Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of September, 1997
Principal and Interest Collections
Beginning Pool Balance (1) $ 159,851,954.84
Beginning Pool Factor [(1)/$ 183,011,151.56] (2) 0.8734547
Principal Collected (3) $ 3,661,447.12
Interest Collected (4) $ 1,269,571.24
Less: Accrued Interest Prior to Cut Off Date (5) 842,499.56
Less: Additional Purchased Accrued Interest (5a) 0.00
Plus: Purchased Accrued Interest -
End of Collection Period (6) 803,214.67
Net decrease/(increase) in Purchased
Accrued Interest [(5)+(5a)-(6)] (7) $ 39,284.89
Plus: "Non-Reimbursable Interest Payment" (8) 11,376.63
Total Interest Received
[(4)-(5)-(5a)+(6)+(8)] (9) $ 1,241,662.98
Additional Deposits
(i) Repurchase Amounts (10) 0.00
(ii) Liquidation Proceeds (11) 101,802.96
(iii) Yield Supplement Deposit Amount (12) 0.00
Total Additional Deposits [(10)+(11)+(12)] (13) $ 101,802.96
Total Available Funds [(3)+(9)+(13)] (14) $ 5,004,913.06
Defaulted Receivable Principal Balance [(A1)] (15) $ 144,829.30
Ending Pool Balance [(1)-(3)-(15)] (16) $ 156,045,678.42
Ending Pool Factor [(16)/$ 183,011,151.56] (17) 0.8526567
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of September, 1997
Distributions:
Class A Class B Total
Class Percentage 96.5% 3.5% 100%
Pool Factor (Ending Pool Balance) 0.8526567 0.8526567 0.8526567
Class Coupon 6.64% 6.83%
September Beginning Pool Balance [(1)] $154,257,136.42 $5,594,818.42 $159,851,954.84
September Ending Pool Balance [(16)] $150,584,079.68 $5,461,598.74 $156,045,678.42
Collected Principal [(3)] $3,533,296.47 $128,150.65 $3,661,447.12
Collected Interest [(9)] $1,198,204.78 $43,458.20 $1,241,662.98
Other Collected Interest [(9a)] $0.00 $0.00 $0.00
Additional Deposits [(10)+(11)] $98,239.86 $3,563.10 $101,802.96
Servicing Fee [(1.0%/12)x(1)] ($128,547.61) ($4,662.35) ($133,209.96)
Total Available Funds $4,701,193.50 $170,509.60 $4,871,703.10
Payments to Certficateholders:
Principal Distributable Amount [(1)-(16)] $3,673,056.74 $133,219.68 $3,806,276.42
Interest Distributable Amount [(1)x(coupon/12)] $853,556.15 $31,843.84 $885,399.99
Total Payments to Certificateholders 4,526,612.89 $165,063.52 $4,691,676.41
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 $174,580.61 $5,446.08 $180,026.69
Memo:
Principal Difference ($41,520.41) ($1,505.93) ($43,026.34)
Interest Difference $216,101.02 $6,952.01 $223,053.03
Total $174,580.61 $5,446.08 $180,026.69
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of September, 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) $ 144,829.30
Interest (A2) 2,075.72
Expense (A3) 986.12
Total (A) $ 147,891.14
Less: Liquidation Proceeds (B) $ 101,802.96
Realized Loss [(A1)+(A2)-(B)] (C) $ 45,102.06
Cumulative Losses (Including Expenses) (D) $ 125,348.73
Cumulative Loss Percentage [(D)/$183,011,151.56] 0.07%
(Less than 1.5% ?)
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of September, 1997
Reconciliation of Reserve Fund
Beginning Reserve Fund Balance (57) $ 3,996,298.87
Plus: Excess Amounts from Seller (57a) 180,026.69
Plus: Investment Earnings (57b) 19,426.45
Less: Reserve Fund Payments (58) 0.00
Subtotal Reserve Fund $ 4,195,752.01
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) $ 4,195,752.01
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) $ 3,901,141.96
Amount of Excess Reserve released [(59)-(60)] (61) $ 294,610.05
(No Release to be made during Pre-funding period)
Ending Reserve Fund Balance to be invested(including (62) $ 3,901,141.96
Negative Carry Balance)
Reserve Fund Balance as a Percent
of the Ending Pool Balance (63) 2.50%
Interest Income on Reserve Fund for September, 1997
from First Chicago (64) $ 19,426.45
Interest Income on Negative Carry Balance for September, 1997
from First Chicago (65) $ 0.00
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of September, 1997
Reconciliation of Net Payment to the Trustee
Available Funds $5,004,913.06
Servicing Fees ($133,209.96)
Total Available Funds $4,871,703.10
Total payments to Class A $4,526,612.89
Total payments to Class B $165,063.52
Reserve Fund:
Excess from Seller [(57a)] $180,026.69
Reserve Fund Payments [(58)] $0.00
Gross payment to the Trustee $4,871,703.10
Amounts Held by Trustee:
Less: Amount released from Reserve Fund
in excess of $3,660,223 (Net of Reserve Fund payment) $294,610.05
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 $294,610.05
Net payment to the Trustee $4,577,093.05
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 5,153
Less: Account Paid Off / Repurchased 92
Plus: Accounts in Collateral Addition 0
Number of Accounts - End of Month 5,061
Non-Accrual Accounts - End of Month
Number of Non-Accrual Accounts 8
Aggregate Principal Balance Outstanding 303,535.15
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of September, 1997
Delinquent Accounts
Period of Delinquency Units Amount Percent of Pool
30 - 59 days 16 $516,413.73 0.33%
60 - 89 days 2 95,937.49 0.06%
90 days or more 0 0.00 0.00%
Total 18 $612,351.22 0.39% (A)
Repossession Inventory 8 $303,535.15 0.195%(B)
Delinquency Percentage
Quarter
JUL AUG SEPT Total (Avg)
90 days or more (000) $ 0.0 $ 0.0 $ 0.0 $ 0.0
Repossession Inventory (000) $304.0 $315.9 $303.5 $307.8
Total $304.0 $315.9 $303.5 $307.8 (A)
Ending Pool Balance (mils) $163.0 $159.9 $156.0 $159.6 (B)
Delinquency Percentage (A)/(B) 0.19%
Realized Loss Analysis
Quarter
JUL AUG SEPT Total
Realized Losses/(Recoveries) (X)
[(A1+(A2)-(B)] (000) $ 25.1 $ 29.8 $ 45.1 $100.0 (Sum)
Beginning Pool Balance (mils) (Y) $166.7 $163.0 $159.9 $163.2 (Avg)
Realized Loss Percentage
(Less than 1.5%?) [((X)/(Y))*4] 0.25%
Realized Losses Since Inception (less than $2,745,168 ?) $122,875.18
Change in Realized Losses $ 45,102.06
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