1 Interest Distributable Amount - Current Month 102,341.00 Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00 Class A-1 Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A-1 Interest Carryover Shortfall 0.00 Class A-1 Interest Distributable Amount 102,341.00 (B) Class A-2 Interest Distributable Amount - Current Month 448,883.33 Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00 Class A-2 Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A-2 Interest Carryover Shortfall 0.00 Class A-2 Interest Distributable Amount 448,883.33 (vi)(A)Class A-3 Note Interest - Unadjusted 124,895.83 Class A-3 Note Interest Carryover Shortfall - Previous Month(s) 0.00 Interest on Interest Shortfall - Previous Month(s) 0.00 Current Month Class A-3 Interest Shortfall 0.00 Adjusted Class A-3 Interest Distributable Amount 124,895.83 (B)Class A-4 Note Interest - Unadjusted 418,162.13 Class A-4 Note Interest Carryover Shortfall - Previous Month(s) 0.00 Interest on Interest Shortfall - Previous Month(s) 0.00 Current Month Class A-4 Interest Shortfall 0.00 Adjusted Class A-4 Interest Distributable Amount 418,162.13 (vii) Class A Principal Distributable Amount - Current Month 3,996,429.36 Class A Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Class A Principal Shortfall 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 Class A Total Adjusted Distributable Amount 3,996,429.36 Class A Principal Distribution Amount to Class A-1 3,996,429.36 Class A Principal Distribution Amount to Class A-2 0.00 Class A Principal Distribution Amount to Class A-3 0.00 Class A Principal Distribution Amount to Class A-4 0.00 (viii) Note Insurer Premium 118,592.39 Note Insurer Premium Supplement 0.00 Other Reimbursement Obligations to Note Insurer 0.00 (ix) Transition Expenses to successor Servicer 0.00 (xi) Until the Target Payment Date, remaining amount to Class A Noteholders 1,841,107.04 Amount to Class A-1 Noteholders 1,841,107.04 Amount to Class A-2 Noteholders 0.00 Amount to Class A-3 Noteholders 0.00 Amount to Class A-4 Noteholders 0.00 (xii) After an Event of Default, Certificateholders' Int. Dist. Amount 0.00 (xiii) After an Event of Default, Certificateholders' Prin. Dist. Amount 0.00 (xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00 Spread Account withdrawal for deficiencies 0.00 IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above. CONSUMER PORTFOLIO SERVICES, INC. By: /s/ James L. Stock ---------------------------------------------------- Name: James L. Stock ---------------------------------------------------- Title: Vice President ---------------------------------------------------- (a) Requisite levels for spread accounts reflect insurance defaults on pools 1995-4, 1996-1, FASCO 1996-1, and 1997-1.
SECURITIES BALANCE Class A-1 Beginning of Period Principal Amount 20,086,957.44 Class A-1 Principal Distributions 3,996,429.36 Class A-1 End of Period Principal Amount (prior to turbo) 16,090,528.08 Additional Principal Distribution 1,841,107.04 Class A-1 End of Period Principal Amount 14,249,421.04 Class A-2 Beginning of Period Principal Amount 92,000,000.00 Class A-2 Principal Distributions 0.00 Class A-2 End of Period Principal Amount (prior to turbo) 92,000,000.00 Additional Principal Distribution 0.00 Class A-2 End of Period Principal Amount 92,000,000.00 Class A-3 Beginning of Period Principal Amount 25,000,000.00 Class A-3 Principal Distributable Amount 0.00 Class A-3 End of Period Principal Amount (prior to turbo) 25,000,000.00 Additional Principal Distribution 0.00 Class A-3 End of Period Principal Amount 25,000,000.00 Class A-4 Beginning of Period Principal Amount 82,532,000.00 Class A-4 Principal Distributable Amount 0.00 Class A-4 End of Period Principal Amount (prior to turbo) 82,532,000.00 Additional Principal Distribution 0.00 Class A-4 End of Period Principal Amount 82,532,000.00 CLASS A-1 DEFICIENCY - INTEREST (i) Total Distribution Amount Available 7,481,238.21 (ii) Current distribution amounts payable pursuant to Section 5.8(a) (i) and (v)A 533,168.13 (iii)Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 6,948,070.08 CLASS A-2 DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 5.8(a) (v) B 6,948,070.08 (ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) B 448,883.33 (iii)Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO Amount Remaining for Further Distribution/(Deficiency) 6,499,186.75 CLASS A-3 DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A 6,499,186.75 (ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) A 124,895.83 (iii)Prior month(s) carryover shortfalls 0.00 (iv) Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO Amount Remaining for Further Distribution/(Deficiency) 6,374,290.92 CLASS A-4 DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 6,374,290.92 (ii) Current distribution amounts payable pursuant to Section 5.8(a) (vi) and (x) 418,162.13 (iii)Prior month(s) carryover shortfalls 0.00 (iv)Interest on Prior month(s) carryover shortfalls 0.00 (v) Interest on Interest of prior month(s) carryover shortfalls 0.00 If (i) is less than sum of (ii) - (v), there is a Class B Deficiency NO Amount Remaining for Further Distribution/(Deficiency) 5,956,128.79 CLASS A-1 DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 5,956,128.79 (ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 3,996,429.36 (iii)Prior month(s) carryover shortfalls 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 1,959,699.43 CLASS A-2 DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 1,959,699.43 (ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 118,592.39 (iii)Prior month(s) carryover shortfalls 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 1,841,107.04 CLASS A-3 DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 1,841,107.04 (ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 0.00 (iii)Prior month(s) carryover shortfalls 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 1,841,107.04 CLASS A-4 DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 1,841,107.04 (ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 0.00 (iii)Prior month(s) carryover shortfalls 0.00 Withdrawal from Spread Account to Cover Shortfall 0.00 If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 1,841,107.04 OTHER DISTRIBUTIONS (i) Amounts available to make payments pursuant to Section 5.8(a) (viii) 1,959,699.43 (vi) Note Insurer Premium 118,592.39 (v) Note Insurer Premium Supplement 0.00 Deficiency Amount 0.00 Withdrawal from Spread Account to Cover Deficiency 0.00 If (i) is less than (ii), there is a Deficiency Claim Amount NO Amount Remaining for Further Distribution/(Deficiency) 1,841,107.04 CALCULATIONS PERFORMANCE MEASURES Calculation of Delinquency Ratio (Current Period) Delinquency Amount Receivables more than 30 days delinquent 10,263,000.00 Purchased receivables more than 30 days delinquent 128,194.67 --------------- Total 10,391,194.67 Aggregate Gross Principal Balance as of the close of 249,905,014.42 business on the last day of the Collection Period. DELINQUENCY RATIO 4.16% Calculation of Average Delinquency Ratio Delinquency Ratio for most recent Determination Date 4.16% Delinquency Ratio for second preceding Determination Date 3.52% Delinquency Ratio for third preceding Determination Date 2.29% ---------------- Average Delinquency Ratio 3.32% CALCULATION OF CUMULATIVE DEFAULT RATIO Default Amount Principal Balance of Previously Defaulted Receivables 118,733.95 Current Period Defaulted Receivables 870,675.82 --------------- Total 989,409.77 Cumulative Defaulted Receivables 989,409.77 Original Pool Balance 240,339,160.19 Cumulative Default Ratio 0.41% CALCULATION OF CUMULATIVE NET LOSS RATIO Calculation of 120+ Delinquent Losses: Principal Balance of Delinquent Accts > 120 days 0.00 Estimated Loss % 50% --------------- Estimated Loss $'s 0.00 Calculation of Net Losses Principal Balance plus accrued and unpaid interest of Liquidated Receivables 630,245.29 Cram Down Losses 0.00 Net Liquidation Proceeds (115,436.24) --------------- Net Losses 514,809.05 Cumulative Previous Net Losses 27,653.36 --------------- Cumulative Net Losses 542,462.41 Original Pool Balance 240,339,160.19 Cumulative Net Loss Ratio 0.23% ADDITIONAL POOL INFORMATION: Weighted Average Original Term 57.60 Weighted Average Remaining Term 53.26 Weighted Average Annual Percentage Rate 20.44% SPREAD ACCOUNT OC Percent Aggregate Principal Balance 227,221,054.36 minus the Securities Balance 213,781,421.04 --------------- 13,439,633.32 divided by the Aggregate Principal Balance 5.91% Floor OC Percent Aggregate Principal Balance 227,221,054.36 minus the Securities Balance 213,781,421.04 --------------- 13,439,633.32 divided by the initial Aggregate Principal Balance 240,339,160.19 --------------- 5.59% Floor Amount greater of (a) $100,000 100,000.00 (b) the lesser of (i) Securities Balance 213,781,421.04 (ii) the sum of (A) 2.5% of the sum of 2.50% (I) initial Aggregate Principal Balance 240,339,160.19 (II) balance of all Subsequent Receivables 0.00 --------------- 6,008,479.00 (B) the product of (I) excess of 1% over the Floor OC Percent 0.00% (II) initial Aggregate Principal Balance 240,339,160.19 --------------- 0.00 Floor Amount 6,008,479.00 Requisite Amount the greater of (1) the Floor Amount 6,008,479.00 (2) the product of: if no Trigger Event, 11% 11.00% if a Trigger Event, 20% 20.00% if a Portfolio Performance Event of Default, 30% 30.00% if an Insurance Agreement Event of Default, unlimited 35.00% 35.00% times the Aggregate Principal Balance 227,221,054.36 --------------- 79,527,369.03 Requisite Amount 79,527,369.03 Does a Trigger Event exist? N Is a Portfolio Performance Test violation continuing? (Y/N) N Has an Insurance Agreement Event of Default occurred? (Y/N) N(a) Required Spread Account Amount 79,527,369.03 Beginning of Period Spread Account Balance 19,367,306.90 Additional Deposit for Subsequent Receivables Transfer 0.00 Spread Account Deposit (Withdrawal) from Current Distributions 0.00 Transfer (to) from Cross-Collateralized Spread Accounts 0.00 Required addition to/(eligible withdrawal from) Spread Account 60,160,062.13 Earnings on Spread Account Balance 91,681.35 Amount of Spread Account deposit (withdrawal) 0.00 Net Spread Account Withdrawal to Seller 0.00 Ending Spread Account Balance 19,458,988.25