Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of September, 1997
Principal and Interest Collections
Beginning Pool Balance (1)$ 350,000,000.00
Beginning Pool Factor [(1)/$ 350,000,000.00] (2) 1.0000000
Principal Collected (3)$ 6,093,940.37
Interest Collected (4)$ 2,511,311.80
Less: Accrued Interest Prior to Cut Off Date (5) 1,523,321.26
Less: Additional Purchased Accrued Interest (5a) 0.00
Plus: Purchased Accrued Interest -
End of Collection Period (6) 1,476,568.95
Net decrease/(increase) in Purchased
Accrued Interest [(5)+(5a)-(6)] (7)$ 46,752.31
Plus: "Non-Reimbursable Interest Payment" (8) 18,101.95
Total Interest Received
[(4)-(5)-(5a)+(6)+(8)] (9)$ 2,482,661.44
Additional Deposits
(i) Repurchase Amounts (10) 0.00
(ii) Liquidation Proceeds (11) 0.00
(iii) Yield Supplement Deposit Amount (12) 0.00
Total Additional Deposits [(10)+(11)+(12)] (13)$ 0.00
Total Available Funds [(3)+(9)+(13)] (14)$ 8,576,601.81
Defaulted Receivable Principal Balance [(A1)] (15)$ 0.00
Ending Pool Balance [(1)-(3)-(15)] (16)$343,906,059.63
Ending Pool Factor [(16)/$ 350,000,000.00] (17) 0.9825887
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B 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) 0.9825887 0.9825887 0.9825887
Class Coupon 6.40% 6.65%
September Beginning Pool Balance [(1)] $337,750,000.00 $12,250,000.00 $350,000,000.00
Spetember Ending Pool Balance [(16)] $331,869,347.54 $12,036,712.09 $343,906,059.63
Collected Principal [(3)] $5,880,652.46 $213,287.91 $6,093,940.37
Collected Interest [(9)] $2,395,768.29 $86,893.15 $2,482,661.44
Other Collected Interest [(9a)] $196,366.94 $7,400.32 $203,767.26
Additional Deposits [(10)+(11)] $0.00 $0.00 $0.00
Servicing Fee [(1.0%/12)x(1)] ($281,458.34) ($10,208.33) ($291,666.67)
Total Available Funds $8,191,329.35 $297,373.05 $8,488,702.40
Payments to Certficateholders:
Principal Distributable Amount [(1)-(16)] $5,880,652.46 $213,287.91 $6,093,940.37
Interest Distributable Amount [(1)x(coupon/12)] $1,801,333.33 $67,885.42 $1,869,218.75
Total Payments to Certificateholders $7,681,985.79 $281,173.33 $7,963,159.12
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 $509,343.56 $16,199.72 $525,543.28
Memo:
Principal Difference $0.00 $0.00 $0.00
Interest Difference $509,343.56 $16,199.72 $525,543.28
Total $509,343.56 $16,199.72 $525,543.28
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B 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) $ 0.00
Interest (A2) 0.00
Expense (A3) 0.00
Total (A) $ 0.00
Less: Liquidation Proceeds (B) $ 0.00
Realized Loss [(A1)+(A2)-(B)] (C) $ 0.00
Cumulative Losses (Including Expenses) (D) $ 0.00
Cumulative Loss Percentage [(D)/$350,000,000.00] 0.00%
(Less than 1.5% ?)
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of September, 1997
Reconciliation of Reserve Fund
Beginning Reserve Fund Balance (57) $ 2,625,000.00
Plus: Excess Amounts from Seller (57a) 525,543.28
Plus: Investment Earnings (57b) 12,646.67
Less: Reserve Fund Payments (58) 0.00
Subtotal Reserve Fund $ 3,163,189.95
Plus: Beginning Negative Carry Balance (58a) 248,558.70
Plus: Negative Carry Investment Earnings (58b) 1,197.50
Less: Payment from Negative Carry (58c) 35,645.03
Ending Negative Carry Balance (58d) 214,111.17
Reserve Fund Prior to Payments to Seller (59) $ 3,377,301.12
Required Reserve Fund Balance:
(Lesser of 1 or 2)
(1) Greater of: $3,500,000 or 1.75% 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) $ 6,018,356.04
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) $ 3,377,301.12
Negative Carry Balance)
Reserve Fund Balance as a Percent
of the Ending Pool Balance (63) 0.98%
Interest Income on Reserve Fund for September, 1997
from The Chase Manhattan Bank (64) $ 12,646.67
Interest Income on Negative Carry Balance for September, 1997
from The Chase Manhattan Bank (65) $ 1,197.50
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of September, 1997
Reconciliation of Net Payment to the Trustee
Available Funds $8,780,369.07
Servicing Fees ($291,666.67)
Total Available Funds $8,488,702.40
Total payments to Class A $7,681,985.79
Total payments to Class B $281,173.33
Reserve Fund:
Excess from Seller [(57a)] $525,543.28
Reserve Fund Payments [(58)] $0.00
Gross payment to the Trustee $8,488,702.40
Amounts Held by Trustee:
Less: Amount released from Reserve Fund
in excess of $3,500,000 (Net of Reserve Fund payment) $0.00
Less: Balance of Prefunded Account payable
to Certificateholders 0
Less: Amount paid from Negative Carry
Balance [(58c)] $35,645.03
Less: Amount paid from Pre-Funded
Amount Earnings [(72)] $168,122.23
Total Other Collected Interest (9a) $203,767.26
Total Amount Held by Trustee $203,767.26
Net payment to the Trustee $8,284,935.14
Reconciliation of Pre-Funding Account
Beginning Pre-Funded Amount (70)$38,154,197.60
[Prior Month (74)]
Less: Amount applied to the purchase of
Subsequent Receivables (71) 0
Plus: Earnings on Pre-Funded Amount (72) $168,122.23
Less: Payment of Earnings (73) ($168,122.23)
Ending Pre-Funding Amount (74)$38,154,197.60
Account Activity
Number of Accounts - Beginning of Month 12,677
Less: Account Paid Off / Repurchased 170
Plus: Accounts in Collateral Addition 0
Number of Accounts - End of Month 12,507
Non-Accrual Accounts - End of Month
Number of Non-Accrual Accounts 1
Aggregate Principal Balance Outstanding $70,834.05
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of September, 1997
Delinquent Accounts
Period of Delinquency Units Amount Percent of Pool
30 - 59 days 10 $267,883.59 0.08%
60 - 89 days 0 0.00 0.00%
90 days or more 0 0.00 0.00%
Total 10 $267,883.59 0.08%
Repossession Inventory 1 $ 70,834.05 0.023%
Delinquency Percentage
Quarter
JULY AUG SEPT Total
90 days or more (000) $ N/A $ N/A $ 0.0 $ 0.0
Repossession Inventory (000) $ N/A $ N/A $ 70.8 $ 23.6
Total $ N/A $ N/A $ 70.8 $ 23.6
Ending Pool Balance (mils) $ N/A $ N/A $343.9 $114.6
Delinquency Percentage (A)/(B) 0.02%
Realized Loss Analysis
Quarter
JULY AUG SEPT Total
Realized Losses/(Recoveries) (X)
[(A1+(A2)-(B)] (000) $ N/A $ N/A $ 0.0 $ 0.0
Beginning Pool Balance (mils) (Y) $ N/A $ N/A $350.0 $116.7
Realized Loss Percentage
(Less than 1.5%?) [((X)/(Y))*4] 0.00%
Realized Losses Since Inception (less than $5,250,000 ?) $ 0.00
Change in Realized Losses $ 0.00
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