Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Distribution Date 2/17/98
Collection Period 1/98
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 $2,112,726.02
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $260,296.11
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,852,429.91
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $25.02
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.08
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $21.93
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $304,637.25
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $22,671.62
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $281,965.63
(j) Scheduled Payments due in such Collection Period $1,847,831.81
(k) Scheduled Payments collected in such
Collection Period $1,737,484.56
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 $49,442,871.00
(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 $47,838,891.35
(c) The Pool factor as of the close of business
on the last day set forth above 0.9675589
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 $100,280.32
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,296.19
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.19
(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 $24,813.02
(b) Distributions (to) from Collection Account $4,144.82
for Payaheads
(c) Interest earned on Payahead Balances $97.07
(d) Ending Payahead Account Balance $29,054.91
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 $7,175,833.70
Spread Account Balance $7,175,833.70
(b) The change in the spread account on the Distribution
Date set forth above ($277,864.49)
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 $13,159.50
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $620,872.59
(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 173
Aggregate Gross Amount $1,812,000.00
(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 181
Aggregate Gross Amount $2,066,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.07%
(b) Average Delinquency Ratio 8.00%
(c) Cumulative Default Ratio 14.07%
(d) Cumulative Net Loss Ratio 9.37%
(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: 2,280,687.17
Lock Box NSF Items: (65,464.54)
Transfers from (to) Payahead Account: (4,144.82)
Collection Account Interest 8,663.72
Payahead Account Interest 97.07
Total Collection Proceeds: 2,219,838.60
For Distribution Date: 2/17/98
For Determination Date: 2/9/98
For Collection Period: 1/98
Collateral Activity Information
Principal
Beginning Principal Balance 49,442,871.00
Principal portion of payments collected (non-prepayments) 919,443.57
Prepayments in full allocable to principal 296,766.00
Collections allocable to principal 1,216,209.57
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 112,844.06
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,329,053.63
Realized Losses 620,872.59
Cram Down Losses 0.00
Ending Principal Balance 47,492,944.78
Interest
Collections allocable to interest 818,040.99
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 72,743.98
-------------------
Total Interest 890,784.97
Certificate Information
Beginning of Period Class A Principal Balance 46,970,727.45
Beginning of Period Class B Principal Balance 2,720,593.81
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,453,698.19
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,875.53
Aggregate Payahead Balance 28,957.84
Aggregate Payahead Balance for preceding Distribution Date 24,813.02
Interest Earned on Payahead Balances 97.07
Scheduled Payments due in Collection Period 1,847,831.81
Scheduled Payments collected in Collection Period 1,737,484.56
Aggregate Amount of Realized Losses for preceding Distribution Date 620,872.59
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 173 1,812,000.00
60+ days delinquent 181 2,066,000.00
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
of the close of business on the last day of the
related Collection Period. 3,878,000.00
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
Receivables during the related Collection Period. 622,253.81
Delinquency Ratio for second preceding Determination Date 8.93%
Delinquency Ratio for third preceding Determination Date 7.99%
Cumulative Defaults for preceding Determination Date 11,885,534.14
Cumulative Net Losses for preceding Determination Date 7,782,710.24
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) 2,034,250.56
Liquidation Proceeds 112,844.06
Recoveries 72,743.98
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,219,838.60
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 919,443.57
Prepayments in full allocable to principal 296,766.00
Principal Balance of Liquidated Receivables 733,716.65
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,949,926.22
Class A Principal Distributable Amount
Principal Distributable Amount 1,949,926.22
Times Class A Percentage (95%) 95%
-------------------
1,852,429.91
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,852,429.91
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 46,970,727.45
Multiplied by Certificate Pass-Through Rate 6.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class A Interest Distributable Amount 260,296.11
Class B Principal Distributable Amount
Principal Distributable Amount 1,949,926.22
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 97,496.31
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,720,593.81
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 22,671.62
Class B Excess Interest Amount
Total Distribution Amount 2,219,838.60
minus
Class A Principal and Interest Distributable Amount 2,112,726.02
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 22,671.62
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 97,496.31
Class B Principal Carryover Shortfall 248,450.28
Trustee distributions 618.04
Standby Servicer distributions 3,296.19
Servicer distributions 100,280.32
Collateral Agent distributions 621.14
Reimbursement Obligations 13,159.50
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 248,450.28
-------------------
248,450.28
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 3,296.19 2,219,838.60 3,296.19 2,219,838.60
Servicing Fee (2.0%) 82,404.79 2,216,542.41 82,404.79 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,875.53 2,134,137.62 17,875.53 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,116,262.09 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,116,262.09 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,116,262.09 0.00
(iii) Trustee Fee 618.04 2,116,262.09 618.04
Trustee's out-of-pocket expenses 0.00 2,115,644.05 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,115,644.05 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,115,644.05 0.00
(iv) Collateral Agent Fee 621.14 2,115,644.05 621.14
Collateral Agent Expenses 0.00 2,115,022.91 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,115,022.91 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,115,022.91 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 260,296.11 2,115,022.91 260,296.11
Prior Month(s) Class A Carryover Shortfall 0.00 1,854,726.80 0.00
Class A Interest Carryover Shortfall 0.00 1,854,726.80 0.00
Interest on Interest Carryover from Prior Months 0.00 1,854,726.80 0.00
Current Month Class A Interest Carryover Shortfall 0.00 1,854,726.80 0.00
Class A Interest Distributable Amount 260,296.11 1,854,726.80 260,296.11
(viii)(A)Class B Coupon Interest - Unadjusted 22,671.62 1,594,430.69 22,671.62
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,571,759.07 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,571,759.07 0.00
Interest on Interest Carryover from Prior Months 0.00 1,571,759.07 0.00
Current Month Class B Interest Shortfall 0.00 1,571,759.07 0.00
Adjusted Class B Interest Distributable Amount 22,671.62 1,571,759.07 22,671.62
(v) (B) Class A Principal Distributable Amount - Current Month 1,852,429.91 1,549,087.45 1,549,087.45 367,408.69
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (20,374.73) 0.00 (20,374.73)
Withdrawl from Spread Account to Cover Shortfall 20,374.73
Class A Principal Distribution Amount 1,852,429.91 20,374.73 20,374.73 0.00
(vi) Certificate Insurer Premium 13,159.50 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current Month Unadjusted 97,496.31 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 248,450.28 0.00 0.00
Current Month Class B Principal Shortfall (345,946.59) 0.00 (345,946.59)
Adjusted Class B Principal Distributable Amount 0.00 345,946.59 0.00
(C) Excess Interest Amount for Deposit in Spread Account (33,534.23) 345,946.59 (33,534.23)
379,480.82 379,480.82
Certificate Balance
Class A Beginning of Period Principal Balance 46,970,727.45
Class A Principal Distributions 1,852,429.91
Class A End of Period Principal Balance 45,118,297.54
Class B Beginning of Period Principal Balance 2,720,593.81
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,720,593.81
Withdrawl from Spread Account to Cover B Shortfalls 281,965.63
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,438,628.18
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,219,838.60
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 365,111.80
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,854,726.80
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,854,726.80
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 22,671.62
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,832,055.18
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,832,055.18
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,852,429.91
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 20,374.73
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 13,159.50
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (13,159.50)
Withdrawl from Spread Account to Cover Deficiency 13,159.50
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 97,496.31
(iii) Prior month(s) carryover shortfalls 248,450.28
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (345,946.59)
Withdrawl from Spread Account to B PieceCover Shortfalls (281,965.63)
Adjusted Amount Remaining for Further Distribution/(Deficiency) (63,980.96)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,878,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 3,878,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 54,827,860.64
Delinquency Ratio 7.07%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.07%
Delinquency Ratio for second preceding Determination Date 8.93%
Delinquency Ratio for third preceding Determination Date 7.99%
-------------------
Average Delinquency Ratio 8.00% 8.00%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 11,885,534.14
Current Period Defaulted Receivables 622,253.81
-------------------
Total 12,507,787.95
Cumulative Defaulted Receivables 12,507,787.95
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 14.07%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 733,716.65
Cram Down Losses 0.00
Net Liquidation Proceeds (185,588.04)
-------------------
Net Liquidation Losses 548,128.61
Cumulative Previous Net Losses 7,782,710.24
-------------------
Cumulative Net Losses 8,330,838.85
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 9.37%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 35.85
Weighted Average Annual Percentage Rate 20.40%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,783,889.14
15% of Outstanding Certificate Balance 7,175,833.70
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
---------------
Cap Amount 7,175,833.70
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 47,838,891.35
Minimum Floor 100,000.00
---------------
Floor Amount 2,667,022.51
Required Spread Account Amount 7,175,833.70
Beginning of Period Spread Account Balance 7,453,698.19
Spread Account Deposit (Withdrawal) from Current Distributions (33,534.23)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (244,330.26)
Earnings on Spread Account Balance 37,635.37
Amount of Spread Account deposit (withdrawal) (281,965.63)
Amount of Withdrawl Allocated to B Piece Shortfalls 281,965.63
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,175,833.70
IN WITNESS WHEREOF, I, James L. Stock, 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: Vice President
-------------------------------------------------------
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
Distribution Date 2/17/98
Collection Period 1/98
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 $2,477,110.61
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $316,725.58
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,160,385.03
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $28.30
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.62
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $24.68
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $141,819.16
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $28,114.68
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $113,704.48
(j) Scheduled Payments due in such Collection Period $2,051,380.71
(k) Scheduled Payments collected in such
Collection Period $1,934,818.23
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $59,712,599.82
(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 $57,552,214.77
(c) The Pool factor as of the close of business
on the last day set forth above 0.9638203
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 $119,422.14
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,980.84
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.36
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $13,883.15
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 $29,245.73
(b) Distributions (to) from Collection Account $10,795.61
for Payaheads
(c) Interest earned on Payahead Balances $108.96
(d) Ending Payahead Account Balance $40,150.30
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 $5,755,221.48
Spread Account Balance $5,755,221.48
(b) The change in the spread account on the Distribution
Date set forth above ($216,315.68)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $15,915.25
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $713,180.57
(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 191
Aggregate Gross Amount $2,206,000.00
(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 225
Aggregate Gross Amount $2,894,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.59%
(b) Average Delinquency Ratio 8.46%
(c) Cumulative Default Ratio 12.14%
(d) Cumulative Net Loss Ratio 7.08%
(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: 2,676,138.62
Lock Box NSF Items: (113,089.29)
Transfers from (to) Payahead Account: (10,795.61)
Collection Account Interest 9,962.70
Payahead Account Interest 108.96
Total Collection Proceeds: 2,562,325.38
For Distribution Date: 2/17/98
For Determination Date: 2/9/98
For Collection Period: 1/98
Collateral Activity Information
Principal
Beginning Principal Balance 59,712,599.82
Principal portion of payments collected (non-prepayments) 989,678.23
Prepayments in full allocable to principal 376,927.00
Collections allocable to principal 1,366,605.23
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 180,420.55
Purchase Amounts allocable to principal 13,883.15
-------------------
Total Principal 1,560,908.93
Realized Losses 713,180.57
Cram Down Losses 0.00
Ending Principal Balance 57,438,510.32
Interest
Collections allocable to interest 945,140.00
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 56,276.45
-------------------
Total Interest 1,001,416.45
Certificate Information
Beginning of Period Class A Principal Balance 56,726,969.81
Beginning of Period Class B Principal Balance 2,985,629.99
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,971,537.16
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,901.14
Aggregate Payahead Balance 40,041.34
Aggregate Payahead Balance for preceding Distribution Date 29,245.73
Interest Earned on Payahead Balances 108.96
Scheduled Payments due in Collection Period 2,051,380.71
Scheduled Payments collected in Collection Period 1,934,818.23
Aggregate Amount of Realized Losses for preceding Distribution Date 713,180.57
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 191 2,206,000.00
60+ days delinquent 225 2,894,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
1 13,883.15
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,100,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 13,883.15
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 during the related Collection Period. 772,121.92
Delinquency Ratio for second preceding Determination Date 9.21%
Delinquency Ratio for third preceding Determination Date 8.58%
Cumulative Defaults for preceding Determination Date 10,409,307.09
Cumulative Net Losses for preceding Determination Date 5,862,695.86
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) 2,311,745.23
Liquidation Proceeds 180,420.55
Recoveries 56,276.45
Purchase Amounts 13,883.15
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 2,562,325.38
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 989,678.23
Prepayments in full allocable to principal 376,927.00
Principal Balance of Liquidated Receivables 893,601.12
Purchase Amounts allocable to principal 13,883.15
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,274,089.50
Class A Principal Distributable Amount
Principal Distributable Amount 2,274,089.50
Times Class A Percentage (95%) 95%
-------------------
2,160,385.03
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,160,385.03
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 56,726,969.81
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 316,725.58
Class B Principal Distributable Amount
Principal Distributable Amount 2,274,089.50
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 113,704.48
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,985,629.99
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 28,114.68
Class B Excess Interest Amount
Total Distribution Amount 2,562,325.38
minus
Class A Principal and Interest Distributable Amount 2,477,110.61
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 28,114.68
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 113,704.48
Class B Principal Carryover Shortfall 0.00
Trustee distributions 746.41
Standby Servicer distributions 3,980.84
Servicer distributions 119,422.14
Collateral Agent distributions 746.41
Reimbursement Obligations 15,915.25
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
Use Source act distributed Source
--- ------ --------------- ------
(i) Standby Fee 3,980.84 0.00 0.00
Servicing Fee (2.0%) 99,521.00 0.00 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,901.14 0.00 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00 113,704.48
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00 0.00
(iii) Trustee Fee 746.41 0.00 0.00
Trustee's out-of-pocket expenses 0.00 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 0.00 0.00
(iv) Collateral Agent Fee 746.41 0.00 0.00
Collateral Agent Expenses 0.00 0.00 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 0.00 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 316,725.58 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 316,725.58 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 28,114.68 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00 113,704.48
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00 113,704.48
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 28,114.68 0.00 0.00
(v) (B) Class A Principal Distributable Amount - Current Month 2,160,385.03 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (67,795.70) 0.00 (67,795.70)
Withdrawl from Spread Account to Cover Shortfall 67,795.70
Class A Principal Distribution Amount 2,160,385.03 67,795.70 67,795.70
(vi) Certificate Insurer Premium 15,915.25 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 113,704.48 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (113,704.48) 0.00 (113,704.48)
Adjusted Class B Principal Distributable Amount 0.00 113,704.48 0.00
Excess Interest Amount for Deposit in Spread Account (83,710.96) 113,704.48 (83,710.96)
197,415.43 197,415.43
Certificate Balance
Class A Beginning of Period Principal Balance 56,726,969.81
Class A Principal Distributions 2,160,385.03
Class A End of Period Principal Balance 54,566,584.78
Class B Beginning of Period Principal Balance 2,985,629.99
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,985,629.99
Withdrawl from Spread Account to Cover B Shortfalls 113,704.48
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,871,925.51
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,562,325.38
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 441,621.38
(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) 2,120,704.00
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,120,704.00
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 28,114.68
(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) 2,092,589.32
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,092,589.32
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,160,385.03
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 67,795.70 If (i) is
less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 15,915.25
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (15,915.25)
Withdrawl from Spread Account to Cover Deficiency 15,915.25
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 113,704.48
(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) (113,704.48)
Withdrawl from Spread Account to B PieceCover Shortfalls (113,704.48)
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 5,100,000.00
Purchased receivables more than 30 days delinquent 13,883.15
-------------------
Total 5,113,883.15
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 67,390,377.91
Delinquency Ratio 7.59%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.59%
Delinquency Ratio for second preceding Determination Date 9.21%
Delinquency Ratio for third preceding Determination Date 8.58%
-------------------
Average Delinquency Ratio 8.46% 8.46%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 10,409,307.09
Current Period Defaulted Receivables 772,121.92
-------------------
Total 11,181,429.01
Cumulative Defaulted Receivables 11,181,429.01
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 12.14%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 893,601.12
Cram Down Losses 0.00
Net Liquidation Proceeds (236,697.00)
-------------------
Net Liquidation Losses 656,904.12
Cumulative Previous Net Losses 5,862,695.86
-------------------
Cumulative Net Losses 6,519,599.98
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 7.08%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 39.84
Weighted Average Annual Percentage Rate 20.51%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,755,221.48
15% of Outstanding Certificate Balance 8,632,832.21
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
---------------
Cap Amount 5,755,221.48
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 57,552,214.77
Minimum Floor 100,000.00
---------------
Floor Amount 2,763,878.99
Required Spread Account Amount 5,755,221.48
Beginning of Period Spread Account Balance 5,971,537.16
Spread Account Deposit (Withdrawal) from Current Distributions (83,710.96)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (132,604.72)
Earnings on Spread Account Balance 31,686.92
Amount of Spread Account deposit (withdrawal) (164,291.64)
Amount of Withdrawl Allocated to B Piece Shortfalls 113,704.48
Net Spread Account Withdrawl to Seller (50,587.17)
Ending Spread Account Balance 5,755,221.48
IN WITNESS WHEREOF, I, James L. Stock, 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: Vice President
-------------------------------------------------------
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Distribution Date 2/17/98
Collection Period 1/98
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 $2,533,499.82
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $343,734.15
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,189,765.67
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $28.72
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.90
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $24.82
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $144,397.87
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $29,147.05
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $115,250.82
(j) Scheduled Payments due in such Collection Period $2,242,039.36
(k) Scheduled Payments collected in such
Collection Period $2,073,005.89
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $68,919,127.09
(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 $66,729,361.42
(c) The Pool factor as of the close of business
on the last day set forth above 0.9682270
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 $136,161.29
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,594.61
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.54
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $1,085.38
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $28,335.46
(b) Distributions (to) from Collection Account $15,353.13
for Payaheads
(c) Interest earned on Payahead Balances $105.22
(d) Ending Payahead Account Balance $43,793.81
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 $6,672,936.14
Spread Account Balance $6,672,936.14
(b) The change in the spread account on the Distribution
Date set forth above ($218,976.57)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $18,457.66
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $782,987.06
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 232
Aggregate Gross Amount $3,041,000.00
(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 246
Aggregate Gross Amount $3,345,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.12%
(b) Average Delinquency Ratio 8.46%
(c) Cumulative Default Ratio 9.22%
(d) Cumulative Net Loss Ratio 5.37%
(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: 2,834,211.97
Lock Box NSF Items: (113,285.47)
Transfers from (to) Payahead Account: (15,353.13)
Collection Account Interest 10,031.71
Payahead Account Interest 105.22
Total Collection Proceeds: 2,715,710.30
For Distribution Date: 2/17/98
For Determination Date: 2/9/98
For Collection Period: 1/98
Collateral Activity Information
Principal
Beginning Principal Balance 68,919,127.09
Principal portion of payments collected (non-prepayments) 945,536.13
Prepayments in full allocable to principal 374,554.00
Collections allocable to principal 1,320,090.13
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 200,853.92
Purchase Amounts allocable to principal 1,085.38
-------------------
Total Principal 1,522,029.43
Realized Losses 782,987.06
Cram Down Losses 0.00
Ending Principal Balance 66,614,110.60
Interest
Collections allocable to interest 1,127,469.76
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 66,211.11
-------------------
Total Interest 1,193,680.87
Certificate Information
Beginning of Period Class A Principal Balance 65,473,170.72
Beginning of Period Class B Principal Balance 3,445,956.37
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,891,912.71
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 21,296.08
Aggregate Payahead Balance 43,688.59
Aggregate Payahead Balance for preceding Distribution Date 28,335.46
Interest Earned on Payahead Balances 105.22
Scheduled Payments due in Collection Period 2,242,039.36
Scheduled Payments collected in Collection Period 2,073,005.89
Aggregate Amount of Realized Losses for preceding Distribution Date 782,987.06
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 232 3,041,000.00
60+ days delinquent 246 3,345,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
1 1,085.38
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 6,386,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 1,085.38
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 during the related Collection Period. 937,411.00
Delinquency Ratio for second preceding Determination Date 8.89%
Delinquency Ratio for third preceding Determination Date 8.36%
Cumulative Defaults for preceding Determination Date 7,628,030.59
Cumulative Net Losses for preceding Determination Date 4,267,221.92
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) 2,447,559.89
Liquidation Proceeds 200,853.92
Recoveries 66,211.11
Purchase Amounts 1,085.38
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 2,715,710.30
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 945,536.13
Prepayments in full allocable to principal 374,554.00
Principal Balance of Liquidated Receivables 983,840.98
Purchase Amounts allocable to principal 1,085.38
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,305,016.49
Class A Principal Distributable Amount
Principal Distributable Amount 2,305,016.49
Times Class A Percentage (95%) 95%
-------------------
2,189,765.67
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,189,765.67
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 65,473,170.72
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 343,734.15
Class B Principal Distributable Amount
Principal Distributable Amount 2,305,016.49
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 115,250.82
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,445,956.37
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 29,147.05
Class B Excess Interest Amount
Total Distribution Amount 2,715,710.30
minus
Class A Principal and Interest Distributable Amount 2,533,499.82
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 29,147.05
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 115,250.82
Class B Principal Carryover Shortfall 0.00
Trustee distributions 861.49
Standby Servicer distributions 4,594.61
Servicer distributions 136,161.29
Collateral Agent distributions 861.49
Reimbursement Obligations 18,457.66
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
Use Source act distributed Source
--- ------ --------------- ------
(i) Standby Fee 4,594.61 2,715,710.30 4,594.61 2,715,710.30
Servicing Fee (2.0%) 114,865.21 2,711,115.69 114,865.21 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 21,296.08 2,596,250.48 21,296.08 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,574,954.40 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,574,954.40 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,574,954.40 0.00
(iii) Trustee Fee 861.49 2,574,954.40 861.49
Trustee's out-of-pocket expenses 0.00 2,574,092.91 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 2,574,092.91 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,574,092.91 0.00
(iv) Collateral Agent Fee 861.49 2,574,092.91 861.49
Collateral Agent Expenses 0.00 2,573,231.42 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,573,231.42 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,573,231.42 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 343,734.15 2,573,231.42 343,734.15
Prior Month(s) Class A Carryover Shortfall 0.00 2,229,497.27 0.00
Class A Interest Carryover Shortfall 0.00 2,229,497.27 0.00
Interest on Interest Carryover from Prior Months 0.00 2,229,497.27 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,229,497.27 0.00
Class A Interest Distributable Amount 343,734.15 2,229,497.27 343,734.15
(viii)(A)Class B Coupon Interest - Unadjusted 29,147.05 1,885,763.12 29,147.05
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,856,616.07 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,856,616.07 0.00
Interest on Interest Carryover from Prior Months 0.00 1,856,616.07 0.00
Current Month Class B Interest Shortfall 0.00 1,856,616.07 0.00
Adjusted Class B Interest Distributable Amount 29,147.05 1,856,616.07 29,147.05
(v) (B) Class A Principal Distributable Amount - Current Month 2,189,765.67 1,827,469.02 1,827,469.02 525,944.63
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 2,189,765.67 0.00 0.00 0.00
(vi) Certificate Insurer Premium 18,457.66 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 115,250.82 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (115,250.82) 0.00 (115,250.82)
Adjusted Class B Principal Distributable Amount 0.00 115,250.82 0.00
Excess Interest Amount for Deposit in Spread Account (7,873.11) 115,250.82 (7,873.11)
123,123.93 123,123.93
Certificate Balance
Class A Beginning of Period Principal Balance 65,473,170.72
Class A Principal Distributions 2,189,765.67
Class A End of Period Principal Balance 63,283,405.05
Class B Beginning of Period Principal Balance 3,445,956.37
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,445,956.37
Withdrawl from Spread Account to Cover B Shortfalls 115,250.82
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,330,705.55
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,715,710.30
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 486,213.03
(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) 2,229,497.27
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,229,497.27
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 29,147.05
(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) 2,200,350.22
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,200,350.22
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,189,765.67
(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) 10,584.55
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 10,584.55
(vi) Certificate Insurer Premium 18,457.66
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (7,873.11)
Withdrawl from Spread Account to Cover Deficiency 7,873.11
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency ) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 115,250.82
(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) (115,250.82)
Withdrawl from Spread Account to B PieceCover Shortfalls (115,250.82)
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 6,386,000.00
Purchased receivables more than 30 days delinquent 1,085.38
-------------------
Total 6,387,085.38
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 78,623,514.12
Delinquency Ratio 8.12%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.12%
Delinquency Ratio for second preceding Determination Date 8.89%
Delinquency Ratio for third preceding Determination Date 8.36%
-------------------
Average Delinquency Ratio 8.46% 8.46%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 7,628,030.59
Current Period Defaulted Receivables 937,411.00
-------------------
Total 8,565,441.59
Cumulative Defaulted Receivables 8,565,441.59
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 9.22%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 983,840.98
Cram Down Losses 0.00
Net Liquidation Proceeds (267,065.03)
-------------------
Net Liquidation Losses 716,775.95
Cumulative Previous Net Losses 4,267,221.92
-------------------
Cumulative Net Losses 4,983,997.87
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 5.37%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 43.10
Weighted Average Annual Percentage Rate 20.54%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,672,936.14
15% of Outstanding Certificate Balance 10,009,404.21
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
-------------
Cap Amount 6,672,936.14
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 66,729,361.42
Minimum Floor 100,000.00
----------
Floor Amount 2,785,734.33
Required Spread Account Amount 6,672,936.14
Beginning of Period Spread Account Balance 6,891,912.71
Spread Account Deposit (Withdrawal) from Current Distributions (7,873.11)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (211,103.46)
Earnings on Spread Account Balance 36,794.55
Amount of Spread Account deposit (withdrawal) (247,898.01)
Amount of Withdrawl Allocated to B Piece Shortfalls 115,250.82
Net Spread Account Withdrawl to Seller (132,647.19)
Ending Spread Account Balance 6,672,936.14
IN WITNESS WHEREOF, I, James L. Stock, 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: Vice President
-------------------------------------------------------
Current month excess servicing fee #REF!
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Distribution Date 2/17/98
Collection Period 1/98
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 $3,101,130.34
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $432,182.67
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,668,947.67
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $31.90
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.45
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $27.46
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $180,963.10
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $40,492.17
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $140,470.93
(j) Scheduled Payments due in such Collection Period $2,591,933.43
(k) Scheduled Payments collected in such
Collection Period $2,404,034.58
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 $83,345,794.57
(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 $80,676,846.90
(c) The Pool factor as of the close of business
on the last day set forth above 0.9679774
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 $162,922.84
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,556.39
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.68
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $11,526.76
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $33,900.13
(b) Distributions (to) from Collection Account $2,016.20
for Payaheads
(c) Interest earned on Payahead Balances $346.72
(d) Ending Payahead Account Balance $36,263.05
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,067,684.69
Spread Account Balance $8,067,684.69
(b) The change in the spread account on the Distribution
Date set forth above ($276,090.32)
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 $22,315.29
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,040,693.10
(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 290
Aggregate Gross Amount $3,800,000.00
(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 327
Aggregate Gross Amount $4,088,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.31%
(b) Average Delinquency Ratio 8.98%
(c) Cumulative Default Ratio 7.60%
(d) Cumulative Net Loss Ratio 3.86%
(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: 3,286,082.90
Lock Box NSF Items: (126,100.07)
Transfers from (to) Payahead Account: (2,016.20)
Collection Account Interest 12,053.81
Payahead Account Interest 346.72
Total Collection Proceeds: 3,170,367.16
For Distribution Date: 2/17/98
For Determination Date: 2/9/98
For Collection Period: 1/98
Collateral Activity Information
Principal
Beginning Principal Balance 83,345,794.57
Principal portion of payments collected (non-prepayments) 1,043,107.60
Prepayments in full allocable to principal 470,482.00
Collections allocable to principal 1,513,589.60
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 243,609.14
Purchase Amounts allocable to principal 11,526.76
-------------------
Total Principal 1,768,725.50
Realized Losses 1,040,693.10
Cram Down Losses 0.00
Ending Principal Balance 80,536,375.97
Interest
Collections allocable to interest 1,360,926.98
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 40,714.68
-------------------
Total Interest 1,401,641.66
Certificate Information
Beginning of Period Class A Principal Balance 79,178,504.84
Beginning of Period Class B Principal Balance 4,167,289.73
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,343,775.01
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 24,013.18
Aggregate Payahead Balance 35,916.33
Aggregate Payahead Balance for preceding Distribution Date 33,900.13
Interest Earned on Payahead Balances 346.72
Scheduled Payments due in Collection Period 2,591,933.43
Scheduled Payments collected in Collection Period 2,404,034.58
Aggregate Amount of Realized Losses for preceding Distribution Date 1,040,693.10
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 290 3,800,000.00
60+ days delinquent 327 4,088,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
1 11,526.76
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 7,888,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 11,526.76
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 during the related Collection
Period. 1,005,085.12
Delinquency Ratio for second preceding Determination Date 9.58%
Delinquency Ratio for third preceding Determination Date 9.05%
Cumulative Defaults for preceding Determination Date 6,774,128.89
Cumulative Net Losses for preceding Determination Date 2,949,882.47
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) 2,874,516.58
Liquidation Proceeds 243,609.14
Recoveries 40,714.68
Purchase Amounts 11,526.76
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 3,170,367.16
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,043,107.60
Prepayments in full allocable to principal 470,482.00
Principal Balance of Liquidated Receivables 1,284,302.24
Purchase Amounts allocable to principal 11,526.76
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,809,418.60
Class A Principal Distributable Amount
Principal Distributable Amount 2,809,418.60
Times Class A Percentage (95%) 95%
-------------------
2,668,947.67
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,668,947.67
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 79,178,504.84
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 432,182.67
Class B Principal Distributable Amount
Principal Distributable Amount 2,809,418.60
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 140,470.93
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,167,289.73
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 40,492.17
Class B Excess Interest Amount
Total Distribution Amount 3,170,367.16
minus
Class A Principal and Interest Distributable Amount 3,101,130.34
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 40,492.17
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 140,470.93
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,041.82
Standby Servicer distributions 5,556.39
Servicer distributions 162,922.84
Collateral Agent distributions 1,041.82
Reimbursement Obligations 22,315.29
-------------------
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 5,556.39 3,170,367.16 5,556.39 3,170,367.16
Servicing Fee (2.0%) 138,909.66 3,164,810.77 138,909.66 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 24,013.18 3,025,901.11 24,013.18 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 3,001,887.93 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,001,887.93 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,001,887.93 0.00
(iii) Trustee Fee 1,041.82 3,001,887.93 1,041.82
Trustee's out-of-pocket expenses 0.00 3,000,846.11 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,000,846.11 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 3,000,846.11 0.00
(iv) Collateral Agent Fee 1,041.82 3,000,846.11 1,041.82
Collateral Agent Expenses 0.00 2,999,804.29 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,999,804.29 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,999,804.29 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 432,182.67 2,999,804.29 432,182.67
Prior Month(s) Class A Carryover Shortfall 0.00 2,567,621.62 0.00
Class A Interest Carryover Shortfall 0.00 2,567,621.62 0.00
Interest on Interest Carryover from Prior Months 0.00 2,567,621.62 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,567,621.62 0.00
Class A Interest Distributable Amount 432,182.67 2,567,621.62 432,182.67
(viii) (AClass B Coupon Interest - Unadjusted 40,492.17 2,135,438.95 40,492.17
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,094,946.78 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,094,946.78 0.00
Interest on Interest Carryover from Prior Months 0.00 2,094,946.78 0.00
Current Month Class B Interest Shortfall 0.00 2,094,946.78 0.00
Adjusted Class B Interest Distributable Amount 40,492.17 2,094,946.78 40,492.17
(v) (B) Class A Principal Distributable Amount - Current Month 2,668,947.67 2,054,454.61 2,054,454.61 501,419.49
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (141,818.22) 0.00 (141,818.22)
Withdrawl from Spread Account to Cover Shortfall 141,818.22
Class A Principal Distribution Amount 2,668,947.67 141,818.22 141,818.22 0.00
(vi) Certificate Insurer Premium 22,315.29 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month Unadjusted 140,470.93 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (140,470.93) 0.00 (140,470.93)
Adjusted Class B Principal Distributable Amount 0.00 140,470.93 0.00
Excess Interest Amount for Deposit in Spread Account (164,133.51) 140,470.93 (164,133.51)
304,604.44 304,604.44
Certificate Balance
Class A Beginning of Period Principal Balance 79,178,504.84
Class A Principal Distributions 2,668,947.67
Class A End of Period Principal Balance 76,509,557.17
Class B Beginning of Period Principal Balance 4,167,289.73
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,167,289.73
Withdrawl from Spread Account to Cover B Shortfalls 140,470.93
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,026,818.80
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,170,367.16
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 602,745.54
(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) 2,567,621.62
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,567,621.62
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 40,492.17
(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) 2,527,129.45
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,527,129.45
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,668,947.67
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 141,818.22
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 22,315.29
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (22,315.29)
Withdrawl from Spread Account to Cover Deficiency 22,315.29
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 140,470.93
(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) (140,470.93)
Withdrawl from Spread Account to B PieceCover Shortfalls (140,470.93)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,888,000.00
Purchased receivables more than 30 days delinquent 11,526.76
-------------------
Total 7,899,526.76
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 95,063,237.95
Delinquency Ratio 8.31%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.31%
Delinquency Ratio for second preceding Determination Date 9.58%
Delinquency Ratio for third preceding Determination Date 9.05%
-------------------
Average Delinquency Ratio 8.98% 8.98%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 6,774,128.89
Current Period Defaulted Receivables 1,005,085.12
-------------------
Total 7,779,214.01
Cumulative Defaulted Receivables 7,779,214.01
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 7.60%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,284,302.24
Cram Down Losses 0.00
Net Liquidation Proceeds (284,323.82)
-------------------
Net Liquidation Losses 999,978.42
Cumulative Previous Net Losses 2,949,882.47
-------------------
Cumulative Net Losses 3,949,860.89
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 3.86%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 45.95
Weighted Average Annual Percentage Rate 20.57%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 8,067,684.69
15% of Outstanding Certificate Balance 12,101,527.04
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 8,067,684.69
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 80,676,846.90
Minimum Floor 100,000.00
-------------
Floor Amount 3,069,810.29
Required Spread Account Amount 8,067,684.69
Beginning of Period Spread Account Balance 8,343,775.01
Spread Account Deposit (Withdrawal) from Current Distributions (164,133.51)
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (111,956.81)
Earnings on Spread Account Balance 43,407.13
Amount of Spread Account deposit (withdrawal) (155,363.94)
Amount of Withdrawl Allocated to B Piece Shortfalls 140,470.93
Net Spread Account Withdrawl to Seller (14,893.01)
Ending Spread Account Balance 8,067,684.69
IN WITNESS WHEREOF, I, James L. Stock, 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: Vice President
-----------------------------------------------------
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-2
6.65% Asset-Backed Certificates
Distribution Date 2/17/98
Collection Period 1/98
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 $3,030,981.17
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $555,712.50
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,475,268.67
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $26.73
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.90
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $21.83
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $180,592.70
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $50,315.40
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $130,277.30
(j) Scheduled Payments due in such Collection Period $3,188,061.47
(k) Scheduled Payments collected in such
Collection Period $3,048,975.76
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 $105,556,786.63
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $102,951,240.66
(c) The Pool factor as of the close of business
on the last day set forth above 0.9753162
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 $202,830.19
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,037.12
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.79
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.06
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 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 $33,990.59
(b) Distributions (to) from Collection Account $14,057.22
for Payaheads
(c) Interest earned on Payahead Balances $123.10
(d) Ending Payahead Account Balance $48,170.91
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 $9,265,611.66
Spread Account Balance $9,265,611.66
(b) The change in the spread account on the Distribution
Date set forth above ($234,499.14)
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 $28,526.07
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $808,513.39
(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 343
Aggregate Gross Amount $4,575,000.00
(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 389
Aggregate Gross Amount $5,438,000.00
8 Performance Triggers
(a) Delinquency Ratio 8.34%
(b) Average Delinquency Ratio 8.61%
(c) Cumulative Default Ratio 4.66%
(d) Cumulative Net Loss Ratio 1.67%
(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: 3,801,776.09
Lock Box NSF Items: (168,893.76)
Transfers from (to) Payahead Account: (14,057.22)
Collection Account Interest 13,138.57
Payahead Account Interest 123.10
Total Collection Proceeds: 3,632,086.78
For Distribution Date: 2/17/98
For Determination Date: 2/9/98
For Collection Period: 1/98
Collateral Activity Information
Principal
Beginning Principal Balance 105,556,786.63
Principal portion of payments collected (non-prepayments) 1,235,365.11
Prepayments in full allocable to principal 383,626.00
Collections allocable to principal 1,618,991.11
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 178,041.47
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,797,032.58
Realized Losses 808,513.39
Cram Down Losses 0.00
Ending Principal Balance 102,951,240.66
Interest
Collections allocable to interest 1,813,610.65
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 21,443.55
-------------------
Total Interest 1,835,054.20
Certificate Information
Beginning of Period Class A Principal Balance 100,278,947.31
Beginning of Period Class B Principal Balance 5,277,839.32
Miscellaneous Balances
Beginning of Period Spread Account Balance 9,500,110.80
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 26,902.21
Aggregate Payahead Balance 48,047.81
Aggregate Payahead Balance for preceding Distribution Date 33,990.59
Interest Earned on Payahead Balances 123.10
Scheduled Payments due in Collection Period 3,188,061.47
Scheduled Payments collected in Collection Period 3,048,975.76
Aggregate Amount of Realized Losses for preceding Distribution Date 808,513.39
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 343 4,575,000.00
60+ days delinquent 389 5,438,000.00
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
of the close of business on the last day of
the related Collection Period. 10,013,000.00
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
Receivables during the related Collection
Period. 1,288,697.09
Delinquency Ratio for second preceding Determination Date 9.19%
Delinquency Ratio for third preceding Determination Date 8.31%
Cumulative Defaults for preceding Determination Date 4,269,695.45
Cumulative Net Losses for preceding Determination Date 1,200,918.45
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) 3,432,601.76
Liquidation Proceeds 178,041.47
Recoveries 21,443.55
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 3,632,086.78
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,235,365.11
Prepayments in full allocable to principal 383,626.00
Principal Balance of Liquidated Receivables 986,554.86
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,605,545.97
Class A Principal Distributable Amount
Principal Distributable Amount 2,605,545.97
Times Class A Percentage (95%) 95%
-------------------
2,475,268.67
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,475,268.67
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 100,278,947.31
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 555,712.50
Class B Principal Distributable Amount
Principal Distributable Amount 2,605,545.97
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 130,277.30
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 5,277,839.32
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 50,315.40
Class B Excess Interest Amount
Total Distribution Amount 3,632,086.78
minus
Class A Principal and Interest Distributable Amount 3,030,981.17
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 50,315.40
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 130,277.30
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,319.46
Standby Servicer distributions 7,037.12
Servicer distributions 202,830.19
Collateral Agent distributions 1,319.46
Reimbursement Obligations 28,526.07
-------------------
179,480.61
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 7,037.12 3,632,086.78 7,037.12 3,632,086.78
Servicing Fee (2.0%) 175,927.98 3,625,049.66 175,927.98 0.00
Additional Servicing Fee Amounts 26,902.21 3,449,121.68 26,902.21 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,422,219.47 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,422,219.47 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,422,219.47 0.00
(iii) Trustee Fee 1,319.46 3,422,219.47 1,319.46
Trustee's out-of-pocket expenses 0.00 3,420,900.01 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,420,900.01 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,420,900.01 0.00
Collection Periods
(iv) Collateral Agent Fee 1,319.46 3,420,900.01 1,319.46
Collateral Agent Expenses 0.00 3,419,580.55 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,419,580.55 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,419,580.55 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 555,712.50 3,419,580.55 555,712.50
Prior Month(s) Class A Carryover Shortfall 0.00 2,863,868.05 0.00
Class A Interest Carryover Shortfall 0.00 2,863,868.05 0.00
Interest on Interest Carryover from Prior Months 0.00 2,863,868.05 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,863,868.05 0.00
Class A Interest Distributable Amount 555,712.50 2,863,868.05 555,712.50
(viii)(A)Class B Coupon Interest - Unadjusted 50,315.40 2,308,155.55 50,315.40
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,257,840.15 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,257,840.15 0.00
Interest on Interest Carryover from Prior Months 0.00 2,257,840.15 0.00
Current Month Class B Interest Shortfall 0.00 2,257,840.15 0.00
Adjusted Class B Interest Distributable Amount 50,315.40 2,257,840.15 50,315.40
(v) (B) Class A Principal Distributable Amount - Current Month 2,475,268.67 2,207,524.75 2,207,524.75 1,156,818.11
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 2,475,268.67 0.00 0.00 0.00
(vi) Certificate Insurer Premium 28,526.07 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month 130,277.30 0.00 0.00
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 130,277.30 0.00 0.00
Excess Interest (Shortage) Amount for Deposit to (withdrawl 179,480.61 0.00 0.00
from ) Spread Account 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 100,278,947.31
Class A Principal Distributions 2,475,268.67
Class A End of Period Principal Balance 97,803,678.64
Class B Beginning of Period Principal Balance 5,277,839.32
Class B Principal Distributable Amount 130,277.30
Class B End of Period Principal Balance BEFORE Spread Account Distributions 5,147,562.02
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 5,147,562.02
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,632,086.78
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 768,218.73
(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) 2,863,868.05
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,863,868.05
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 50,315.40
(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) 2,813,552.65
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,813,552.65
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,475,268.67
(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) 338,283.98
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 338,283.98
(vi) Certificate Insurer Premium 28,526.07
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 309,757.91
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 309,757.91
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 130,277.30
(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) 179,480.61
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 179,480.61
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 10,013,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 10,013,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 120,110,922.29
Delinquency Ratio 8.34%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 8.34%
Delinquency Ratio for second preceding Determination Date 9.19%
Delinquency Ratio for third preceding Determination Date 8.31%
-------------------
Average Delinquency Ratio 8.61% 8.61%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 4,269,695.45
Current Period Defaulted Receivables 1,288,697.09
-------------------
Total 5,558,392.54
Cumulative Defaulted Receivables 5,558,392.54
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 4.66%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 986,554.86
Cram Down Losses 0.00
Net Liquidation Proceeds (199,485.02)
-------------------
Net Liquidation Losses 787,069.84
Cumulative Previous Net Losses 1,200,918.45
-------------------
Cumulative Net Losses 1,987,988.29
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 1.67%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 48.45
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 9,265,611.66
15% of Outstanding Certificate Balance 15,442,686.10
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 9,265,611.66
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 102,951,240.66
Minimum Floor 100,000.00
Floor Amount 3,580,860.93
Required Spread Account Amount 9,265,611.66
Beginning of Period Spread Account Balance 9,500,110.80
Spread Account Deposit (Withdrawal) from Current Distributions 179,480.61
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account (413,979.75)
Earnings on Spread Account Balance 49,281.25
Amount of Spread Account deposit (withdrawal) (463,261.00)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (463,261.00)
Ending Spread Account Balance 9,265,611.66
IN WITNESS WHEREOF, I, James L. Stock, 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: Vice President
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-3
6.10% Asset-Backed Notes, Class A-1
6.38% Asset-Backed Notes, Class A-2
10.65% Asset-Backed Notes, Class B
10.65% Asset-Backed Certificates
Distribution Date 2/17/98
Collection Period 1/98
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 $3,778,920.59
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $331,252.30
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,447,668.29
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $46.75
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.10
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $42.65
(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 $88,653.79
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $31,071.64
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $57,582.15
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $88,653.79
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $31,071.64
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $57,582.15
(s) Scheduled Payments due in such Collection Period $4,106,937.13
(t) Scheduled Payments collected in such
Collection Period $3,960,228.03
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 $140,041,183.22
(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 $131,531,159.14
(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 $126,828,165.24
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9056491
(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 $3,443,447.42
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0245888
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 $261,955.42
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $7,002.06
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.24
(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 6
Aggregate Purchase Amount $68,075.20
3 Payment Shortfalls.
(a) The amount of the Class A-1 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A-2 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(c) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i) above $0.00
(d) The amount of the Class B Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(e) The amount of the Class B Principal Carryover Shortfall after
giving effect to the payment set forth in
paragraph A.1. (o) above $0.00
(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 $4,930,126.30
Spread Account Balance $4,930,126.30
(b) The change in the spread account on the Distribution
Date set forth above ($406,038.74)
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 $36,354.58
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $226,849.94
(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 401
Aggregate Gross Amount $5,606,000.00
(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 457
Aggregate Gross Amount $6,646,000.00
7 Performance Triggers
(a) Delinquency Ratio 7.73%
(b) Average Delinquency Ratio 7.15%
(c) Cumulative Default Ratio 2.36%
(d) Cumulative Net Loss Ratio 0.42%
(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: 4,780,154.53
Lock Box NSF Items: (204,912.78)
Total Collection Proceeds: 4,575,241.75
For Distribution Date: 2/17/98
For Determination Date: 2/9/98
For Collection Period: 1/98
Collateral Activity Information
Principal
Beginning Principal Balance 140,041,183.22
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-----------------------
Aggregate Beginning Principal Balance 140,041,183.22
Principal portion of payments collected (non-prepayments) 1,482,251.05
Prepayments in full allocable to principal 474,505.00
Collections allocable to principal 1,956,756.05
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 51,604.93
Purchase Amounts allocable to principal 68,075.20
-----------------------
Total Principal 2,076,436.18
Realized Losses 226,849.94
Cram Down Losses 0.00
Ending Principal Balance 137,737,897.10
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 2,477,976.98
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 20,828.59
-----------------------
Total Interest 2,498,805.57
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 65,164,386.11
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,501,029.57
Beginning of Period Certificate Balance 3,501,029.57
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,336,165.04
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 28,553.45
Scheduled Payments due in Collection Period 4,106,937.13
Scheduled Payments collected in Collection Period 3,960,228.03
Aggregate Amount of Realized Losses for preceding Distribution Date 226,849.94
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 401 5,606,000.00
60+ days delinquent 457 6,646,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
6 68,075.20
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 12,252,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 68,075.20
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
during the related Collection Period. 1,265,272.32
Delinquency Ratio for second preceding Determination Date 7.42%
Delinquency Ratio for third preceding Determination Date 6.30%
Cumulative Defaults for preceding Determination Date 2,281,949.09
Cumulative Net Losses for preceding Determination Date 425,258.03
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 6.4671%
minus 2.5% 2.50%
-----------------------
3.9671%
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) 4,434,733.03
Liquidation Proceeds 51,604.93
Recoveries 20,828.59
Purchase Amounts 68,075.20
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 442.85
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 300.58
Investment earnings from Collection Account 15,705.55
-----------------------
Total Distribution Amount 4,591,690.73
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,482,251.05
Prepayments in full allocable to principal 474,505.00
Principal Balance of Liquidated Receivables 278,454.87
Purchase Amounts allocable to principal 68,075.20
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 2,303,286.12
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 137,737,897.10
-----------------------
------------
123,964,107.39 97.74%
------------
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 46.1%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,303,286.12
Times Class A Noteholders' Percentage 95%
-----------------------
2,188,121.81
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 2,188,121.81
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 65,164,386.11
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 331,252.30
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 2,303,286.12
Times Class B Percentage 2.5%
-----------------------
Class B Principal Distributable Amount 57,582.15
Certificate Principal Distributable Amount
Principal Distributable Amount 2,303,286.12
Times Certificate Percentage 2.5%
-----------------------
Certificate Principal Distributable Amount 57,582.15
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,501,029.57
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 31,071.64
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,501,029.57
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 31,071.64
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 7,002.06 4,591,690.73 7,002.06 4,591,690.73
Servicing Fee (2.0%) 233,401.97 4,584,688.67 233,401.97 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 28,553.45 4,351,286.70 28,553.45 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 4,322,733.25 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,322,733.25 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,322,733.25 0.00
(iii) Indenture Trustee Fee 1,167.01 4,322,733.25 1,167.01
Indenture Trustee's out-of-pocket expenses 0.00 4,321,566.24 0.00
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 4,321,566.24 0.00
Unpaid Indenture Trustee's out-of-pocket exp.
- prior Collection Periods 0.00 4,321,566.24 0.00
Owner Trustee Fee 0.00 4,321,566.24 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,321,566.24 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,321,566.24 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 4,321,566.24 0.00
(iv) Collateral Agent Fee 1,115.29 4,321,566.24 1,115.29
Collateral Agent Expenses 0.00 4,320,450.95 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,320,450.95 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,320,450.95 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 331,252.30
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 331,252.30 4,320,450.95 331,252.30
(B) Class A-2 Interest Distributable Amount - Current Month 327,868.20
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 327,868.20 3,989,198.65 327,868.20
(vi) (A) Class B Note Interest - Unadjusted 31,071.64
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 31,071.64 3,661,330.45 31,071.64
(B) Certificate Interest - Unadjusted 31,071.64
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 31,071.64 3,630,258.81 31,071.64
(vii) Class A Principal Distributable Amount - Current Month 2,188,121.81
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 2,188,121.81 3,599,187.17 2,188,121.81 0.00
Class A Principal Distribution Amount to Class A-2 0.00 1,411,065.36 0.00 0.00
(viii) Note Insurer Premium 36,354.58 1,411,065.36 36,354.58
Note Insurer Premium Supplement 0.00 1,374,710.78 0.00
Other Reimbursement Obligations to Note Insurer 0.00 1,374,710.78 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,374,710.78 0.00
(x) Class B Principal Distributable Amount - Current Month Unadjusted 57,582.15
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class B Principal Shortfall 0.00
Adjusted Class B Principal Distributable Amount 57,582.15 1,374,710.78 57,582.15
Certificate Principal Distributable Amount - Current Month Unadjusted 57,582.15
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Certificate Principal Shortfall 0.00
Adjusted Certificate Principal Distributable Amount 57,582.15 1,317,128.63 57,582.15
(xi) Until the Target Payment Date, remaining amount to Class A Noteholders1,259,546.48 1,259,546.48 1,259,546.48
Amount to Class A-1 Noteholders 1,259,546.48 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. Amount 0.00
(xiii) After an Event of Default, Certificateholders' Prin. Dist. Amount 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
Securities Balance
Class A-1 Beginning of Period Principal Amount 65,164,386.11
Class A-1 Principal Distributions 2,188,121.81
Class A-1 End of Period Principal Amount (prior to turbo) 62,976,264.30
Additional Principal Distribution 1,259,546.48
Class A-1 End of Period Principal Amount 61,716,717.82
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 3,501,029.57
Class B Principal Distributable Amount 57,582.15
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,443,447.42
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,443,447.42
Certificate Beginning of Period Principal Amount 3,501,029.57
Certificate Principal Distributable Amount 57,582.15
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,443,447.42
Withdrawl from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,443,447.42
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 12,252,000.00
Purchased receivables more than 30 days delinquent 68,075.20
-----------------------
Total 12,320,075.20
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 159,367,652.69
Delinquency Ratio 7.73%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.73%
Delinquency Ratio for second preceding Determination Date 7.42%
Delinquency Ratio for third preceding Determination Date 6.30%
-----------------------
Average Delinquency Ratio 7.15% 7.15%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 2,281,949.09
Current Period Defaulted Receivables 1,265,272.32
-----------------------
Total 3,547,221.41
Cumulative Defaulted Receivables 3,547,221.41
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 2.36%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 278,454.87
Cram Down Losses 0.00
Net Liquidation Proceeds (72,433.52)
-----------------------
Net Liquidation Losses 206,021.35
Cumulative Previous Net Losses 425,258.03
-----------------------
Cumulative Net Losses 631,279.38
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 0.42%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 51.03
Weighted Average Annual Percentage Rate 20.41%
Spread Account
OC Percent
Aggregate Principal Balance 137,737,897.10
minus the Securities Balance 130,271,612.66
-----------------------
7,466,284.44
divided by the Aggregate Principal Balance 5.42%
Floor OC Percent
Aggregate Principal Balance 137,737,897.10
minus the Securities Balance 130,271,612.66
-----------------------
7,466,284.44
divided by the initial Aggregate Principal Balance 150,000,000.00
-----------------------
4.98%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 130,271,612.66
(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 150,000,000.00
---------------
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 3.58%
if a Trigger Event, 15% minus the OC Percent 9.58%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 24.58%
if an Insurance Agreement Event of Default, unlimited 999.00%
3.58%
times the Aggregate Principal Balance 137,737,897.10
-----------------------
4,930,126.30
Requisite Amount 4,930,126.30
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 4,930,126.30
Beginning of Period Spread Account Balance 5,336,165.04
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 (406,038.74)
Earnings on Spread Account Balance 27,095.77
Amount of Spread Account deposit (withdrawal) (433,134.51)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (433,134.51)
Ending Spread Account Balance 4,930,126.30
IN WITNESS WHEREOF, I, James L. Stock, 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: Vice President
-----------------------------------------------------
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 2/17/98
Collection Period 1/98
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 $2,776,888.38
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $245,437.38
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,531,451.00
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $51.18
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.52
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $46.65
(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 $125,303.78
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $45,193.14
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $80,110.64
(p) Scheduled Payments due in such Collection Period $2,933,931.93
(q) Scheduled Payments collected in such
Collection Period $2,930,601.40
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 $102,420,707.76
(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 $98,347,814.41
(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 $92,297,540.79
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9011609
(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 $5,040,924.76
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0492178
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 $187,061.24
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,121.04
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.45
(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 7
Aggregate Purchase Amount $83,127.46
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 $6,602,983.99
Spread Account Balance $3,755,045.85
(b) The change in the spread account on the Distribution
Date set forth above $18,941.71
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 $27,214.51
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $81,229.92
(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 240
Aggregate Gross Amount $3,397,000.00
(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 151
Aggregate Gross Amount $2,159,000.00
7 Performance Triggers
(a) Delinquency Ratio 4.86%
(b) Average Delinquency Ratio 3.61%
(c) Cumulative Default Ratio 0.66%
(d) Cumulative Net Loss Ratio 0.08%
(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: 3,468,583.88
Lock Box NSF Items: (114,019.52)
Total Collection Proceeds: 3,354,564.36
For Distribution Date: 2/17/98
For Determination Date: 2/9/98
For Collection Period: 1/98
Collateral Activity Information
Principal
Beginning Principal Balance 102,420,707.76
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 102,420,707.76
Principal portion of payments collected (non-prepayments) 1,097,019.91
Prepayments in full allocable to principal 337,448.00
Collections allocable to principal 1,434,467.91
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 3,387.50
Purchase Amounts allocable to principal 83,127.46
-----------------------
Total Principal 1,520,982.87
Realized Losses 81,229.92
Cram Down Losses 0.00
Ending Principal Balance 100,818,494.97
Interest
Collections allocable to interest $1,833,581.49
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 $1,833,581.49
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 48,521,393.20
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 5,121,035.40 99,950,027.20
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,736,104.14
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 16,360.06
Scheduled Payments due in Collection Period 2,933,931.93
Scheduled Payments collected in Collection Period 2,930,601.40
Aggregate Amount of Realized Losses for preceding Distribution Date 81,229.92
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
---------------- --------------
31 - 59 days delinquent 240 3,397,000.00
60+ days delinquent 151 2,159,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
7 83,127.46
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 5,556,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 83,127.46
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
during the related Collection Period. 378,790.65
Delinquency Ratio for second preceding Determination Date 3.62%
Delinquency Ratio for third preceding Determination Date 2.34%
Cumulative Defaults for preceding Determination Date 324,644.74
Cumulative Net Losses for preceding Determination Date 2,359.90
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) 3,268,049.40
Liquidation Proceeds 3,387.50
Recoveries 0.00
Purchase Amounts 83,127.46
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,825.91
-----------------------
Total Distribution Amount 3,366,390.27
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,097,019.91
Prepayments in full allocable to principal 337,448.00
Principal Balance of Liquidated Receivables 84,617.42
Purchase Amounts allocable to principal 83,127.46
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,602,212.79
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 100,818,494.97
-----------------------
90,736,645.47
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 46.3%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,602,212.79
Times Class A Noteholders' Percentage 95%
-----------------------
1,522,102.15
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,522,102.15
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 48,521,393.20
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 245,437.38
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 1,602,212.79
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 80,110.64
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 5,121,035.40
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 45,193.14
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 5,121.04 3,366,390.27 5,121.04 3,366,390.27
Servicing Fee (2.0%) 170,701.18 3,361,269.23 170,701.18 0.00
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 16,360.06 3,190,568.05 16,360.06 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 3,174,207.99 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,174,207.99 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,174,207.99 0.00
(iii) Indenture Trustee Fee 853.51 3,174,207.99 853.51
Indenture Trustee's out-of-pocket expenses 0.00 3,173,354.48 0.00
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 3,173,354.48 0.00
Unpaid Indenture Trustee's out-of-pocket exp.
- prior Collection Periods 0.00 3,173,354.48 0.00
Owner Trustee Fee 0.00 3,173,354.48 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,173,354.48 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,173,354.48 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 3,173,354.48 0.00
(iv) Collateral Agent Fee 832.92 3,173,354.48 832.92
Collateral Agent Expenses 0.00 3,172,521.56 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,172,521.56 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,172,521.56 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 245,437.38
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 245,437.38 3,172,521.56 245,437.38
(BClass 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 2,927,084.18 243,114.89
(vi) (A) Certificate Note Interest - Unadjusted 45,193.14
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 45,193.14 2,683,969.29 45,193.14
(vii) Class A Principal Distributable Amount - Current Month 1,522,102.15
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 1,522,102.15 2,638,776.15 1,522,102.15 0.00
Class A Principal Distribution Amount to Class A-2 0.00 1,116,674.00 0.00 0.00
(viii) Note Insurer Premium 27,214.51 1,116,674.00 27,214.51
Note Insurer Premium Supplement 0.00 1,089,459.49 0.00
Other Reimbursement Obligations to Note Insurer 0.00 1,089,459.49 0.00
(ix) Transition Expenses to successor Servicer 0.00 1,089,459.49 0.00
(x) Certificate Principal Distributable Amount - Current Month Unadjusted 80,110.64
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 80,110.64 1,089,459.49 80,110.64
(xi) Until the Target Payment Date, remaining amount to Class A Noteholders 1,009,348.85 1,009,348.85 1,009,348.85
Amount to Class A-1 Noteholders 1,009,348.85 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 Spread Acct. 0.00 3,366,390.27 Total Disbursements
3,366,390.27 Total Distribution Amt
=============
0.00 Shortage (Over)
=============
Securities Balance
Class A-1 Beginning of Period Principal Amount 48,521,393.20
Class A-1 Principal Distributions 1,522,102.15
Class A-1 End of Period Principal Amount (prior to turbo) 46,999,291.05
Additional Principal Distribution 1,009,348.85
Class A-1 End of Period Principal Amount 45,989,942.19
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 5,121,035.40
Certificate Principal Distributable Amount 80,110.64
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 5,040,924.76
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 5,040,924.76
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,252,463.74
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,556,000.00
Purchased receivables more than 30 days delinquent 83,127.46
-----------------------
Total 5,639,127.46
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 116,143,570.87
Delinquency Ratio 4.86%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.86%
Delinquency Ratio for second preceding Determination Date 3.62%
Delinquency Ratio for third preceding Determination Date 2.34%
-----------------------
Average Delinquency Ratio 3.61% 3.61%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 324,644.74
Current Period Defaulted Receivables 378,790.65
-----------------------
Total 703,435.39
Cumulative Defaulted Receivables 703,435.39
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 0.66%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 84,617.42
Cram Down Losses 0.00
Net Liquidation Proceeds (3,387.50)
-----------------------
Net Liquidation Losses 81,229.92
Cumulative Previous Net Losses 2,359.90
-----------------------
Cumulative Net Losses 83,589.82
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 0.08%
Additional Pool Information:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 53.02
Weighted Average Annual Percentage Rate 20.32%
Spread Account
OC Percent
Aggregate Principal Balance 100,818,494.97
minus the Securities Balance 98,347,814.41
-----------------------
2,470,680.56
divided by the Aggregate Principal Balance 2.45%
Floor OC Percent
Aggregate Principal Balance 100,818,494.97
minus the Securities Balance 98,347,814.41
-----------------------
2,470,680.56
divided by the initial Aggregate Principal Balance 105,860,630.11
-----------------------
2.33%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 98,347,814.41
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 105,860,630.11
(II) balance of all Subsequent Receivables 0.00
-------------
2,117,212.60
(B)the product of
(I) excess of 1% over the Floor OC Percent
0.00% (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 6.55%
if a Trigger Event, 15% minus the OC Percent 12.55%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 27.55%
if an Insurance Agreement Event of Default, unlimited 999.00%
6.55%
times the Aggregate Principal Balance 100,818,494.97
-----------------------
6,602,983.99
Requisite Amount 6,602,983.99
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 6,602,983.99
Beginning of Period Spread Account Balance 3,736,104.14
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 2,866,879.85
Earnings on Spread Account Balance 18,941.71
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 3,755,045.85
IN WITNESS WHEREOF, I, James L. Stock, 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: Vice President
-----------------------------------------------------
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-5
6.26% Asset-Backed Notes, Class A-1
6.40% Asset-Backed Notes, Class A-2
10.55% Asset-Backed Certificates
Distribution Date 2/17/98
Collection Period 1/98
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 $2,294,856.87
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $279,064.30
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,015,792.57
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $41.16
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $5.01
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $36.16
(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 $97,933.96
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $41,428.81
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $56,505.15
(p) Scheduled Payments due in such Collection Period $2,670,407.49
(q) Scheduled Payments collected in such
Collection Period $2,446,259.82
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 $94,325,800.38
(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 $92,251,932.66
(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 $86,653,961.43
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.9186666
(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 $4,655,776.52
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0493585
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 $168,154.85
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,716.29
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.02
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.08
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 11
Aggregate Purchase Amount $151,826.48
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 $7,443,848.05
Spread Account Balance $3,369,093.83
(b) The change in the spread account on the Distribution
Date set forth above $17,018.57
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $28,468.75
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 157
Aggregate Gross Amount $2,133,000.00
(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 49
Aggregate Gross Amount $721,000.00
7 Performance Triggers
(a) Delinquency Ratio 2.84%
(b) Average Delinquency Ratio 1.46%
(c) Cumulative Default Ratio 0.12%
(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: 2,845,315.47
Lock Box NSF Items: (65,846.17)
Total Collection Proceeds: 2,779,469.30
For Distribution Date: 2/17/98
For Determination Date: 2/9/98
For Collection Period: 1/98
Collateral Activity Information
Principal
Beginning Principal Balance 94,325,800.38
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
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Aggregate Beginning Principal Balance 94,325,800.38
Principal portion of payments collected (non-prepayments) 796,893.53
Prepayments in full allocable to principal 181,383.00
Collections allocable to principal 978,276.53
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 151,826.48
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Total Principal 1,130,103.01
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 93,195,697.37
Interest
Collections allocable to interest $1,649,366.29
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
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Total Interest $1,649,366.29
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 53,494,754.00
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 4,712,281.67 93,382,035.67
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,352,075.26
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 10,945.18
Scheduled Payments due in Collection Period 2,670,407.49
Scheduled Payments collected in Collection Period 2,446,259.82
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
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31 - 59 days delinquent 157 2,133,000.00
60+ days delinquent 49 721,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
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11 151,826.48
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 2,854,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 151,826.48
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
during the related Collection Period. 90,631.69
Delinquency Ratio for second preceding Determination Date 1.43%
Delinquency Ratio for third preceding Determination Date 0.11%
Cumulative Defaults for preceding Determination Date 28,184.58
Cumulative Net Losses for preceding Determination Date 1,315.65
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) 2,627,642.82
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 151,826.48
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 9,325.65
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Total Distribution Amount 2,788,794.95
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 796,893.53
Prepayments in full allocable to principal 181,383.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 151,826.48
Cram Down Losses 0.00
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Principal Distributable Amount 1,130,103.01
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 93,195,697.37
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83,876,127.63
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 37.7%
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95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,130,103.01
Times Class A Noteholders' Percentage 95%
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1,073,597.86
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
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Class A Principal Distributable Amount 1,073,597.86
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 53,494,754.00
Multiplied by the Note Rate 6.26%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
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Class A Interest Distributable Amount 279,064.30
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
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Class A Interest Distributable Amount 187,600.00
Certificateholders Principal Distributable Amount
Principal Distributable Amount 1,130,103.01
Times Certificate Percentage 5.0%
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Class B Principal Distributable Amount 56,505.15
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,712,281.67
Multiplied by Note Pass-Through Rate 10.55%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
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Certificate Coupon Interest Amount 41,428.81
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
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0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
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0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
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0.00
Class A Principal Carryover Shortfall from previous period 0.00
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0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
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0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
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0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
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0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
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0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing
Agreement):
Use Source act distributed Source
--- ------ --------------- ------
(i) Standby Fee 4,716.29 2,788,794.95 4,716.29 2,788,794.95
Servicing Fee (2.0%) 157,209.67 2,784,078.66 157,209.67 0.00
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 10,945.18 2,626,868.99 10,945.18 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,615,923.81 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,615,923.81 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,615,923.81 0.00
(iii) Indenture Trustee Fee 786.05 2,615,923.81 786.05
Indenture Trustee's out-of-pocket expenses 0.00 2,615,137.76 0.00
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 2,615,137.76 0.00
Unpaid Indenture Trustee's out-of-pocket exp.
- prior Collection Periods 0.00 2,615,137.76 0.00
Owner Trustee Fee 5,500.00 2,615,137.76 5,500.00
Owner Trustee's out-of-pocket expenses 0.00 2,609,637.76 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 2,609,637.76 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 2,609,637.76 0.00
(iv) Collateral Agent Fee 778.18 2,609,637.76 778.18
Collateral Agent Expenses 0.00 2,608,859.58 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,608,859.58 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,608,859.58 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 279,064.30
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 279,064.30 2,608,859.58 279,064.30
(BClass 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 2,329,795.28 187,600.00
(vi) (A) Certificate Note Interest - Unadjusted 41,428.81
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 41,428.81 2,142,195.28 41,428.81
(vii) Class A Principal Distributable Amount - Current Month 1,073,597.86
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 1,073,597.86 2,100,766.47 1,073,597.86 0.00
Class A Principal Distribution Amount to Class A-2 0.00 1,027,168.61 0.00 0.00
(viii) Note Insurer Premium 28,468.75 1,027,168.61 28,468.75
Note Insurer Premium Supplement 0.00 998,699.86 0.00
Other Reimbursement Obligations to Note Insurer 0.00 998,699.86 0.00
(ix) Transition Expenses to successor Servicer 0.00 998,699.86 0.00
(x) Certificate Principal Distributable Amount - Current Month Unadjusted 56,505.15
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 56,505.15 998,699.86 56,505.15
(xi) Until the Target Payment Date, remaining amount to Class A Noteholders 942,194.71 942,194.71 942,194.71
Amount to Class A-1 Noteholders 942,194.71 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 Spread Acct. 0.00 2,783,294.95 Total Disbursements
2,788,794.95 Total Distribution Amt
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(5,500.00)Shortage (Over)
===============
Securities Balance
Class A-1 Beginning of Period Principal Amount 53,494,754.00
Class A-1 Principal Distributions 1,073,597.86
Class A-1 End of Period Principal Amount (prior to turbo) 52,421,156.14
Additional Principal Distribution 942,194.71
Class A-1 End of Period Principal Amount 51,478,961.43
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 4,712,281.67
Certificate Principal Distributable Amount 56,505.15
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,655,776.52
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,655,776.52
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,129,794.71
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,854,000.00
Purchased receivables more than 30 days delinquent 151,826.48
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Total 3,005,826.48
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 105,735,003.57
Delinquency Ratio 2.84%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 2.84%
Delinquency Ratio for second preceding Determination Date 1.43%
Delinquency Ratio for third preceding Determination Date 0.11%
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Average Delinquency Ratio 1.46% 1.46%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 28,184.58
Current Period Defaulted Receivables 90,631.69
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Total 118,816.27
Cumulative Defaulted Receivables 118,816.27
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 0.12%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
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Net Liquidation Losses 0.00
Cumulative Previous Net Losses 1,315.65
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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 93,195,697.37
minus the Securities Balance 92,251,932.66
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943,764.71
divided by the Aggregate Principal Balance 1.01%
Floor OC Percent
Aggregate Principal Balance 93,195,697.37
minus the Securities Balance 92,251,932.66
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943,764.71
divided by the initial Aggregate Principal Balance 95,706,307.00
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0.99%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 92,251,932.66
(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
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1,914,126.14
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 95,706,307.00
-------------
13,298.36
Floor Amount 1,927,424.50
Requisite Amount
the greater of
(1)the Floor Amount 1,927,424.50
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 8.0%
if a Trigger Event, 15% minus the OC Percent 14.0%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 29.0%
if an Insurance Agreement Event of Default, unlimited 999%
8%
times the Aggregate Principal Balance 93,195,697.37
-----------------------
7,443,848.05
Requisite Amount 7,443,848.05
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 7,443,848.05
Beginning of Period Spread Account Balance 3,352,075.26
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 4,091,772.79
Earnings on Spread Account Balance 17,018.57
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 3,369,093.83
IN WITNESS WHEREOF, I, James L. Stock, 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:
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Name: James L. Stock
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Title: Vice President
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