Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of November, 1997
Principal and Interest Collections
Beginning Pool Balance (1) $ 336,440,538.60
Beginning Pool Factor [(1)/$ 350,000,000.00] (2) 0.9612587
Principal Collected (3) $ 5,711,598.39
Interest Collected (4) $ 2,599,957.68
Less: Accrued Interest Prior to Cut Off Date (5) 1,623,403.30
Less: Additional Purchased Accrued Interest (5a) 0.00
Plus: Purchased Accrued Interest -
End of Collection Period (6) 1,675,504.23
Net decrease/(increase) in Purchased
Accrued Interest [(5)+(5a)-(6)] (7) $ (52,100.93)
Plus: "Non-Reimbursable Interest Payment" (8) 18,655.48
Total Interest Received
[(4)-(5)-(5a)+(6)+(8)] (9) $ 2,670,714.09
Additional Deposits
(i) Repurchase Amounts (10) 0.00
(ii) Liquidation Proceeds (11) 106,606.45
(iii) Yield Supplement Deposit Amount (12) 0.00
Total Additional Deposits [(10)+(11)+(12)] (13) $ 106,606.45
Total Available Funds [(3)+(9)+(13)] (14) $ 8,488,918.93
Defaulted Receivable Principal Balance [(A1)] (15) $ 143,659.19
Ending Pool Balance [(1)-(3)-(15)] (16) $ 330,585,281.02
Ending Pool Factor [(16)/$ 350,000,000.00] (17) 0.9445294
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of November, 1997
Distributions:
Class A Class B Total
Class Percentage 96.5% 3.5% 100%
Pool Factor (Ending Pool Balance) 0.9445294 0.9445294 0.9445294
Class Coupon 6.40% 6.65%
November Beginning Pool Balance [(1)] $324,665,119.75 $11,775,418.85 $336,440,538.60
November Ending Pool Balance [(16)] $319,014,796.18 $11,570,484.84 $330,585,281.02
Collected Principal [(3)] $5,511,692.45 $199,905.94 $5,711,598.39
Collected Interest [(9)] $2,577,239.10 $93,474.99 $2,670,714.09
Other Collected Interest [(9a)] $0.00 $0.00 $0.00
Additional Deposits [(10)+(11)] $102,875.22 $3,731.23 $106,606.45
Servicing Fee [(1.0%/12)x(1)] ($270,554.27) ($9,812.85) ($280,367.12)
Total Available Funds $7,921,252.50 $287,299.31 $8,208,551.81
Payments to Certficateholders:
Principal Distributable Amount [(1)-(16)] $5,650,323.57 $204,934.01 $5,855,257.58
Interest Distributable Amount [(1)x(coupon/12)] $1,731,547.31 $65,255.45 $1,796,802.76
Total Payments to Certificateholders $7,381,870.88 $270,189.46 $7,652,060.34
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 $539,381.62 $17,109.85 $556,491.47
Memo:
Principal Difference ($35,755.90) ($1,296.84) ($37,052.74)
Interest Difference $575,137.52 $18,406.69 $593,544.21
Total $539,381.62 $17,109.85 $556,491.47
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of November, 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) $ 143,659.19
Interest (A2) 1,825.37
Expense (A3) 0.00
Total (A) $ 145,484.56
Less: Liquidation Proceeds (B) $ 106,606.45
Realized Loss [(A1)+(A2)-(B)] (C) $ 38,878.11
Cumulative Losses (Including Expenses) (D) $ 64,094.07
Cumulative Loss Percentage [(D)/$350,000,000.00] 0.02%
(Less than 1.5% ?)
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of November, 1997
Reconciliation of Reserve Fund
Beginning Reserve Fund Balance (57) $ 4,159,050.12
Plus: Excess Amounts from Seller (57a) 556,491.47
Plus: Investment Earnings (57b) 17,468.01
Less: Reserve Fund Payments (58) 0.00
Plus: Negative Carry Investment Earnings (58b) 0.00
Subtotal Reserve Fund $ 4,733,009.60
Plus: Beginning Negative Carry Balance (58a) 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) $ 4,733,009.60
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) $ 5,785,242.42
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) $ 4,733,009.60
Negative Carry Balance)
Reserve Fund Balance as a Percent
of the Ending Pool Balance (63) 1.43%
Interest Income on Reserve Fund for November, 1997
from The Chase Manhattan Bank (64) $ 17,468.01
Interest Income on Negative Carry Balance for November, 1997
from The Chase Manhattan Bank (65) $ 0.00
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of November, 1997
Reconciliation of Net Payment to the Trustee
Available Funds $8,488,918.93
Servicing Fees ($280,367.12)
Total Available Funds $8,208,551.81
Total payments to Class A $7,381,870.88
Total payments to Class B $270,189.46
Reserve Fund:
Excess from Seller [(57a)] $556,491.47
Reserve Fund Payments [(58)] $0.00
Gross payment to the Trustee $8,208,551.81
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 $0.00
Less: Amount paid from Negative Carry
Balance [(58c)] $0.00
Less: Amount paid from Pre-Funded
Amount Earnings [(72)] $0.00
Total Other Collected Interest (9a) $0.00
Total Amount Held by Trustee $0.00
Net payment to the Trustee $8,208,551.81
Reconciliation of Pre-Funding Account
Beginning Pre-Funded Amount (70) $0.00
[Prior Month (74)]
Less: Amount applied to the purchase of
Subsequent Receivables (71) $0.00
Plus: Earnings on Pre-Funded Amount (72) $0.00
Less: Payment of Earnings (73) $0.00
Ending Pre-Funding Amount (74) $0.00
Account Activity
Number of Accounts - Beginning of Month 13,986
Less: Account Paid Off / Repurchased 166
Plus: Accounts in Collateral Addition 0
Number of Accounts - End of Month 13,820
Non-Accrual Accounts - End of Month
Number of Non-Accrual Accounts 9
Aggregate Principal Balance Outstanding $221,343.55
</TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of November, 1997
Delinquent Accounts
Period of Delinquency Units Amount Percent of Pool
30 - 59 days 22 $519,004.88 0.16%
60 - 89 days 6 103,490.48 0.03%
90 days or more 0 0.00 0.00%
Total 28 $622,495.36 0.19%
Repossession Inventory 9 $221,343.55 0.067%
Delinquency Percentage
Quarter
OCT NOV DEC Total
90 days or more (000) $ 0.0 $ 0.0 $ N/A $ N/A
Repossession Inventory (000) $259.9 $221.3 $ N/A $ N/A
Total $259.9 $221.3 $ N/A $ N/A
Ending Pool Balance (mils) $336.4 $330.6 $ 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 $ 38.9 $ N/A $ N/A
Beginning Pool Balance (mils) (Y) $343.9 $336.4 $ 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 ?) $64,094.07
Change in Realized Losses $38,878.11
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