EXHIBIT 19.1
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of December, 1997
Principal and Interest Collections
Beginning Pool Balance (1) $ 330,585,281.02
Beginning Pool Factor [(1)/$ 350,000,000.00] (2) 0.9445294
Principal Collected (3) $ 5,111,300.35
Interest Collected (4) $ 2,728,164.99
Less: Accrued Interest Prior to Cut Off Date (5) 1,675,504.23
Less: Additional Purchased Accrued Interest (5a) 0.00
Plus: Purchased Accrued Interest -
End of Collection Period (6) 1,636,674.98
Net decrease/(increase) in Purchased
Accrued Interest [(5)+(5a)-(6)] (7) $ 38,829.25
Plus: "Non-Reimbursable Interest Payment" (8) 16,289.19
Total Interest Received
[(4)-(5)-(5a)+(6)+(8)] (9) $ 2,705,624.93
Additional Deposits
(i) Repurchase Amounts (10) 0.00
(ii) Liquidation Proceeds (11) 105,264.63
(iii) Yield Supplement Deposit Amount (12) 0.00
Total Additional Deposits [(10)+(11)+(12)] (13) $ 105,264.63
Total Available Funds [(3)+(9)+(13)] (14) $ 7,922,189.91
Defaulted Receivable Principal Balance [(A1)] (15) $ 153,059.43
Ending Pool Balance [(1)-(3)-(15)] (16) $ 325,320,921.24
Ending Pool Factor [(16)/$ 350,000,000.00] (17) 0.9294883
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B 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) 0.9294883 0.9294883 0.9294883
Class Coupon 6.40% 6.65%
December Beginning Pool Balance [(1)] $319,014,796.18 $11,570,484.84 $330,585,281.02
December Ending Pool Balance [(16)] $313,934,689.00 $11,386,232.24 $325,320,921.24
Collected Principal [(3)] $4,932,404.84 $178,895.51 $5,111,300.35
Collected Interest [(9)] $2,610,928.06 $94,696.87 $2,705,624.93
Other Collected Interest [(9a)] $0.00 $0.00 $0.00
Additional Deposits [(10)+(11)] $101,580.37 $3,684.26 $105,264.63
Servicing Fee [(1.0%/12)x(1)] ($265,845.66) ($9,642.07) ($275,487.73)
Total Available Funds $7,379,067.61 $267,634.57 $7,646,702.18
Payments to Certificateholders:
Principal Distributable Amount[(1)-(16)] $5,080,107.18 $184,252.60 $5,264,359.78
Interest Distributable Amount $1,701,412.25 $64,119.77 $1,765,532.02
[(1)x(coupon/12)]
Total Payments to Certificateholders $6,781,519.43 $248,372.37 $7,029,891.80
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 $597,548.18 $19,262.20 $616,810.38
Memo:
Principal Difference ($46,121.97) ($1,672.83) ($47,794.80)
Interest Difference $643,670.15 $20,935.03 $664,605.18
Total $597,548.18 $19,262.20 $616,810.38
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B 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)$ 153,059.43
Interest (A2) 1,683.89
Expense (A3) 460.00
Total (A) $ 155,203.32
Less: Liquidation Proceeds (B) $ 105,264.63
Realized Loss [(A1)+(A2)-(B)] (C) $ 49,478.69
Cumulative Losses (Including Expenses) (D) $ 114,032.76
Cumulative Loss Percentage [(D)/$350,000,000.00] 0.03%
(Less than 1.5% ?)
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of December, 1997
Reconciliation of Reserve Fund
Beginning Reserve Fund Balance (57) $ 4,733,009.60
Plus: Excess Amounts from Seller (57a) 616,810.38
Plus: Investment Earnings (57b) 24,686.59
Less: Reserve Fund Payments (58) 0.00
Plus: Negative Carry Investment Earnings (58b) 0.00
Subtotal Reserve Fund $ 5,374,506.57
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) $ 5,374,506.57
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) $ 5,693,116.12
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) $ 5,374,506.57
Negative Carry Balance)
Reserve Fund Balance as a Percent
of the Ending Pool Balance (63) 1.65%
Interest Income on Reserve Fund for December, 1997
from The Chase Manhattan Bank (64) $ 24,686.59
Interest Income on Negative Carry Balance for (65) $ 0.00
December, 1997 from The Chase Manhattan Bank
/TABLE
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of December, 1997
Reconciliation of Net Payment to the Trustee
Available Funds $ 7,922,189.91
Servicing Fees ($275,487.73)
Total Available Funds $ 7,646,702.18
Total payments to Class A $ 6,781,519.43
Total payments to Class B $ 248,372.37
Reserve Fund:
Excess from Seller [(57a)] $ 616,810.38
Reserve Fund Payments [(58)] $ 0.00
Gross payment to the Trustee $ 7,646,702.18
Amounts Held by Trustee:
Less: Amount released from Reserve Fund
in excess of $3,500,000 (Net of Reserve Fund payment) $ 0.00
or 1.75% of the Ending Pool Balance (Net of Reserve
Fund Payment)
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 $ 7,646,702.18
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 13,820
Less: Account Paid Off / Repurchased 140
Plus: Accounts in Collateral Addition 0
Number of Accounts - End of Month 13,680
Non-Accrual Accounts - End of Month
Number of Non-Accrual Accounts 11
Aggregate Principal Balance Outstanding $351,727.74
Fleetwood Credit Receivables Corp.
FLEETWOOD CREDIT 1997-B GRANTOR TRUST
Servicer's Certificate
For the Month of December, 1997
Delinquent Accounts
Period of Delinquency Units Amount Percent of Pool
30 - 59 days 37 $801,978.93 0.25%
60 - 89 days 6 63,168.56 0.02%
90 days or more 4 62,155.77 0.02%
Total 47 $927,303.26 0.29% (A)
Repossession Inventory 11 $351,727.74 0.108% (B)
Delinquency Percentage
Quarter
OCT NOV DEC Total (Avg)
90 days or more (000) $ 0.0 $ 0.0 $62.2 $20.7
Repossession Inventory (000) $259.9 $221.3 $351.7 $277.6
Total $259.9 $221.3 $413.9 $298.4(A)
Ending Pool Balance (mils) $336.4 $330.6 $325.3 $330.8(B)
Delinquency Percentage (A)/(B) 0.09%
Realized Loss Analysis
Quarter
OCT NOV DEC Total
Realized Losses/(Recoveries)(X)
[(A1+(A2)-(B)] (000) $ 25.2 $ 38.9 $49.5 $113.6(Sum)
Beginning Pool Balance(mils)(Y) $343.9 $336.4 $330.6 $337.0(Avg)
Realized Loss Percentage
(Less than 1.5%?) [((X)/(Y))*4] 0.13%
Realized Losses Since Inception $ 113,572.76
(less than $5,250,000 ?)
Change in Realized Losses $ 49,478.69
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