EXHIBIT 19.1
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of December, 1997
Principal and Interest Collections
Beginning Pool Balance (1) $ 147,679,131.38
Beginning Pool Factor [(1)/$ 183,011,151.56] (2) 0.8069406
Principal Collected (3) $ 2,152,112.81
Interest Collected (4) $ 1,206,650.88
Less: Accrued Interest Prior to Cut Off Date (5) 787,673.01
Less: Additional Purchased Accrued Interest (5a) 0.00
Plus: Purchased Accrued Interest -
End of Collection Period (6) 759,745.15
Net decrease/(increase) in Purchased
Accrued Interest [(5)+(5a)-(6)] (7) $ 27,927.86
Plus: "Non-Reimbursable Interest Payment" (8) 7,057.22
Total Interest Received
[(4)-(5)-(5a)+(6)+(8)] (9) $ 1,185,780.24
Additional Deposits
(i) Repurchase Amounts (10) 0.00
(ii) Liquidation Proceeds (11) 89,966.75
(iii) Yield Supplement Deposit Amount (12) 0.00
Total Additional Deposits [(10)+(11)+(12)] (13) $ 89,966.75
Total Available Funds [(3)+(9)+(13)] (14) $ 3,427,859.80
Defaulted Receivable Principal Balance [(A1)] (15) $ 138,270.83
Ending Pool Balance [(1)-(3)-(15)] (16) $ 145,388,747.74
Ending Pool Factor [(16)/$ 183,011,151.56] (17) 0.7944256
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of December, 1997
Distributions:
Class A Class B Total
Class Percentage 96.5% 3.5% 100%
Pool Factor (Ending Pool Balance) 0.7944256 0.7944256 0.7944256
Class Coupon 6.64% 6.83%
December Beginning Pool Balance [(1)] $142,510,361.78 $5,168,769.60 $147,679,131.38
December Ending Pool Balance [(16)] $140,300,141.57 $5,088,606.17 $145,388,747.74
Collected Principal [(3)] $2,076,788.86 $75,323.95 $2,152,112.81
Collected Interest [(9)] $1,144,277.93 $41,502.31 $1,185,780.24
Other Collected Interest [(9a)] $0.00 $0.00 $0.00
Additional Deposits [(10)+(11)] $86,817.91 $3,148.84 $89,966.75
Servicing Fee [(1.0%/12)x(1)] ($118,758.63) ($4,307.31) ($123,065.94)
Total Available Funds $3,189,126.07 $115,667.79 $3,304,793.86
Payments to Certificateholders:
Principal Distributable Amount[(1)-(16)] $2,210,220.21 $80,163.43 $2,290,383.64
Interest Distributable Amount $788,557.34 $29,418.91 $817,976.25
[(1)x(coupon/12)]
Total Payments to Certificateholders $2,998,777.55 $109,582.34 $3,108,359.89
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 $190,348.52 $6,085.45 $196,433.97
Memo:
Principal Difference ($46,613.44) ($1,690.64) ($48,304.08)
Interest Difference $236,961.96 $7,776.09 $244,738.05
Total $190,348.52 $6,085.45 $196,433.97
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of December, 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 7.90%
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)$ 138,270.83
Interest (A2) 1,675.35
Expense (A3) 635.00
Total (A) $ 140,581.18
Less: Liquidation Proceeds (B) $ 89,966.75
Realized Loss [(A1)+(A2)-(B)] (C) $ 49,979.43
Cumulative Losses (Including Expenses) (D) $ 252,106.85
Cumulative Loss Percentage [(D)/$183,011,151.56] 0.14%
(Less than 1.5% ?)
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of December, 1997
Reconciliation of Reserve Fund
Beginning Reserve Fund Balance (57) $ 3,691,978.28
Plus: Excess Amounts from Seller (57a) 196,433.97
Plus: Investment Earnings (57b) 19,459.80
Less: Reserve Fund Payments (58) 0.00
Subtotal Reserve Fund $ 3,907,872.05
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) $ 3,907,872.05
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) $ 3,660,223.00
Amount of Excess Reserve released [(59)-(60)] (61) $ 247,649.05
(No Release to be made during Pre-funding period)
Ending Reserve Fund Balance to be invested(including (62) $ 3,660,223.00
Negative Carry Balance)
Reserve Fund Balance as a Percent
of the Ending Pool Balance (63) 2.52%
Interest Income on Reserve Fund for December, 1997
from First Chicago National Bank (64) $ 19,459.80
Interest Income on Negative Carry Balance for (65) $ 0.00
December, 1997 from First Chicago National Bank
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of December, 1997
Reconciliation of Net Payment to the Trustee
Available Funds $ 3,427,859.80
Servicing Fees ($123,065.94)
Total Available Funds $ 3,304,793.86
Total payments to Class A $ 2,998,777.55
Total payments to Class B $ 109,582.34
Reserve Fund:
Excess from Seller [(57a)] $ 196,433.97
Reserve Fund Payments [(58)] $ 0.00
Gross payment to the Trustee $ 3,304,793.86
Amounts Held by Trustee:
Less: Amount released from Reserve Fund
in excess of $3,660,223 (Net of Reserve Fund payment) $ 247,649.05
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 $ 247,649.05
Net payment to the Trustee $ 3,057,144.81
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 4,869
Less: Account Paid Off / Repurchased 63
Plus: Accounts in Collateral Addition 0
Number of Accounts - End of Month 4,806
Non-Accrual Accounts - End of Month
Number of Non-Accrual Accounts 7
Aggregate Principal Balance Outstanding $271,707.03
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-A GRANTOR TRUST
Servicer's Certificate
For the Month of December, 1997
Delinquent Accounts
Period of Delinquency Units Amount Percent of Pool
30 - 59 days 14 $334,999.28 0.23%
60 - 89 days 0 0.00 0.00%
90 days or more 0 0.00 0.00%
Total 14 $334,999.28 0.23% (A)
Repossession Inventory 7 $271,707.03 0.187% (B)
Delinquency Percentage
Quarter
OCT NOV DEC Total (Avg)
90 days or more (000) $ 92.9 $ 0.0 $ 0.0 $ 31.0
Repossession Inventory (000) $200.1 $224.7 $335.0 $253.3
Total $293.0 $224.7 $335.0 $284.2(A)
Ending Pool Balance (mils) $150.7 $147.7 $145.4 $147.9(B)
Delinquency Percentage (A)/(B) 0.19%
Realized Loss Analysis
Quarter
OCT NOV DEC Total
Realized Losses/(Recoveries)(X)
[(A1+(A2)-(B)] (000) $ 50.4 $ 24.1 $ 50.0 $124.5(Sum)
Beginning Pool Balance(mils)(Y) $156.0 $150.7 $147.7 $151.5(Avg)
Realized Loss Percentage
(Less than 1.5%?) [((X)/(Y))*4] 0.33%
Realized Losses Since Inception $ 247,386.55
(less than $2,745,168 ?)
Change in Realized Losses $ 49,979.43
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