Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Distribution Date 1/15/98
Collection Period 12/97
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 $2,313,061.54
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $271,609.16
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,041,452.38
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $27.39
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.22
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $24.17
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $91,749.47
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $23,242.51
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $68,506.96
(j) Scheduled Payments due in such Collection Period $1,886,357.69
(k) Scheduled Payments collected in such
Collection Period $1,822,999.28
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 $51,591,768.24
(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 $49,691,321.27
(c) The Pool factor as of the close of business
on the last day set forth above 0.9631638
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 $101,981.50
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,439.45
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.21
(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 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $19,541.47
(b) Distributions (to) from Collection Account $5,176.51
for Payaheads
(c) Interest earned on Payahead Balances $95.04
(d) Ending Payahead Account Balance $24,813.02
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 $7,453,698.19
Spread Account Balance $7,453,698.19
(b) The change in the spread account on the Distribution
Date set forth above $52,772.92
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $13,699.80
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $571,144.52
(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 217
Aggregate Gross Amount $2,449,000.00
(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 230
Aggregate Gross Amount $2,664,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.93%
(b) Average Delinquency Ratio 8.11%
(c) Cumulative Default Ratio 13.37%
(d) Cumulative Net Loss Ratio 8.75%
(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: 2,564,890.10
Lock Box NSF Items: (43,494.55)
Transfers from (to) Payahead Account: (5,176.51)
Collection Account Interest 9,260.09
Payahead Account Interest 95.04
Total Collection Proceeds: 2,525,574.17
For Distribution Date: 1/15/98
For Determination Date: 1/8/98
For Collection Period: 12/97
Collateral Activity Information
Principal
Beginning Principal Balance 51,591,768.24
Principal portion of payments collected (non-prepayments) 929,790.49
Prepayments in full allocable to principal 335,676.00
Collections allocable to principal 1,265,466.49
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 312,286.23
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,577,752.72
Realized Losses 571,144.52
Cram Down Losses 0.00
Ending Principal Balance 49,442,871.00
Interest
Collections allocable to interest 893,208.79
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 54,612.66
-------------------
Total Interest 947,821.45
Certificate Information
Beginning of Period Class A Principal Balance 49,012,179.83
Beginning of Period Class B Principal Balance 2,789,100.77
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,400,925.27
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 15,995.22
Aggregate Payahead Balance 24,717.98
Aggregate Payahead Balance for preceding Distribution Date 19,541.47
Interest Earned on Payahead Balances 95.04
Scheduled Payments due in Collection Period 1,886,357.69
Scheduled Payments collected in Collection Period 1,822,999.28
Aggregate Amount of Realized Losses for preceding Distribution Date 571,144.52
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 350.00
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 217 2,449,000.00
60+ days delinquent 230 2,664,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 5,113,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 568,973.17
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 7.99%
Delinquency Ratio for third preceding Determination Date 7.42%
Cumulative Defaults for preceding Determination Date 11,316,560.97
Cumulative Net Losses for preceding Determination Date 7,266,178.38
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) 2,158,675.28
Liquidation Proceeds 312,286.23
Recoveries 54,612.66
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,525,574.17
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 929,790.49
Prepayments in full allocable to principal 335,676.00
Principal Balance of Liquidated Receivables 883,430.75
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,148,897.24
Class A Principal Distributable Amount
Principal Distributable Amount 2,148,897.24
Times Class A Percentage (95%) 95%
-------------------
2,041,452.38
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,041,452.38
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 49,012,179.83
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 271,609.16
Class B Principal Distributable Amount
Principal Distributable Amount 2,148,897.24
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 107,444.86
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,789,100.77
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 23,242.51
Class B Excess Interest Amount
Total Distribution Amount 2,525,574.17
minus
Class A Principal and Interest Distributable Amount 2,313,061.54
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 23,242.51
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 107,444.86
Class B Principal Carryover Shortfall 209,512.37
Trustee distributions 994.90
Standby Servicer distributions 3,439.45
Servicer distributions 101,981.50
Collateral Agent distributions 647.52
Reimbursement Obligations 13,699.80
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 209,512.37
-------------------
209,512.37
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 3,439.45 2,525,574.17 3,439.45 2,525,574.17
Servicing Fee (2.0%) 85,986.28 2,522,134.72 85,986.28 0.00
Additional Servicing Fee Amounts 15,995.22 2,436,148.44 15,995.22 0.00
(late fees,prepayment charges, etc.
Unpaid Standby Fee from prior Collection Periods 0.00 2,420,153.22 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,420,153.22 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,420,153.22 0.00
(iii) Trustee Fee 644.90 2,420,153.22 644.90
Trustee's out-of-pocket expenses 350.00 2,419,508.32 350.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,419,158.32 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 2,419,158.32 0.00
prior Collection Periods
(iv) Collateral Agent Fee 647.52 2,419,158.32 647.52
Collateral Agent Expenses 0.00 2,418,510.80 0.00
Unpaid Collateral Agent Fee from prior Collection 0.00 2,418,510.80 0.00
Periods
Unpaid Collateral Agent Expenses from prior Collection 0.00 2,418,510.80 0.00
Periods
(v)(A) Class A Interest Distributable Amount - Current Month 271,609.16 2,418,510.80 271,609.16
Prior Month(s) Class A Carryover Shortfall 0.00 2,146,901.64 0.00
Class A Interest Carryover Shortfall 0.00 2,146,901.64 0.00
Interest on Interest Carryover from Prior Months 0.00 2,146,901.64 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,146,901.64 0.00
Class A Interest Distributable Amount 271,609.16 2,146,901.64 271,609.16
(viii)(A)Class B Coupon Interest - Unadjusted 23,242.51 1,875,292.48 23,242.51
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,852,049.97 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,852,049.97 0.00
Interest on Interest Carryover from Prior Months 0.00 1,852,049.97 0.00
Current Month Class B Interest Shortfall 0.00 1,852,049.97 0.00
Adjusted Class B Interest Distributable Amount 23,242.51 1,852,049.97 23,242.51
(v) (B) Class A Principal Distributable Amount - Current Month 2,041,452.38 1,828,807.46 1,828,807.46 484,121.79
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 2,041,452.38 0.00 0.00 0.00
(vi) Certificate Insurer Premium 13,699.80 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 - 107,444.86 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous 209,512.37 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (248,450.28) 0.00 (248,450.28)
Adjusted Class B Principal Distributable Amount 68,506.96 248,450.28 68,506.96
(C) Excess Interest Amount for Deposit in Spread Account 0.00 179,943.32 0.00
179,943.32 179,943.32
Certificate Balance
Class A Beginning of Period Principal Balance 49,012,179.83
Class A Principal Distributions 2,041,452.38
Class A End of Period Principal Balance 46,970,727.45
Class B Beginning of Period Principal Balance 2,789,100.77
Class B Principal Distributable Amount 68,506.96
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,720,593.81
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,720,593.81
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,525,574.17
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 378,672.53
(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) 2,146,901.64
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,146,901.64
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 23,242.51
(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) 2,123,659.13
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,123,659.13
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,041,452.38
(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) 82,206.75
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 82,206.75
(vi) Certificate Insurer Premium 13,699.80
(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) 68,506.96
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 68,506.96
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 107,444.86
(iii) Prior month(s) carryover shortfalls 209,512.37
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (248,450.28)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (248,450.28)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,113,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 5,113,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 57,282,630.24
Delinquency Ratio 8.93%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.93%
Delinquency Ratio for second preceding Determination Date 7.99%
Delinquency Ratio for third preceding Determination Date 7.42%
-------------------
Average Delinquency Ratio 8.11% 8.11%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 11,316,560.97
Current Period Defaulted Receivables 568,973.17
-------------------
Total 11,885,534.14
Cumulative Defaulted Receivables 11,885,534.14
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 13.37%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 883,430.75
Cram Down Losses 0.00
Net Liquidation Proceeds (366,898.89)
-------------------
Net Liquidation Losses 516,531.86
Cumulative Previous Net Losses 7,266,178.38
-------------------
Cumulative Net Losses 7,782,710.24
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 8.75%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 36.81
Weighted Average Annual Percentage Rate 20.42%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,969,132.13
15% of Outstanding Certificate Balance 7,453,698.19
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,453,698.19
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 49,691,321.27
Minimum Floor 100,000.00
-------------
Floor Amount 2,667,022.51
Required Spread Account Amount 7,453,698.19
Beginning of Period Spread Account Balance 7,400,925.27
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 37,119.69
Required addition to/(eligible withdrawal from) Spread Account 15,653.23
Earnings on Spread Account Balance 15,653.23
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 7,453,698.19
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: James L. Stock
Title: Controller
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
Distribution Date 1/15/98
Collection Period 12/97
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 $2,642,467.33
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $329,638.87
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,312,828.46
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $30.19
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.77
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $26.43
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $158,516.37
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $29,331.18
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $129,185.19
(j) Scheduled Payments due in such Collection Period $2,098,848.39
(k) Scheduled Payments collected in such
Collection Period $2,077,114.78
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 $62,147,156.09
(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 $59,715,371.61
(c) The Pool factor as of the close of business
on the last day set forth above 0.9608705
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 $123,957.17
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,143.14
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.42
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $20,472.51
(b) Distributions (to) from Collection Account $8,665.95
for Payaheads
(c) Interest earned on Payahead Balances $107.27
(d) Ending Payahead Account Balance $29,245.73
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 $5,971,537.16
Spread Account Balance $5,971,537.16
(b) The change in the spread account on the Distribution
Date set forth above ($254,624.33)
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 $16,545.37
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $655,114.63
(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 257
Aggregate Gross Amount $3,077,000.00
(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 265
Aggregate Gross Amount $3,392,000.00
8 Performance Triggers
(a) Delinquency Ratio 9.21%
(b) Average Delinquency Ratio 8.40%
(c) Cumulative Default Ratio 11.30%
(d) Cumulative Net Loss Ratio 6.36%
(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: 2,986,411.27
Lock Box NSF Items: (43,249.51)
Transfers from (to) Payahead Account: (8,665.95)
Collection Account Interest 10,600.33
Payahead Account Interest 107.27
Total Collection Proceeds: 2,945,203.41
For Distribution Date: 1/15/98
For Determination Date: 1/8/98
For Collection Period: 12/97
Collateral Activity Information
Principal
Beginning Principal Balance 62,147,156.09
Principal portion of payments collected (non-prepayments) 961,364.05
Prepayments in full allocable to principal 470,728.00
Collections allocable to principal 1,432,092.05
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 347,349.59
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,779,441.64
Realized Losses 655,114.63
Cram Down Losses 0.00
Ending Principal Balance 59,712,599.82
Interest
Collections allocable to interest 1,115,750.73
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 50,011.04
-------------------
Total Interest 1,165,761.77
Certificate Information
Beginning of Period Class A Principal Balance 59,039,798.27
Beginning of Period Class B Principal Balance 3,114,815.18
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,226,161.49
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 20,378.58
Aggregate Payahead Balance 29,138.46
Aggregate Payahead Balance for preceding Distribution Date 20,472.51
Interest Earned on Payahead Balances 107.27
Scheduled Payments due in Collection Period 2,098,848.39
Scheduled Payments collected in Collection Period 2,077,114.78
Aggregate Amount of Realized Losses for preceding Distribution Date 655,114.63
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 792.07
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 257 3,077,000.00
60+ days delinquent 265 3,392,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 6,469,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 743,222.09
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 8.58%
Delinquency Ratio for third preceding Determination Date 7.42%
Cumulative Defaults for preceding Determination Date 9,666,085.00
Cumulative Net Losses for preceding Determination Date 5,257,592.27
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) 2,547,842.78
Liquidation Proceeds 347,349.59
Recoveries 50,011.04
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,945,203.41
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 961,364.05
Prepayments in full allocable to principal 470,728.00
Principal Balance of Liquidated Receivables 1,002,464.22
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,434,556.27
Class A Principal Distributable Amount
Principal Distributable Amount 2,434,556.27
Times Class A Percentage (95%) 95%
-------------------
2,312,828.46
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,312,828.46
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 59,039,798.27
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 329,638.87
Class B Principal Distributable Amount
Principal Distributable Amount 2,434,556.27
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 121,727.82
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,114,815.18
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 29,331.18
Class B Excess Interest Amount
Total Distribution Amount 2,945,203.41
minus
Class A Principal and Interest Distributable Amount 2,642,467.33
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 29,331.18
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 121,727.82
Class B Principal Carryover Shortfall 7,457.37
Trustee distributions 1,568.91
Standby Servicer distributions 4,143.14
Servicer distributions 123,957.17
Collateral Agent distributions 776.93
Reimbursement Obligations 16,545.37
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 7,457.37
-------------------
7,457.37
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 4,143.14 0.00 0.00 121,727.82
Servicing Fee (2.0%) 103,578.59 0.00 0.00 0.00
Additional Servicing Fee Amounts 20,378.58 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 776.84 0.00 0.00
Trustee's out-of-pocket expenses 792.07 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
prior Collection Periods
(iv) Collateral Agent Fee 776.93 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 - Current Month 329,638.87 0.00 0.00
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 329,638.87 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 29,331.18 0.00 0.00
Class B Interest Carryover Shortfall - 0.00 0.00 0.00 121,727.82
Previous Month(s)
Interest on B Interest Shortfall - 0.00 0.00 0.00 121,727.82
Previous Month(s)
Interest on Interest Carryover from Prior Months 0.00 0.00 0.00
Current Month Class B Interest Shortfall 0.00 0.00 0.00
Adjusted Class B Interest Distributable Amount 29,331.18 0.00 0.00
(v)(B) Class A Principal Distributable Amount - 2,312,828.46 0.00 0.00
Current Month
Class A Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,312,828.46 0.00 0.00
(vi) Certificate Insurer Premium 16,545.37 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 121,727.82 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - 7,457.37 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall (2,771.81) 0.00 (2,771.81)
Adjusted Class B Principal Distributable Amount 126,413.39 2,771.81 2,771.81
(C) Excess Interest Amount for Deposit in Spread Account 0.00 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 59,039,798.27
Class A Principal Distributions 2,312,828.46
Class A End of Period Principal Balance 56,726,969.81
Class B Beginning of Period Principal Balance 3,114,815.18
Class B Principal Distributable Amount 126,413.39
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,988,401.79
Withdrawl from Spread Account to Cover B Shortfalls 2,771.81
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,985,629.99
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,945,203.41
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 460,085.02
(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) 2,485,118.39
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,485,118.39
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 29,331.18
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,455,787.21
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,455,787.21
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,312,828.46
(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) 142,958.75
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 142,958.75
(vi) Certificate Insurer Premium 16,545.37
(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) 126,413.39
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 126,413.39
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 121,727.82
(iii) Prior month(s) carryover shortfalls 7,457.37
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (2,771.81)
Withdrawl from Spread Account to B PieceCover Shortfalls (2,771.81)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,469,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 6,469,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 70,250,265.40
Delinquency Ratio 9.21%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 9.21%
Delinquency Ratio for second preceding Determination Date 8.58%
Delinquency Ratio for third preceding Determination Date 7.42%
-------------------
Average Delinquency Ratio 8.40% 8.40%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 9,666,085.00
Current Period Defaulted Receivables 743,222.09
-------------------
Total 10,409,307.09
Cumulative Defaulted Receivables 10,409,307.09
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 11.30%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,002,464.22
Cram Down Losses 0.00
Net Liquidation Proceeds (397,360.63)
-------------------
Net Liquidation Losses 605,103.59
Cumulative Previous Net Losses 5,257,592.27
-------------------
Cumulative Net Losses 5,862,695.86
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 6.36%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 40.79
Weighted Average Annual Percentage Rate 20.50%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,971,537.16
15% of Outstanding Certificate Balance 8,957,305.74
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 5,971,537.16
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 59,715,371.61
Minimum Floor 100,000.00
--------------
Floor Amount 2,763,878.99
Required Spread Account Amount 5,971,537.16
Beginning of Period Spread Account Balance 6,226,161.49
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (4,570.97)
Required addition to/(eligible withdrawal from) Spread Account (250,053.36)
Earnings on Spread Account Balance 28,778.79
Amount of Spread Account deposit (withdrawal) (278,832.15)
Amount of Withdrawl Allocated to B Piece Shortfalls 2,771.81
Net Spread Account Withdrawl to Seller (276,060.34)
Ending Spread Account Balance 5,971,537.16
IN WITNESS WHEREOF, I, Jeffrey P. Fritz, a responsible officer of Consumer Portfolio
Services, Inc., have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
Name: James L. Stock
Title: Controller
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Distribution Date 1/15/98
Collection Period 12/97
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 $2,534,825.83
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $355,177.30
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,179,648.53
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $28.73
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.03
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $24.71
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $144,835.71
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $30,117.37
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $114,718.34
(j) Scheduled Payments due in such Collection Period $2,288,104.79
(k) Scheduled Payments collected in such
Collection Period $2,154,565.67
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 $71,213,493.96
(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 $68,919,127.09
(c) The Pool factor as of the close of business
on the last day set forth above 0.9677819
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 $135,178.22
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,747.57
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.53
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $19,671.31
(b) Distributions (to) from Collection Account $8,550.19
for Payaheads
(c) Interest earned on Payahead Balances $113.96
(d) Ending Payahead Account Balance $28,335.46
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 $6,891,912.71
Spread Account Balance $6,891,912.71
(b) The change in the spread account on the Distribution
Date set forth above ($237,837.74)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $19,096.34
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $647,001.76
(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 271
Aggregate Gross Amount $3,415,000.00
(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 263
Aggregate Gross Amount $3,846,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.89%
(b) Average Delinquency Ratio 8.12%
(c) Cumulative Default Ratio 8.21%
(d) Cumulative Net Loss Ratio 4.60%
(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: 2,902,843.82
Lock Box NSF Items: (53,421.37)
Transfers from (to) Payahead Account: (8,550.19)
Collection Account Interest 10,978.86
Payahead Account Interest 113.96
Total Collection Proceeds: 2,851,965.08
For Distribution Date: 1/15/98
For Determination Date: 1/8/98
For Collection Period: 12/97
Collateral Activity Information
Principal
Beginning Principal Balance 71,213,493.96
Principal portion of payments collected (non-prepayments) 993,253.83
Prepayments in full allocable to principal 291,800.00
Collections allocable to principal 1,285,053.83
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 362,311.28
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,647,365.11
Realized Losses 647,001.76
Cram Down Losses 0.00
Ending Principal Balance 68,919,127.09
Interest
Collections allocable to interest 1,161,311.84
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 43,288.13
-------------------
Total Interest 1,204,599.97
Certificate Information
Beginning of Period Class A Principal Balance 67,652,819.25
Beginning of Period Class B Principal Balance 3,560,674.71
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,129,750.45
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 16,489.06
Aggregate Payahead Balance 28,221.50
Aggregate Payahead Balance for preceding Distribution Date 19,671.31
Interest Earned on Payahead Balances 113.96
Scheduled Payments due in Collection Period 2,288,104.79
Scheduled Payments collected in Collection Period 2,154,565.67
Aggregate Amount of Realized Losses for preceding Distribution Date 647,001.76
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 852.75
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 271 3,415,000.00
60+ days delinquent 263 3,846,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 7,261,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 688,090.65
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 8.36%
Delinquency Ratio for third preceding Determination Date 7.11%
Cumulative Defaults for preceding Determination Date 6,939,939.94
Cumulative Net Losses for preceding Determination Date 3,663,508.29
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) 2,446,365.67
Liquidation Proceeds 362,311.28
Recoveries 43,288.13
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,851,965.08
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 993,253.83
Prepayments in full allocable to principal 291,800.00
Principal Balance of Liquidated Receivables 1,009,313.04
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,294,366.87
Class A Principal Distributable Amount
Principal Distributable Amount 2,294,366.87
Times Class A Percentage (95%) 95%
-------------------
2,179,648.53
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,179,648.53
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 67,652,819.25
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 355,177.30
Class B Principal Distributable Amount
Principal Distributable Amount 2,294,366.87
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 114,718.34
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,560,674.71
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 30,117.37
Class B Excess Interest Amount
Total Distribution Amount 2,851,965.08
minus
Class A Principal and Interest Distributable Amount 2,534,825.83
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 30,117.37
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 114,718.34
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,742.92
Standby Servicer distributions 4,747.57
Servicer distributions 135,178.22
Collateral Agent distributions 890.17
Reimbursement Obligations 19,096.34
-------------------
10,648.32
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 4,747.57 2,851,965.08 4,747.57 2,851,965.08
Servicing Fee (2.0%) 118,689.16 2,847,217.51 118,689.16 0.00
Additional Servicing Fee Amounts 16,489.06 2,728,528.35 16,489.06 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,712,039.29 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,712,039.29 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,712,039.29 0.00
(iii) Trustee Fee 890.17 2,712,039.29 890.17
Trustee's out-of-pocket expenses 852.75 2,711,149.12 852.75
Unpaid Trustee Fee from prior Collection Periods 0.00 2,710,296.37 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,710,296.37 0.00
Collection Periods
(iv) Collateral Agent Fee 890.17 2,710,296.37 890.17
Collateral Agent Expenses 0.00 2,709,406.20 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,709,406.20 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,709,406.20 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 355,177.30 2,709,406.20 355,177.30
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,354,228.90 0.00
Class A Interest Carryover Shortfall 0.00 2,354,228.90 0.00
Interest on Interest Carryover from Prior Months 0.00 2,354,228.90 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,354,228.90 0.00
Class A Interest Distributable Amount 355,177.30 2,354,228.90 355,177.30
(viii)(A)Class B Coupon Interest - Unadjusted 30,117.37 1,999,051.60 30,117.37
Class B Interest Carryover Shortfall - 0.00 1,968,934.23 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 1,968,934.23 0.00
Previous Month(s)
Interest on Interest Carryover from 0.00 1,968,934.23 0.00
Prior Months
Current Month Class B Interest Shortfall 0.00 1,968,934.23 0.00
Adjusted Class B Interest Distributable Amount 30,117.37 1,968,934.23 30,117.37
(v)(B) Class A Principal Distributable Amount - Current Month 2,179,648.53 1,938,816.86 1,938,816.86 672,316.55
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 2,179,648.53 0.00 0.00 0.00
(vi) Certificate Insurer Premium 19,096.34 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 - 114,718.34 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 114,718.34 0.00 0.00
(C) Excess Interest Amount for Deposit in Spread Account 10,648.32 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 67,652,819.25
Class A Principal Distributions 2,179,648.53
Class A End of Period Principal Balance 65,473,170.72
Class B Beginning of Period Principal Balance 3,560,674.71
Class B Principal Distributable Amount 114,718.34
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,445,956.37
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,445,956.37
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,851,965.08
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 497,736.18
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,354,228.90
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,354,228.90
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 30,117.37
(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) 2,324,111.53
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,324,111.53
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,179,648.53
(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) 144,463.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 144,463.00
(vi) Certificate Insurer Premium 19,096.34
(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) 125,366.66
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 125,366.66
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 114,718.34
(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) 10,648.32
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 10,648.32
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,261,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 7,261,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 81,652,856.26
Delinquency Ratio 8.89%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.89%
Delinquency Ratio for second preceding Determination Date 8.36%
Delinquency Ratio for third preceding Determination Date 7.11%
-------------------
Average Delinquency Ratio 8.12% 8.12%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 6,939,939.94
Current Period Defaulted Receivables 688,090.65
-------------------
Total 7,628,030.59
Cumulative Defaulted Receivables 7,628,030.59
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 8.21%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,009,313.04
Cram Down Losses 0.00
Net Liquidation Proceeds (405,599.41)
-------------------
Net Liquidation Losses 603,713.63
Cumulative Previous Net Losses 3,663,508.29
-------------------
Cumulative Net Losses 4,267,221.92
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 4.60%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 44.00
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,891,912.71
15% of Outstanding Certificate Balance 10,337,869.06
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,891,912.71
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 68,919,127.09
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 6,891,912.71
Beginning of Period Spread Account Balance 7,129,750.45
Spread Account Deposit (Withdrawal) from Current Distributions 10,648.32
Transfer (to) from Cross-Collateralized Spread Accounts (4,592.42)
Required addition to/(eligible withdrawal from) Spread Account (243,893.64)
Earnings on Spread Account Balance 33,462.14
Amount of Spread Account deposit (withdrawal) (277,355.78)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (277,355.78)
Ending Spread Account Balance 6,891,912.71
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: James L. Stock
Title: Controller
Current month excess servicing fee #REF!
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Distribution Date 1/15/98
Collection Period 12/97
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 $3,145,163.22
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $446,910.63
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,698,252.59
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $32.35
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.60
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $27.76
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $183,885.35
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $41,872.06
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $142,013.29
(j) Scheduled Payments due in such Collection Period $2,648,301.05
(k) Scheduled Payments collected in such
Collection Period $2,455,916.94
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $86,186,060.45
(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 $83,437,750.09
(c) The Pool factor as of the close of business
on the last day set forth above 0.9681119
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 $162,154.58
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,745.74
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.67
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $24,982.95
(b) Distributions (to) from Collection Account $8,580.90
for Payaheads
(c) Interest earned on Payahead Balances $336.28
(d) Ending Payahead Account Balance $33,900.13
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,343,775.01
Spread Account Balance $8,343,775.01
(b) The change in the spread account on the Distribution
Date set forth above ($289,776.14)
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 $23,093.73
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $888,463.21
(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 340
Aggregate Gross Amount $4,477,000.00
(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 364
Aggregate Gross Amount $4,975,000.00
8 Performance Triggers
(a) Delinquency Ratio 9.58%
(b) Average Delinquency Ratio 8.84%
(c) Cumulative Default Ratio 6.62%
(d) Cumulative Net Loss Ratio 2.88%
(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: 3,496,349.57
Lock Box NSF Items: (69,679.33)
Transfers from (to) Payahead Account: (8,580.90)
Collection Account Interest 12,747.08
Payahead Account Interest 336.28
Total Collection Proceeds: 3,431,172.70
For Distribution Date: 1/15/98
For Determination Date: 1/8/98
For Collection Period: 12/97
Collateral Activity Information
Principal
Beginning Principal Balance 86,186,060.45
Principal portion of payments collected (non-prepayments) 1,013,602.78
Prepayments in full allocable to principal 412,086.00
Collections allocable to principal 1,425,688.78
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 526,113.89
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,951,802.67
Realized Losses 888,463.21
Cram Down Losses 0.00
Ending Principal Balance 83,345,794.57
Interest
Collections allocable to interest 1,442,314.16
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 37,055.87
-------------------
Total Interest 1,479,370.03
Certificate Information
Beginning of Period Class A Principal Balance 81,876,757.43
Beginning of Period Class B Principal Balance 4,309,303.02
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,633,551.15
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 18,511.15
Aggregate Payahead Balance 33,563.85
Aggregate Payahead Balance for preceding Distribution Date 24,982.95
Interest Earned on Payahead Balances 336.28
Scheduled Payments due in Collection Period 2,648,301.05
Scheduled Payments collected in Collection Period 2,455,916.94
Aggregate Amount of Realized Losses for preceding Distribution Date 888,463.21
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 930.94
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 340 4,477,000.00
60+ days delinquent 364 4,975,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 9,452,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 1,102,158.20
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 9.05%
Delinquency Ratio for third preceding Determination Date 7.90%
Cumulative Defaults for preceding Determination Date 5,671,970.69
Cumulative Net Losses for preceding Determination Date 2,098,475.13
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) 2,868,002.94
Liquidation Proceeds 526,113.89
Recoveries 37,055.87
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,431,172.70
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,013,602.78
Prepayments in full allocable to principal 412,086.00
Principal Balance of Liquidated Receivables 1,414,577.10
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,840,265.88
Class A Principal Distributable Amount
Principal Distributable Amount 2,840,265.88
Times Class A Percentage (95%) 95%
-------------------
2,698,252.59
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,698,252.59
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 81,876,757.43
Multiplied by Certificate Pass-Through Rate 6.55%
Multiplied by 30/360, or for the first Distribution Date, by 29/360 0.0833333
-------------------
Class A Interest Distributable Amount 446,910.63
Class B Principal Distributable Amount
Principal Distributable Amount 2,840,265.88
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 142,013.29
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,309,303.02
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 41,872.06
Class B Excess Interest Amount
Total Distribution Amount 3,431,172.70
minus
Class A Principal and Interest Distributable Amount 3,145,163.22
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 41,872.06
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 142,013.29
Class B Principal Carryover Shortfall 0.00
Trustee distributions 2,008.27
Standby Servicer distributions 5,745.74
Servicer distributions 162,154.58
Collateral Agent distributions 1,077.33
Reimbursement Obligations 23,093.73
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
Use Source act distributed Source
--- ------ --------------- ------
(i) Standby Fee 5,745.74 3,431,172.70 5,745.74 3,431,172.70
Servicing Fee (2.0%) 143,643.43 3,425,426.96 143,643.43 0.00
Additional Servicing Fee Amounts 18,511.15 3,281,783.53 18,511.15 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,263,272.38 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,263,272.38 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,263,272.38 0.00
(iii) Trustee Fee 1,077.33 3,263,272.38 1,077.33
Trustee's out-of-pocket expenses 930.94 3,262,195.05 930.94
Unpaid Trustee Fee from prior Collection Periods 0.00 3,261,264.11 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,261,264.11 0.00
Collection Periods
(iv) Collateral Agent Fee 1,077.33 3,261,264.11 1,077.33
Collateral Agent Expenses 0.00 3,260,186.78 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,260,186.78 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,260,186.78 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 446,910.63 3,260,186.78 446,910.63
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 2,813,276.15 0.00
Class A Interest Carryover Shortfall 0.00 2,813,276.15 0.00
Interest on Interest Carryover from Prior Months 0.00 2,813,276.15 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,813,276.15 0.00
Class A Interest Distributable Amount 446,910.63 2,813,276.15 446,910.63
(viii)(A)Class B Coupon Interest - Unadjusted 41,872.06 2,366,365.52 41,872.06
Class B Interest Carryover Shortfall - 0.00 2,324,493.46 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 2,324,493.46 0.00
Previous Month(s)
Interest on Interest Carryover from Prior 0.00 2,324,493.46 0.00
Months
Current Month Class B Interest Shortfall 0.00 2,324,493.46 0.00
Adjusted Class B Interest Distributable Amount 41,872.06 2,324,493.46 41,872.06
(v)(B) Class A Principal Distributable Amount - 2,698,252.59 2,282,621.40 2,282,621.40 732,920.11
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 2,698,252.59 0.00 0.00 0.00
(vi) Certificate Insurer Premium 23,093.73 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 142,013.29 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 (91,955.52) 0.00 (91,955.52)
Adjusted Class B Principal Distributable Amount 50,057.77 91,955.52 50,057.77
(C) Excess Interest Amount for Deposit in Spread (0.00) 41,897.75 (0.00)
Account 41,897.75 41,897.75
Certificate Balance
Class A Beginning of Period Principal Balance 81,876,757.43
Class A Principal Distributions 2,698,252.59
Class A End of Period Principal Balance 79,178,504.84
Class B Beginning of Period Principal Balance 4,309,303.02
Class B Principal Distributable Amount 50,057.77
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,259,245.25
Withdrawl from Spread Account to Cover B Shortfalls 91,955.52
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,167,289.73
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,431,172.70
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 617,896.55
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,813,276.15
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,813,276.15
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 41,872.06
(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) 2,771,404.09
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,771,404.09
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,698,252.59
(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) 73,151.50
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 73,151.50
(vi) Certificate Insurer Premium 23,093.73
(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) 50,057.77
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 50,057.77
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 142,013.29
(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) (91,955.52)
Withdrawl from Spread Account to B PieceCover Shortfalls (91,955.52)
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 9,452,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 9,452,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 98,652,272.29
Delinquency Ratio 9.58%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 9.58%
Delinquency Ratio for second preceding Determination Date 9.05%
Delinquency Ratio for third preceding Determination Date 7.90%
-------------------
Average Delinquency Ratio 8.84% 8.84%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 5,671,970.69
Current Period Defaulted Receivables 1,102,158.20
-------------------
Total 6,774,128.89
Cumulative Defaulted Receivables 6,774,128.89
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 6.62%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,414,577.10
Cram Down Losses 0.00
Net Liquidation Proceeds (563,169.76)
-------------------
Net Liquidation Losses 851,407.34
Cumulative Previous Net Losses 2,098,475.13
-------------------
Cumulative Net Losses 2,949,882.47
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 2.88%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 46.86
Weighted Average Annual Percentage Rate 20.57%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,343,775.01
15% of Outstanding Certificate Balance 12,515,662.51
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,343,775.01
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 83,437,750.09
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 8,343,775.01
Beginning of Period Spread Account Balance 8,633,551.15
Spread Account Deposit (Withdrawal) from Current Distributions (0.00)
Transfer (to) from Cross-Collateralized Spread Accounts (3,868.88)
Required addition to/(eligible withdrawal from) Spread Account (285,907.26)
Earnings on Spread Account Balance 39,706.39
Amount of Spread Account deposit (withdrawal) (325,613.65)
Amount of Withdrawl Allocated to B Piece Shortfalls 91,955.52
Net Spread Account Withdrawl to Seller (233,658.13)
Ending Spread Account Balance 8,343,775.01
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: James L. Stock
Title: Controller
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
Distribution Date 1/15/98
Collection Period 12/97
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 $2,915,604.24
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $568,718.16
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,346,886.08
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $25.71
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.02
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $20.70
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $175,013.28
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $51,492.96
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $123,520.32
(j) Scheduled Payments due in such Collection Period $2,904,892.24
(k) Scheduled Payments collected in such
Collection Period $3,098,113.73
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 $108,027,193.03
(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 $105,556,786.63
(c) The Pool factor as of the close of business
on the last day set forth above 0.9771316
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 $201,834.38
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,201.81
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.78
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $22,143.45
(b) Distributions (to) from Collection Account $11,710.65
for Payaheads
(c) Interest earned on Payahead Balances $136.49
(d) Ending Payahead Account Balance $33,990.59
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 $9,500,110.80
Spread Account Balance $9,500,110.80
(b) The change in the spread account on the Distribution
Date set forth above ($194,791.62)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $29,248.03
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $507,774.11
(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 418
Aggregate Gross Amount $5,678,000.00
(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 415
Aggregate Gross Amount $5,663,000.00
8 Performance Triggers
(a) Delinquency Ratio 9.19%
(b) Average Delinquency Ratio 8.08%
(c) Cumulative Default Ratio 3.58%
(d) Cumulative Net Loss Ratio 1.01%
(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: 3,891,117.12
Lock Box NSF Items: (88,638.55)
Transfers from (to) Payahead Account: (11,710.65)
Collection Account Interest 13,589.64
Payahead Account Interest 136.49
Total Collection Proceeds: 3,804,494.05
For Distribution Date: 1/15/98
For Determination Date: 1/8/98
For Collection Period: 12/97
Collateral Activity Information
Principal
Beginning Principal Balance 108,027,193.03
Principal portion of payments collected (non-prepayments) 1,280,708.03
Prepayments in full allocable to principal 335,073.00
Collections allocable to principal 1,615,781.03
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 346,851.26
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,962,632.29
Realized Losses 507,774.11
Cram Down Losses 0.00
Ending Principal Balance 105,556,786.63
Interest
Collections allocable to interest 1,817,405.70
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 24,456.06
-------------------
Total Interest 1,841,861.76
Certificate Information
Beginning of Period Class A Principal Balance 102,625,833.39
Beginning of Period Class B Principal Balance 5,401,359.64
Miscellaneous Balances
Beginning of Period Spread Account Balance 9,694,902.42
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 21,789.06
Aggregate Payahead Balance 33,854.10
Aggregate Payahead Balance for preceding Distribution Date 22,143.45
Interest Earned on Payahead Balances 136.49
Scheduled Payments due in Collection Period 2,904,892.24
Scheduled Payments collected in Collection Period 3,098,113.73
Aggregate Amount of Realized Losses for preceding Distribution Date 507,774.11
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 915.04
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 418 5,678,000.00
60+ days delinquent 415 5,663,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 11,341,000.00
of the close of business on the last day of
the related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables as of 0.00
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
Principal Balance of all Receivables that became Defaulted 930,872.09
Receivables during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 8.31%
Delinquency Ratio for third preceding Determination Date 6.74%
Cumulative Defaults for preceding Determination Date 3,338,823.36
Cumulative Net Losses for preceding Determination Date 717,600.40
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) 3,433,186.73
Liquidation Proceeds 346,851.26
Recoveries 24,456.06
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,804,494.05
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,280,708.03
Prepayments in full allocable to principal 335,073.00
Principal Balance of Liquidated Receivables 854,625.37
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,470,406.40
Class A Principal Distributable Amount
Principal Distributable Amount 2,470,406.40
Times Class A Percentage (95%) 95%
-------------------
2,346,886.08
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,346,886.08
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 102,625,833.39
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 568,718.16
Class B Principal Distributable Amount
Principal Distributable Amount 2,470,406.40
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 123,520.32
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,401,359.64
Multiplied by Certificate Pass-Through Rate 11.44%
Multiplied by 30/360, or for the first Distribution Date, by 16/360 0.0833333
-------------------
Class B Coupon Interest Amount 51,492.96
Class B Excess Interest Amount
Total Distribution Amount 3,804,494.05
minus
Class A Principal and Interest Distributable Amount 2,915,604.24
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 51,492.96
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 123,520.32
Class B Principal Carryover Shortfall 0.00
Trustee distributions 2,265.38
Standby Servicer distributions 7,201.81
Servicer distributions 201,834.38
Collateral Agent distributions 1,350.34
Reimbursement Obligations 29,248.03
-------------------
471,976.59
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 7,201.81 3,804,494.05 7,201.81 3,804,494.05
Servicing Fee (2.0%) 180,045.32 3,797,292.24 180,045.32 0.00
Additional Servicing Fee Amounts 21,789.06 3,617,246.92 21,789.06 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,595,457.86 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,595,457.86 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,595,457.86 0.00
(iii) Trustee Fee 1,350.34 3,595,457.86 1,350.34
Trustee's out-of-pocket expenses 915.04 3,594,107.52 915.04
Unpaid Trustee Fee from prior Collection Periods 0.00 3,593,192.48 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,593,192.48 0.00
Collection Periods
(iv) Collateral Agent Fee 1,350.34 3,593,192.48 1,350.34
Collateral Agent Expenses 0.00 3,591,842.14 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,591,842.14 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,591,842.14 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - 568,718.16 3,591,842.14 568,718.16
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 3,023,123.98 0.00
Class A Interest Carryover Shortfall 0.00 3,023,123.98 0.00
Interest on Interest Carryover from Prior 0.00 3,023,123.98 0.00
Months
Current Month Class A Interest Carryover 0.00 3,023,123.98 0.00
Shortfall
Class A Interest Distributable Amount 568,718.16 3,023,123.98 568,718.16
(viii)(A)Class B Coupon Interest - Unadjusted 51,492.96 2,454,405.82 51,492.96
Class B Interest Carryover Shortfall - 0.00 2,402,912.86 0.00
Previous Month(s)
Interest on B Interest Shortfall - 0.00 2,402,912.86 0.00
Previous Month(s)
Interest on Interest Carryover from Prior 0.00 2,402,912.86 0.00
Months
Current Month Class B Interest 0.00 2,402,912.86 0.00
Shortfall
Adjusted Class B Interest Distributable 51,492.96 2,402,912.86 51,492.96
Amount
(v)(B) Class A Principal Distributable Amount - 2,346,886.08 2,351,419.90 2,346,886.08 1,457,607.97
Current Month
Class A Principal Carryover Shortfall - 0.00 4,533.82 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 4,533.82 0.00
Withdrawl from Spread Account to 0.00
Cover Shortfall
Class A Principal Distribution Amount 2,346,886.08 4,533.82 4,533.82 0.00
(vi) Certificate Insurer Premium 29,248.03 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
Class B Principal Distributable Amount - 123,520.32 0.00 0.00
(B) Current Month Unadjusted
Class B Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 123,520.32 0.00 0.00
(C) Excess Interest (Shortage) Amount for Deposit 471,976.59 0.00 0.00
to (withdrawl from) Spread Account 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 102,625,833.39
Class A Principal Distributions 2,346,886.08
Class A End of Period Principal Balance 100,278,947.31
Class B Beginning of Period Principal Balance 5,401,359.64
Class B Principal Distributable Amount 123,520.32
Class B End of Period Principal Balance BEFORE Spread Account Distributions 5,277,839.32
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 5,277,839.32
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,804,494.05
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 781,370.07
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,023,123.98
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,023,123.98
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 51,492.96
(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) 2,971,631.02
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,971,631.02
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,346,886.08
(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) 624,744.94
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 624,744.94
(vi) Certificate Insurer Premium 29,248.03
(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) 595,496.91
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 595,496.91
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 123,520.32
(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) 471,976.59
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 471,976.59
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 11,341,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 11,341,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 123,429,171.94
Delinquency Ratio 9.19%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 9.19%
Delinquency Ratio for second preceding Determination Date 8.31%
Delinquency Ratio for third preceding Determination Date 6.74%
-------------------
Average Delinquency Ratio 8.08% 8.08%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 3,338,823.36
Current Period Defaulted Receivables 930,872.09
-------------------
Total 4,269,695.45
Cumulative Defaulted Receivables 4,269,695.45
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 3.58%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 854,625.37
Cram Down Losses 0.00
Net Liquidation Proceeds (371,307.32)
-------------------
Net Liquidation Losses 483,318.05
Cumulative Previous Net Losses 717,600.40
-------------------
Cumulative Net Losses 1,200,918.45
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 1.01%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 49.34
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 9,500,110.80
15% of Outstanding Certificate Balance 15,833,517.99
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 9,500,110.80
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 105,556,786.63
Minimum Floor 100,000.00
--------------
Floor Amount 3,580,860.93
Required Spread Account Amount 9,500,110.80
Beginning of Period Spread Account Balance 9,694,902.42
Spread Account Deposit (Withdrawal) from Current Distributions 471,976.59
Transfer (to) from Cross-Collateralized Spread Accounts (11,513.65)
Required addition to/(eligible withdrawal from) Spread Account (655,254.56)
Earnings on Spread Account Balance 40,102.92
Amount of Spread Account deposit (withdrawal) (695,357.48)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (695,357.48)
Ending Spread Account Balance 9,500,110.80
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: James L. Stock
Title: Controller
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 1/15/98
Collection Period 12/97
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 $3,815,131.91
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $348,872.45
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,466,259.46
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $47.20
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.32
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $42.88
(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 $95,729.03
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $31,640.42
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $64,088.61
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $95,729.03
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $31,640.42
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $64,088.61
(s) Scheduled Payments due in such Collection Period $4,136,858.54
(t) Scheduled Payments collected in such
Collection Period $3,950,646.86
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 $142,604,727.44
(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 $134,865,337.70
(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 $130,333,415.68
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9139488
(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 $3,501,029.57
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0245506
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 $259,350.11
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,130.24
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.21
(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 3
Aggregate Purchase Amount $31,152.58
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 $7,427,860.97
Spread Account Balance $5,336,165.04
(b) The change in the spread account on the Distribution
Date set forth above $23,665.72
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 $37,293.46
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $330,920.03
(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 461
Aggregate Gross Amount $6,465,000.00
(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 392
Aggregate Gross Amount $5,557,000.00
7 Performance Triggers
(a) Delinquency Ratio 7.42%
(b) Average Delinquency Ratio 6.15%
(c) Cumulative Default Ratio 1.52%
(d) Cumulative Net Loss Ratio 0.28%
(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: 4,748,034.27
Lock Box NSF Items: (120,203.34)
Total Collection Proceeds: 4,627,830.93
For Distribution Date: 1/15/98
For Determination Date: 1/8/98
For Collection Period: 12/97
Collateral Activity Information
Principal
Beginning Principal Balance 142,604,727.44
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-----------------------
Aggregate Beginning Principal Balance 142,604,727.44
Principal portion of payments collected (non-prepayments) 1,558,092.12
Prepayments in full allocable to principal 419,757.00
Collections allocable to principal 1,977,849.12
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 223,622.49
Purchase Amounts allocable to principal 31,152.58
-----------------------
Total Principal 2,232,624.19
Realized Losses 330,920.03
Cram Down Losses 0.00
Ending Principal Balance 140,041,183.22
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 2,392,554.74
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 2,652.00
-----------------------
Total Interest 2,395,206.74
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 68,630,645.57
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,565,118.18
Beginning of Period Certificate Balance 3,565,118.18
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,312,499.32
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 21,675.56
Scheduled Payments due in Collection Period 4,136,858.54
Scheduled Payments collected in Collection Period 3,950,646.86
Aggregate Amount of Realized Losses for preceding Distribution Date 330,920.03
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 4,464.90
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 461 6,465,000.00
60+ days delinquent 392 5,557,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 31,152.58
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 12,022,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables 31,152.58
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 1,041,876.38
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 6.30%
Delinquency Ratio for third preceding Determination Date 4.72%
Cumulative Defaults for preceding Determination Date 1,240,072.71
Cumulative Net Losses for preceding Determination Date 96,990.00
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 6.4617%
minus 2.5% 2.50%
-----------------------
3.9617%
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) 4,370,403.86
Liquidation Proceeds 223,622.49
Recoveries 2,652.00
Purchase Amounts 31,152.58
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Excess released from Prefunding Account 0.00
Investment earnings from Note Distribution Account 443.89
Investment earnings from Prefunding Account 0.13
Investment earnings from Interest Reserve Account 301.28
Investment earnings from Collection Account 16,454.26
-----------------------
Total Distribution Amount 4,645,030.49
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,558,092.12
Prepayments in full allocable to principal 419,757.00
Principal Balance of Liquidated Receivables 554,542.52
Purchase Amounts allocable to principal 31,152.58
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 2,563,544.22
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 140,041,183.22
-----------------------
126,037,064.90 96.73%
-----------------------
Current Target %
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 44.9%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,563,544.22
Times Class A Noteholders' Percentage 95%
-----------------------
2,435,367.01
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 2,435,367.01
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 68,630,645.57
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 348,872.45
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 2,563,544.22
Times Class B Percentage 2.5%
-----------------------
Class B Principal Distributable Amount 64,088.61
Certificate Principal Distributable Amount
Principal Distributable Amount 2,563,544.22
Times Certificate Percentage 2.5%
-----------------------
Certificate Principal Distributable Amount 64,088.61
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,565,118.18
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 31,640.42
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,565,118.18
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 31,640.42
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 7,130.24 4,645,030.49 7,130.24
Servicing Fee (2.0%) 237,674.55 4,637,900.25 237,674.55 0.00
Additional Servicing Fee Amounts 21,675.56 4,400,225.70 21,675.56 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,378,550.14 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,378,550.14 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,378,550.14 0.00
(iii) Indenture Trustee Fee 1,188.37 4,378,550.14 1,188.37
Indenture Trustee's out-of-pocket expenses 4,464.90 4,377,361.77 4,464.90
Unpaid Indenture Trustee Fee from prior 0.00 4,372,896.87 0.00
Collection Periods
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 4,372,896.87 0.00
prior Collection Periods
Owner Trustee Fee 0.00 4,372,896.87 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,372,896.87 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,372,896.87 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 4,372,896.87 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,145.24 4,372,896.87 1,145.24
Collateral Agent Expenses 0.00 4,371,751.63 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,371,751.63 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,371,751.63 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 348,872.45
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 348,872.45 4,371,751.63 348,872.45
(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 4,022,879.18 327,868.20
(vi)(A) Class B Note Interest - Unadjusted 31,640.42
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 31,640.42 3,695,010.98 31,640.42
(B) Certificate Interest - Unadjusted 31,640.42
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 31,640.42 3,663,370.56 31,640.42
(vii) Class A Principal Distributable Amount - Current Month 2,435,367.01
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 2,435,367.01 3,631,730.14 2,435,367.01 0.00
Class A Principal Distribution Amount to Class A-2 0.00 1,196,363.13 0.00 0.00
(viii) Note Insurer Premium 37,293.46 1,196,363.13 37,293.46
Note Insurer Premium Supplement 0.00 1,159,069.67 0.00
Other Reimbursement Obligations to Note Insurer 0.00 1,159,069.67 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,159,069.67 0.00
(x) Class B Principal Distributable Amount - Current 64,088.61
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 64,088.61 1,159,069.67 64,088.61
Certificate Principal Distributable Amount - Current 64,088.61
Month Unadjusted
Certificate Principal Carryover Shortfall - Previous 0.00
Month(s)
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 64,088.61 1,094,981.06 64,088.61
(xi) Until the Target Payment Date, remaining amount to 1,030,892.45 1,030,892.45 1,030,892.45
Class A Noteholders
Amount to Class A-1 Noteholders 1,030,892.45 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. 0.00
Dist. Amount
(xiii) After an Event of Default, Certificateholders' Prin. 0.00
Dist. Amount
(xiv) After the Target Pmt. Date, remaining amount into 0.00
Spread Acct.
Securities Balance
Class A-1 Beginning of Period Principal Amount 68,630,645.57
Class A-1 Principal Distributions 2,435,367.01
Class A-1 End of Period Principal Amount (prior to turbo) 66,195,278.56
Additional Principal Distribution 1,030,892.45
Class A-1 End of Period Principal Amount 65,164,386.11
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 3,565,118.18
Class B Principal Distributable Amount 64,088.61
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,501,029.57
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,501,029.57
Certificate Beginning of Period Principal Amount 3,565,118.18
Certificate Principal Distributable Amount 64,088.61
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,501,029.57
Withdrawl from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,501,029.57
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 12,022,000.00
Purchased receivables more than 30 days delinquent 31,152.58
-----------------------
Total 12,053,152.58
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 162,512,637.26
Delinquency Ratio 7.42%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.42%
Delinquency Ratio for second preceding Determination Date 6.30%
Delinquency Ratio for third preceding Determination Date 4.72%
-----------------------
Average Delinquency Ratio 6.15% 6.15%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 1,240,072.71
Current Period Defaulted Receivables 1,041,876.38
-----------------------
Total 2,281,949.09
Cumulative Defaulted Receivables 2,281,949.09
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 1.52%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 554,542.52
Cram Down Losses 0.00
Net Liquidation Proceeds (226,274.49)
-----------------------
Net Liquidation Losses 328,268.03
Cumulative Previous Net Losses 96,990.00
-----------------------
Cumulative Net Losses 425,258.03
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 0.28%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 51.90
Weighted Average Annual Percentage Rate 20.41%
Spread Account
OC Percent
Aggregate Principal Balance 140,041,183.22
minus the Securities Balance 134,865,337.70
-----------------------
5,175,845.52
divided by the Aggregate Principal Balance 3.70%
Floor OC Percent
Aggregate Principal Balance 140,041,183.22
minus the Securities Balance 134,865,337.70
-----------------------
5,175,845.52
divided by the initial Aggregate Principal Balance 122,915,183.00
-----------------------
4.21%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 134,865,337.70
(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 5.30%
if a Trigger Event, 15% minus the OC Percent 11.30%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 26.30%
if an Insurance Agreement Event of Default, unlimited 999.00%
5.30%
times the Aggregate Principal Balance 140,041,183.22
-----------------------
7,427,860.97
Requisite Amount 7,427,860.97
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 7,427,860.97
Beginning of Period Spread Account Balance 5,312,499.32
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 2,115,361.65
Earnings on Spread Account Balance 23,665.72
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 5,336,165.04
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: James L. Stock
Title: Controller
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 1/15/98
Collection Period 12/97
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 $2,654,484.50
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $257,561.81
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,396,922.69
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $48.92
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.75
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $44.17
(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 $120,405.74
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $45,851.08
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $74,554.66
(p) Scheduled Payments due in such Collection Period $2,951,856.75
(q) Scheduled Payments collected in such
Collection Period $2,744,535.50
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 $103,911,800.95
(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 $100,930,411.36
(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 $94,828,991.80
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9125912
(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 $5,121,035.40
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0492825
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 $185,452.32
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,195.59
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.42
(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 12
Aggregate Purchase Amount $166,847.21
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 $7,727,567.30
Spread Account Balance $3,736,104.14
(b) The change in the spread account on the Distribution
Date set forth above $16,606.10
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 $27,944.40
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $2,359.90
(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 206
Aggregate Gross Amount $2,741,000.00
(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 92
Aggregate Gross Amount $1,382,000.00
7 Performance Triggers
(a) Delinquency Ratio 3.62%
(b) Average Delinquency Ratio 1.99%
(c) Cumulative Default Ratio 0.31%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-4
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,284,137.72
Lock Box NSF Items: (57,411.01)
Total Collection Proceeds: 3,226,726.71
For Distribution Date: 1/15/98
For Determination Date: 1/8/98
For Collection Period: 12/97
Collateral Activity Information
Principal
Beginning Principal Balance 103,911,800.95
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 103,911,800.95
Principal portion of payments collected (non-prepayments) 1,006,542.08
Prepayments in full allocable to principal 315,344.00
Collections allocable to principal 1,321,886.08
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 166,847.21
-----------------------
Total Principal 1,488,733.29
Realized Losses 2,359.90
Cram Down Losses 0.00
Ending Principal Balance 102,420,707.76
Interest
Collections allocable to interest $1,737,993.42
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 $1,737,993.42
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 50,918,315.89
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 5,195,590.06 102,421,504.55
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,719,498.04
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 12,265.99
Scheduled Payments due in Collection Period 2,951,856.75
Scheduled Payments collected in Collection Period 2,744,535.50
Aggregate Amount of Realized Losses for preceding Distribution Date 2,359.90
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 243.97
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 206 2,741,000.00
60+ days delinquent 92 1,382,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
12 166,847.21
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 4,123,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables 166,847.21
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 246,901.32
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 2.34%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 77,743.42
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) 3,059,879.50
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 166,847.21
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,834.14
-----------------------
Total Distribution Amount 3,238,560.85
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,006,542.08
Prepayments in full allocable to principal 315,344.00
Principal Balance of Liquidated Receivables 2,359.90
Purchase Amounts allocable to principal 166,847.21
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,491,093.19
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 102,420,707.76
-----------------------
92,178,636.98
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 45.2%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,491,093.19
Times Class A Noteholders' Percentage 95%
-----------------------
1,416,538.53
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,416,538.53
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 50,918,315.89
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 257,561.81
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 1,491,093.19
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 74,554.66
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 5,195,590.06
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 45,851.08
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 5,195.59 3,238,560.85 5,195.59
Servicing Fee (2.0%) 173,186.33 3,233,365.26 173,186.33 0.00
Additional Servicing Fee Amounts 12,265.99 3,060,178.93 12,265.99 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,047,912.94 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,047,912.94 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,047,912.94 0.00
(iii) Indenture Trustee Fee 865.93 3,047,912.94 865.93
Indenture Trustee's out-of-pocket expenses 243.97 3,047,047.01 243.97
Unpaid Indenture Trustee Fee from 0.00 3,046,803.04 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 3,046,803.04 0.00
prior Collection Periods
Owner Trustee Fee 0.00 3,046,803.04 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,046,803.04 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,046,803.04 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 3,046,803.04 0.00
prior Collection Periods
(iv) Collateral Agent Fee 853.51 3,046,803.04 853.51
Collateral Agent Expenses 0.00 3,045,949.53 0.00
Unpaid Collateral Agent Fee from 0.00 3,045,949.53 0.00
prior Collection Periods
Unpaid Collateral Agent Expenses from 0.00 3,045,949.53 0.00
prior Collection Periods
(v)(A) Class A-1 Interest Distributable Amount -
Current Month
Prior Month(s) Class A-1 Interest Carryover 257,561.81
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 257,561.81 3,045,949.53 257,561.81
(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 2,788,387.72 243,114.89
(vi)(A) Certificate Note Interest - Unadjusted 45,851.08
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 45,851.08 2,545,272.83 45,851.08
(vii) Class A Principal Distributable Amount - Current Month 1,416,538.53
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 1,416,538.53 2,499,421.75 1,416,538.53 0.00
Class A Principal Distribution Amount to Class A-2 0.00 1,082,883.22 0.00 0.00
(viii) Note Insurer Premium 27,944.40 1,082,883.22 27,944.40
Note Insurer Premium Supplement 0.00 1,054,938.82 0.00
Other Reimbursement Obligations to Note Insurer 0.00 1,054,938.82 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,054,938.82 0.00
(x) Certificate Principal Distributable Amount - 74,554.66
Current Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 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 74,554.66 1,054,938.82 74,554.66
(xi) Until the Target Payment Date, remaining amount to 980,384.16 980,384.16 980,384.16
Class A Noteholders
Amount to Class A-1 Noteholders 980,384.16 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 3,238,316.88 Total Disbursements
into Spread Acct. 3,238,560.85 Total Distribution Amt
======================
(243.97)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 50,918,315.89
Class A-1 Principal Distributions 1,416,538.53
Class A-1 End of Period Principal Amount (prior to turbo) 49,501,777.36
Additional Principal Distribution 980,384.16
Class A-1 End of Period Principal Amount 48,521,393.20
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 5,195,590.06
Certificate Principal Distributable Amount 74,554.66
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 5,121,035.40
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 5,121,035.40
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,223,499.05
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,123,000.00
Purchased receivables more than 30 days delinquent 166,847.21
-----------------------
Total 4,289,847.21
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 118,344,717.72
Delinquency Ratio 3.62%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 3.62%
Delinquency Ratio for second preceding Determination Date 2.34%
Delinquency Ratio for third preceding Determination Date 0.00%
-----------------------
Average Delinquency Ratio 1.99% 1.99%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 77,743.42
Current Period Defaulted Receivables 246,901.32
-----------------------
Total 324,644.74
Cumulative Defaulted Receivables 324,644.74
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 0.31%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,359.90
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-----------------------
Net Liquidation Losses 2,359.90
Cumulative Previous Net Losses 0.00
-----------------------
Cumulative Net Losses 2,359.90
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 53.90
Weighted Average Annual Percentage Rate 20.32%
Spread Account
OC Percent
Aggregate Principal Balance 102,420,707.76
minus the Securities Balance 100,930,411.36
-----------------------
1,490,296.40
divided by the Aggregate Principal Balance 1.46%
Floor OC Percent
Aggregate Principal Balance 102,420,707.76
minus the Securities Balance 100,930,411.36
-----------------------
1,490,296.40
divided by the initial Aggregate Principal Balance 105,860,630.11
-----------------------
1.41%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 100,930,411.36
(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
(II) initial Aggregate Principal Balance 105,860,630.11
--------------
0.00
Floor Amount 2,117,212.60
Requisite Amount
the greater of
(1)the Floor Amount 2,117,212.60
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 7.54%
if a Trigger Event, 15% minus the OC Percent 13.54%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 28.54%
if an Insurance Agreement Event of Default, unlimited 999.00%
7.54%
times the Aggregate Principal Balance 102,420,707.76
-----------------------
7,727,567.30
Requisite Amount 7,727,567.30
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 7,727,567.30
Beginning of Period Spread Account Balance 3,719,498.04
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 4,008,069.26
Earnings on Spread Account Balance 16,606.10
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 3,736,104.14
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: James L. Stock
Title: Controller
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
(REVISED)
Distribution Date 1/15/98
Collection Period 12/97
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 $1,852,560.91
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $287,230.11
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,565,330.80
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $33.23
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $5.15
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $28.08
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $187,600.00
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $187,600.00
(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 $3.04
(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 $104,187.08
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $41,975.75
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $62,211.33
(p) Scheduled Payments due in such Collection Period $2,679,552.95
(q) Scheduled Payments collected in such
Collection Period $1,928,617.10
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 $95,570,026.95
(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 $93,765,351.23
(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 $88,669,754.00
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9277988
(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 $4,712,281.67
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0493071
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 $162,912.44
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,778.50
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.92
(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 15
Aggregate Purchase Amount $178,606.30
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 $7,928,872.88
Spread Account Balance $3,352,075.26
(b) The change in the spread account on the Distribution
Date set forth above $2,354.26
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 $54,919.86
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,315.65
(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 86
Aggregate Gross Amount $1,285,000.00
(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 5
Aggregate Gross Amount $71,000.00
7 Performance Triggers
(a) Delinquency Ratio 1.43%
(b) Average Delinquency Ratio 0.77%
(c) Cumulative Default Ratio 0.03%
(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: 2,369,491.36
Lock Box NSF Items: (2,544.96)
Total Collection Proceeds: 2,366,946.40
For Distribution Date: 1/15/98
For Determination Date: 1/8/98
For Collection Period: 12/97
Collateral Activity Information
Principal
Beginning Principal Balance 95,570,026.95
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 95,570,026.95
Principal portion of payments collected (non-prepayments) 804,581.62
Prepayments in full allocable to principal 259,723.00
Collections allocable to principal 1,064,304.62
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 178,606.30
-----------------------
Total Principal 1,242,910.92
Realized Losses 1,315.65
Cram Down Losses 0.00
Ending Principal Balance 94,325,800.38
Interest
Collections allocable to interest $1,124,035.48
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 $1,124,035.48
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 55,060,084.80
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 4,774,493.00 95,009,577.80
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,349,721.00
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 3,629.06
Scheduled Payments due in Collection Period 2,679,552.95
Scheduled Payments collected in Collection Period 1,928,617.10
Aggregate Amount of Realized Losses for preceding Distribution Date 1,315.65
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 2,175.60
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 86 1,285,000.00
60+ days delinquent 5 71,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
15 178,606.30
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as 1,356,000.00
of the close of business on the last day of the
related Collection Period.
Principal Balance of all Receivables that became Purchased Receivables 178,606.30
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 28,184.58
during the related Collection Period.
Delinquency Ratio for second preceding Determination Date 0.11%
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) 2,188,340.10
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 178,606.30
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 3,776.16
-----------------------
Total Distribution Amount 2,370,722.56
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 804,581.62
Prepayments in full allocable to principal 259,723.00
Principal Balance of Liquidated Receivables 1,315.65
Purchase Amounts allocable to principal 178,606.30
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,244,226.57
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 94,325,800.38
-----------------------
84,893,220.34
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 37.0%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,244,226.57
Times Class A Noteholders' Percentage 95%
-----------------------
1,182,015.24
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,182,015.24
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 55,060,084.80
Multiplied by the Note Rate 6.26%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 287,230.11
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 0.0833333
-----------------------
Class A Interest Distributable Amount 187,600.00
Certificateholders Principal Distributable Amount
Principal Distributable Amount 1,244,226.57
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 62,211.33
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,774,493.00
Multiplied by Note Pass-Through Rate 10.55%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 41,975.75
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 4,778.50 2,370,722.56 4,778.50
Servicing Fee (2.0%) 159,283.38 2,365,944.06 159,283.38 0.00
Additional Servicing Fee Amounts 3,629.06 2,206,660.68 3,629.06 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,203,031.62 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,203,031.62 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,203,031.62 0.00
(iii) Indenture Trustee Fee 796.42 2,203,031.62 796.42
Indenture Trustee's out-of-pocket expenses 2,175.60 2,202,235.20 2,175.60
Unpaid Indenture Trustee Fee from prior 0.00 2,200,059.60 0.00
Collection Periods
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 2,200,059.60 0.00
prior Collection Periods
Owner Trustee Fee 0.00 2,200,059.60 0.00
Owner Trustee's out-of-pocket expenses 0.00 2,200,059.60 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 2,200,059.60 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior 0.00 2,200,059.60 0.00
Collection Periods
(iv) Collateral Agent Fee 791.75 2,200,059.60 791.75
Collateral Agent Expenses 0.00 2,199,267.85 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,199,267.85 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,199,267.85 0.00
Collection Periods
(v) (A) Class A-1 Interest Distributable Amount - Current Month 287,230.11
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 287,230.11 2,199,267.85 287,230.11
(B) Class A-2 Interest Distributable Amount - Current Month 187,600.00
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 187,600.00 1,912,037.74 187,600.00
(vi) (A) Certificate Note Interest - Unadjusted 41,975.75
Certificate 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 Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 41,975.75 1,724,437.74 41,975.75
(vii) Class A Principal Distributable Amount - Current Month 1,182,015.24
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 1,182,015.24 1,682,461.99 1,182,015.24 0.00
Class A Principal Distribution Amount to Class A-2 0.00 500,446.75 0.00 0.00
(viii) Note Insurer Premium 54,919.86 500,446.75 54,919.86
Note Insurer Premium Supplement 0.00 445,526.89 0.00
Other Reimbursement Obligations to Note Insurer 0.00 445,526.89 0.00
(ix) Transition Expenses to successor Servicer 0.00 445,526.89 0.00
(x) Certificate Principal Distributable Amount - 62,211.33
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 62,211.33 445,526.89 62,211.33
(xi) Until the Target Payment Date, remaining amount to 383,315.56 383,315.56 383,315.56
Class A Noteholders
Amount to Class A-1 Noteholders 383,315.56 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into 0.00 2,368,546.96 Total Disbursements
Spread Acct. 2,370,722.56 Total Distribution Amt
======================
(2,175.60)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 55,060,084.80
Class A-1 Principal Distributions 1,182,015.24
Class A-1 End of Period Principal Amount (prior to turbo) 53,878,069.56
Additional Principal Distribution 383,315.56
Class A-1 End of Period Principal Amount 53,494,754.00
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 4,774,493.00
Certificate Principal Distributable Amount 62,211.33
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,712,281.67
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,712,281.67
Adjusted Amount Remaining for Further Distribution/(Deficiency) 570,915.56
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 1,356,000.00
Purchased receivables more than 30 days delinquent 178,606.30
-----------------------
Total 1,534,606.30
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 107,265,088.22
Delinquency Ratio 1.43%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 1.43%
Delinquency Ratio for second preceding Determination Date 0.11%
Delinquency Ratio for third preceding Determination Date 0.00%
-----------------------
Average Delinquency Ratio 0.77% 0.51%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 28,184.58
-----------------------
Total 28,184.58
Cumulative Defaulted Receivables 28,184.58
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 0.03%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,315.65
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-----------------------
Net Liquidation Losses 1,315.65
Cumulative Previous Net Losses 0.00
-----------------------
Cumulative Net Losses 1,315.65
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 94,325,800.38
minus the Securities Balance 93,765,351.23
-----------------------
560,449.15
divided by the Aggregate Principal Balance 0.59%
Floor OC Percent
Aggregate Principal Balance 94,325,800.38
minus the Securities Balance 93,765,351.23
-----------------------
560,449.15
divided by the initial Aggregate Principal Balance 95,706,307.00
-----------------------
0.59%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 93,765,351.23
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 95,706,307.00
(II) balance of all Subsequent Receivables 0.00
--------------
1,914,126.14
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.41$
(II) initial Aggregate Principal Balance 95,706,307.00
--------------
396,613.92
Floor Amount 2,310,740.06
Requisite Amount
the greater of
(1)the Floor Amount 2,310,740.06
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 8.4%
if a Trigger Event, 15% minus the OC Percent 14.4%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 29.4%
if an Insurance Agreement Event of Default, unlimited 999%
8%
times the Aggregate Principal Balance 94,325,800.38
-----------------------
7,928,872.88
Requisite Amount 7,928,872.88
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 7,928,872.88
Beginning of Period Spread Account Balance 3,349,721.00
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 4,579,151.88
Earnings on Spread Account Balance 2,354.26
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 3,352,075.26
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: James L. Stock
Title: Controller