Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of May, 1997
Principal and Interest Collections
Beginning Pool Balance (1) $ 174,662,383.71
Beginning Pool Factor [(1)/$ 183,011,151.56] (2) 0.9543811
Principal Collected (3) $ 3,364,841.32
Interest Collected (4) $ 1,398,138.28
Less: Accrued Interest Prior to Cut Off Date (5) 848,906.38
Less: Additional Purchased Accrued Interest (5a) 0.00
Plus: Purchased Accrued Interest -
End of Collection Period (6) 842,961.39
Net decrease/(increase) in Purchased
Accrued Interest [(5)+(5a)-(6)] (7) $ 5,944.99
Plus: "Non-Reimbursable Interest Payment" (8) 11,108.90
Total Interest Received
[(4)-(5)-(5a)+(6)+(8)] (9) $ 1,403,302.19
Additional Deposits
(i) Repurchase Amounts (10) 0.00
(ii) Liquidation Proceeds (11) 11,100.00
(iii) Yield Supplement Deposit Amount (12) 0.00
Total Additional Deposits [(10)+(11)+(12)] (13) $ 11,000.00
Total Available Funds [(3)+(9)+(13)] (14) $ 4,779,243.51
Defaulted Receivable Principal Balance [(A1)] (15) $ 16,092.35
Ending Pool Balance [(1)-(3)-(15)] (16) $ 171,281,450.04
Ending Pool Factor [(16)/$ 183,011,151.56] (17) 0.9359072
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of May, 1997
Distributions:
Class A Class B Total
------------------ ---------------- ----------------
Class Percentage 96.5% 3.5% 100%
Pool Factor (Ending Pool Balance) 0.9820237 0.9820237 0.9820237
Class Coupon 6.64% 6.83%
May Beginning Pool Balance [(1)] $168,549,200.28 $6,113,183.43 $174,662,383.71
May Ending Pool Balance [(16)] $165,286,599.29 $5,994,850.75 $171,281,450.04
Collected Principal [(3)] $3,247,071.87 $117,769.45 $3,364,841.32
Collected Interest [(9)] $1,354,186.61 $49,115.58 $1,403,302.19
Other Collected Interest [(9a)] $0.00 $0.00 $0.00
Additional Deposits [(10)+(11)] $10,711.50 $388.50 $11,100.00
Servicing Fee [(1.0%/12)x(1)] ($140,457.67) ($5,094.32) ($145,551.99)
Total Available Funds $4,471,512.31 $162,179.21 $4,633,691.52
Payments to Certficateholders:
Principal Distributable Amount [(1)-(16)] $3,262,600.99 $118,332.68 $3,380,933.67
Interest Distributable Amount [(1)x(coupon/12 $932,638.91 $34,794.20 $967,433.11
Total Payments to Certificateholders $4,195,239.90 $153,126.88 $4,348,366.78
Reserve Fund payment $0.00 $0.00 $0.00
Amount due Class B but paid to
Class A (subordination) $0.00
Class A Interest Carryover Shortfall $0.00
Class A Principal Carryover Shortfall $0.00
Class B Interest Carryover Shortfall $0.00
Class B Principal Carryover Shortfall $0.00
Amounts Remaining in the Certificate
Account to be paid to the Seller $276,272.41 $9,052.33 $285,324.74
Memo:
Principal Difference ($4,817.62) ($174.73) ($4,992.35)
Interest Difference $281,090.03 $9,227.06 $290,317.09
Total $276,272.41 $9,052.33 $285,324.74
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of May, 1997
Determination of the Servicer Letter of Credit Amount
Number of Contracts - End of Month (45) N/A
Original number of contracts (46) N/A
Percent of Original Contracts remaining
[((45)/(46))x100] (47) N/A
Original Servicer Letter of Credit Amount (48) $ N/A
Revised Servicer Letter of Credit Amount
[Lessor of [(48)x(47) or the Beginning
Pool Balance (1)] (49) $ N/A
Prior Month Servicer Letter of Credit Amount
[Previous Month (49)] (50) $ N/A
Servicer Letter of Credit Fee (51) $ N/A
Yield Supplement Amount
Receivables with coupon rates below 7.65%
Principal Outstanding (52) $ N/A
Number of receivables (53) N/A
Interest on the Receivables at their APR (54) $ N/A
Interest due on the Receivables at the
Pass-Through Rate (55) $ N/A
Yield Supplement Amount [(54)-(55)] (56) $ N/A
Defaulted Receivables
Amount of principal and accrued interest due from
Obligors on Defaulted Receivables
Principal (A1) $ 16,092.35
Interest (A2) 118.17
Expense (A3) 133.93
Total (A) $ 16,344.45
Less: Liquidation Proceeds (B) $ 11,100.00
Realized Loss [(A1)+(A2)-(B)] (C) $ 5,110.52
Cumulative Losses (Including Expenses) (D) $ 11,935.48
Cumulative Loss Percentage [(D)/$183,011,151.56] 0.01%
(Less than 1.5% ?)
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of May, 1997
Reconciliation of Reserve Fund
Beginning Reserve Fund Balance (57) $ 3,331,278.77
Plus: Excess Amounts from Seller (57a) 285,324.74
Plus: Investment Earnings (57b) 15,268.36
Less: Reserve Fund Payments (58) 0.00
Subtotal Reserve Fund $ 3,631,871.87
Plus: Beginning Negative Carry Balance (58a) 0.00
Plus: Negative Carry Investment Earnings (58b) 0.00
Less: Payment from Negative Carry (58c) 0.00
Ending Negative Carry Balance (58d) 0.00
Reserve Fund Prior to Payments to Seller (59) $ 3,631,871.87
Required Reserve Fund Balance:
(Lesser of 1 or 2)
(1) Greater of: $3,660,223 or 2.50% of the Ending Pool Balance
(Class A and Class B Certificate Balances), but not greater
than the Ending Pool Balance (unless the Cumulative Loss
Percentage exceeds 1.5%), or (2);
(2) (18% - Subordination Fraction) x the Ending Pool Balance NA
Required Amount (60) $ 4,282,036.25
Amount of Excess Reserve released [(59)-(60)] (61) $ 0.00
(No Release to be made during Pre-funding period)
Ending Reserve Fund Balance to be invested(including (62) $ 3,631,871.87
Negative Carry Balance)
Reserve Fund Balance as a Percent
of the Ending Pool Balance (63) 2.12%
Interest Income on Reserve Fund for May, 1997
from First Chicago (64) $ 15,268.36
Interest Income on Negative Carry Balance for May, 1997 (65) $ 0.00
from First Chicago
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of May, 1997
Reconciliation of Net Payment to the Trustee
Available Funds $4,779,243.51
Servicing Fees ($145,551.99)
Total Available Funds $4,633,691.52
Total payments to Class A $4,195,239.90
Total payments to Class B $153,126.88
Reserve Fund:
Excess from Seller [(57a)] $285,324.74
Reserve Fund Payments [(58)] $0.00
Gross payment to the Trustee $4,633,691.52
Amounts Held by Trustee:
Less: Amount released from Reserve Fund
in excess of $3,660,223 (Net of Reserve Fund payment) [(61)] $0.00
Less: Balance of Prefunded Account payable
to Certificateholders N/A
Less: Amount paid from Negative Carry
Balance [(58c)] N/A
Less: Amount paid from Pre-Funded
Amount Earnings [(72)] N/A
Total Other Collected Interest (9a) N/A
Total Amount Held by Trustee $0.00
Net payment to the Trustee $4,633,691.52
Reconciliation of Pre-Funding Account
Beginning Pre-Funded Amount (70) N/A
[Prior Month (74)]
Less: Amount applied to the purchase of
Subsequent Receivables (71) N/A
Plus: Earnings on Pre-Funded Amount (72) N/A
Less: Payment of Earnings (73) N/A
Ending Pre-Funding Amount (74) N/A
Account Activity
Number of Accounts - Beginning of Month 5,522
Less: Account Paid Off / Repurchased 86
Plus: Accounts in Collateral Addition 0
Number of Accounts - End of Month 5,436
Non-Accrual Accounts - End of Month
Number of Non-Accrual Accounts 7
Aggregate Principal Balance Outstanding $270,994.03
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of May, 1997
Delinquent Accounts
Period of Delinquency Units Amount Percent of Pool
30 - 59 days 8 $ 317,509.28 0.18%
60 - 89 days 0 0.00 0.00%
90 days or more 1 26,431.81 0.02%
Total 9 $ 343,941.09 0.20%(A)
Repossession Inventory 7 $ 270,994.03 0.158%(B)
Delinquency Percentage
Quarter
APR MAY JUN Total(Avg)
90 days or more (000) $ 0.0 $ 26.4 $ N/A $ N/A
Repossession Inventory (000) $ 172.4 $ 271.0 $ N/A $ N/A
Total $ 172.4 $ 297.4 $ N/A $ N/A (A)
Ending Pool Balance (mils) $ 174.7 $ 171.3 $ N/A $ N/A (B)
Delinquency Percentage (A)/(B) N/A
Realized Loss Analysis
Quarter
APR MAY JUN Total
Realized Losses/(Recoveries) (X)
[(A1+(A2)-(B)] (000) $ 6.7 $ 5.1 $ N/A $ N/A(Sum)
Beginning Pool Balance (mils) (Y) $ 179.7 $ 174.7 $ N/A $ N/A(Avg)
Realized Loss Percentage
(Less than 1.5%?) [((X)/(Y))*4] N/A
Realized Losses Since Inception (less than $2,745,168 ?) $11,794.05
Change in Realized Losses $5,110.52
Proceeds from Insurance and Dealer Repurchases
Proceeds received during the month from
physical damage insurance $ 0.00
Proceeds received during the month from Dealer
repurchase obligations relating to Defaulted Receivables $ 0.00