Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Distribution Date 10/15/97
Collection Period 9/97
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 $2,660,623.81
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $306,569.12
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,354,054.69
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $31.50
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.63
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $27.87
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $24,263.48
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $24,263.48
(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 $2,017,884.03
(k) Scheduled Payments collected in such
Collection Period $1,950,871.98
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 $58,232,361.12
(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 $55,878,306.43
(c) The Pool factor as of the close of business
on the last day set forth above 0.9595748
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 $114,037.36
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,882.16
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.35
(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 0
Aggregate Purchase Amount $0.00
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 $21,030.02
(b) Distributions (to) from Collection Account ($475.75)
for Payaheads
(c) Interest earned on Payahead Balances $108.76
(d) Ending Payahead Account Balance $20,663.03
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 $8,381,745.96
Spread Account Balance $6,257,501.16
(b) The change in the spread account on the Distribution
Date set forth above $429,589.92
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 $15,448.62
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $881,771.44
(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 184
Aggregate Gross Amount $2,174,000.00
(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 226
Aggregate Gross Amount $2,878,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.74%
(b) Average Delinquency Ratio 8.87%
(c) Cumulative Default Ratio 11.17%
(d) Cumulative Net Loss Ratio 7.20%
(e) Is a Portfolio Performance Test violation continuing? Yes
(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: 2,659,842.57
Lock Box NSF Items: (46,983.69)
Transfers from (to) Payahead Account: 475.75
Collection Account Interest 9,844.54
Payahead Account Interest 108.76
Total Collection Proceeds: 2,623,287.93
For Distribution Date: 10/15/97
For Determination Date: 10/8/97
For Collection Period: 9/97
Collateral Activity Information
Principal
Beginning Principal Balance 58,232,361.12
Principal portion of payments collected (non-prepayments) 948,991.03
Prepayments in full allocable to principal 549,430.00
Collections allocable to principal 1,498,421.03
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 97,759.84
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,596,180.87
Realized Losses 881,771.44
Cram Down Losses 0.00
Ending Principal Balance 55,754,408.81
Interest
Collections allocable to interest 1,001,880.95
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 25,226.11
-------------------
Total Interest 1,027,107.06
Certificate Information
Beginning of Period Class A Principal Balance 55,320,743.07
Beginning of Period Class B Principal Balance 2,911,618.05
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,827,911.24
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 16,983.42
Aggregate Payahead Balance 20,554.27
Aggregate Payahead Balance for preceding Distribution Date 21,030.02
Interest Earned on Payahead Balances 108.76
Scheduled Payments due in Collection Period 2,017,884.03
Scheduled Payments collected in Collection Period 1,950,871.98
Aggregate Amount of Realized Losses for preceding Distribution Date 881,771.44
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 184 2,174,000.00
60+ days delinquent 226 2,878,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,052,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
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 588,040.14
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 10.19%
Delinquency Ratio for third preceding Determination Date 8.67%
Cumulative Defaults for preceding Determination Date 9,338,887.00
Cumulative Net Losses for preceding Determination Date 5,545,521.00
Is a Portfolio Performance Test violation continuing? (Y/N) Y
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) 2,500,301.98
Liquidation Proceeds 97,759.84
Recoveries 25,226.11
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,623,287.93
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 948,991.03
Prepayments in full allocable to principal 549,430.00
Principal Balance of Liquidated Receivables 979,531.28
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,477,952.31
Class A Principal Distributable Amount
Principal Distributable Amount 2,477,952.31
Times Class A Percentage (95%) 95%
-------------------
2,354,054.69
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,354,054.69
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 55,320,743.07
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 306,569.12
Class B Principal Distributable Amount
Principal Distributable Amount 2,477,952.31
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 123,897.62
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,911,618.05
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 24,263.48
Class B Excess Interest Amount
Total Distribution Amount 2,623,287.93
minus
Class A Principal and Interest Distributable Amount 2,660,623.81
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 24,263.48
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 123,897.62
Class B Principal Carryover Shortfall 0.00
Trustee distributions 727.90
Standby Servicer distributions 3,882.16
Servicer distributions 114,037.36
Collateral Agent distributions 727.90
Reimbursement Obligations 15,448.62
-------------------
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 3,882.16 2,623,287.93 3,882.16 2,623,287.93
Servicing Fee (2.0%) 97,053.94 2,619,405.77 97,053.94 0.00
Additional Servicing Fee Amounts 16,983.42 2,522,351.83 16,983.42 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,505,368.41 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,505,368.41 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,505,368.41 0.00
(iii) Trustee Fee 727.90 2,505,368.41 727.90
Trustee's out-of-pocket expenses 0.00 2,504,640.51 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,504,640.51 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,504,640.51 0.00
Collection Periods
(iv) Collateral Agent Fee 727.90 2,504,640.51 727.90
Collateral Agent Expenses 0.00 2,503,912.61 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,503,912.61 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,503,912.61 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 306,569.12 2,503,912.61 306,569.12
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,197,343.49 0.00
Class A Interest Carryover Shortfall 0.00 2,197,343.49 0.00
Interest on Interest Carryover from 0.00 2,197,343.49 0.00
Prior Months
Current Month Class A Interest Carryover 0.00 2,197,343.49 0.00
Shortfall
Class A Interest Distributable Amount 306,569.12 2,197,343.49 306,569.12
(viii)(A)Class B Coupon Interest - Unadjusted 24,263.48 1,890,774.37 24,263.48
Class B Interest Carryover Shortfall - 0.00 1,866,510.89 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 1,866,510.89 0.00
Previous Month(s)
Interest on Interest Carryover from 0.00 1,866,510.89 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 1,866,510.89 0.00
Adjusted Class B Interest Distributable Amount 24,263.48 1,866,510.89 24,263.48
(v)(B) Class A Principal Distributable Amount - 2,354,054.69 1,842,247.41 1,842,247.41 269,233.24
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall (180,974.68) 0.00 (180,974.68)
Withdrawl from Spread Account to Cover Shortfall 180,974.68
Class A Principal Distribution Amount 2,354,054.69 180,974.68 180,974.68 0.00
(vi) Certificate Insurer Premium 15,448.62 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
(B) Class B Principal Distributable Amount - 123,897.62 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (123,897.62) 0.00 (123,897.62)
Adjusted Class B Principal Distributable Amount 0.00 123,897.62 0.00
(C) Excess Interest Amount for Deposit in Spread Account (196,423.30) 123,897.62 (196,423.30)
320,320.92 320,320.92
Certificate Balance
Class A Beginning of Period Principal Balance 55,320,743.07
Class A Principal Distributions 2,354,054.69
Class A End of Period Principal Balance 52,966,688.38
Class B Beginning of Period Principal Balance 2,911,618.05
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,911,618.05
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,911,618.05
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,623,287.93
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 425,944.44
(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) 2,197,343.49
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,197,343.49
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 24,263.48
(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) 2,173,080.01
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,173,080.01
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,354,054.69
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 180,974.68
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 15,448.62
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (15,448.62)
Withdrawl from Spread Account to Cover Deficiency 15,448.62
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) 123,897.62
(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) (123,897.62)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (123,897.62)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,052,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 5,052,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 65,276,495.48
Delinquency Ratio 7.74%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.74%
Delinquency Ratio for second preceding Determination Date 10.19%
Delinquency Ratio for third preceding Determination Date 8.67%
-------------------
Average Delinquency Ratio 8.87% 8.87%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 9,338,887.00
Current Period Defaulted Receivables 588,040.14
-------------------
Total 9,926,927.14
Cumulative Defaulted Receivables 9,926,927.14
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 11.17%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 979,531.28
Cram Down Losses 0.00
Net Liquidation Proceeds (122,985.95)
-------------------
Net Liquidation Losses 856,545.33
Cumulative Previous Net Losses 5,545,521.00
-------------------
Cumulative Net Losses 6,402,066.33
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 7.20%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 39.42
Weighted Average Annual Percentage Rate 20.42%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,587,830.64
15% of Outstanding Certificate Balance 8,381,745.96
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,381,745.96
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 55,878,306.43
Minimum Floor 100,000.00
--------------
Floor Amount 2,667,022.51
Required Spread Account Amount 8,381,745.96
Beginning of Period Spread Account Balance 5,827,911.24
Spread Account Deposit (Withdrawal) from Current Distributions (196,423.30)
Transfer (to) from Cross-Collateralized Spread Accounts 601,143.52
Required addition to/(eligible withdrawal from) Spread Account 2,149,114.50
Earnings on Spread Account Balance 24,869.70
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 6,257,501.16
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
Distribution Date 10/15/97
Collection Period 9/97
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 $2,692,442.32
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $367,436.23
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,325,006.09
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $30.76
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.20
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $26.56
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $154,984.84
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $32,616.10
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $122,368.74
(j) Scheduled Payments due in such Collection Period $2,243,026.58
(k) Scheduled Payments collected in such
Collection Period $2,089,574.87
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 $69,273,129.74
(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 $66,940,112.81
(c) The Pool factor as of the close of business
on the last day set forth above 0.9663215
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 $132,168.03
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,618.21
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.51
(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 0
Aggregate Purchase Amount $0.00
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 $19,682.31
(b) Distributions (to) from Collection Account $5,530.76
for Payaheads
(c) Interest earned on Payahead Balances $102.12
(d) Ending Payahead Account Balance $25,315.19
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 $6,694,011.28
Spread Account Balance $6,694,011.28
(b) The change in the spread account on the Distribution
Date set forth above ($246,218.69)
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 $18,516.30
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $710,676.15
(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 $3,033,000.00
(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 231
Aggregate Gross Amount $3,028,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.61%
(b) Average Delinquency Ratio 8.27%
(c) Cumulative Default Ratio 8.62%
(d) Cumulative Net Loss Ratio 4.35%
(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: 2,936,684.12
Lock Box NSF Items: (51,751.13)
Transfers from (to) Payahead Account: (5,530.76)
Collection Account Interest 10,599.26
Payahead Account Interest 102.12
Total Collection Proceeds: 2,890,103.61
For Distribution Date: 10/15/97
For Determination Date: 10/8/97
For Collection Period: 9/97
Collateral Activity Information
Principal
Beginning Principal Balance 69,273,129.74
Principal portion of payments collected (non-prepayments) 984,204.13
Prepayments in full allocable to principal 575,423.00
Collections allocable to principal 1,559,627.13
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 177,071.55
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,736,698.68
Realized Losses 710,676.15
Cram Down Losses 0.00
Ending Principal Balance 66,825,754.91
Interest
Collections allocable to interest 1,105,370.74
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 48,034.19
-------------------
Total Interest 1,153,404.93
Certificate Information
Beginning of Period Class A Principal Balance 65,809,473.24
Beginning of Period Class B Principal Balance 3,463,656.49
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,940,229.97
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 16,712.81
Aggregate Payahead Balance 25,213.07
Aggregate Payahead Balance for preceding Distribution Date 19,682.31
Interest Earned on Payahead Balances 102.12
Scheduled Payments due in Collection Period 2,243,026.58
Scheduled Payments collected in Collection Period 2,089,574.87
Aggregate Amount of Realized Losses for preceding Distribution Date 710,676.15
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 3,033,000.00
60+ days delinquent 231 3,028,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,061,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
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 891,340.82
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 9.14%
Delinquency Ratio for third preceding Determination Date 8.05%
Cumulative Defaults for preceding Determination Date 7,050,358.00
Cumulative Net Losses for preceding Determination Date 3,348,484.00
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) 2,664,997.87
Liquidation Proceeds 177,071.55
Recoveries 48,034.19
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,890,103.61
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 984,204.13
Prepayments in full allocable to principal 575,423.00
Principal Balance of Liquidated Receivables 887,747.70
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,447,374.83
Class A Principal Distributable Amount
Principal Distributable Amount 2,447,374.83
Times Class A Percentage (95%) 95%
-------------------
2,325,006.09
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,325,006.09
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 65,809,473.24
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 367,436.23
Class B Principal Distributable Amount
Principal Distributable Amount 2,447,374.83
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 122,368.74
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,463,656.49
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 32,616.10
Class B Excess Interest Amount
Total Distribution Amount 2,890,103.61
minus
Class A Principal and Interest Distributable Amount 2,692,442.32
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 32,616.10
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 122,368.74
Class B Principal Carryover Shortfall 0.00
Trustee distributions 865.91
Standby Servicer distributions 4,618.21
Servicer distributions 132,168.03
Collateral Agent distributions 865.91
Reimbursement Obligations 18,516.30
-------------------
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 4,618.21 0.00 0.00 122,368.74
Servicing Fee (2.0%) 115,455.22 0.00 0.00 0.00
Additional Servicing Fee Amounts 16,712.81 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior 0.00 0.00 0.00
Collection Periods
Unpaid Servicing Fee from prior 0.00 0.00 0.00
Collection Periods
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 865.91 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 865.91 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 0.00 0.00 0.00
prior Collection Periods
(v)(A) Class A Interest Distributable Amount - 367,436.23 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 Prior Months 0.00 0.00 0.00
Current Month Class A Interest Carryover Shortfall 0.00 0.00 0.00
Class A Interest Distributable Amount 367,436.23 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 32,616.10 0.00 0.00
Class B Interest Carryover Shortfall - 0.00 0.00 0.00 122,368.74
Previous Month(s)
Interest on B Interest Shortfall - 0.00 0.00 0.00 122,368.74
Previous Month(s)
Interest on Interest Carryover from 0.00 0.00 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 32,616.10 0.00 0.00
(v)(B) Class A Principal Distributable Amount - 2,325,006.09 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 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,325,006.09 0.00 0.00
(vi) Certificate Insurer Premium 18,516.30 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to 0.00 0.00 0.00
Certificate Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 122,368.74 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (114,357.91) 0.00 (114,357.91)
Adjusted Class B Principal Distributable Amount 8,010.83 114,357.91 8,010.83
(C) Excess Interest Amount for Deposit in Spread 0.00 106,347.08 0.00
Account 106,347.08 106,347.08
Certificate Balance
Class A Beginning of Period Principal Balance 65,809,473.24
Class A Principal Distributions 2,325,006.09
Class A End of Period Principal Balance 63,484,467.15
Class B Beginning of Period Principal Balance 3,463,656.49
Class B Principal Distributable Amount 8,010.83
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,455,645.66
Withdrawl from Spread Account to Cover B Shortfalls 114,357.91
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,341,287.75
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,890,103.61
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 505,954.29
(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 Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,384,149.32
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,384,149.32
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 32,616.10
(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) 2,351,533.22
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,351,533.22
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,325,006.09
(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) 26,527.13
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 26,527.13
(vi) Certificate Insurer Premium 18,516.30
(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) 8,010.83
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 8,010.83
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 122,368.74
(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) (114,357.91)
Withdrawl from Spread Account to B PieceCover Shortfalls (114,357.91)
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 6,061,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 6,061,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 79,643,762.67
Delinquency Ratio 7.61%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.61%
Delinquency Ratio for second preceding Determination Date 9.14%
Delinquency Ratio for third preceding Determination Date 8.05%
-------------------
Average Delinquency Ratio 8.27% 8.27%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 7,050,358.00
Current Period Defaulted Receivables 891,340.82
-------------------
Total 7,941,698.82
Cumulative Defaulted Receivables 7,941,698.82
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 8.62%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 887,747.70
Cram Down Losses 0.00
Net Liquidation Proceeds (225,105.74)
-------------------
Net Liquidation Losses 662,641.96
Cumulative Previous Net Losses 3,348,484.00
-------------------
Cumulative Net Losses 4,011,125.96
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 4.35%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 43.44
Weighted Average Annual Percentage Rate 20.52%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,694,011.28
15% of Outstanding Certificate Balance 10,041,016.92
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,694,011.28
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 66,940,112.81
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 6,694,011.28
Beginning of Period Spread Account Balance 6,940,229.97
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (161,434.28)
Required addition to/(eligible withdrawal from) Spread Account (84,784.41)
Earnings on Spread Account Balance 29,573.50
Amount of Spread Account deposit (withdrawal) (114,357.91)
Amount of Withdrawl Allocated to B Piece Shortfalls 114,357.91
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 6,694,011.28
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
Distribution Date 10/15/97
Collection Period 9/97
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 $2,634,025.88
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $391,453.96
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,242,571.92
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $29.86
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.44
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $25.42
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $151,223.56
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $33,193.46
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $118,030.10
(j) Scheduled Payments due in such Collection Period $2,427,209.18
(k) Scheduled Payments collected in such
Collection Period $2,343,570.21
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 $78,487,009.68
(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 $76,126,407.66
(c) The Pool factor as of the close of business
on the last day set forth above 0.9699237
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 $148,772.58
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,232.47
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.69
(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 0
Aggregate Purchase Amount $0.00
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 $25,250.92
(b) Distributions (to) from Collection Account $2,418.23
for Payaheads
(c) Interest earned on Payahead Balances $126.98
(d) Ending Payahead Account Balance $27,796.13
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 $7,612,640.77
Spread Account Balance $7,612,640.77
(b) The change in the spread account on the Distribution
Date set forth above ($236,060.20)
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 $21,093.36
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $752,791.70
(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 236
Aggregate Gross Amount $3,256,000.00
(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 273
Aggregate Gross Amount $3,899,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.85%
(b) Average Delinquency Ratio 8.42%
(c) Cumulative Default Ratio 5.63%
(d) Cumulative Net Loss Ratio 2.42%
(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: 3,063,589.56
Lock Box NSF Items: (58,693.60)
Transfers from (to) Payahead Account: (2,418.23)
Collection Account Interest 10,466.09
Payahead Account Interest 126.98
Total Collection Proceeds: 3,013,070.80
For Distribution Date: 10/15/97
For Determination Date: 10/8/97
For Collection Period: 9/97
Collateral Activity Information
Principal
Beginning Principal Balance 78,487,009.68
Principal portion of payments collected (non-prepayments) 952,696.71
Prepayments in full allocable to principal 537,120.00
Collections allocable to principal 1,489,816.71
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 117,993.61
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,607,810.32
Realized Losses 752,791.70
Cram Down Losses 0.00
Ending Principal Balance 76,126,407.66
Interest
Collections allocable to interest 1,390,873.50
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 14,386.98
-------------------
Total Interest 1,405,260.48
Certificate Information
Beginning of Period Class A Principal Balance 74,562,659.19
Beginning of Period Class B Principal Balance 3,924,350.49
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,848,700.97
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,960.90
Aggregate Payahead Balance 27,669.15
Aggregate Payahead Balance for preceding Distribution Date 25,250.92
Interest Earned on Payahead Balances 126.98
Scheduled Payments due in Collection Period 2,427,209.18
Scheduled Payments collected in Collection Period 2,343,570.21
Aggregate Amount of Realized Losses for preceding Distribution Date 752,791.70
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 236 3,256,000.00
60+ days delinquent 273 3,899,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 7,155,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
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 1,057,444.06
Receivables during the related Collection
Period.
Delinquency Ratio for second preceding Determination Date 9.05%
Delinquency Ratio for third preceding Determination Date 8.37%
Cumulative Defaults for preceding Determination Date 4,167,822.00
Cumulative Net Losses for preceding Determination Date 1,508,777.00
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) 2,880,690.21
Liquidation Proceeds 117,993.61
Recoveries 14,386.98
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,013,070.80
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 952,696.71
Prepayments in full allocable to principal 537,120.00
Principal Balance of Liquidated Receivables 870,785.31
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,360,602.02
Class A Principal Distributable Amount
Principal Distributable Amount 2,360,602.02
Times Class A Percentage (95%) 95%
-------------------
2,242,571.92
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,242,571.92
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 74,562,659.19
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 391,453.96
Class B Principal Distributable Amount
Principal Distributable Amount 2,360,602.02
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 118,030.10
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,924,350.49
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 33,193.46
Class B Excess Interest Amount
Total Distribution Amount 3,013,070.80
minus
Class A Principal and Interest Distributable Amount 2,634,025.88
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 33,193.46
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 118,030.10
Class B Principal Carryover Shortfall 0.00
Trustee distributions 981.09
Standby Servicer distributions 5,232.47
Servicer distributions 148,772.58
Collateral Agent distributions 981.09
Reimbursement Obligations 21,093.36
-------------------
50,760.77
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 5,232.47 3,013,070.80 5,232.47 3,013,070.80
Servicing Fee (2.0%) 130,811.68 3,007,838.33 130,811.68 0.00
Additional Servicing Fee Amounts 17,960.90 2,877,026.65 17,960.90 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,859,065.75 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,859,065.75 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,859,065.75 0.00
(iii) Trustee Fee 981.09 2,859,065.75 981.09
Trustee's out-of-pocket expenses 0.00 2,858,084.66 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,858,084.66 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,858,084.66 0.00
Collection Periods
(iv) Collateral Agent Fee 981.09 2,858,084.66 981.09
Collateral Agent Expenses 0.00 2,857,103.57 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,857,103.57 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,857,103.57 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 391,453.96 2,857,103.57 391,453.96
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,465,649.61 0.00
Class A Interest Carryover Shortfall 0.00 2,465,649.61 0.00
Interest on Interest Carryover from Prior Months 0.00 2,465,649.61 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,465,649.61 0.00
Class A Interest Distributable Amount 391,453.96 2,465,649.61 391,453.96
(viii)(A)Class B Coupon Interest - Unadjusted 33,193.46 2,074,195.65 33,193.46
Class B Interest Carryover Shortfall - 0.00 2,041,002.19 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 2,041,002.19 0.00
Previous Month(s)
Interest on Interest Carryover from 0.00 2,041,002.19 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 2,041,002.19 0.00
Adjusted Class B Interest Distributable 33,193.46 2,041,002.19 33,193.46
Amount
(v)(B) Class A Principal Distributable Amount - 2,242,571.92 2,007,808.73 2,007,808.73 770,498.88
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,242,571.92 0.00 0.00 0.00
(vi) Certificate Insurer Premium 21,093.36 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
(B) Class B Principal Distributable Amount - 118,030.10 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 118,030.10 0.00 0.00
(C) Excess Interest Amount for Deposit in Spread Account 50,760.77 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 74,562,659.19
Class A Principal Distributions 2,242,571.92
Class A End of Period Principal Balance 72,320,087.27
Class B Beginning of Period Principal Balance 3,924,350.49
Class B Principal Distributable Amount 118,030.10
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,806,320.39
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,806,320.39
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,013,070.80
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 547,421.19
(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) 2,465,649.61
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 2,465,649.61
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 33,193.46
(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) 2,432,456.15
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,432,456.15
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,242,571.92
(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) 189,884.23
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 189,884.23
(vi) Certificate Insurer Premium 21,093.36
(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) 168,790.87
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 168,790.87
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 118,030.10
(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) 50,760.77
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 50,760.77
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,155,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 7,155,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 91,202,164.00
Delinquency Ratio 7.85%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.85%
Delinquency Ratio for second preceding Determination Date 9.05%
Delinquency Ratio for third preceding Determination Date 8.37%
-------------------
Average Delinquency Ratio 8.42% 8.42%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 4,167,822.00
Current Period Defaulted Receivables 1,057,444.06
-------------------
Total 5,225,266.06
Cumulative Defaulted Receivables 5,225,266.06
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 5.63%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 870,785.31
Cram Down Losses 0.00
Net Liquidation Proceeds (132,380.59)
-------------------
Net Liquidation Losses 738,404.72
Cumulative Previous Net Losses 1,508,777.00
-------------------
Cumulative Net Losses 2,247,181.72
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 2.42%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 46.68
Weighted Average Annual Percentage Rate 20.55%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,612,640.77
15% of Outstanding Certificate Balance 11,418,961.15
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,612,640.77
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 76,126,407.66
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 7,612,640.77
Beginning of Period Spread Account Balance 7,848,700.97
Spread Account Deposit (Withdrawal) from Current Distributions 50,760.77
Transfer (to) from Cross-Collateralized Spread Accounts (320,114.56)
Required addition to/(eligible withdrawal from) Spread Account 33,293.59
Earnings on Spread Account Balance 33,293.60
Amount of Spread Account deposit (withdrawal) (0.01)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (0.01)
Ending Spread Account Balance 7,612,640.77
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
Distribution Date 10/15/97
Collection Period 9/97
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 $2,207,558.62
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $482,966.25
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,724,592.37
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $22.71
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.97
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $17.74
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $136,018.21
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $45,250.19
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $90,768.02
(j) Scheduled Payments due in such Collection Period $2,799,499.41
(k) Scheduled Payments collected in such
Collection Period $2,635,431.39
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 $93,139,333.08
(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 $91,323,972.69
(c) The Pool factor as of the close of business
on the last day set forth above 0.9805092
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 $172,639.18
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,209.29
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.78
(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 $21,857.90
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 $25,577.12
(b) Distributions (to) from Collection Account ($880.78)
for Payaheads
(c) Interest earned on Payahead Balances $338.75
(d) Ending Payahead Account Balance $25,035.09
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 $9,132,397.27
Spread Account Balance $8,798,042.45
(b) The change in the spread account on the Distribution
Date set forth above $673,492.62
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 $25,304.35
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $225,628.68
(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 270
Aggregate Gross Amount $3,697,000.00
(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 380
Aggregate Gross Amount $5,431,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.38%
(b) Average Delinquency Ratio 7.79%
(c) Cumulative Default Ratio 3.08%
(d) Cumulative Net Loss Ratio 0.53%
(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: 3,255,544.00
Lock Box NSF Items: (77,418.47)
Transfers from (to) Payahead Account: 880.78
Collection Account Interest 11,489.74
Payahead Account Interest 338.75
Total Collection Proceeds: 3,190,834.80
For Distribution Date: 10/15/97
For Determination Date: 10/8/97
For Collection Period: 9/97
Collateral Activity Information
Principal
Beginning Principal Balance 93,139,333.08
Principal portion of payments collected (non-prepayments) 1,042,303.98
Prepayments in full allocable to principal 422,954.00
Collections allocable to principal 1,465,257.98
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 102,615.83
Purchase Amounts allocable to principal 21,857.90
-------------------
Total Principal 1,589,731.71
Realized Losses 225,628.68
Cram Down Losses 0.00
Ending Principal Balance 91,323,972.69
Interest
Collections allocable to interest 1,593,127.41
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 7,975.68
-------------------
Total Interest 1,601,103.09
Certificate Information
Beginning of Period Class A Principal Balance 88,482,366.43
Beginning of Period Class B Principal Balance 4,656,966.65
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,124,549.83
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,406.96
Aggregate Payahead Balance 24,696.34
Aggregate Payahead Balance for preceding Distribution Date 25,577.12
Interest Earned on Payahead Balances 338.75
Scheduled Payments due in Collection Period 2,799,499.41
Scheduled Payments collected in Collection Period 2,635,431.39
Aggregate Amount of Realized Losses for preceding Distribution Date 225,628.68
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 270 3,697,000.00
60+ days delinquent 380 5,431,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 21,857.90
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 9,128,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 21,857.90
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 946,031.31
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 8.35%
Delinquency Ratio for third preceding Determination Date 6.63%
Cumulative Defaults for preceding Determination Date 2,203,785.00
Cumulative Net Losses for preceding Determination Date 321,491.00
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) 3,058,385.39
Liquidation Proceeds 102,615.83
Recoveries 7,975.68
Purchase Amounts 21,857.90
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,190,834.80
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,042,303.98
Prepayments in full allocable to principal 422,954.00
Principal Balance of Liquidated Receivables 328,244.51
Purchase Amounts allocable to principal 21,857.90
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,815,360.39
Class A Principal Distributable Amount
Principal Distributable Amount 1,815,360.39
Times Class A Percentage (95%) 95%
-------------------
1,724,592.37
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,724,592.37
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 88,482,366.43
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 482,966.25
Class B Principal Distributable Amount
Principal Distributable Amount 1,815,360.39
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 90,768.02
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,656,966.65
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 45,250.19
Class B Excess Interest Amount
Total Distribution Amount 3,190,834.80
minus
Class A Principal and Interest Distributable Amount 2,207,558.62
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 45,250.19
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 90,768.02
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,164.24
Standby Servicer distributions 6,209.29
Servicer distributions 172,639.18
Collateral Agent distributions 1,164.24
Reimbursement Obligations 25,304.35
-------------------
640,776.67
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 6,209.29 3,190,834.80 6,209.29 3,190,834.80
Servicing Fee (2.0%) 155,232.22 3,184,625.51 155,232.22 0.00
Additional Servicing Fee Amounts 17,406.96 3,029,393.29 17,406.96 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,011,986.33 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,011,986.33 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,011,986.33 0.00
(iii) Trustee Fee 1,164.24 3,011,986.33 1,164.24
Trustee's out-of-pocket expenses 0.00 3,010,822.09 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,010,822.09 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,010,822.09 0.00
Collection Periods
(iv) Collateral Agent Fee 1,164.24 3,010,822.09 1,164.24
Collateral Agent Expenses 0.00 3,009,657.85 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,009,657.85 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,009,657.85 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 482,966.25 3,009,657.85 482,966.25
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,526,691.60 0.00
Class A Interest Carryover Shortfall 0.00 2,526,691.60 0.00
Interest on Interest Carryover from Prior Months 0.00 2,526,691.60 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,526,691.60 0.00
Class A Interest Distributable Amount 482,966.25 2,526,691.60 482,966.25
(viii)(A)Class B Coupon Interest - Unadjusted 45,250.19 2,043,725.35 45,250.19
Class B Interest Carryover Shortfall - Previous 0.00 1,998,475.16 0.00
Month(s)
Interest on B Interest Shortfall - Previous 0.00 1,998,475.16 0.00
Month(s)
Interest on Interest Carryover from Prior 0.00 1,998,475.16 0.00
Months
Current Month Class B Interest Shortfall 0.00 1,998,475.16 0.00
Adjusted Class B Interest Distributable Amount 45,250.19 1,998,475.16 45,250.19
(v)(B) Class A Principal Distributable Amount - 1,724,592.37 1,953,224.97 1,724,592.37 1,466,242.43
Current Month
Class A Principal Carryover Shortfall - 0.00 228,632.60 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 228,632.60 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,724,592.37 228,632.60 228,632.60 0.00
(vi) Certificate Insurer Premium 25,304.35 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
(B) Class B Principal Distributable Amount - 90,768.02 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 90,768.02 0.00 0.00
(C) Excess Interest Amount for Deposit in Spread Account 640,776.67 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 88,482,366.43
Class A Principal Distributions 1,724,592.37
Class A End of Period Principal Balance 86,757,774.06
Class B Beginning of Period Principal Balance 4,656,966.65
Class B Principal Distributable Amount 90,768.02
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,566,198.63
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,566,198.63
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,190,834.80
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 664,143.20
(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) 2,526,691.60
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,526,691.60
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 45,250.19
(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) 2,481,441.41
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,481,441.41
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,724,592.37
(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) 756,849.04
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 756,849.04
(vi) Certificate Insurer Premium 25,304.35
(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)
731,544.69
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 731,544.69
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 90,768.02
(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) 640,776.67
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 640,776.67
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 9,128,000.00
Purchased receivables more than 30 days delinquent 21,857.90
-------------------
Total 9,149,857.90
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 109,183,861.91
Delinquency Ratio 8.38%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.38%
Delinquency Ratio for second preceding Determination Date 8.35%
Delinquency Ratio for third preceding Determination Date 6.63%
-------------------
Average Delinquency Ratio 7.79% 7.79%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 2,203,785.00
Current Period Defaulted Receivables 946,031.31
-------------------
Total 3,149,816.31
Cumulative Defaulted Receivables 3,149,816.31
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 3.08%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 328,244.51
Cram Down Losses 0.00
Net Liquidation Proceeds (110,591.51)
-------------------
Net Liquidation Losses 217,653.00
Cumulative Previous Net Losses 321,491.00
-------------------
Cumulative Net Losses 539,144.00
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 0.53%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 49.37
Weighted Average Annual Percentage Rate 20.58%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 9,132,397.27
15% of Outstanding Certificate Balance 13,698,595.90
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 9,132,397.27
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 91,323,972.69
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 9,132,397.27
Beginning of Period Spread Account Balance 8,124,549.83
Spread Account Deposit (Withdrawal) from Current Distributions 640,776.67
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 367,070.77
Earnings on Spread Account Balance 32,715.95
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 8,798,042.45
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
Distribution Date 10/15/97
Collection Period 9/97
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 $2,301,703.67
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $601,495.98
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,700,207.69
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $20.30
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.30
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $14.99
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $143,945.36
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $54,460.74
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $89,484.62
(j) Scheduled Payments due in such Collection Period $3,332,413.47
(k) Scheduled Payments collected in such
Collection Period $3,386,108.62
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 $114,253,292.90
(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 $112,463,600.59
(c) The Pool factor as of the close of business
on the last day set forth above 0.9843357
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 $210,006.06
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,616.89
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.85
(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 6
Aggregate Purchase Amount $71,341.65
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 $22,790.66
(b) Distributions (to) from Collection Account $10,709.14
for Payaheads
(c) Interest earned on Payahead Balances $128.36
(d) Ending Payahead Account Balance $33,628.16
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 $10,121,724.05
Spread Account Balance $8,560,327.57
(b) The change in the spread account on the Distribution
Date set forth above $1,184,065.98
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 $31,161.79
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $31,527.02
(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 321
Aggregate Gross Amount $4,559,000.00
(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 302
Aggregate Gross Amount $4,203,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.65%
(b) Average Delinquency Ratio 5.40%
(c) Cumulative Default Ratio 0.81%
(d) Cumulative Net Loss Ratio 0.03%
(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: 3,940,988.24
Lock Box NSF Items: (91,104.91)
Transfers from (to) Payahead Account: (10,709.14)
Collection Account Interest 13,020.97
Payahead Account Interest 128.36
Total Collection Proceeds: 3,852,323.52
For Distribution Date: 10/15/97
For Determination Date: 10/8/97
For Collection Period: 9/97
Collateral Activity Information
Principal
Beginning Principal Balance 114,253,292.90
Principal portion of payments collected (non-prepayments) 1,291,950.39
Prepayments in full allocable to principal 371,839.00
Collections allocable to principal 1,663,789.39
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 23,034.25
Purchase Amounts allocable to principal 71,341.65
-------------------
Total Principal 1,758,165.29
Realized Losses 31,527.02
Cram Down Losses 0.00
Ending Principal Balance 112,463,600.59
Interest
Collections allocable to interest 2,094,158.23
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 2,094,158.23
Certificate Information
Beginning of Period Class A Principal Balance 108,540,628.26
Beginning of Period Class B Principal Balance 5,712,664.64
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,376,261.59
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,583.91
Aggregate Payahead Balance 33,499.80
Aggregate Payahead Balance for preceding Distribution Date 22,790.66
Interest Earned on Payahead Balances 128.36
Scheduled Payments due in Collection Period 3,332,413.47
Scheduled Payments collected in Collection Period 3,386,108.62
Aggregate Amount of Realized Losses for preceding Distribution Date 31,527.02
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 321 4,559,000.00
60+ days delinquent 302 4,203,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
6 71,341.65
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 8,762,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 71,341.65
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 532,732.35
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 5.79%
Delinquency Ratio for third preceding Determination Date 3.77%
Cumulative Defaults for preceding Determination Date 429,629.00
Cumulative Net Losses for preceding Determination Date 1,397.00
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) 3,757,947.62
Liquidation Proceeds 23,034.25
Recoveries 0.00
Purchase Amounts 71,341.65
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,852,323.52
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,291,950.39
Prepayments in full allocable to principal 371,839.00
Principal Balance of Liquidated Receivables 54,561.27
Purchase Amounts allocable to principal 71,341.65
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,789,692.31
Class A Principal Distributable Amount
Principal Distributable Amount 1,789,692.31
Times Class A Percentage (95%) 95%
-------------------
1,700,207.69
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,700,207.69
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 108,540,628.26
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class A Interest Distributable Amount 601,495.98
Class B Principal Distributable Amount
Principal Distributable Amount 1,789,692.31
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 89,484.62
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,712,664.64
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 54,460.74
Class B Excess Interest Amount
Total Distribution Amount 3,852,323.52
minus
Class A Principal and Interest Distributable Amount 2,301,703.67
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 54,460.74
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 89,484.62
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,428.17
Standby Servicer distributions 7,616.89
Servicer distributions 210,006.06
Collateral Agent distributions 1,428.17
Reimbursement Obligations 31,161.79
-------------------
1,155,033.41
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 7,616.89 3,852,323.52 7,616.89 3,852,323.52
Servicing Fee (2.0%) 190,422.15 3,844,706.63 190,422.15 0.00
Additional Servicing Fee Amounts 19,583.91 3,654,284.48 19,583.91 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,634,700.57 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,634,700.57 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,634,700.57 0.00
(iii) Trustee Fee 1,428.17 3,634,700.57 1,428.17
Trustee's out-of-pocket expenses 0.00 3,633,272.40 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,633,272.40 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 3,633,272.40 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,428.17 3,633,272.40 1,428.17
Collateral Agent Expenses 0.00 3,631,844.23 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,631,844.23 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,631,844.23 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 601,495.98 3,631,844.23 601,495.98
Prior Month(s) Class A Carryover Shortfall 0.00 3,030,348.25 0.00
Class A Interest Carryover Shortfall 0.00 3,030,348.25 0.00
Interest on Interest Carryover from Prior Months 0.00 3,030,348.25 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,030,348.25 0.00
Class A Interest Distributable Amount 601,495.98 3,030,348.25 601,495.98
(viii)(A)Class B Coupon Interest - Unadjusted 54,460.74 2,428,852.27 54,460.74
Class B Interest Carryover Shortfall - 0.00 2,374,391.53 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 2,374,391.53 0.00
Previous Month(s)
Interest on Interest Carryover from 0.00 2,374,391.53 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 2,374,391.53 0.00
Adjusted Class B Interest Distributable Amount 54,460.74 2,374,391.53 54,460.74
(v)(B) Class A Principal Distributable Amount - 1,700,207.69 2,319,930.79 1,700,207.69 2,152,115.83
Current Month
Class A Principal Carryover Shortfall - 0.00 619,723.10 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 619,723.10 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,700,207.69 619,723.10 619,723.10 451,908.13
(vi) Certificate Insurer Premium 31,161.79 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
(B) Class B Principal Distributable Amount - Current 89,484.62 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 89,484.62 0.00 0.00
(C) Excess Interest (Shortage) Amount for Deposit 1,155,033.41 0.00 0.00
to (withdrawl from) Spread Account 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 108,540,628.26
Class A Principal Distributions 1,700,207.69
Class A End of Period Principal Balance 106,840,420.57
Class B Beginning of Period Principal Balance 5,712,664.64
Class B Principal Distributable Amount 89,484.62
Class B End of Period Principal Balance BEFORE Spread Account Distributions 5,623,180.02
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 5,623,180.02
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,852,323.52
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 821,975.27
(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) 3,030,348.25
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,030,348.25
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 54,460.74
(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) 2,975,887.51
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,975,887.51
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,700,207.69
(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) 1,275,679.82
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,275,679.82
(vi) Certificate Insurer Premium 31,161.79
(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) 1,244,518.03
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,244,518.03
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 89,484.62
(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) 1,155,033.41
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,155,033.41
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,762,000.00
Purchased receivables more than 30 days delinquent 71,341.65
-------------------
Total 8,833,341.65
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 132,764,857.80
Delinquency Ratio 6.65%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.65%
Delinquency Ratio for second preceding Determination Date 5.79%
Delinquency Ratio for third preceding Determination Date 3.77%
-------------------
Average Delinquency Ratio 5.40% 5.40%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 429,629.00
Current Period Defaulted Receivables 532,732.35
-------------------
Total 962,361.35
Cumulative Defaulted Receivables 962,361.35
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 0.81%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 54,561.27
Cram Down Losses 0.00
Net Liquidation Proceeds (23,034.25)
-------------------
Net Liquidation Losses 31,527.02
Cumulative Previous Net Losses 1,397.00
-------------------
Cumulative Net Losses 32,924.02
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 0.03%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 51.93
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 10,121,724.05
15% of Outstanding Certificate Balance 16,869,540.09
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 10,121,724.05
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 112,463,600.59
Minimum Floor 100,000.00
--------------
Floor Amount 3,580,860.93
Required Spread Account Amount 10,121,724.05
Beginning of Period Spread Account Balance 7,376,261.59
Spread Account Deposit (Withdrawal) from Current Distributions 1,155,033.41
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 1,590,429.05
Earnings on Spread Account Balance 29,032.57
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 8,560,327.57
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 Noteholder Statement
CPS Auto Receivables Trust 1997-3
6.10% Asset-Backed Notes, Class A-1
6.38% Asset-Backed Notes, Class A-2
10.65% Asset-Backed Notes, Class B
10.65% Asset-Backed Certificates
Revised
Distribution Date 10/15/97
Collection Period 9/97
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and 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 Note, 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 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $2,165,608.84
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $399,074.87
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,766,533.97
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $26.79
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.94
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $21.85
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $327,868.20
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $327,868.20
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $5.31
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to Class B
Noteholders on the Distribution Date set forth above $79,464.41
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $32,976.67
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $46,487.74
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $79,464.41
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $32,976.67
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $46,487.74
(s) Scheduled Payments due in such Collection Period $4,208,142.16
(t) Scheduled Payments collected in such
Collection Period $3,801,305.68
B. Information Regarding the Performance of the Trust.
1 Pool, Note 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 $148,627,244.56
(b) The aggregate principal amount of the Securities 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),(i),(o),(r) above $145,746,385.47
(c) Aggregate principal amount of Notes 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),(i),(o) above $140,665,921.54
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9464343
(e) Aggregate principal amount of 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.(r) above $3,669,193.37
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0246872
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 $260,162.99
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,431.36
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.22
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.09
(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 20
Aggregate Purchase Amount $203,427.92
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
(f) The amount of the Certificate Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (q) above $0.00
(g) The amount of the Certificate Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (r) above $0.00
4 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 $12,187,746.51
Spread Account Balance $5,277,143.15
(b) The change in the spread account on the Distribution
Date set forth above $968,482.61
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $40,369.00
6 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 308
Aggregate Gross Amount $4,498,000.00
(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 91
Aggregate Gross Amount $1,251,000.00
7 Performance Triggers
(a) Delinquency Ratio 3.47%
(b) Average Delinquency Ratio 2.84%
(c) Cumulative Default Ratio 0.09%
(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 Receivables Trust 1997-3
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 4,354,263.61
Lock Box NSF Items: (31,801.01)
Total Collection Proceeds: 4,322,462.60
For Distribution Date: 10/15/97
For Determination Date: 10/8/97
For Collection Period: 9/97
Collateral Activity Information
Principal
Beginning Principal Balance 121,542,427.56
Beginning Principal Balance of Subsequent Receivables Transfered 27,084,817.00
-------------------
Aggregate Beginning Principal Balance 148,627,244.56
Principal portion of payments collected (non-prepayments) 1,338,352.52
Prepayments in full allocable to principal 317,729.00
Collections allocable to principal 1,656,081.52
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 203,427.92
-------------------
Total Principal 1,859,509.44
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 146,767,735.12
Prefunding
Original Amount in Prefunding Account 27,084,817.00
Subsequent Loans Sold to the Trust 27,084,817.00
Balance of Prefunding Account 0.00
Interest
Collections allocable to interest 2,462,953.16
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 2,462,953.16
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 78,506,532.70
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,715,681.11
Beginning of Period Certificate Balance 3,715,681.11
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,308,660.54
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 12,450.92
Scheduled Payments due in Collection Period 4,208,142.16
Scheduled Payments collected in Collection Period 3,801,305.68
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 Note 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 308 4,498,000.00
60+ days delinquent 91 1,251,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
20 203,427.92
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,749,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 203,427.92
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 83,224.62
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 2.22%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 47,471.00
Cumulative Net Losses for preceding Determination Date 0.00
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Requisite Reserve Amount
Weighted Average of the Interest Rates and Pass-Through Rates 6.4461%
minus 2.5% 2.50%
-------------------
3.9461%
divided by 360 0.0110%
times the prefunded amount 0.00
times the number of days outstanding in prefunding period (8/19 - 9/11) 23.00
-------------------
Requisite Reserve Amount 0.00
Amount in Interest Reserve Account 0.00
Excess in Interest Reserve Account 0.00
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 4,119,034.68
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 203,427.92
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Interest Reserve Account 0.00
Investment earnings from Prefunding Account 37,778.44
Investment earnings from Interest Reserve Account 496.32
Investment earnings from Collection Account 13,362.51
-------------------
Total Distribution Amount 4,374,099.87
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,338,352.52
Prepayments in full allocable to principal 317,729.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 203,427.92
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,859,509.44
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 146,767,735.12
-------------------
132,090,961.61
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 89.2%
-------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,859,509.44
Times Class A Noteholders' Percentage 95%
-------------------
1,766,533.97
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,766,533.97
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 78,506,532.70
Multiplied by the Note Rate 6.10%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 399,074.87
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 61,668,000.00
Multiplied by the Note Rate 6.38%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 327,868.20
Class B Noteholders Principal Distributable Amount
Principal Distributable Amount 1,859,509.44
Times Class B Percentage 2.5%
-------------------
Class B Principal Distributable Amount 46,487.74
Certificate Principal Distributable Amount
Principal Distributable Amount 1,859,509.44
Times Certificate Percentage 2.5%
-------------------
Certificate Principal Distributable Amount 46,487.74
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,715,681.11
Multiplied by Note Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 32,976.67
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,715,681.11
Multiplied by Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Certificateholders' Interest Amount 32,976.67
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-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
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 7,431.36 4,374,099.87 7,431.36 4,374,099.87
Servicing Fee (2.0%) 247,712.07 4,366,668.51 247,712.07 0.00
Additional Servicing Fee Amounts 12,450.92 4,118,956.44 12,450.92 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,106,505.52 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,106,505.52 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,106,505.52 0.00
(iii) Indenture Trustee Fee 1,230.05 4,106,505.52 1,230.05
Indenture Trustee's out-of-pocket expenses 0.00 4,105,275.47 0.00
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 4,105,275.47 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 4,105,275.47 0.00
prior Collection Periods
Owner Trustee Fee 0.00 4,105,275.47 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,105,275.47 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,105,275.47 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 4,105,275.47 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,230.05 4,105,275.47 1,230.05
Collateral Agent Expenses 0.00 4,104,045.42 0.00
Unpaid Collateral Agent Fee from prior 0.00 4,104,045.42 0.00
Collection Periods
Unpaid Collateral Agent Expenses from 0.00 4,104,045.42 0.00
prior Collection Periods
(v) (A) Class A-1 Interest Distributable Amount - Current Month 399,074.87
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 399,074.87 4,104,045.42 399,074.87
(B) Class A-2 Interest Distributable Amount - Current Month 327,868.20
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 327,868.20 3,704,970.55 327,868.20
(vi) (A) Class B Note Interest - Unadjusted 32,976.67
Class B Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00
Previous Month(s)
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 32,976.67 3,377,102.35 32,976.67
(B) Certificate Interest - Unadjusted 32,976.67
Certificate Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on Certificate Interest Shortfall - 0.00
Previous Month(s)
Interest on Certificate Interest Carryover from 0.00
Prior Months
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 32,976.67 3,344,125.68 32,976.67
(vii) Class A Principal Distributable Amount - 1,766,533.97
Current Month
Class A Principal Carryover Shortfall - 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover 0.00
Shortfall
Class A Principal Distribution Amount to 1,766,533.97 3,311,149.01 1,766,533.97 0.00
Class A-1
Class A Principal Distribution Amount to 0.00 1,544,615.04 0.00 0.00
Class A-2
(viii) Note Insurer Premium 40,369.00 1,544,615.04 40,369.00
Note Insurer Premium Supplement 0.00 1,504,246.04 0.00
Other Reimbursement Obligations to Note Insurer 0.00 1,504,246.04 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,504,246.04 0.00
(x) Class B Principal Distributable Amount - 46,487.74
Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 46,487.74 1,504,246.04 46,487.74
Certificate Principal Distributable Amount - 46,487.74
Current Month Unadjusted
Certificate Principal Carryover Shortfall - 0.00
Previous Month(s)
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 46,487.74 1,457,758.30 46,487.74
(xi) Until the Target Payment Date, remaining amount to 1,411,270.56 1,411,270.56 1,411,270.56
Class A Noteholders
Amount to Class A-1 Noteholders 1,411,270.56 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' 0.00
Int. Dist. Amount
(xiii) After an Event of Default, Certificateholders' 0.00
Prin. Dist. Amount
(xiv) After the Target Pmt. Date, remaining amount into 0.00
Spread Acct.
Securities Balance
Class A-1 Beginning of Period Principal Amount 78,506,532.70
Class A-1 Principal Distributions 1,766,533.97
Class A-1 End of Period Principal Amount (prior to turbo) 76,739,998.73
Additional Principal Distribution 1,411,270.56
Class A-1 End of Period Principal Amount 75,328,728.17
Class A-2 Beginning of Period Principal Amount 61,668,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 61,668,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 61,668,000.00
Class B Beginning of Period Principal Amount 3,715,681.11
Class B Principal Distributable Amount 46,487.74
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,669,193.37
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,669,193.37
Certificate Beginning of Period Principal Amount 3,715,681.11
Certificate Principal Distributable Amount 46,487.74
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,669,193.37
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,669,193.37
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,749,000.00
Purchased receivables more than 30 days delinquent 203,427.92
-------------------
Total 5,952,427.92
Aggregate Gross Principal Balance as of the close of 171,731,469.33
business on the last day of the
Collection Period.
Delinquency Ratio 3.47%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 3.47%
Delinquency Ratio for second preceding Determination Date 2.22%
Delinquency Ratio for third preceding Determination Date 0.00%
-------------------
Average Delinquency Ratio 2.84% 1.90%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 47,471.00
Current Period Defaulted Receivables 83,224.62
-------------------
Total 130,695.62
Cumulative Defaulted Receivables 130,695.62
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 0.09%
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 150,000,000.00
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 54.46
Weighted Average Annual Percentage Rate 20.41%
Spread Account
OC Percent
Aggregate Principal Balance 146,767,735.12
minus the Securities Balance 145,746,385.47
-------------------
1,021,349.65
divided by the Aggregate Principal Balance 0.70%
Floor OC Percent
Aggregate Principal Balance 146,767,735.12
minus the Securities Balance 145,746,385.47
-------------------
1,021,349.65
divided by the initial Aggregate Principal Balance 122,915,183.00
-------------------
0.83%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 145,746,385.47
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 27,084,817.00
---------------
3,000,000.00
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.17%
(II) initial Aggregate Principal Balance 122,915,183.00
---------------
207,802.18
Floor Amount 3,207,802.18
Requisite Amount
the greater of
(1)the Floor Amount 3,207,802.18
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 8.3%
if a Trigger Event, 15% minus the OC Percent 14.3%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 29.3%
if an Insurance Agreement Event of Default, unlimited 999%
8%
times the Aggregate Principal Balance 146,767,735.12
-------------------
12,187,746.51
Requisite Amount 12,187,746.51
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 12,187,746.51
Beginning of Period Spread Account Balance 4,308,660.54
Additional Deposit for Subsequent Receivables Transfer 947,968.42
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 7,879,085.97
Earnings on Spread Account Balance 20,514.19
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 5,277,143.15
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President