Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
10.00% Class B Asset-Backed Certificates
Distribution Date 6/16/97
Collection Period 5/97
Under the Pooling and Servicing Agreement dated as of June 28, 1996 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,405,332.50
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $360,990.71
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,044,341.79
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $40.32
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.27
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $36.05
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $28,570.69
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $28,570.69
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $2,239,278.40
(k) Scheduled Payments collected in such
Collection Period $1,750,330.23
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $68,569,663.63
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $65,525,321.84
(c) The Pool factor as of the close of business
on the last day set forth above 0.9556022
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $134,564.30
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,571.31
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.59
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 2
Aggregate Purchase Amount $23,142.37
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $22,412.17
(b) Distributions (to) from Collection Account $676.91
for Payaheads
(c) Interest earned on Payahead Balances $102.28
(d) Ending Payahead Account Balance $23,191.36
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $6,552,532.18
Spread Account Balance $6,438,272.42
(b) The change in the spread account on the Distribution
Date set forth above ($422,873.09)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $18,111.58
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $919,624.47
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 237
Aggregate Gross Amount $2,929,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 194
Aggregate Gross Amount $2,599,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.16%
(b) Average Delinquency Ratio 7.04%
(c) Cumulative Default Ratio 8.69%
(d) Cumulative Net Loss Ratio 4.22%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
FASCO Auto Grantor Trust 1996-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,101,387.05
Lock Box NSF Items: (45,960.08)
Transfers from (to) Payahead Account: (676.91)
Collection Account Interest 11,861.31
Payahead Account Interest 102.28
Total Collection Proceeds: 3,066,713.65
For Distribution Date: 6/16/97
For Determination Date: 6/9/97
For Collection Period: 5/97
Collateral Activity Information
Principal
Beginning Principal Balance 68,569,663.63
Principal portion of payments collected (non-prepayments) 1,043,797.16
Prepayments in full allocable to principal 666,578.00
Collections allocable to principal 1,710,375.16
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 551,428.31
Purchase Amounts allocable to principal 23,142.37
Total Principal 2,284,945.84
Realized Losses 919,624.47
Cram Down Losses 0.00
Ending Principal Balance 65,365,093.32
Interest
Collections allocable to interest 706,533.07
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 63,271.15
-------------------
Total Interest 769,804.22
Certificate Information
Beginning of Period Class A Principal Balance 65,141,180.45
Beginning of Period Class B Principal Balance 3,428,483.18
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,861,145.51
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 20,281.53
Aggregate Payahead Balance 23,089.08
Aggregate Payahead Balance for preceding Distribution Date 22,412.17
Interest Earned on Payahead Balances 102.28
Scheduled Payments due in Collection Period 2,239,278.40
Scheduled Payments collected in Collection Period 1,750,330.23
Aggregate Amount of Realized Losses for preceding Distribution Date 919,624.47
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 237 2,929,000.00
60+ days delinquent 194 2,599,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
2 23,142.37
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,528,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 23,142.37
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 533,886.36
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.97%
Delinquency Ratio for third preceding Determination Date 7.00%
Cumulative Defaults for preceding Determination Date 7,187,155.00
Cumulative Net Losses for preceding Determination Date 2,898,899.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,416,908.23
Liquidation Proceeds 551,428.31
Recoveries 63,271.15
Purchase Amounts 23,142.37
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,861.31
Investment earnings from Payahead Account 102.28
-------------------
Total Distribution Amount 3,066,713.65
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,043,797.16
Prepayments in full allocable to principal 666,578.00
Principal Balance of Liquidated Receivables 1,471,052.78
Purchase Amounts allocable to principal 23,142.37
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 3,204,570.31
Class A Principal Distributable Amount
Principal Distributable Amount 3,204,570.31
Times Class A Percentage (95%) 95%
-------------------
3,044,341.79
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,044,341.79
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 65,141,180.45
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 360,990.71
Class B Principal Distributable Amount
Principal Distributable Amount 3,204,570.31
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 160,228.52
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,428,483.18
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 28,570.69
Class B Excess Interest Amount
Total Distribution Amount 3,066,713.65
minus
Class A Principal and Interest Distributable Amount 3,405,332.50
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 28,570.69
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 160,228.52
Class B Principal Carryover Shortfall 0.00
Trustee distributions 857.12
Standby Servicer distributions 4,571.31
Servicer distributions 134,564.30
Collateral Agent distributions 857.12
Reimbursement Obligations 18,111.58
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
Use Source act distributed Source
--- ------ --------------- ------
(i) Standby Fee 4,571.31 3,066,713.65 4,571.31 3,066,713.65
Servicing Fee (2.0%) 114,282.77 3,062,142.34 114,282.77 0.00
Additional Servicing Fee Amounts 20,281.53 2,947,859.57 20,281.53 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,927,578.04 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,927,578.04 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,927,578.04 0.00
(iii) Trustee Fee 857.12 2,927,578.04 857.12
Trustee's out-of-pocket expenses 0.00 2,926,720.92 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,926,720.92 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,926,720.92 0.00
Collection Periods
(iv) Collateral Agent Fee 857.12 2,926,720.92 857.12
Collateral Agent Expenses 0.00 2,925,863.80 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,925,863.80 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,925,863.80 0.00
Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 360,990.71 2,925,863.80 360,990.71
Prior Month(s) Class A Carryover Shortfall 0.00 2,564,873.09 0.00
Class A Interest Carryover Shortfall 0.00 2,564,873.09 0.00
Interest on Interest Carryover from Prior Months 0.00 2,564,873.09 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,564,873.09 0.00
Class A Interest Distributable Amount 360,990.71 2,564,873.09 360,990.71
(viii)(A)Class B Coupon Interest - Unadjusted 28,570.69 2,203,882.38 28,570.69
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,175,311.69 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,175,311.69 0.00
Interest on Interest Carryover from Prior Months 0.00 2,175,311.69 0.00
Current Month Class B Interest Shortfall 0.00 2,175,311.69 0.00
Adjusted Class B Interest Distributable Amount 28,570.69 2,175,311.69 28,570.69
(v)(B) Class A Principal Distributable Amount - Current Month 3,044,341.79 2,146,741.00 2,146,741.00 22,371.86
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (508,039.39) 0.00 (508,039.39)
Withdrawl from Spread Account to Cover Shortfall 508,039.39
Class A Principal Distribution Amount 3,044,341.79 508,039.39 508,039.39 0.00
(vi) Certificate Insurer Premium 18,111.58 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - 160,228.52 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (160,228.52) 0.00 (160,228.52)
Adjusted Class B Principal Distributable Amount 0.00 160,228.52 0.00
Excess Interest Amount for Deposit in Spread Account (526,150.97) 160,228.52 (526,150.97)
686,379.49 686,379.49
Certificate Balance
Class A Beginning of Period Principal Balance 65,141,180.45
Class A Principal Distributions 3,044,341.79
Class A End of Period Principal Balance 62,096,838.66
Class B Beginning of Period Principal Balance 3,428,483.18
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,428,483.18
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,428,483.18
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,066,713.65
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 501,840.56
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,564,873.09
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,564,873.09
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 28,570.69
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,536,302.40
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,536,302.40
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,044,341.79
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 508,039.39
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency ) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 18,111.58
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (18,111.58)
Withdrawl from Spread Account to Cover Deficiency 18,111.58
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 160,228.52
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (160,228.52)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (160,228.52)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,528,000.00
Purchased receivables more than 30 days delinquent 23,142.37
-------------------
Total 5,551,142.37
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 77,541,753.62
Delinquency Ratio 7.16%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.16%
Delinquency Ratio for second preceding Determination Date 6.97%
Delinquency Ratio for third preceding Determination Date 7.00%
-------------------
Average Delinquency Ratio 7.04% 7.04%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 7,187,155.00
Current Period Defaulted Receivables 533,886.36
-------------------
Total 7,721,041.36
Cumulative Defaulted Receivables 7,721,041.36
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 8.69%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,471,052.78
Cram Down Losses 0.00
Net Liquidation Proceeds (614,699.46)
-------------------
Net Liquidation Losses 856,353.32
Cumulative Previous Net Losses 2,898,899.00
-------------------
Cumulative Net Losses 3,755,252.32
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 4.22%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 42.96
Weighted Average Annual Percentage Rate 20.20%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,552,532.18
15% of Outstanding Certificate Balance 9,828,798.28
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,552,532.18
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 65,525,321.84
Minimum Floor 100,000.00
--------------
Floor Amount 2,667,022.51
Required Spread Account Amount 6,552,532.18
Beginning of Period Spread Account Balance 6,861,145.51
Spread Account Deposit (Withdrawal) from Current Distributions (526,150.97)
Transfer (to) from Cross-Collateralized Spread Accounts 73,445.21
Required addition to/(eligible withdrawal from) Spread Account 144,092.43
Earnings on Spread Account Balance 29,832.67
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 6,438,272.42
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
11.30% Class B Asset-Backed Certificates
Distribution Date 6/16/97
Collection Period 5/97
Under the Pooling and Servicing Agreement dated as of September 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,940,436.04
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $421,748.51
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,518,687.53
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $33.60
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.82
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $28.78
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $169,999.72
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $37,437.22
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $132,562.50
(j) Scheduled Payments due in such Collection Period $2,461,958.39
(k) Scheduled Payments collected in such
Collection Period $2,184,880.72
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $79,512,679.74
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $76,993,992.21
(c) The Pool factor as of the close of business
on the last day set forth above 0.9683234
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $150,863.54
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,300.85
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.72
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $13,998.99
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $28,415.80
(b) Distributions (to) from Collection Account ($502.95)
for Payaheads
(c) Interest earned on Payahead Balances $133.44
(d) Ending Payahead Account Balance $28,046.29
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $7,699,399.22
Spread Account Balance $7,699,399.22
(b) The change in the spread account on the Distribution
Date set forth above ($252,160.75)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $21,297.02
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $601,864.55
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 243
Aggregate Gross Amount $3,342,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 194
Aggregate Gross Amount $2,757,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.59%
(b) Average Delinquency Ratio 6.43%
(c) Cumulative Default Ratio 5.07%
(d) Cumulative Net Loss Ratio 1.57%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,211,867.30
Lock Box NSF Items: (101,154.75)
Transfers from (to) Payahead Account: 502.95
Collection Account Interest 12,090.33
Payahead Account Interest 133.44
Total Collection Proceeds: 3,123,439.27
For Distribution Date: 6/16/97
For Determination Date: 6/9/97
For Collection Period: 5/97
Collateral Activity Information
Principal
Beginning Principal Balance 79,512,679.74
Principal portion of payments collected (non-prepayments) 1,155,654.31
Prepayments in full allocable to principal 502,203.00
Collections allocable to principal 1,657,857.31
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 377,529.18
Purchase Amounts allocable to principal 13,998.99
Total Principal 2,049,385.48
Realized Losses 601,864.55
Cram Down Losses 0.00
Ending Principal Balance 76,861,429.71
Interest
Collections allocable to interest 1,029,226.41
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 32,603.61
-------------------
Total Interest 1,061,830.02
Certificate Information
Beginning of Period Class A Principal Balance 75,537,045.74
Beginning of Period Class B Principal Balance 3,975,634.00
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,951,559.97
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 18,342.41
Aggregate Payahead Balance 27,912.85
Aggregate Payahead Balance for preceding Distribution Date 28,415.80
Interest Earned on Payahead Balances 133.44
Scheduled Payments due in Collection Period 2,461,958.39
Scheduled Payments collected in Collection Period 2,184,880.72
Aggregate Amount of Realized Losses for preceding Distribution Date 601,864.55
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 243 3,342,000.00
60+ days delinquent 194 2,757,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 13,998.99
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,099,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 13,998.99
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 773,977.43
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.35%
Delinquency Ratio for third preceding Determination Date 6.35%
Cumulative Defaults for preceding Determination Date 3,900,266.00
Cumulative Net Losses for preceding Determination Date 874,123.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,687,083.72
Liquidation Proceeds 377,529.18
Recoveries 32,603.61
Purchase Amounts 13,998.99
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 12,090.33
Investment earnings from Payahead Account 133.44
-------------------
Total Distribution Amount 3,123,439.27
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,155,654.31
Prepayments in full allocable to principal 502,203.00
Principal Balance of Liquidated Receivables 979,393.73
Purchase Amounts allocable to principal 13,998.99
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,651,250.03
Class A Principal Distributable Amount
Principal Distributable Amount 2,651,250.03
Times Class A Percentage (95%) 95%
-------------------
2,518,687.53
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,518,687.53
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 75,537,045.74
Multiplied by Certificate Pass-Through Rate 6.70%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 421,748.51
Class B Principal Distributable Amount
Principal Distributable Amount 2,651,250.03
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 132,562.50
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,975,634.00
Multiplied by Certificate Pass-Through Rate 11.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 37,437.22
Class B Excess Interest Amount
Total Distribution Amount 3,123,439.27
minus
Class A Principal and Interest Distributable Amount 2,940,436.04
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 37,437.22
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 132,562.50
Class B Principal Carryover Shortfall 0.00
Trustee distributions 993.91
Standby Servicer distributions 5,300.85
Servicer distributions 150,863.54
Collateral Agent distributions 993.91
Reimbursement Obligations 21,297.02
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
Use Source act distributed Source
--- ------ --------------- ------
(i) Standby Fee 5,300.85 0.00 0.00 132,562.50
Servicing Fee (2.0%) 132,521.13 0.00 0.00 0.00
Additional Servicing Fee Amounts 18,342.41 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 993.91 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 0.00 0.00
prior Collection Periods
(iv) Collateral Agent Fee 993.91 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior 0.00 0.00 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 0.00 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 421,748.51 0.00 0.00
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 0.00 0.00
Class A Interest Carryover Shortfall 0.00 0.00 0.00
Interest on Interest Carryover from 0.00 0.00 0.00
Prior Months
Current Month Class A Interest Carryover 0.00 0.00 0.00
Shortfall
Class A Interest Distributable Amount 421,748.51 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 37,437.22 0.00 0.00
Class B Interest Carryover Shortfall - 0.00 0.00 0.00 132,562.50
Previous Month(s)
Interest on B Interest Shortfall - 0.00 0.00 0.00 132,562.50
Previous Month(s)
Interest on Interest Carryover from Prior 0.00 0.00 0.00
Months
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 37,437.22 0.00 0.00
(v)(B) Class A Principal Distributable Amount - 2,518,687.53 0.00 0.00
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall (12,586.20) 0.00 (12,586.20)
Withdrawl from Spread Account to Cover Shortfall 12,586.20
Class A Principal Distribution Amount 2,518,687.53 12,586.20 12,586.20
(vi) Certificate Insurer Premium 21,297.02 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 132,562.50 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous 0.00 0.00 0.00
Month(s)
Current Month Class B Principal Shortfall (132,562.50) 0.00 (132,562.50)
Adjusted Class B Principal Distributable Amount 0.00 132,562.50 0.00
Excess Interest Amount for Deposit in (33,883.22) 132,562.50 (33,883.22)
Spread Account 166,445.72 166,445.72
Certificate Balance
Class A Beginning of Period Principal Balance 75,537,045.74
Class A Principal Distributions 2,518,687.53
Class A End of Period Principal Balance 73,018,358.21
Class B Beginning of Period Principal Balance 3,975,634.00
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,975,634.00
Withdrawl from Spread Account to Cover B Shortfalls 132,562.50
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,843,071.50
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,123,439.27
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 579,900.72
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,543,538.55
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,543,538.55
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 37,437.22
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,506,101.33
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,506,101.33
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,518,687.53
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 12,586.20
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 21,297.02
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (21,297.02)
Withdrawl from Spread Account to Cover Deficiency 21,297.02
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 132,562.50
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (132,562.50)
Withdrawl from Spread Account to B PieceCover Shortfalls (132,562.50)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,099,000.00
Purchased receivables more than 30 days delinquent 13,998.99
-------------------
Total 6,112,998.99
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 92,748,799.37
Delinquency Ratio 6.59%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.59%
Delinquency Ratio for second preceding Determination Date 6.35%
Delinquency Ratio for third preceding Determination Date 6.35%
-------------------
Average Delinquency Ratio 6.43% 6.43%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 3,900,266.00
Current Period Defaulted Receivables 773,977.43
-------------------
Total 4,674,243.43
Cumulative Defaulted Receivables 4,674,243.43
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 5.07%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 979,393.73
Cram Down Losses 0.00
Net Liquidation Proceeds (410,132.79)
-------------------
Net Liquidation Losses 569,260.94
Cumulative Previous Net Losses 874,123.00
-------------------
Cumulative Net Losses 1,443,383.94
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 1.57%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 46.97
Weighted Average Annual Percentage Rate 20.36%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,699,399.22
15% of Outstanding Certificate Balance 11,549,098.83
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,699,399.22
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 76,993,992.21
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 7,699,399.22
Beginning of Period Spread Account Balance 7,951,559.97
Spread Account Deposit (Withdrawal) from Current Distributions (33,883.22)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (218,277.53)
Earnings on Spread Account Balance 33,543.73
Amount of Spread Account deposit (withdrawal) (251,821.26)
Amount of Withdrawl Allocated to B Piece Shortfalls 132,562.50
Net Spread Account Withdrawl to Seller (118,966.76)
Ending Spread Account Balance 7,699,399.22
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
10.15% Class B Asset-Backed Certificates
Distribution Date 6/16/97
Collection Period 5/97
Under the Pooling and Servicing Agreement dated as of December 19, 1996
(the "Agreement") by and among CPS Receivables Corp., Consumer Portfolio
Services, Inc. as Servicer, and Norwest Bank Minnesota, National Association, as
Trustee and as Collateral Agent, the Servicer is required to prepare certain
information each month regarding current distributions to Certificateholders and
the performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $2,170,890.12
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $431,772.48
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,739,117.64
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $24.61
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.89
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $19.71
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $128,144.80
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $36,612.29
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $91,532.51
(j) Scheduled Payments due in such Collection Period $2,596,661.07
(k) Scheduled Payments collected in such
Collection Period $2,600,663.24
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $86,570,922.83
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $84,740,272.68
(c) The Pool factor as of the close of business
on the last day set forth above 0.9788538
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $160,172.16
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,771.39
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.82
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $31,796.03
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $33,817.41
(b) Distributions (to) from Collection Account ($1,005.30)
for Payaheads
(c) Interest earned on Payahead Balances $152.60
(d) Ending Payahead Account Balance $32,964.71
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,474,027.27
Spread Account Balance $7,610,107.52
(b) The change in the spread account on the Distribution
Date set forth above $570,850.74
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $23,480.12
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $97,215.31
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 260
Aggregate Gross Amount $3,593,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 219
Aggregate Gross Amount $3,086,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.52%
(b) Average Delinquency Ratio 5.61%
(c) Cumulative Default Ratio 2.20%
(d) Cumulative Net Loss Ratio 0.11%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1996-3
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,097,570.24
Lock Box NSF Items: (76,779.88)
Transfers from (to) Payahead Account: 1,005.30
Collection Account Interest 11,462.24
Payahead Account Interest 152.60
Total Collection Proceeds: 3,033,410.50
For Distribution Date: 6/16/97
For Determination Date: 6/9/97
For Collection Period: 5/97
Collateral Activity Information
Principal
Beginning Principal Balance 86,570,922.83
Principal portion of payments collected (non-prepayments) 1,312,302.42
Prepayments in full allocable to principal 325,792.00
Collections allocable to principal 1,638,094.42
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 63,544.39
Purchase Amounts allocable to principal 31,796.03
Total Principal 1,733,434.84
Realized Losses 97,215.31
Cram Down Losses 0.00
Ending Principal Balance 84,740,272.68
Interest
Collections allocable to interest 1,288,360.82
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 1,288,360.82
Certificate Information
Beginning of Period Class A Principal Balance 82,242,376.67
Beginning of Period Class B Principal Balance 4,328,546.16
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,039,256.78
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 15,887.29
Aggregate Payahead Balance 32,812.11
Aggregate Payahead Balance for preceding Distribution Date 33,817.41
Interest Earned on Payahead Balances 152.60
Scheduled Payments due in Collection Period 2,596,661.07
Scheduled Payments collected in Collection Period 2,600,663.24
Aggregate Amount of Realized Losses for preceding Distribution Date 97,215.31
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 260 3,593,000.00
60+ days delinquent 219 3,086,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 31,796.03
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,679,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 31,796.03
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 552,127.52
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 5.54%
Delinquency Ratio for third preceding Determination Date 4.76%
Cumulative Defaults for preceding Determination Date 1,492,620.00
Cumulative Net Losses for preceding Determination Date 9,279.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,926,455.24
Liquidation Proceeds 63,544.39
Recoveries 0.00
Purchase Amounts 31,796.03
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,462.24
Investment earnings from Payahead Account 152.60
-------------------
Total Distribution Amount 3,033,410.50
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,312,302.42
Prepayments in full allocable to principal 325,792.00
Principal Balance of Liquidated Receivables 160,759.70
Purchase Amounts allocable to principal 31,796.03
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,830,650.15
Class A Principal Distributable Amount
Principal Distributable Amount 1,830,650.15
Times Class A Percentage (95%) 95%
-------------------
1,739,117.64
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,739,117.64
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 82,242,376.67
Multiplied by Certificate Pass-Through Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 431,772.48
Class B Principal Distributable Amount
Principal Distributable Amount 1,830,650.15
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 91,532.51
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,328,546.16
Multiplied by Certificate Pass-Through Rate 10.15%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 36,612.29
Class B Excess Interest Amount
Total Distribution Amount 3,033,410.50
minus
Class A Principal and Interest Distributable Amount 2,170,890.12
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 36,612.29
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 91,532.51
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,082.14
Standby Servicer distributions 5,771.39
Servicer distributions 160,172.16
Collateral Agent distributions 1,082.14
Reimbursement Obligations 23,480.12
-------------------
542,787.63
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
Use Source act distributed Source
--- ------ --------------- ------
(i) Standby Fee 5,771.39 3,033,410.50 5,771.39 3,033,410.50
Servicing Fee (2.0%) 144,284.87 3,027,639.11 144,284.87 0.00
Additional Servicing Fee Amounts 15,887.29 2,883,354.24 15,887.29 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,867,466.95 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,867,466.95 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,867,466.95 0.00
(iii) Trustee Fee 1,082.14 2,867,466.95 1,082.14
Trustee's out-of-pocket expenses 0.00 2,866,384.81 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,866,384.81 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,866,384.81 0.00
Collection Periods
(iv) Collateral Agent Fee 1,082.14 2,866,384.81 1,082.14
Collateral Agent Expenses 0.00 2,865,302.67 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,865,302.67 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,865,302.67 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 431,772.48 2,865,302.67 431,772.48
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,433,530.19 0.00
Class A Interest Carryover Shortfall 0.00 2,433,530.19 0.00
Interest on Interest Carryover from Prior Months 0.00 2,433,530.19 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,433,530.19 0.00
Class A Interest Distributable Amount 431,772.48 2,433,530.19 431,772.48
(viii)(A)Class B Coupon Interest - Unadjusted 36,612.29 2,001,757.71 36,612.29
Class B Interest Carryover Shortfall - Previous 0.00 1,965,145.42 0.00
Month(s)
Interest on B Interest Shortfall - Previous 0.00 1,965,145.42 0.00
Month(s)
Interest on Interest Carryover from Prior Months 0.00 1,965,145.42 0.00
Current Month Class B Interest Shortfall 0.00 1,965,145.42 0.00
Adjusted Class B Interest Distributable Amount 36,612.29 1,965,145.42 36,612.29
(v)(B) Class A Principal Distributable Amount - Current 1,739,117.64 1,928,533.13 1,739,117.64 1,294,292.86
Month
Class A Principal Carryover Shortfall - Previous 0.00 189,415.49 0.00
Month(s)
Current Month Class A Principal Shortfall 0.00 189,415.49 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,739,117.64 189,415.49 189,415.49 0.00
(vi) Certificate Insurer Premium 23,480.12 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - 91,532.51 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous 0.00 0.00 0.00
Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 91,532.51 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 542,787.63 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 82,242,376.67
Class A Principal Distributions 1,739,117.64
Class A End of Period Principal Balance 80,503,259.03
Class B Beginning of Period Principal Balance 4,328,546.16
Class B Principal Distributable Amount 91,532.51
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,237,013.65
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,237,013.65
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,033,410.50
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 599,880.31
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,433,530.19
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,433,530.19
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 36,612.29
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,396,917.90
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,396,917.90
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,739,117.64
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 657,800.26
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 657,800.26
(vi) Certificate Insurer Premium 23,480.12
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 634,320.14
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 634,320.14
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 91,532.51
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 542,787.63
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 542,787.63
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,679,000.00
Purchased receivables more than 30 days delinquent 31,796.03
-------------------
Total 6,710,796.03
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 102,992,796.29
Delinquency Ratio 6.52%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.52%
Delinquency Ratio for second preceding Determination Date 5.54%
Delinquency Ratio for third preceding Determination Date 4.76%
-------------------
Average Delinquency Ratio 5.61% 5.61%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 1,492,620.00
Current Period Defaulted Receivables 552,127.52
-------------------
Total 2,044,747.52
Cumulative Defaulted Receivables 2,044,747.52
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 2.20%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 160,759.70
Cram Down Losses 0.00
Net Liquidation Proceeds (63,544.39)
-------------------
Net Liquidation Losses 97,215.31
Cumulative Previous Net Losses 9,279.00
-------------------
Cumulative Net Losses 106,494.31
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 0.11%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 50.08
Weighted Average Annual Percentage Rate 20.48%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,474,027.27
15% of Outstanding Certificate Balance 12,711,040.90
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,474,027.27
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 84,740,272.68
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 8,474,027.27
Beginning of Period Spread Account Balance 7,039,256.78
Spread Account Deposit (Withdrawal) from Current Distributions 542,787.63
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 891,982.86
Earnings on Spread Account Balance 28,063.11
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,610,107.52
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Current month excess servicing fee #REF!
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
11.66% Class B Asset-Backed Certificates
Distribution Date 6/16/97
Collection Period 5/97
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $1,913,700.54
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $517,899.59
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,395,800.95
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $19.69
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.33
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $14.36
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $121,986.39
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $48,523.18
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $73,463.21
(j) Scheduled Payments due in such Collection Period $2,894,627.06
(k) Scheduled Payments collected in such
Collection Period $2,734,808.26
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $99,876,176.41
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $98,406,912.25
(c) The Pool factor as of the close of business
on the last day set forth above 0.9852891
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $180,489.53
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,658.41
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.86
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.07
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 9
Aggregate Purchase Amount $115,693.23
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $35,427.72
(b) Distributions (to) from Collection Account ($3,639.62)
for Payaheads
(c) Interest earned on Payahead Balances $389.95
(d) Ending Payahead Account Balance $32,178.05
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,840,691.23
Spread Account Balance $5,931,409.93
(b) The change in the spread account on the Distribution
Date set forth above $949,745.81
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $27,266.92
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 239
Aggregate Gross Amount $3,363,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 119
Aggregate Gross Amount $1,732,000.00
8 Performance Triggers
(a) Delinquency Ratio 4.37%
(b) Average Delinquency Ratio 2.89%
(c) Cumulative Default Ratio 0.31%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,247,579.73
Lock Box NSF Items: (79,968.86)
Transfers from (to) Payahead Account: 3,639.62
Collection Account Interest 11,796.09
Payahead Account Interest 389.95
Total Collection Proceeds: 3,183,436.53
For Distribution Date: 6/16/97
For Determination Date: 6/9/97
For Collection Period: 5/97
Collateral Activity Information
Principal
Beginning Principal Balance 99,876,176.41
Principal portion of payments collected (non-prepayments) 1,032,821.93
Prepayments in full allocable to principal 320,749.00
Collections allocable to principal 1,353,570.93
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 115,693.23
Total Principal 1,469,264.16
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 98,406,912.25
Interest
Collections allocable to interest 1,701,986.33
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 1,701,986.33
Certificate Information
Beginning of Period Class A Principal Balance 94,882,367.59
Beginning of Period Class B Principal Balance 4,993,808.82
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,981,664.12
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 14,029.24
Aggregate Payahead Balance 31,788.10
Aggregate Payahead Balance for preceding Distribution Date 35,427.72
Interest Earned on Payahead Balances 389.95
Scheduled Payments due in Collection Period 2,894,627.06
Scheduled Payments collected in Collection Period 2,734,808.26
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 239 3,363,000.00
60+ days delinquent 119 1,732,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
9 115,693.23
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,095,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 115,693.23
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 240,748.13
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 2.95%
Delinquency Ratio for third preceding Determination Date 1.34%
Cumulative Defaults for preceding Determination Date 75,854.00
Cumulative Net Losses for preceding Determination Date 0.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,055,557.26
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 115,693.23
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,796.09
Investment earnings from Payahead Account 389.95
-------------------
Total Distribution Amount 3,183,436.53
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,032,821.93
Prepayments in full allocable to principal 320,749.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 115,693.23
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,469,264.16
Class A Principal Distributable Amount
Principal Distributable Amount 1,469,264.16
Times Class A Percentage (95%) 95%
-------------------
1,395,800.95
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,395,800.95
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 94,882,367.59
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 517,899.59
Class B Principal Distributable Amount
Principal Distributable Amount 1,469,264.16
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 73,463.21
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,993,808.82
Multiplied by Certificate Pass-Through Rate 11.66%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class B Coupon Interest Amount 48,523.18
Class B Excess Interest Amount
Total Distribution Amount 3,183,436.53
minus
Class A Principal and Interest Distributable Amount 1,913,700.54
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 48,523.18
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 73,463.21
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,248.45
Standby Servicer distributions 6,658.41
Servicer distributions 180,489.53
Collateral Agent distributions 1,248.45
Reimbursement Obligations 27,266.92
-------------------
930,837.84
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
Use Source act distributed Source
--- ------ --------------- ------
(i) Standby Fee 6,658.41 3,183,436.53 6,658.41 3,183,436.53
Servicing Fee (2.0%) 166,460.29 3,176,778.12 166,460.29 0.00
Additional Servicing Fee Amounts 14,029.24 3,010,317.83 14,029.24 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,996,288.59 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,996,288.59 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,996,288.59 0.00
(iii) Trustee Fee 1,248.45 2,996,288.59 1,248.45
Trustee's out-of-pocket expenses 0.00 2,995,040.14 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,995,040.14 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,995,040.14 0.00
Collection Periods
(iv) Collateral Agent Fee 1,248.45 2,995,040.14 1,248.45
Collateral Agent Expenses 0.00 2,993,791.69 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,993,791.69 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,993,791.69 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 517,899.59 2,993,791.69 517,899.59
Prior Month(s) Class A Carryover Shortfall 0.00 2,475,892.10 0.00
Class A Interest Carryover Shortfall 0.00 2,475,892.10 0.00
Interest on Interest Carryover from Prior Months 0.00 2,475,892.10 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,475,892.10 0.00
Class A Interest Distributable Amount 517,899.59 2,475,892.10 517,899.59
(viii)(A)Class B Coupon Interest - Unadjusted 48,523.18 1,957,992.51 48,523.18
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,909,469.33 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,909,469.33 0.00
Interest on Interest Carryover from Prior Months 0.00 1,909,469.33 0.00
Current Month Class B Interest Shortfall 0.00 1,909,469.33 0.00
Adjusted Class B Interest Distributable Amount 48,523.18 1,909,469.33 48,523.18
(v)(B) Class A Principal Distributable Amount - Current Month 1,395,800.95 1,860,946.15 1,395,800.95 1,787,635.58
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 465,145.20 0.00
Current Month Class A Principal Shortfall 0.00 465,145.20 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,395,800.95 465,145.20 465,145.20 391,834.63
(vi) Certificate Insurer Premium 27,266.92 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 73,463.21 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 73,463.21 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 930,837.84 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 94,882,367.59
Class A Principal Distributions 1,395,800.95
Class A End of Period Principal Balance 93,486,566.64
Class B Beginning of Period Principal Balance 4,993,808.82
Class B Principal Distributable Amount 73,463.21
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,920,345.61
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,920,345.61
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,183,436.53
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 707,544.43
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,475,892.10
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,475,892.10
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 48,523.18
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,427,368.92
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,427,368.92
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,395,800.95
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,031,567.97
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,031,567.97
(vi) Certificate Insurer Premium 27,266.92
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,004,301.05
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,004,301.05
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 73,463.21
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 930,837.84
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 930,837.84
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,095,000.00
Purchased receivables more than 30 days delinquent 115,693.23
-------------------
Total 5,210,693.23
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 119,213,328.06
Delinquency Ratio 4.37%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.37%
Delinquency Ratio for second preceding Determination Date 2.95%
Delinquency Ratio for third preceding Determination Date 1.34%
-------------------
Average Delinquency Ratio 2.89% 2.89%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 75,854.00
Current Period Defaulted Receivables 240,748.13
-------------------
Total 316,602.13
Cumulative Defaulted Receivables 316,602.13
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 0.31%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-------------------
Cumulative Net Losses 0.00
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 52.89
Weighted Average Annual Percentage Rate 20.59%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 9,840,691.23
15% of Outstanding Certificate Balance 14,761,036.84
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 9,840,691.23
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 98,406,912.25
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 9,840,691.23
Beginning of Period Spread Account Balance 4,981,664.12
Spread Account Deposit (Withdrawal) from Current Distributions 930,837.84
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 3,928,189.27
Earnings on Spread Account Balance 18,907.97
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 5,931,409.93
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
11.44% Class B Asset-Backed Certificates
Distribution Date 6/16/97
Collection Period 5/97
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $606,016.73
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $335,142.06
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $270,874.67
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $5.34
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.96
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $2.39
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $30,344.48
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $30,344.48
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $3,393,587.17
(k) Scheduled Payments collected in such
Collection Period $548,064.23
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $119,362,032.46
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $119,091,157.79
(c) The Pool factor as of the close of business
on the last day set forth above 0.9977306
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $107,078.01
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,243.98
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.94
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $14,131.38
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $43,228.28
(b) Distributions (to) from Collection Account $7,558.81
for Payaheads
(c) Interest earned on Payahead Balances $18.10
(d) Ending Payahead Account Balance $50,805.19
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $10,718,204.20
Spread Account Balance $4,055,354.12
(b) The change in the spread account on the Distribution
Date set forth above ($122,317.02)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $32,994.22
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 47
Aggregate Gross Amount $750,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 2
Aggregate Gross Amount $26,000.00
8 Performance Triggers
(a) Delinquency Ratio 0.56%
(b) Average Delinquency Ratio 0.56%
(c) Cumulative Default Ratio 0.00%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 665,553.42
Lock Box NSF Items: 0.00
Transfers from (to) Payahead Account: (7,558.81)
Collection Account Interest 180.54
Payahead Account Interest 18.10
Total Collection Proceeds: 658,193.25
For Distribution Date: 6/16/97
For Determination Date: 6/9/97
For Collection Period: 5/97
Collateral Activity Information
Principal
Beginning Principal Balance 119,362,032.46
Principal portion of payments collected (non-prepayments) 175,200.85
Prepayments in full allocable to principal 95,799.00
Collections allocable to principal 270,999.85
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 14,131.38
Total Principal 285,131.23
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 119,076,901.23
Interest
Collections allocable to interest 372,863.38
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-------------------
Total Interest 372,863.38
Certificate Information
Beginning of Period Class A Principal Balance 113,393,930.84
Beginning of Period Class B Principal Balance 5,968,101.62
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,177,671.14
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 978.43
Aggregate Payahead Balance 50,787.09
Aggregate Payahead Balance for preceding Distribution Date 43,228.28
Interest Earned on Payahead Balances 18.10
Scheduled Payments due in Collection Period 3,393,587.17
Scheduled Payments collected in Collection Period 548,064.23
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 47 750,000.00
60+ days delinquent 2 26,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 14,131.38
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 776,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 14,131.38
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 0.00
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 0.00
Cumulative Net Losses for preceding Determination Date 0.00
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 643,863.23
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 14,131.38
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 180.54
Investment earnings from Payahead Account 18.10
-------------------
Total Distribution Amount 658,193.25
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 175,200.85
Prepayments in full allocable to principal 95,799.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 14,131.38
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 285,131.23
Class A Principal Distributable Amount
Principal Distributable Amount 285,131.23
Times Class A Percentage (95%) 95%
-------------------
270,874.67
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 270,874.67
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 113,393,930.84
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0444444
-------------------
Class A Interest Distributable Amount 335,142.06
Class B Principal Distributable Amount
Principal Distributable Amount 285,131.23
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 14,256.56
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,968,101.62
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0444444
-------------------
Class B Coupon Interest Amount 30,344.48
Class B Excess Interest Amount
Total Distribution Amount 658,193.25
minus
Class A Principal and Interest Distributable Amount 606,016.73
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 30,344.48
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 14,256.56
Class B Principal Carryover Shortfall 0.00
Trustee distributions 795.75
Standby Servicer distributions 4,243.98
Servicer distributions 107,078.01
Collateral Agent distributions 795.75
Reimbursement Obligations 32,994.22
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
Use Source act distributed Source
--- ------ --------------- ------
(i) Standby Fee 4,243.98 658,193.25 4,243.98 658,193.25
Servicing Fee (2.0%) 106,099.58 653,949.27 106,099.58 0.00
Additional Servicing Fee Amounts 978.43 547,849.69 978.43 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 546,871.26 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 546,871.26 0.00
(ii) Transition Expenses to Standby Servicer 0.00 546,871.26 0.00
(iii) Trustee Fee 795.75 546,871.26 795.75
Trustee's out-of-pocket expenses 0.00 546,075.51 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 546,075.51 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 546,075.51 0.00
Collection Periods
(iv) Collateral Agent Fee 795.75 546,075.51 795.75
Collateral Agent Expenses 0.00 545,279.76 0.00
Unpaid Collateral Agent Fee from prior 0.00 545,279.76 0.00
Colleection Periods
Unpaid Collateral Agent Expenses from prior 0.00 545,279.76 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 335,142.06 545,279.76 335,142.06
Prior Month(s) Class A Carryover Shortfall 0.00 210,137.70 0.00
Class A Interest Carryover Shortfall 0.00 210,137.70 0.00
Interest on Interest Carryover from Prior Months 0.00 210,137.70 0.00
Current Month Class A Interest Carryover Shortfall 0.00 210,137.70 0.00
Class A Interest Distributable Amount 335,142.06 210,137.70 210,137.70
(viii)(A)Class B Coupon Interest - Unadjusted 30,344.48 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 30,344.48 0.00 0.00
(v)(B) Class A Principal Distributable Amount - Current Month 270,874.67 0.00 0.00 387,318.58
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (91,081.45) 0.00 (91,081.45)
Withdrawl from Spread Account to Cover Shortfall 91,081.45
Class A Principal Distribution Amount 270,874.67 91,081.45 91,081.45 116,443.91
(vi) Certificate Insurer Premium 32,994.22 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 14,256.56 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (14,256.56) 0.00 (14,256.56)
Adjusted Class B Principal Distributable Amount 0.00 14,256.56 0.00
Excess Interest (Shortage) Amount for Deposit to (124,075.67) 14,256.56 (124,075.67)
(withdrawl from) Spread Account 138,332.23 138,332.23
Certificate Balance
Class A Beginning of Period Principal Balance 113,393,930.84
Class A Principal Distributions 270,874.67
Class A End of Period Principal Balance 113,123,056.17
Class B Beginning of Period Principal Balance 5,968,101.62
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 5,968,101.62
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 5,968,101.62
Class A Deficiency - Interest
(i) Total Distribution Amount Available 658,193.25
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 448,055.55
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 210,137.70
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 210,137.70
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 30,344.48
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 179,793.22
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 179,793.22
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 270,874.67
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 91,081.45
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 32,994.22
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (32,994.22)
Withdrawl from Spread Account to Cover Deficiency 32,994.22
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 14,256.56
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (14,256.56)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (14,256.56)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 776,000.00
Purchased receivables more than 30 days delinquent 14,131.38
-------------------
Total 790,131.38
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 142,267,592.79
Delinquency Ratio 0.56%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 0.56%
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
-------------------
Average Delinquency Ratio 0.56% 0.19%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 0.00
-------------------
Total 0.00
Cumulative Defaulted Receivables 0.00
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 0.00%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-------------------
Cumulative Net Losses 0.00
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 55.37
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 10,718,204.20
15% of Outstanding Certificate Balance 17,863,673.67
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 10,718,204.20
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 119,091,157.79
Minimum Floor 100,000.00
--------------
Floor Amount 3,580,860.93
Required Spread Account Amount 10,718,204.20
Beginning of Period Spread Account Balance 4,177,671.14
Spread Account Deposit (Withdrawal) from Current Distributions (124,075.67)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 6,664,608.73
Earnings on Spread Account Balance 1,758.65
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 4,055,354.12
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President