Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Distribution Date 12/15/97
Collection Period 11/97
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 $2,170,031.22
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $282,071.61
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,887,959.61
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $25.69
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.34
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $22.35
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $23,812.32
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $23,247.22
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $565.10
(j) Scheduled Payments due in such Collection Period $1,930,039.10
(k) Scheduled Payments collected in such
Collection Period $1,594,102.43
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 $53,579,094.14
(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 $51,801,280.61
(c) The Pool factor as of the close of business
on the last day set forth above 0.9668189
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 $106,515.04
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,571.94
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.26
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $9,860.69
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 $23,987.20
(b) Distributions (to) from Collection Account ($4,538.74)
for Payaheads
(c) Interest earned on Payahead Balances $93.01
(d) Ending Payahead Account Balance $19,541.47
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 $7,770,192.09
Spread Account Balance $7,400,925.27
(b) The change in the spread account on the Distribution
Date set forth above $474,187.29
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 $14,295.22
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $506,291.80
(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 232
Aggregate Gross Amount $2,579,000.00
(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 185
Aggregate Gross Amount $2,206,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.99%
(b) Average Delinquency Ratio 7.72%
(c) Cumulative Default Ratio 12.73%
(d) Cumulative Net Loss Ratio 8.17%
(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: 2,349,993.86
Lock Box NSF Items: (44,971.48)
Transfers from (to) Payahead Account: 4,538.74
Collection Account Interest 9,912.46
Payahead Account Interest 93.01
Total Collection Proceeds: 2,319,566.59
For Distribution Date: 12/15/97
For Determination Date: 12/8/97
For Collection Period: 11/97
Collateral Activity Information
Principal
Beginning Principal Balance 53,579,094.14
Principal portion of payments collected (non-prepayments) 802,472.36
Prepayments in full allocable to principal 443,983.00
Collections allocable to principal 1,246,455.36
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 224,718.05
Purchase Amounts allocable to principal 9,860.69
-------------------
Total Principal 1,481,034.10
Realized Losses 506,291.80
Cram Down Losses 0.00
Ending Principal Balance 51,591,768.24
Interest
Collections allocable to interest 791,630.07
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 46,902.42
-------------------
Total Interest 838,532.49
Certificate Information
Beginning of Period Class A Principal Balance 50,900,139.44
Beginning of Period Class B Principal Balance 2,789,665.87
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,926,737.98
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,216.55
Aggregate Payahead Balance 19,448.46
Aggregate Payahead Balance for preceding Distribution Date 23,987.20
Interest Earned on Payahead Balances 93.01
Scheduled Payments due in Collection Period 1,930,039.10
Scheduled Payments collected in Collection Period 1,594,102.43
Aggregate Amount of Realized Losses for preceding Distribution Date 506,291.80
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 232 2,579,000.00
60+ days delinquent 185 2,206,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 9,860.69
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 4,785,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 9,860.69
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 554,455.97
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.42%
Delinquency Ratio for third preceding Determination Date 7.74%
Cumulative Defaults for preceding Determination Date 10,762,105.00
Cumulative Net Losses for preceding Determination Date 6,806,789.00
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) 2,038,085.43
Liquidation Proceeds 224,718.05
Recoveries 46,902.42
Purchase Amounts 9,860.69
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 2,319,566.59
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 802,472.36
Prepayments in full allocable to principal 443,983.00
Principal Balance of Liquidated Receivables 731,009.85
Purchase Amounts allocable to principal 9,860.69
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,987,325.90
Class A Principal Distributable Amount
Principal Distributable Amount 1,987,325.90
Times Class A Percentage (95%) 95%
-------------------
1,887,959.61
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,887,959.61
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 50,900,139.44
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 282,071.61
Class B Principal Distributable Amount
Principal Distributable Amount 1,987,325.90
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 99,366.29
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,789,665.87
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 23,247.22
Class B Excess Interest Amount
Total Distribution Amount 2,319,566.59
minus
Class A Principal and Interest Distributable Amount 2,170,031.22
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 23,247.22
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 99,366.29
Class B Principal Carryover Shortfall 110,711.17
Trustee distributions 669.74
Standby Servicer distributions 3,571.94
Servicer distributions 106,515.04
Collateral Agent distributions 671.12
Reimbursement Obligations 14,295.22
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 110,711.17
-------------------
110,711.17
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 3,571.94 2,319,566.59 3,571.94 2,319,566.59
Servicing Fee (2.0%) 89,298.49 2,315,994.65 89,298.49 0.00
Additional Servicing Fee Amounts 17,216.55 2,226,696.16 17,216.55 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,209,479.61 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,209,479.61 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,209,479.61 0.00
(iii) Trustee Fee 669.74 2,209,479.61 669.74
Trustee's out-of-pocket expenses 0.00 2,208,809.87 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,208,809.87 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 2,208,809.87 0.00
prior Collection Periods
(iv) Collateral Agent Fee 671.12 2,208,809.87 671.12
Collateral Agent Expenses 0.00 2,208,138.75 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,208,138.75 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,208,138.75 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 282,071.61 2,208,138.75 282,071.61
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 1,926,067.14 0.00
Class A Interest Carryover Shortfall 0.00 1,926,067.14 0.00
Interest on Interest Carryover from Prior Months 0.00 1,926,067.14 0.00
Current Month Class A Interest Carryover Shortfall 0.00 1,926,067.14 0.00
Class A Interest Distributable Amount 282,071.61 1,926,067.14 282,071.61
(viii)(A)Class B Coupon Interest - Unadjusted 23,247.22 1,643,995.53 23,247.22
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,620,748.31 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,620,748.31 0.00
Interest on Interest Carryover from Prior Months 0.00 1,620,748.31 0.00
Current Month Class B Interest Shortfall 0.00 1,620,748.31 0.00
Adjusted Class B Interest Distributable Amount 23,247.22 1,620,748.31 23,247.22
(v)(B) Class A Principal Distributable Amount - Current Month 1,887,959.61 1,597,501.09 1,597,501.09 431,606.99
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
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 1,887,959.61 0.00 0.00 0.00
(vi) Certificate Insurer Premium 14,295.22 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 99,366.29 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 110,711.17 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (209,512.37) 0.00 (209,512.37)
Adjusted Class B Principal Distributable Amount 565.10 209,512.37 565.10
(C) Excess Interest Amount for Deposit in Spread Account 0.00 208,947.27 0.00
208,947.27 208,947.27
Certificate Balance
Class A Beginning of Period Principal Balance 50,900,139.44
Class A Principal Distributions 1,887,959.61
Class A End of Period Principal Balance 49,012,179.84
Class B Beginning of Period Principal Balance 2,789,665.87
Class B Principal Distributable Amount 565.10
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,789,100.77
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,789,100.77
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,319,566.59
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 393,499.45
(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) 1,926,067.14
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,926,067.14
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 23,247.22
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,902,819.92
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,902,819.92
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,887,959.61
(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) 14,860.32
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 14,860.32
(vi) Certificate Insurer Premium 14,295.22
(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) 565.10
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 565.10
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 99,366.29
(iii) Prior month(s) carryover shortfalls 110,711.17
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (209,512.37)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (209,512.37)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,785,000.00
Purchased receivables more than 30 days delinquent 9,860.69
-------------------
Total 4,794,860.69
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 60,002,507.68
Delinquency Ratio 7.99%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.99%
Delinquency Ratio for second preceding Determination Date 7.42%
Delinquency Ratio for third preceding Determination Date 7.74%
-------------------
Average Delinquency Ratio 7.72% 7.72%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 10,762,105.00
Current Period Defaulted Receivables 554,455.97
-------------------
Total 11,316,560.97
Cumulative Defaulted Receivables 11,316,560.97
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 12.73%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 731,009.85
Cram Down Losses 0.00
Net Liquidation Proceeds (271,620.47)
-------------------
Net Liquidation Losses 459,389.38
Cumulative Previous Net Losses 6,806,789.00
-------------------
Cumulative Net Losses 7,266,178.38
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 8.17%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 37.68
Weighted Average Annual Percentage Rate 20.42%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,180,128.06
15% of Outstanding Certificate Balance 7,770,192.09
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,770,192.09
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 51,801,280.61
Minimum Floor 100,000.00
--------------
Floor Amount 2,667,022.51
Required Spread Account Amount 7,770,192.09
Beginning of Period Spread Account Balance 6,926,737.98
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 446,635.55
Required addition to/(eligible withdrawal from) Spread Account 396,818.56
Earnings on Spread Account Balance 27,551.74
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,400,925.27
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 12/15/97
Collection Period 11/97
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 $2,516,497.94
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $341,781.04
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,174,716.90
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $28.75
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.91
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $24.85
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $137,340.18
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $30,338.77
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $107,001.41
(j) Scheduled Payments due in such Collection Period $2,149,296.84
(k) Scheduled Payments collected in such
Collection Period $1,800,100.50
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 $64,436,331.77
(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 $62,261,614.86
(c) The Pool factor as of the close of business
on the last day set forth above 0.9662501
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 $122,286.38
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,295.76
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.40
(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 1
Aggregate Purchase Amount $8,201.33
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $28,776.97
(b) Distributions (to) from Collection Account ($8,417.27)
for Payaheads
(c) Interest earned on Payahead Balances $112.81
(d) Ending Payahead Account Balance $20,472.51
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 $6,226,161.49
Spread Account Balance $6,226,161.49
(b) The change in the spread account on the Distribution
Date set forth above ($217,471.69)
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 $17,219.94
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $700,618.26
(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 284
Aggregate Gross Amount $3,301,000.00
(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 234
Aggregate Gross Amount $2,987,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.58%
(b) Average Delinquency Ratio 7.87%
(c) Cumulative Default Ratio 10.49%
(d) Cumulative Net Loss Ratio 5.71%
(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: 2,600,779.58
Lock Box NSF Items: (54,529.43)
Transfers from (to) Payahead Account: 8,417.27
Collection Account Interest 11,034.65
Payahead Account Interest 112.81
Total Collection Proceeds: 2,565,814.88
For Distribution Date: 12/15/97
For Determination Date: 12/8/97
For Collection Period: 11/97
Collateral Activity Information
Principal
Beginning Principal Balance 64,436,331.77
Principal portion of payments collected (non-prepayments) 902,438.03
Prepayments in full allocable to principal 373,945.00
Collections allocable to principal 1,276,383.03
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 303,973.06
Purchase Amounts allocable to principal 8,201.33
-------------------
Total Principal 1,588,557.42
Realized Losses 700,618.26
Cram Down Losses 0.00
Ending Principal Balance 62,147,156.09
Interest
Collections allocable to interest 897,662.47
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 79,594.99
-------------------
Total Interest 977,257.46
Certificate Information
Beginning of Period Class A Principal Balance 61,214,515.17
Beginning of Period Class B Principal Balance 3,221,816.59
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,443,633.18
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 14,892.49
Aggregate Payahead Balance 20,359.70
Aggregate Payahead Balance for preceding Distribution Date 28,776.97
Interest Earned on Payahead Balances 112.81
Scheduled Payments due in Collection Period 2,149,296.84
Scheduled Payments collected in Collection Period 1,800,100.50
Aggregate Amount of Realized Losses for preceding Distribution Date 700,618.26
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 284 3,301,000.00
60+ days delinquent 234 2,987,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 8,201.33
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,288,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 8,201.33
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 806,691.00
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.42%
Delinquency Ratio for third preceding Determination Date 7.61%
Cumulative Defaults for preceding Determination Date 8,859,394.00
Cumulative Net Losses for preceding Determination Date 4,636,569.00
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) 2,174,045.50
Liquidation Proceeds 303,973.06
Recoveries 79,594.99
Purchase Amounts 8,201.33
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 2,565,814.88
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 902,438.03
Prepayments in full allocable to principal 373,945.00
Principal Balance of Liquidated Receivables 1,004,591.32
Purchase Amounts allocable to principal 8,201.33
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,289,175.68
Class A Principal Distributable Amount
Principal Distributable Amount 2,289,175.68
Times Class A Percentage (95%) 95%
-------------------
2,174,716.90
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,174,716.90
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 61,214,515.17
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 341,781.04
Class B Principal Distributable Amount
Principal Distributable Amount 2,289,175.68
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 114,458.78
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,221,816.59
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 30,338.77
Class B Excess Interest Amount
Total Distribution Amount 2,565,814.88
minus
Class A Principal and Interest Distributable Amount 2,516,497.94
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 30,338.77
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 114,458.78
Class B Principal Carryover Shortfall 0.00
Trustee distributions 805.45
Standby Servicer distributions 4,295.76
Servicer distributions 122,286.38
Collateral Agent distributions 805.45
Reimbursement Obligations 17,219.94
-------------------
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 4,295.76 0.00 0.00 114,458.78
Servicing Fee (2.0%) 107,393.89 0.00 0.00 0.00
Additional Servicing Fee Amounts 14,892.49 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 805.45 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 prior 0.00 0.00 0.00
Collection Periods
(iv) Collateral Agent Fee 805.45 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior 0.00 0.00 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 0.00 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 341,781.04 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 341,781.04 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 30,338.77 0.00 0.00
Class B Interest Carryover Shortfall - 0.00 0.00 0.00 114,458.78
Previous Month(s)
Interest on B Interest Shortfall - 0.00 0.00 0.00 114,458.78
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 30,338.77 0.00 0.00
(v)(B) Class A Principal Distributable Amount - 2,174,716.90 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 (109,214.87) 0.00 (109,214.87)
Withdrawl from Spread Account to 109,214.87
Cover Shortfall
Class A Principal Distribution Amount 2,174,716.90 109,214.87 109,214.87
(vi) Certificate Insurer Premium 17,219.94 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 - 114,458.78 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 (114,458.78) 0.00 (114,458.78)
Adjusted Class B Principal Distributable Amount 0.00 114,458.78 0.00
(C) Excess Interest Amount for Deposit in Spread Account (126,434.81) 114,458.78 (126,434.81)
240,893.59 240,893.59
Certificate Balance
Class A Beginning of Period Principal Balance 61,214,515.17
Class A Principal Distributions 2,174,716.90
Class A End of Period Principal Balance 59,039,798.27
Class B Beginning of Period Principal Balance 3,221,816.59
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,221,816.59
Withdrawl from Spread Account to Cover B Shortfalls 107,001.41
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,114,815.18
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,565,814.88
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 469,974.08
(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) 2,095,840.80
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,095,840.80
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 30,338.77
(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) 2,065,502.03
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,065,502.03
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,174,716.90
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 109,214.87
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 17,219.94
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (17,219.94)
Withdrawl from Spread Account to Cover Deficiency 17,219.94
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) 114,458.78
(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) (114,458.78)
Withdrawl from Spread Account to B PieceCover Shortfalls (107,001.41)
Adjusted Amount Remaining for Further Distribution/(Deficiency) (7,457.37)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,288,000.00
Purchased receivables more than 30 days delinquent 8,201.33
-------------------
Total 6,296,201.33
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 73,420,771.30
Delinquency Ratio 8.58%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.58%
Delinquency Ratio for second preceding Determination Date 7.42%
Delinquency Ratio for third preceding Determination Date 7.61%
-------------------
Average Delinquency Ratio 7.87% 7.87%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 8,859,394.00
Current Period Defaulted Receivables 806,691.00
-------------------
Total 9,666,085.00
Cumulative Defaulted Receivables 9,666,085.00
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 10.49%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,004,591.32
Cram Down Losses 0.00
Net Liquidation Proceeds (383,568.05)
-------------------
Net Liquidation Losses 621,023.27
Cumulative Previous Net Losses 4,636,569.00
-------------------
Cumulative Net Losses 5,257,592.27
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 5.71%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 41.68
Weighted Average Annual Percentage Rate 20.51%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,226,161.49
15% of Outstanding Certificate Balance 9,339,242.23
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,226,161.49
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 62,261,614.86
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 6,226,161.49
Beginning of Period Spread Account Balance 6,443,633.18
Spread Account Deposit (Withdrawal) from Current Distributions (126,434.81)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (91,036.88)
Earnings on Spread Account Balance 15,964.53
Amount of Spread Account deposit (withdrawal) (107,001.41)
Amount of Withdrawl Allocated to B Piece Shortfalls 107,001.41
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 6,226,161.49
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 12/15/97
Collection Period 11/97
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 $2,600,330.59
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $366,902.80
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,233,427.79
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $29.48
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.16
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $25.32
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $148,660.47
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $31,111.64
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $117,548.83
(j) Scheduled Payments due in such Collection Period $2,330,252.20
(k) Scheduled Payments collected in such
Collection Period $1,991,204.62
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 $73,564,470.58
(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 $71,297,504.46
(c) The Pool factor as of the close of business
on the last day set forth above 0.9691840
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 $140,228.49
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,904.30
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.59
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(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 4
Aggregate Purchase Amount $27,570.56
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 $32,813.03
(b) Distributions (to) from Collection Account ($13,267.86)
for Payaheads
(c) Interest earned on Payahead Balances $126.14
(d) Ending Payahead Account Balance $19,671.31
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 $7,129,750.45
Spread Account Balance $7,129,750.45
(b) The change in the spread account on the Distribution
Date set forth above ($239,506.29)
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 $19,732.07
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $688,521.44
(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 304
Aggregate Gross Amount $4,030,000.00
(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 213
Aggregate Gross Amount $3,024,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.36%
(b) Average Delinquency Ratio 7.77%
(c) Cumulative Default Ratio 7.47%
(d) Cumulative Net Loss Ratio 3.95%
(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: 2,870,413.98
Lock Box NSF Items: (63,628.82)
Transfers from (to) Payahead Account: 13,267.86
Collection Account Interest 11,505.38
Payahead Account Interest 126.14
Total Collection Proceeds: 2,831,684.54
For Distribution Date: 12/15/97
For Determination Date: 12/8/97
For Collection Period: 11/97
Collateral Activity Information
Principal
Beginning Principal Balance 73,564,470.58
Principal portion of payments collected (non-prepayments) 847,084.41
Prepayments in full allocable to principal 463,678.00
Collections allocable to principal 1,310,762.41
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 324,122.21
Purchase Amounts allocable to principal 27,570.56
-------------------
Total Principal 1,662,455.18
Realized Losses 688,521.44
Cram Down Losses 0.00
Ending Principal Balance 71,213,493.96
Interest
Collections allocable to interest 1,144,120.21
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 25,109.15
-------------------
Total Interest 1,169,229.36
Certificate Information
Beginning of Period Class A Principal Balance 69,886,247.04
Beginning of Period Class B Principal Balance 3,678,223.54
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,369,256.74
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,621.04
Aggregate Payahead Balance 19,545.17
Aggregate Payahead Balance for preceding Distribution Date 32,813.03
Interest Earned on Payahead Balances 126.14
Scheduled Payments due in Collection Period 2,330,252.20
Scheduled Payments collected in Collection Period 1,991,204.62
Aggregate Amount of Realized Losses for preceding Distribution Date 688,521.44
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 304 4,030,000.00
60+ days delinquent 213 3,024,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
4 27,570.56
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 7,054,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 27,570.56
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 794,467.94
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.11%
Delinquency Ratio for third preceding Determination Date 7.85%
Cumulative Defaults for preceding Determination Date 6,145,472.00
Cumulative Net Losses for preceding Determination Date 3,000,096.00
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) 2,454,882.62
Liquidation Proceeds 324,122.21
Recoveries 25,109.15
Purchase Amounts 27,570.56
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 2,831,684.54
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 847,084.41
Prepayments in full allocable to principal 463,678.00
Principal Balance of Liquidated Receivables 1,012,643.65
Purchase Amounts allocable to principal 27,570.56
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,350,976.62
Class A Principal Distributable Amount
Principal Distributable Amount 2,350,976.62
Times Class A Percentage (95%) 95%
-------------------
2,233,427.79
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,233,427.79
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 69,886,247.04
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 366,902.80
Class B Principal Distributable Amount
Principal Distributable Amount 2,350,976.62
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 117,548.83
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,678,223.54
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 31,111.64
Class B Excess Interest Amount
Total Distribution Amount 2,831,684.54
minus
Class A Principal and Interest Distributable Amount 2,600,330.59
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 31,111.64
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 117,548.83
Class B Principal Carryover Shortfall 0.00
Trustee distributions 919.56
Standby Servicer distributions 4,904.30
Servicer distributions 140,228.49
Collateral Agent distributions 919.56
Reimbursement Obligations 19,732.07
-------------------
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 4,904.30 2,831,684.54 4,904.30 2,831,684.54
Servicing Fee (2.0%) 122,607.45 2,826,780.24 122,607.45 0.00
Additional Servicing Fee Amounts 17,621.04 2,704,172.79 17,621.04 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,686,551.75 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,686,551.75 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,686,551.75 0.00
(iii) Trustee Fee 919.56 2,686,551.75 919.56
Trustee's out-of-pocket expenses 0.00 2,685,632.19 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,685,632.19 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,685,632.19 0.00
Collection Periods
(iv) Collateral Agent Fee 919.56 2,685,632.19 919.56
Collateral Agent Expenses 0.00 2,684,712.63 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,684,712.63 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,684,712.63 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 366,902.80 2,684,712.63 366,902.80
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,317,809.83 0.00
Class A Interest Carryover Shortfall 0.00 2,317,809.83 0.00
Interest on Interest Carryover from Prior Months 0.00 2,317,809.83 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,317,809.83 0.00
Class A Interest Distributable Amount 366,902.80 2,317,809.83 366,902.80
(viii)(A)Class B Coupon Interest - Unadjusted 31,111.64 1,950,907.03 31,111.64
Class B Interest Carryover Shortfall - 0.00 1,919,795.39 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 1,919,795.39 0.00
Previous Month(s)
Interest on Interest Carryover from Prior Months 0.00 1,919,795.39 0.00
Current Month Class B Interest Shortfall 0.00 1,919,795.39 0.00
Adjusted Class B Interest Distributable Amount 31,111.64 1,919,795.39 31,111.64
(v)(B) Class A Principal Distributable Amount - 2,233,427.79 1,888,683.75 1,888,683.75 598,256.75
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 2,233,427.79 0.00 0.00 0.00
(vi) Certificate Insurer Premium 19,732.07 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 - 117,548.83 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 (84,010.50) 0.00 (84,010.50)
Adjusted Class B Principal Distributable Amount 33,538.33 84,010.50 33,538.33
(C) Excess Interest Amount for Deposit in Spread Account 0.00 50,472.17 0.00
50,472.17 50,472.17
Certificate Balance
Class A Beginning of Period Principal Balance 69,886,247.04
Class A Principal Distributions 2,233,427.79
Class A End of Period Principal Balance 67,652,819.25
Class B Beginning of Period Principal Balance 3,678,223.54
Class B Principal Distributable Amount 33,538.33
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,644,685.21
Withdrawl from Spread Account to Cover B Shortfalls 84,010.50
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,560,674.71
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,831,684.54
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 513,874.71
(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) 2,317,809.83
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,317,809.83
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 31,111.64
(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) 2,286,698.19
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,286,698.19
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,233,427.79
(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) 53,270.40
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 53,270.40
(vi) Certificate Insurer Premium 19,732.07
(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) 33,538.33
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 33,538.33
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 117,548.83
(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) (84,010.50)
Withdrawl from Spread Account to B PieceCover Shortfalls (84,010.50)
Adjusted Amount Remaining for Further Distribution/(Deficiency) (0.00)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,054,000.00
Purchased receivables more than 30 days delinquent 27,570.56
-------------------
Total 7,081,570.56
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 84,729,707.62
Delinquency Ratio 8.36%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.36%
Delinquency Ratio for second preceding Determination Date 7.11%
Delinquency Ratio for third preceding Determination Date 7.85%
-------------------
Average Delinquency Ratio 7.77% 7.77%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 6,145,472.00
Current Period Defaulted Receivables 794,467.94
-------------------
Total 6,939,939.94
Cumulative Defaulted Receivables 6,939,939.94
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 7.47%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,012,643.65
Cram Down Losses 0.00
Net Liquidation Proceeds (349,231.36)
-------------------
Net Liquidation Losses 663,412.29
Cumulative Previous Net Losses 3,000,096.00
-------------------
Cumulative Net Losses 3,663,508.29
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 3.95%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 44.91
Weighted Average Annual Percentage Rate 20.54%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,129,750.45
15% of Outstanding Certificate Balance 10,694,625.67
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,129,750.45
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 71,297,504.46
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 7,129,750.45
Beginning of Period Spread Account Balance 7,369,256.74
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (173,650.25)
Required addition to/(eligible withdrawal from) Spread Account (65,856.04)
Earnings on Spread Account Balance 18,154.46
Amount of Spread Account deposit (withdrawal) (84,010.50)
Amount of Withdrawl Allocated to B Piece Shortfalls 84,010.50
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,129,750.45
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
Current month excess servicing fee #REF!
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Distribution Date 12/15/97
Collection Period 11/97
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 $2,773,440.87
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $459,540.67
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,313,900.20
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $28.53
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.73
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $23.80
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $301,263.84
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $44,368.23
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $256,895.61
(j) Scheduled Payments due in such Collection Period $2,705,062.78
(k) Scheduled Payments collected in such
Collection Period $2,254,941.85
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 $88,621,744.87
(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 $86,335,511.46
(c) The Pool factor as of the close of business
on the last day set forth above 0.9742023
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 $165,172.70
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,908.12
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.70
(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 $8,674.59
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $28,767.26
(b) Distributions (to) from Collection Account ($4,106.45)
for Payaheads
(c) Interest earned on Payahead Balances $322.14
(d) Ending Payahead Account Balance $24,982.95
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 $8,633,551.15
Spread Account Balance $8,633,551.15
(b) The change in the spread account on the Distribution
Date set forth above ($170,557.15)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $23,880.72
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $729,202.28
(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 367
Aggregate Gross Amount $4,654,000.00
(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 325
Aggregate Gross Amount $4,606,000.00
8 Performance Triggers
(a) Delinquency Ratio 9.05%
(b) Average Delinquency Ratio 8.44%
(c) Cumulative Default Ratio 5.54%
(d) Cumulative Net Loss Ratio 2.05%
(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: 3,183,985.94
Lock Box NSF Items: (78,879.68)
Transfers from (to) Payahead Account: 4,106.45
Collection Account Interest 12,897.62
Payahead Account Interest 322.14
Total Collection Proceeds: 3,122,432.47
For Distribution Date: 12/15/97
For Determination Date: 12/8/97
For Collection Period: 11/97
Collateral Activity Information
Principal
Beginning Principal Balance 88,621,744.87
Principal portion of payments collected (non-prepayments) 918,808.67
Prepayments in full allocable to principal 428,020.00
Collections allocable to principal 1,346,828.67
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 350,978.88
Purchase Amounts allocable to principal 8,674.59
-------------------
Total Principal 1,706,482.14
Realized Losses 729,202.28
Cram Down Losses 0.00
Ending Principal Balance 86,186,060.45
Interest
Collections allocable to interest 1,336,133.18
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 79,817.15
-------------------
Total Interest 1,415,950.33
Certificate Information
Beginning of Period Class A Principal Balance 84,190,657.63
Beginning of Period Class B Principal Balance 4,566,198.63
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,804,108.30
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,469.79
Aggregate Payahead Balance 24,660.81
Aggregate Payahead Balance for preceding Distribution Date 28,767.26
Interest Earned on Payahead Balances 322.14
Scheduled Payments due in Collection Period 2,705,062.78
Scheduled Payments collected in Collection Period 2,254,941.85
Aggregate Amount of Realized Losses for preceding Distribution Date 729,202.28
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 367 4,654,000.00
60+ days delinquent 325 4,606,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 8,674.59
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 9,260,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased 8,674.59
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 1,126,608.69
Receivables during the related Collection
Period.
Delinquency Ratio for second preceding Determination Date 7.90%
Delinquency Ratio for third preceding Determination Date 8.38%
Cumulative Defaults for preceding Determination Date 4,545,362.00
Cumulative Net Losses for preceding Determination Date 1,449,090.00
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) 2,682,961.85
Liquidation Proceeds 350,978.88
Recoveries 79,817.15
Purchase Amounts 8,674.59
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 3,122,432.47
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 918,808.67
Prepayments in full allocable to principal 428,020.00
Principal Balance of Liquidated Receivables 1,080,181.16
Purchase Amounts allocable to principal 8,674.59
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,435,684.42
Class A Principal Distributable Amount
Principal Distributable Amount 2,435,684.42
Times Class A Percentage (95%) 95%
-------------------
2,313,900.20
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,313,900.20
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 84,190,657.63
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 459,540.67
Class B Principal Distributable Amount
Principal Distributable Amount 2,435,684.42
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 121,784.22
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,566,198.63
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 44,368.23
Class B Excess Interest Amount
Total Distribution Amount 3,122,432.47
minus
Class A Principal and Interest Distributable Amount 2,773,440.87
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 44,368.23
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 121,784.22
Class B Principal Carryover Shortfall 135,111.39
Trustee distributions 1,107.77
Standby Servicer distributions 5,908.12
Servicer distributions 165,172.70
Collateral Agent distributions 1,109.46
Reimbursement Obligations 23,880.72
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 135,111.39
-------------------
135,111.39
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 5,908.12 3,122,432.47 5,908.12 3,122,432.47
Servicing Fee (2.0%) 147,702.91 3,116,524.35 147,702.91 0.00
Additional Servicing Fee Amounts 17,469.79 2,968,821.44 17,469.79 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,951,351.65 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,951,351.65 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,951,351.65 0.00
(iii) Trustee Fee 1,107.77 2,951,351.65 1,107.77
Trustee's out-of-pocket expenses 0.00 2,950,243.88 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,950,243.88 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 2,950,243.88 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,109.46 2,950,243.88 1,109.46
Collateral Agent Expenses 0.00 2,949,134.42 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,949,134.42 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,949,134.42 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 459,540.67 2,949,134.42 459,540.67
Prior Month(s) Class A Carryover Shortfall 0.00 2,489,593.75 0.00
Class A Interest Carryover Shortfall 0.00 2,489,593.75 0.00
Interest on Interest Carryover from Prior Months 0.00 2,489,593.75 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,489,593.75 0.00
Class A Interest Distributable Amount 459,540.67 2,489,593.75 459,540.67
(viii)(A)Class B Coupon Interest - Unadjusted 44,368.23 2,030,053.08 44,368.23
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,985,684.85 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,985,684.85 0.00
Interest on Interest Carryover from Prior Months 0.00 1,985,684.85 0.00
Current Month Class B Interest Shortfall 0.00 1,985,684.85 0.00
Adjusted Class B Interest Distributable Amount 44,368.23 1,985,684.85 44,368.23
(v)(B) Class A Principal Distributable Amount - Current Month 2,313,900.20 1,941,316.62 1,941,316.62 808,532.27
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
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 2,313,900.20 0.00 0.00 0.00
(vi) Certificate Insurer Premium 23,880.72 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 - 121,784.22 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 135,111.39 0.00 0.00
Current Month Class B Principal Shortfall (149,451.01) 0.00 (149,451.01)
Adjusted Class B Principal Distributable Amount 107,444.60 149,451.01 107,444.60
(C) Excess Interest Amount for Deposit in Spread Account 0.00 42,006.41 0.00
42,006.41 42,006.41
Certificate Balance
Class A Beginning of Period Principal Balance 84,190,657.63
Class A Principal Distributions 2,313,900.20
Class A End of Period Principal Balance 81,876,757.43
Class B Beginning of Period Principal Balance 4,566,198.63
Class B Principal Distributable Amount 107,444.60
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,458,754.03
Withdrawl from Spread Account to Cover B Shortfalls 149,451.01
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,309,303.02
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,122,432.47
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 632,838.72
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,489,593.75
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,489,593.75
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 44,368.23
(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) 2,445,225.52
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,445,225.52
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,313,900.20
(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) 131,325.32
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 131,325.32
(vi) Certificate Insurer Premium 23,880.72
(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) 107,444.60
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 107,444.60
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 121,784.22
(iii) Prior month(s) carryover shortfalls 135,111.39
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (149,451.01)
Withdrawl from Spread Account to B PieceCover Shortfalls (149,451.01)
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 9,260,000.00
Purchased receivables more than 30 days delinquent 8,674.59
-------------------
Total 9,268,674.59
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 102,405,186.11
Delinquency Ratio 9.05%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 9.05%
Delinquency Ratio for second preceding Determination Date 7.90%
Delinquency Ratio for third preceding Determination Date 8.38%
-------------------
Average Delinquency Ratio 8.44% 8.44%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 4,545,362.00
Current Period Defaulted Receivables 1,126,608.69
-------------------
Total 5,671,970.69
Cumulative Defaulted Receivables 5,671,970.69
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 5.54%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,080,181.16
Cram Down Losses 0.00
Net Liquidation Proceeds (430,796.03)
-------------------
Net Liquidation Losses 649,385.13
Cumulative Previous Net Losses 1,449,090.00
-------------------
Cumulative Net Losses 2,098,475.13
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 2.05%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 47.74
Weighted Average Annual Percentage Rate 20.58%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,633,551.15
15% of Outstanding Certificate Balance 12,950,326.72
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,633,551.15
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 86,335,511.46
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 8,633,551.15
Beginning of Period Spread Account Balance 8,804,108.30
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (42,083.38)
Required addition to/(eligible withdrawal from) Spread Account (128,473.77)
Earnings on Spread Account Balance 20,977.24
Amount of Spread Account deposit (withdrawal) (149,451.01)
Amount of Withdrawl Allocated to B Piece Shortfalls 149,451.01
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 8,633,551.15
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 12/15/97
Collection Period 11/97
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 $2,754,929.15
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $580,766.64
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,174,162.51
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $24.30
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.12
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $19.17
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $167,013.47
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $52,583.86
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $114,429.61
(j) Scheduled Payments due in such Collection Period $3,268,921.48
(k) Scheduled Payments collected in such
Collection Period $2,855,267.51
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 $110,315,785.15
(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 $108,027,193.03
(c) The Pool factor as of the close of business
on the last day set forth above 0.9792542
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 $203,472.86
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,354.39
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.79
(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 3
Aggregate Purchase Amount $41,245.64
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 $40,830.87
(b) Distributions (to) from Collection Account ($18,842.00)
for Payaheads
(c) Interest earned on Payahead Balances $154.58
(d) Ending Payahead Account Balance $22,143.45
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 $9,722,447.37
Spread Account Balance $9,694,902.42
(b) The change in the spread account on the Distribution
Date set forth above $355,672.28
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 $29,932.53
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $457,633.83
(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 452
Aggregate Gross Amount $6,058,000.00
(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 315
Aggregate Gross Amount $4,431,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.31%
(b) Average Delinquency Ratio 7.23%
(c) Cumulative Default Ratio 2.80%
(d) Cumulative Net Loss Ratio 0.60%
(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: 3,571,732.89
Lock Box NSF Items: (105,528.50)
Transfers from (to) Payahead Account: 18,842.00
Collection Account Interest 14,162.13
Payahead Account Interest 154.58
Total Collection Proceeds: 3,499,363.10
For Distribution Date: 12/15/97
For Determination Date: 12/8/97
For Collection Period: 11/97
Collateral Activity Information
Principal
Beginning Principal Balance 110,315,785.15
Principal portion of payments collected (non-prepayments) 1,206,541.13
Prepayments in full allocable to principal 382,577.00
Collections allocable to principal 1,589,118.13
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 200,594.52
Purchase Amounts allocable to principal 41,245.64
-------------------
Total Principal 1,830,958.29
Realized Losses 457,633.83
Cram Down Losses 0.00
Ending Principal Balance 108,027,193.03
Interest
Collections allocable to interest 1,648,726.38
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 19,678.43
-------------------
Total Interest 1,668,404.81
Certificate Information
Beginning of Period Class A Principal Balance 104,799,995.90
Beginning of Period Class B Principal Balance 5,515,789.25
Miscellaneous Balances
Beginning of Period Spread Account Balance 9,339,230.14
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,613.22
Aggregate Payahead Balance 21,988.87
Aggregate Payahead Balance for preceding Distribution Date 40,830.87
Interest Earned on Payahead Balances 154.58
Scheduled Payments due in Collection Period 3,268,921.48
Scheduled Payments collected in Collection Period 2,855,267.51
Aggregate Amount of Realized Losses for preceding Distribution Date 457,633.83
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 452 6,058,000.00
60+ days delinquent 315 4,431,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 41,245.64
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 10,489,000.00
of the close of business on the last day of
the related Collection Period.
Principal Balance of all Receivables that became Purchased 41,245.64
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 1,103,441.36
Receivables during the related Collection
Period.
Delinquency Ratio for second preceding Determination Date 6.74%
Delinquency Ratio for third preceding Determination Date 6.65%
Cumulative Defaults for preceding Determination Date 2,235,382.00
Cumulative Net Losses for preceding Determination Date 279,645.00
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) 3,237,844.51
Liquidation Proceeds 200,594.52
Recoveries 19,678.43
Purchase Amounts 41,245.64
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 3,499,363.10
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,206,541.13
Prepayments in full allocable to principal 382,577.00
Principal Balance of Liquidated Receivables 658,228.35
Purchase Amounts allocable to principal 41,245.64
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,288,592.12
Class A Principal Distributable Amount
Principal Distributable Amount 2,288,592.12
Times Class A Percentage (95%) 95%
-------------------
2,174,162.51
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,174,162.51
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 104,799,995.90
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 580,766.64
Class B Principal Distributable Amount
Principal Distributable Amount 2,288,592.12
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 114,429.61
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,515,789.25
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 52,583.86
Class B Excess Interest Amount
Total Distribution Amount 3,499,363.10
minus
Class A Principal and Interest Distributable Amount 2,754,929.15
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 52,583.86
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 114,429.61
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,378.95
Standby Servicer distributions 7,354.39
Servicer distributions 203,472.86
Collateral Agent distributions 1,378.95
Reimbursement Obligations 29,932.53
-------------------
333,902.80
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 7,354.39 3,499,363.10 7,354.39 3,499,363.10
Servicing Fee (2.0%) 183,859.64 3,492,008.71 183,859.64 0.00
Additional Servicing Fee Amounts 19,613.22 3,308,149.07 19,613.22 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,288,535.85 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,288,535.85 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,288,535.85 0.00
(iii) Trustee Fee 1,378.95 3,288,535.85 1,378.95
Trustee's out-of-pocket expenses 0.00 3,287,156.90 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,287,156.90 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,287,156.90 0.00
Collection Periods
(iv) Collateral Agent Fee 1,378.95 3,287,156.90 1,378.95
Collateral Agent Expenses 0.00 3,285,777.95 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,285,777.95 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,285,777.95 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 580,766.64 3,285,777.95 580,766.64
Prior Month(s) Class A Carryover Shortfall 0.00 2,705,011.31 0.00
Class A Interest Carryover Shortfall 0.00 2,705,011.31 0.00
Interest on Interest Carryover from Prior Months 0.00 2,705,011.31 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,705,011.31 0.00
Class A Interest Distributable Amount 580,766.64 2,705,011.31 580,766.64
(viii)(A)Class B Coupon Interest - Unadjusted 52,583.86 2,124,244.67 52,583.86
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,071,660.81 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,071,660.81 0.00
Interest on Interest Carryover from Prior Months 0.00 2,071,660.81 0.00
Current Month Class B Interest Shortfall 0.00 2,071,660.81 0.00
Adjusted Class B Interest Distributable Amount 52,583.86 2,071,660.81 52,583.86
(v) (B) Class A Principal Distributable Amount - Current Month 2,174,162.51 2,019,076.95 2,019,076.95 1,325,200.59
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
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 2,174,162.51 0.00 0.00 0.00
(vi) Certificate Insurer Premium 29,932.53 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 - Current 114,429.61 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 114,429.61 0.00 0.00
(C) Excess Interest (Shortage) Amount for Deposit 333,902.80 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 104,799,995.90
Class A Principal Distributions 2,174,162.51
Class A End of Period Principal Balance 102,625,833.39
Class B Beginning of Period Principal Balance 5,515,789.25
Class B Principal Distributable Amount 114,429.61
Class B End of Period Principal Balance BEFORE Spread Account Distributions 5,401,359.64
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 5,401,359.64
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,499,363.10
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 794,351.79
(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) 2,705,011.31
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,705,011.31
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 52,583.86
(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) 2,652,427.45
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,652,427.45
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,174,162.51
(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) 478,264.94
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 478,264.94
(vi) Certificate Insurer Premium 29,932.53
(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) 448,332.40
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 448,332.40
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 114,429.61
(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) 333,902.80
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 333,902.80
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 10,489,000.00
Purchased receivables more than 30 days delinquent 41,245.64
-------------------
Total 10,530,245.64
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 126,752,227.58
Delinquency Ratio 8.31%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.31%
Delinquency Ratio for second preceding Determination Date 6.74%
Delinquency Ratio for third preceding Determination Date 6.65%
-------------------
Average Delinquency Ratio 7.23% 7.23%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 2,235,382.00
Current Period Defaulted Receivables 1,103,441.36
-------------------
Total 3,338,823.36
Cumulative Defaulted Receivables 3,338,823.36
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 2.80%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 658,228.35
Cram Down Losses 0.00
Net Liquidation Proceeds (220,272.95)
-------------------
Net Liquidation Losses 437,955.40
Cumulative Previous Net Losses 279,645.00
-------------------
Cumulative Net Losses 717,600.40
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 0.60%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 50.21
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 9,722,447.37
15% of Outstanding Certificate Balance 16,204,078.95
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 9,722,447.37
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 108,027,193.03
Minimum Floor 100,000.00
--------------
Floor Amount 3,580,860.93
Required Spread Account Amount 9,722,447.37
Beginning of Period Spread Account Balance 9,339,230.14
Spread Account Deposit (Withdrawal) from Current Distributions 333,902.80
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 49,314.43
Earnings on Spread Account Balance 21,769.48
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 9,694,902.42
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: Jeffrey P. Fritz
Title: Senior Vice President
Monthly 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
Distribution Date 12/15/97
Collection Period 11/97
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 $3,493,543.38
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $364,777.01
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,128,766.37
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $43.22
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.51
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $38.71
(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 $81,506.50
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $32,079.09
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $49,427.41
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $81,506.50
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $32,079.09
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $49,427.41
(s) Scheduled Payments due in such Collection Period $4,169,736.25
(t) Scheduled Payments collected in such
Collection Period $3,743,085.05
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 $144,581,823.92
(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 $138,679,406.64
(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 $133,863,763.75
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9258686
(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 $3,565,118.18
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0246581
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 $260,891.01
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,229.09
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.23
(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 11
Aggregate Purchase Amount $143,676.81
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 $8,909,104.67
Spread Account Balance $5,312,499.32
(b) The change in the spread account on the Distribution
Date set forth above $12,588.70
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 $38,368.51
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $94,146.30
(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 430
Aggregate Gross Amount $5,869,000.00
(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 307
Aggregate Gross Amount $4,438,000.00
7 Performance Triggers
(a) Delinquency Ratio 6.30%
(b) Average Delinquency Ratio 4.83%
(c) Cumulative Default Ratio 0.83%
(d) Cumulative Net Loss Ratio 0.07%
(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: 4,341,707.89
Lock Box NSF Items: (135,424.30)
Total Collection Proceeds: 4,206,283.59
For Distribution Date: 12/15/97
For Determination Date: 12/8/97
For Collection Period: 11/97
Collateral Activity Information
Principal
Beginning Principal Balance 144,581,823.92
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-----------------------
Aggregate Beginning Principal Balance 144,581,823.92
Principal portion of payments collected (non-prepayments) 1,428,499.37
Prepayments in full allocable to principal 260,721.00
Collections allocable to principal 1,689,220.37
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 50,053.00
Purchase Amounts allocable to principal 143,676.81
-----------------------
Total Principal 1,882,950.18
Realized Losses 94,146.30
Cram Down Losses 0.00
Ending Principal Balance 142,604,727.44
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 2,314,585.68
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 8,747.73
-----------------------
Total Interest 2,323,333.41
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 71,759,411.94
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,614,545.59
Beginning of Period Certificate Balance 3,614,545.59
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,299,910.62
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,921.30
Scheduled Payments due in Collection Period 4,169,736.25
Scheduled Payments collected in Collection Period 3,743,085.05
Aggregate Amount of Realized Losses for preceding Distribution Date 94,146.30
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 430 5,869,000.00
60+ days delinquent 307 4,438,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
11 143,676.81
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 10,307,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables 143,676.81
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 Receivables 588,595.71
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 4.72%
Delinquency Ratio for third preceding Determination Date 3.47%
Cumulative Defaults for preceding Determination Date 651,477.00
Cumulative Net Losses for preceding Determination Date 12,774.00
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 6.4566%
minus 2.5% 2.50%
-----------------------
3.9566%
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) 4,003,806.05
Liquidation Proceeds 50,053.00
Recoveries 8,747.73
Purchase Amounts 143,676.81
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 68,720.05
Investment earnings from Note Distribution Account 426.32
Investment earnings from Prefunding Account 68.85
Investment earnings from Interest Reserve Account 289.17
Investment earnings from Collection Account 17,502.20
-----------------------
Total Distribution Amount 4,293,290.18
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,428,499.37
Prepayments in full allocable to principal 260,721.00
Principal Balance of Liquidated Receivables 144,199.30
Purchase Amounts allocable to principal 143,676.81
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,977,096.48
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 142,604,727.44
-----------------------
128,344,254.70 96.19%
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 43.8%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,977,096.48
Times Class A Noteholders' Percentage 95%
-----------------------
1,878,241.66
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,878,241.66
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 71,759,411.94
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 364,777.01
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 1,977,096.48
Times Class B Percentage 2.5%
-----------------------
Class B Principal Distributable Amount 49,427.41
Certificate Principal Distributable Amount
Principal Distributable Amount 1,977,096.48
Times Certificate Percentage 2.5%
-----------------------
Certificate Principal Distributable Amount 49,427.41
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,614,545.59
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 32,079.09
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,614,545.59
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 32,079.09
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 7,229.09 4,293,290.18 7,229.09
Servicing Fee (2.0%) 240,969.71 4,286,061.09 240,969.71 0.00
Additional Servicing Fee Amounts 19,921.30 4,045,091.38 19,921.30 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,025,170.08 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,025,170.08 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,025,170.08 0.00
(iii) Indenture Trustee Fee 1,204.85 4,025,170.08 1,204.85
Indenture Trustee's out-of-pocket expenses 0.00 4,023,965.23 0.00
Unpaid Indenture Trustee Fee from prior 0.00 4,023,965.23 0.00
Collection Periods
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 4,023,965.23 0.00
prior Collection Periods
Owner Trustee Fee 0.00 4,023,965.23 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,023,965.23 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,023,965.23 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior 0.00 4,023,965.23 0.00
Collection Periods
(iv) Collateral Agent Fee 1,172.14 4,023,965.23 1,172.14
Collateral Agent Expenses 0.00 4,022,793.09 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,022,793.09 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,022,793.09 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 364,777.01
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall 0.00 Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 364,777.01 4,022,793.09 364,777.01
(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 3,658,016.08 327,868.20
(vi) (A) Class B Note Interest - Unadjusted 32,079.09
Class B Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
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 32,079.09 3,330,147.88 32,079.09
(B) Certificate Interest - Unadjusted 32,079.09
Certificate Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 32,079.09 3,298,068.79 32,079.09
(vii) Class A Principal Distributable Amount - Current Month 1,878,241.66
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 1,878,241.66 3,265,989.70 1,878,241.66 0.00
Class A Principal Distribution Amount to Class A-2 0.00 1,387,748.04 0.00 0.00
(viii) Note Insurer Premium 38,368.51 1,387,748.04 38,368.51
Note Insurer Premium Supplement 0.00 1,349,379.54 0.00
Other Reimbursement Obligations to Note Insurer 0.00 1,349,379.54 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,349,379.54 0.00
(x) Class B Principal Distributable Amount - Current 49,427.41
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 49,427.41 1,349,379.54 49,427.41
Certificate Principal Distributable Amount - Current 49,427.41
Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 49,427.41 1,299,952.13 49,427.41
(xi) Until the Target Payment Date, remaining amount to 1,250,524.72 1,250,524.72 1,250,524.72
Class A Noteholders
Amount to Class A-1 Noteholders 1,250,524.72 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. Amount 0.00
(xiii) After an Event of Default, Certificateholders' Prin. Dist. Amount 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
Securities Balance
Class A-1 Beginning of Period Principal Amount 71,759,411.94
Class A-1 Principal Distributions 1,878,241.66
Class A-1 End of Period Principal Amount (prior to turbo) 69,881,170.28
Additional Principal Distribution 1,250,524.72
Class A-1 End of Period Principal Amount 68,630,645.57
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 3,614,545.59
Class B Principal Distributable Amount 49,427.41
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,565,118.18
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,565,118.18
Certificate Beginning of Period Principal Amount 3,614,545.59
Certificate Principal Distributable Amount 49,427.41
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,565,118.18
Withdrawl from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,565,118.18
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 10,307,000.00
Purchased receivables more than 30 days delinquent 143,676.81
-----------------------
Total 10,450,676.81
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 165,966,961.75
Delinquency Ratio 6.30%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.30%
Delinquency Ratio for second preceding Determination Date 4.72%
Delinquency Ratio for third preceding Determination Date 3.47%
-----------------------
Average Delinquency Ratio 4.83% 4.83%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 651,477.00
Current Period Defaulted Receivables 588,595.71
-----------------------
Total 1,240,072.71
Cumulative Defaulted Receivables 1,240,072.71
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 0.83%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 144,199.30
Cram Down Losses 0.00
Net Liquidation Proceeds (58,800.73)
-----------------------
Net Liquidation Losses 85,398.57
Cumulative Previous Net Losses 12,774.00
-----------------------
Cumulative Net Losses 98,172.57
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 0.07%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 52.76
Weighted Average Annual Percentage Rate 20.42%
Spread Account
OC Percent
Aggregate Principal Balance 142,604,727.44
minus the Securities Balance 138,679,406.64
-----------------------
3,925,320.80
divided by the Aggregate Principal Balance 2.75%
Floor OC Percent
Aggregate Principal Balance 142,604,727.44
minus the Securities Balance 138,679,406.64
-----------------------
3,925,320.80
divided by the initial Aggregate Principal Balance 122,915,183.00
-----------------------
3.19%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 138,679,406.64
(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 0.00
(II) initial Aggregate Principal Balance 122,915,183.00
---------------
0.00
Floor Amount 3,000,000.00
Requisite Amount
the greater of
(1)the Floor Amount 3,000,000.00
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 6.25%
if a Trigger Event, 15% minus the OC Percent 12.25%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 27.25%
if an Insurance Agreement Event of Default, unlimited 999.00%
6.25%
times the Aggregate Principal Balance 142,604,727.44
-----------------------
8,909,104.67
Requisite Amount 8,909,104.67
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 8,909,104.67
Beginning of Period Spread Account Balance 5,299,910.62
Additional Deposit for Subsequent Receivables Transfer 0.00
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 3,609,194.05
Earnings on Spread Account Balance 12,588.70
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 5,312,499.32
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
Current month excess servicing fee #REF!
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-4
6.07% Asset-Backed Notes, Class A-1
6.30% Asset-Backed Notes, Class A-2
10.59% Asset-Backed Certificates
Distribution Date 12/15/97
Collection Period 11/97
Under the Sale and Servicing Agreement dated as of October 9, 1997 and
amended as of October 17, 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 $2,355,610.52
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $268,121.03
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,087,489.49
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $43.41
(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 $38.47
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $243,114.89
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $243,114.89
(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 $3.94
(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
Certificateholders on the Distribution Date set forth above $104,164.84
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $46,361.20
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $57,803.64
(p) Scheduled Payments due in such Collection Period $2,966,512.47
(q) Scheduled Payments collected in such
Collection Period $2,645,997.72
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 $105,067,873.84
(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) above $103,410,724.79
(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) above $97,225,914.49
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9253629
(e) Aggregate principal amount 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.(o) above $5,195,590.06
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0494498
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 $182,528.84
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,253.39
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.36
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.10
(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 7
Aggregate Purchase Amount $92,024.73
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
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 $8,850,985.93
Spread Account Balance $3,719,498.04
(b) The change in the spread account on the Distribution
Date set forth above $8,822.38
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 $28,646.08
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 149
Aggregate Gross Amount $2,289,000.00
(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 35
Aggregate Gross Amount $433,000.00
7 Performance Triggers
(a) Delinquency Ratio 2.34%
(b) Average Delinquency Ratio 1.63%
(c) Cumulative Default Ratio 0.07%
(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 1997-4
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,945,177.87
Lock Box NSF Items: (33,634.42)
Total Collection Proceeds: 2,911,543.45
For Distribution Date: 12/15/97
For Determination Date: 12/8/97
For Collection Period: 11/97
Collateral Activity Information
Principal
Beginning Principal Balance 105,067,873.84
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 105,067,873.84
Principal portion of payments collected (non-prepayments) 890,527.16
Prepayments in full allocable to principal 173,521.00
Collections allocable to principal 1,064,048.16
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 92,024.73
-----------------------
Total Principal 1,156,072.89
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 103,911,800.95
Interest
Collections allocable to interest $1,755,470.56
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
-----------------------
Total Interest $1,755,470.56
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 53,005,805.38
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 5,253,393.70 104,566,797.68
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,710,675.66
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 7,415.72
Scheduled Payments due in Collection Period 2,966,512.47
Scheduled Payments collected in Collection Period 2,645,997.72
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 149 2,289,000.00
60+ days delinquent 35 433,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
7 92,024.73
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 2,722,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables 92,024.73
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 Receivables 66,888.42
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 0.92%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 10,855.00
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
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,819,518.72
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 92,024.73
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 9,522.07
-----------------------
Total Distribution Amount 2,921,065.52
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 890,527.16
Prepayments in full allocable to principal 173,521.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 92,024.73
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,156,072.89
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 103,911,800.95
-----------------------
93,520,620.86
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 44.3%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,156,072.89
Times Class A Noteholders' Percentage 95%
-----------------------
1,098,269.25
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,098,269.25
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 53,005,805.38
Multiplied by the Note Rate 6.07%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 268,121.03
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,307,598.60
Multiplied by the Note Rate 6.30%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Class A Interest Distributable Amount 243,114.89
Certificateholders Principal Distributable Amount
Principal Distributable Amount 1,156,072.89
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 57,803.64
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 5,253,393.70
Multiplied by Note Pass-Through Rate 10.59%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 46,361.20
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 5,253.39 2,921,065.52 5,253.39
Servicing Fee (2.0%) 175,113.12 2,915,812.13 175,113.12 0.00
Additional Servicing Fee Amounts 7,415.72 2,740,699.01 7,415.72 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,733,283.29 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,733,283.29 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,733,283.29 0.00
(iii) Indenture Trustee Fee 875.57 2,733,283.29 875.57
Indenture Trustee's out-of-pocket expenses 0.00 2,732,407.72 0.00
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 2,732,407.72 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 2,732,407.72 0.00
prior Collection Collection Periods
Owner Trustee Fee 0.00 2,732,407.72 0.00
Owner Trustee's out-of-pocket expenses 0.00 2,732,407.72 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 2,732,407.72 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior 0.00 2,732,407.72 0.00
Collection Periods
(iv) Collateral Agent Fee 871.39 2,732,407.72 871.39
Collateral Agent Expenses 0.00 2,731,536.33 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,731,536.33 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,731,536.33 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month
268,121.03 Prior Month(s) Class A-1 Interest Carryover
Shortfall 0.00 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 268,121.03 2,731,536.33 268,121.03
(B) Class A-2 Interest Distributable Amount - Current Month 243,114.89
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 243,114.89 2,463,415.30 243,114.89
(vi)(A) Certificate Note Interest - Unadjusted 46,361.20
Certificate Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 46,361.20 2,220,300.41 46,361.20
(vii) Class A Principal Distributable Amount - Current Month 1,098,269.25
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 1,098,269.25 2,173,939.21 1,098,269.25 0.00
Class A Principal Distribution Amount to Class A-2 0.00 1,075,669.96 0.00 0.00
(viii) Note Insurer Premium 28,646.08 1,075,669.96 28,646.08
Note Insurer Premium Supplement 0.00 1,047,023.88 0.00
Other Reimbursement Obligations to Note Insurer 0.00 1,047,023.88 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,047,023.88 0.00
(x) Certificate Principal Distributable Amount - 57,803.64
Current Month Unadjusted
Certificate Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 57,803.64 1,047,023.88 57,803.64
(xi) Until the Target Payment Date, remaining amount to 989,220.24 989,220.24 989,220.24
Class A Noteholders
Amount to Class A-1 Noteholders 989,220.24 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount 0.00 2,921,065.52 Total Disbursements
into Spread Acct. 2,921,065.52 Total Distribution Amt
======================
0.00 Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 53,005,805.38
Class A-1 Principal Distributions 1,098,269.25
Class A-1 End of Period Principal Amount (prior to turbo) 51,907,536.13
Additional Principal Distribution 989,220.24
Class A-1 End of Period Principal Amount 50,918,315.89
Class A-2 Beginning of Period Principal Amount 46,307,598.60
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 46,307,598.60
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 46,307,598.60
Certificate Beginning of Period Principal Amount 5,253,393.70
Certificate Principal Distributable Amount 57,803.64
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 5,195,590.06
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 5,195,590.06
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,232,335.13
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,722,000.00
Purchased receivables more than 30 days delinquent 92,024.73
-----------------------
Total 2,814,024.73
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 120,431,772.10
Delinquency Ratio 2.34%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 2.34%
Delinquency Ratio for second preceding Determination Date 0.92%
Delinquency Ratio for third preceding Determination Date 0.00%
-----------------------
Average Delinquency Ratio 1.63% 1.09%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 10,855.00
Current Period Defaulted Receivables 66,888.42
-----------------------
Total 77,743.42
Cumulative Defaulted Receivables 77,743.42
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 0.07%
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 105,860,630.11
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 54.77
Weighted Average Annual Percentage Rate 20.33%
Spread Account
OC Percent
Aggregate Principal Balance 103,911,800.95
minus the Securities Balance 103,410,724.79
-----------------------
501,076.16
divided by the Aggregate Principal Balance 0.48%
Floor OC Percent
Aggregate Principal Balance 103,911,800.95
minus the Securities Balance 103,410,724.79
-----------------------
501,076.16
divided by the initial Aggregate Principal Balance 105,860,630.11
-----------------------
0.47%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 103,410,724.79
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 105,860,630.11
(II) balance of all Subsequent Receivables 0.00
--------------
2,117,212.60
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.53%
(II) initial Aggregate Principal Balance 105,860,630.11
---------------
557,530.15
Floor Amount 2,674,742.75
Requisite Amount
the greater of
(1)the Floor Amount 2,674,742.75
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 8.52%
if a Trigger Event, 15% minus the OC Percent 14.52%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 29.52%
if an Insurance Agreement Event of Default, unlimited 999.00%
8.52%
times the Aggregate Principal Balance 103,911,800.95
-----------------------
8,850,985.93
Requisite Amount 8,850,985.93
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 8,850,985.93
Beginning of Period Spread Account Balance 3,710,675.66
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 5,140,310.27
Earnings on Spread Account Balance 8,822.38
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,719,498.04
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
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-5
6.26% Asset-Backed Notes, Class A-1
6.40% Asset-Backed Notes, Class A-2
10.55% Asset-Backed Certificates
Distribution Date 12/15/97
Collection Period 11/97
Under the Sale and Servicing Agreement dated as of December 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 $728,692.41
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $38,777.22
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $689,915.19
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $13.07
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $0.70
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $12.38
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $25,013.33
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $25,013.33
(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 $0.41
(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
Certificateholders on the Distribution Date set forth above $12,418.75
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $5,604.75
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $6,814.00
(p) Scheduled Payments due in such Collection Period $2,692,329.90
(q) Scheduled Payments collected in such
Collection Period $729,801.56
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 $95,706,307.00
(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) above $95,570,026.95
(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) above $90,235,084.80
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9428332
(e) Aggregate principal amount 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.(o) above $4,774,493.00
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0498869
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 $21,592.61
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $638.04
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $0.39
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.01
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $32,504.20
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
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 $8,601,302.43
Spread Account Balance $3,349,821.00
(b) The change in the spread account on the Distribution
Date set forth above $0.00
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 $3,530.94
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 4
Aggregate Gross Amount $82,000.00
(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 0
Aggregate Gross Amount $0.00
7 Performance Triggers
(a) Delinquency Ratio 0.11%
(b) Average Delinquency Ratio 0.11%
(c) Cumulative Default Ratio 0.00%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-5
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 796,546.40
Lock Box NSF Items: (4,447.64)
Total Collection Proceeds: 792,098.76
For Distribution Date: 12/15/97
For Determination Date: 12/8/97
For Collection Period: 11/97
Collateral Activity Information
Principal
Beginning Principal Balance 95,706,307.00
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 95,706,307.00
Principal portion of payments collected (non-prepayments) 73,982.85
Prepayments in full allocable to principal 29,793.00
Collections allocable to principal 103,775.85
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 32,504.20
-----------------------
Total Principal 136,280.05
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 95,570,026.95
Interest
Collections allocable to interest $655,818.71
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 $655,818.71
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 55,750,000.00
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 4,781,307.00 95,706,307.00
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,349,821.00
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 324.54
Scheduled Payments due in Collection Period 2,692,329.90
Scheduled Payments collected in Collection Period 729,801.56
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 4 82,000.00
60+ days delinquent 0 0.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 32,504.20
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 82,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables 32,504.20
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 Receivables 0.00
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 0.00
Cumulative Net Losses for preceding Determination Date 0.00
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
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 759,594.56
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 32,504.20
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
-----------------------
Total Distribution Amount 792,098.76
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 73,982.85
Prepayments in full allocable to principal 29,793.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 32,504.20
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 136,280.05
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 95,570,026.95
-----------------------
86,013,024.26
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 36.8%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 136,280.05
Times Class A Noteholders' Percentage 95%
-----------------------
129,466.05
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 129,466.05
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 55,750,000.00
Multiplied by the Note Rate 6.26%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0111111
-----------------------
Class A Interest Distributable Amount 38,777.22
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 35,175,000.00
Multiplied by the Note Rate 6.40%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0111111
-----------------------
Class A Interest Distributable Amount 25,013.33
Certificateholders Principal Distributable Amount
Principal Distributable Amount 136,280.05
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 6,814.00
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,781,307.00
Multiplied by Note Pass-Through Rate 10.55%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0111111
-----------------------
Certificate Coupon Interest Amount 5,604.75
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 638.04 792,098.76 638.04
Servicing Fee (2.0%) 21,268.07 791,460.72 21,268.07 0.00
Additional Servicing Fee Amounts 324.54 770,192.65 324.54 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 769,868.11 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 769,868.11 0.00
(ii) Transition Expenses to Standby Servicer 0.00 769,868.11 0.00
(iii) Indenture Trustee Fee 106.34 769,868.11 106.34
Indenture Trustee's out-of-pocket expenses 0.00 769,761.77 0.00
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 769,761.77 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 769,761.77 0.00
prior Collection Periods
Owner Trustee Fee 0.00 769,761.77 0.00
Owner Trustee's out-of-pocket expenses 0.00 769,761.77 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 769,761.77 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 769,761.77 0.00
prior Collection Periods
(iv) Collateral Agent Fee 106.34 769,761.77 106.34
Collateral Agent Expenses 0.00 769,655.43 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 769,655.43 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 769,655.43 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 38,777.22
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 Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 38,777.22 769,655.43 38,777.22
(B) Class A-2 Interest Distributable Amount - Current Month 25,013.33
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 25,013.33 730,878.21 25,013.33
(vi) (A) Certificate Note Interest - Unadjusted 5,604.75
Certificate Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 5,604.75 705,864.88 5,604.75
(vii) Class A Principal Distributable Amount - Current Month 129,466.05
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawal from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 129,466.05 700,260.13 129,466.05 0.00
Class A Principal Distribution Amount to Class A-2 0.00 570,794.08 0.00 0.00
(viii) Note Insurer Premium 3,530.94 570,794.08 3,530.94
Note Insurer Premium Supplement 0.00 567,263.15 0.00
Other Reimbursement Obligations to Note Insurer 0.00 567,263.15 0.00
(ix) Transition Expenses to successor Servicer 0.00 567,263.15 0.00
(x) Certificate Principal Distributable Amount - 6,814.00
Current Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 6,814.00 567,263.15 6,814.00
(xi) Until the Target Payment Date, remaining amount to 560,449.15 560,449.15 560,449.15
Class A Noteholders
Amount to Class A-1 Noteholders 560,449.15 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount 0.00 792,098.76 Total Disbursements
into Spread Acct. 792,098.76 Total Distribution Amt
======================
0.00 Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 55,750,000.00
Class A-1 Principal Distributions 129,466.05
Class A-1 End of Period Principal Amount (prior to turbo) 55,620,533.95
Additional Principal Distribution 560,449.15
Class A-1 End of Period Principal Amount 55,060,084.80
Class A-2 Beginning of Period Principal Amount 35,175,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 35,175,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 35,175,000.00
Certificate Beginning of Period Principal Amount 4,781,307.00
Certificate Principal Distributable Amount 6,814.00
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,774,493.00
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,774,493.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 585,462.48
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 82,000.00
Purchased receivables more than 30 days delinquent 32,504.20
-----------------------
Total 114,504.20
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 108,960,193.46
Delinquency Ratio 0.11%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 0.11%
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
-----------------------
Average Delinquency Ratio 0.11% 0.04%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 0.00
-----------------------
Total 0.00
Cumulative Defaulted Receivables 0.00
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 0.00%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-----------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-----------------------
Cumulative Net Losses 0.00
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 56.00
Weighted Average Annual Percentage Rate 20.28%
Spread Account
OC Percent
Aggregate Principal Balance 95,570,026.95
minus the Securities Balance 95,570,026.95
-----------------------
(0.00)
divided by the Aggregate Principal Balance 0.00%
Floor OC Percent
Aggregate Principal Balance 95,570,026.95
minus the Securities Balance 95,570,026.95
-----------------------
0.00
divided by the initial Aggregate Principal Balance 95,706,307.00
-----------------------
0.00%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 95,570,026.95
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 95,706,307.00
(II) balance of all Subsequent Receivables 0.00
--------------
1,914,126.14
(B)the product of
(I) excess of 1% over the Floor OC Percent 1.00%
(II) initial Aggregate Principal Balance 95,706,307.00
--------------
957,063.07
Floor Amount 2,871,189.21
Requisite Amount
the greater of
(1)the Floor Amount 2,871,189.21
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 9.0%
if a Trigger Event, 15% minus the OC Percent 15.0%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 30.0%
if an Insurance Agreement Event of Default, unlimited 999%
9%
times the Aggregate Principal Balance 95,570,026.95
-----------------------
8,601,302.43
Requisite Amount 8,601,302.43
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 8,601,302.43
Beginning of Period Spread Account Balance 3,349,821.00
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 5,251,481.43
Earnings on Spread Account Balance 0.00
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 3,349,821.00
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