Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of October, 1997
Principal and Interest Collections
Beginning Pool Balance (1)$ 343,906,059.63
Beginning Pool Factor [(1)/$ 350,000,000.00] (2) 0.9825887
Principal Collected (3)$ 7,378,961.54
Interest Collected (4)$ 2,842,495.15
Less: Accrued Interest Prior to Cut Off Date (5) 1,476,568.95
Less: Additional Purchased Accrued Interest (5a) 195,810.37
Plus: Purchased Accrued Interest -
End of Collection Period (6) 1,623,403.30
Net decrease/(increase) in Purchased
Accrued Interest [(5)+(5a)-(6)] (7)$ 48,976.02
Plus: "Non-Reimbursable Interest Payment" (8) 22,645.23
Total Interest Received
[(4)-(5)-(5a)+(6)+(8)] (9)$ 2,816,164.36
Additional Deposits
(i) Repurchase Amounts (10) 0.00
(ii) Liquidation Proceeds (11) 62,350.00
(iii) Yield Supplement Deposit Amount (12) 0.00
Total Additional Deposits [(10)+(11)+(12)] (13)$ 62,350.00
Total Available Funds [(3)+(9)+(13)] (14)$ 10,257,475.90
Defaulted Receivable Principal Balance [(A1)] (15)$ 86,559.49
Ending Pool Balance [(1)-(3)-(15)] (16)$336,440,538.60
Ending Pool Factor [(16)/$ 350,000,000.00] (17) 0.9612587
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of October, 1997
Distributions:
Class A Class B Total
Class Percentage 96.5% 3.5% 100%
Pool Factor (Ending Pool Balance) 0.9612587 0.9612587 0.9612587
Class Coupon 6.40% 6.65%
October Beginning Pool Balance [(1)] $331,869,347.54 $12,036,712.09 $343,906,059.63
October Ending Pool Balance [(16)] $324,665,119.75 $11,775,418.85 $336,440,538.60
Collected Principal [(3)] $7,120,697.89 $258,263.65 $7,378,961.54
Collected Interest [(9)] $2,717,598.61 $98,565.75 $2,816,164.36
Other Collected Interest [(9a)] $300,505.22 $10,899.15 $311,404.37
Additional Deposits [(10)+(11)] $60,167.75 $2,182.25 $62,350.00
Servicing Fee [(1.0%/12)x(1)] ($276,557.79) ($10,030.59) ($286,588.38)
Total Available Funds $9,922,411.68 $359,880.21 $10,282,291.89
Payments to Certficateholders:
Principal Distributable Amount [(1)-(16)] $7,204,227.79 $261,293.24 $7,465,521.03
Interest Distributable Amount [(1)x(coupon/12)] $1,769,969.85 $66,703.45 $1,836,673.30
Total Payments to Certificateholders $8,974,197.64 $327,996.69 $9,302,194.33
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 $948,214.04 $31,883.52 $980,097.56
Memo:
Principal Difference ($23,362.15) ($847.34) ($24,209.49)
Interest Difference $971,576.19 $32,730.86 $1,004,307.05
Total $948,214.04 $31,883.52 $980,097.56
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of October, 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) $ 86,559.49
Interest (A2) 1,006.47
Expense (A3) 0.00
Total (A) $ 87,565.96
Less: Liquidation Proceeds (B) $ 62,350.00
Realized Loss [(A1)+(A2)-(B)] (C) $ 25,215.96
Cumulative Losses (Including Expenses) (D) $ 25,215.96
Cumulative Loss Percentage [(D)/$350,000,000.00] 0.01%
(Less than 1.5% ?)
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of October, 1997
Reconciliation of Reserve Fund
Beginning Reserve Fund Balance (57) $ 3,163,189.95
Plus: Excess Amounts from Seller (57a) 980,097.56
Plus: Investment Earnings (57b) 14,763.31
Less: Reserve Fund Payments (58) 0.00
Plus: Negative Carry Investment Earnings (58b) 999.30
Subtotal Reserve Fund $ 4,159,050.12
Plus: Beginning Negative Carry Balance (58a) 214,111.17
Less: Payment from Negative Carry (58c) 214,111.17
Ending Negative Carry Balance (58d) 0.00
Reserve Fund Prior to Payments to Seller (59) $ 4,159,050.12
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) $ 5,887,709.43
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) $ 4,159,050.12
Negative Carry Balance)
Reserve Fund Balance as a Percent
of the Ending Pool Balance (63) 1.24%
Interest Income on Reserve Fund for October, 1997
from The Chase Manhattan Bank (64) $ 14,763.31
Interest Income on Negative Carry Balance for October, 1997
from The Chase Manhattan Bank (65) $ 999.30
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of October, 1997
Reconciliation of Net Payment to the Trustee
Available Funds $10,568,880.27
Servicing Fees ($286,588.38)
Total Available Funds $10,282,291.89
Total payments to Class A $8,974,197.64
Total payments to Class B $327,996.69
Reserve Fund:
Excess from Seller [(57a)] $980,097.56
Reserve Fund Payments [(58)] $0.00
Gross payment to the Trustee $10,282,291.89
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 $1,308.25
Less: Amount paid from Negative Carry
Balance [(58c)] $214,111.17
Less: Amount paid from Pre-Funded
Amount Earnings [(72)] $97,293.20
Total Other Collected Interest (9a) $311,404.37
Total Amount Held by Trustee $312,712.62
Net payment to the Trustee $9,969,579.27
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)$38,154,197.60
Plus: Earnings on Pre-Funded Amount (72) $97,293.20
Less: Payment of Earnings (73) ($97,293.20)
Ending Pre-Funding Amount (74) $0.00
Account Activity
Number of Accounts - Beginning of Month 12,507
Less: Account Paid Off / Repurchased 202
Plus: Accounts in Collateral Addition 1,681
Number of Accounts - End of Month 13,986
Non-Accrual Accounts - End of Month
Number of Non-Accrual Accounts 6
Aggregate Principal Balance Outstanding $259,867.08
</TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of October, 1997
Delinquent Accounts
Period of Delinquency Units Amount Percent of Pool
30 - 59 days 18 $522,130.43 0.16%
60 - 89 days 3 65,837.05 0.02%
90 days or more 0 0.00 0.00%
Total 21 $587,967.48 0.17%
Repossession Inventory 6 $259,867.08 0.077%
Delinquency Percentage
Quarter
OCT NOV DEC Total
90 days or more (000) $ 0.0 $ N/A $ N/A $ N/A
Repossession Inventory (000) $259.9 $ N/A $ N/A $ N/A
Total $259.9 $ N/A $ N/A $ N/A
Ending Pool Balance (mils) $336.4 $ N/A $ N/A $ N/A
Delinquency Percentage (A)/(B) N/A
Realized Loss Analysis
Quarter
OCT NOV DEC Total
Realized Losses/(Recoveries) (X)
[(A1+(A2)-(B)] (000) $ 25.2 $ N/A $ N/A $ N/A
Beginning Pool Balance (mils) (Y) $343.9 $ N/A $ N/A $ N/A
Realized Loss Percentage
(Less than 1.5%?) [((X)/(Y))*4] N/A
Realized Losses Since Inception (less than $5,250,000 ?) $25,215.96
Change in Realized Losses $25,215.96
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