Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Revised
Distribution Date 5/15/98
Collection Period 4/98
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 $2,167,527.96
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $225,774.22
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,941,753.74
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $25.66
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.67
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $22.99
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $120,066.52
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $17,868.95
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $102,197.57
(j) Scheduled Payments due in such Collection Period $1,695,241.72
(k) Scheduled Payments collected in such
Collection Period $1,606,860.18
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 $42,885,487.06
(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 $40,841,535.74
(c) The Pool factor as of the close of business
on the last day set forth above 0.9523393
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 $90,898.72
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,859.03
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.08
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.03
(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 $24,114.63
(b) Distributions (to) from Collection Account $2,231.19
for Payaheads
(c) Interest earned on Payahead Balances $87.41
(d) Ending Payahead Account Balance $26,433.23
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 $6,126,230.36
Spread Account Balance $6,126,230.36
(b) The change in the spread account on the Distribution
Date set forth above ($313,775.99)
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 $11,316.51
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $375,369.17
(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 129
Aggregate Gross Amount $1,327,000.00
(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 137
Aggregate Gross Amount $1,452,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.96%
(b) Average Delinquency Ratio 6.12%
(c) Cumulative Default Ratio 15.56%
(d) Cumulative Net Loss Ratio 10.85%
(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: 2,486,634.99
Lock Box NSF Items: (39,746.42)
Transfers from (to) Payahead Account: (2,231.19)
Collection Account Interest 9,378.63
Payahead Account Interest 87.41
Total Collection Proceeds: 2,454,123.42
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 42,885,487.06
Principal portion of payments collected (non-prepayments) 891,773.00
Prepayments in full allocable to principal 621,601.00
Collections allocable to principal 1,513,374.00
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 155,208.13
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,668,582.13
Realized Losses 375,369.17
Cram Down Losses 0.00
Ending Principal Balance 40,841,535.76
Interest
Collections allocable to interest 715,087.18
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 70,454.11
-------------------
Total Interest 785,541.29
Certificate Information
Beginning of Period Class A Principal Balance 40,741,212.71
Beginning of Period Class B Principal Balance 2,144,274.34
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,440,006.35
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,422.91
Aggregate Payahead Balance 26,345.82
Aggregate Payahead Balance for preceding Distribution Date 24,114.63
Interest Earned on Payahead Balances 87.41
Scheduled Payments due in Collection Period 1,695,241.72
Scheduled Payments collected in Collection Period 1,606,860.18
Aggregate Amount of Realized Losses for preceding Distribution Date 375,369.17
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 584.38
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 129 1,327,000.00
60+ days delinquent 137 1,452,000.00
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. 2,779,000.00
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. 390,685.71
Delinquency Ratio for second preceding Determination Date 5.94%
Delinquency Ratio for third preceding Determination Date 6.47%
Cumulative Defaults for preceding Determination Date 13,445,446.78
Cumulative Net Losses for preceding Determination Date 9,337,489.06
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) 2,228,461.18
Liquidation Proceeds 155,208.13
Recoveries 70,454.11
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,454,123.42
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 891,773.00
Prepayments in full allocable to principal 621,601.00
Principal Balance of Liquidated Receivables 530,577.30
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,043,951.30
Class A Principal Distributable Amount
Principal Distributable Amount 2,043,951.30
Times Class A Percentage (95%) 95%
-------------------
1,941,753.74
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,941,753.74
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 40,741,212.71
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 225,774.22
Class B Principal Distributable Amount
Principal Distributable Amount 2,043,951.30
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 102,197.57
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,144,274.34
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 17,868.95
Class B Excess Interest Amount
Total Distribution Amount 2,454,123.42
minus
Class A Principal and Interest Distributable Amount 2,167,527.96
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 17,868.95
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 102,197.57
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,120.45
Standby Servicer distributions 2,859.03
Servicer distributions 90,898.72
Collateral Agent distributions 536.07
Reimbursement Obligations 11,316.51
-------------------
59,798.17
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 2,859.03 2,454,123.42 2,859.03 2,454,123.42
Servicing Fee (2.0%) 71,475.81 2,451,264.39 71,475.81 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,422.91 2,379,788.58 19,422.91 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,360,365.67 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,360,365.67 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,360,365.67 0.00
(iii) Trustee Fee 536.07 2,360,365.67 536.07
Trustee's out-of-pocket expenses 584.38 2,359,829.60 584.38
Unpaid Trustee Fee from prior Collection Periods 0.00 2,359,245.22 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,359,245.22 0.00
(iv) Collateral Agent Fee 536.07 2,359,245.22 536.07
Collateral Agent Expenses 0.00 2,358,709.15 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,358,709.15 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,358,709.15 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 225,774.22 2,358,709.15 225,774.22
Prior Month(s) Class A Carryover Shortfall 0.00 2,132,934.93 0.00
Class A Interest Carryover Shortfall 0.00 2,132,934.93 0.00
Interest on Interest Carryover from Prior Months 0.00 2,132,934.93 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,132,934.93 0.00
Class A Interest Distributable Amount 225,774.22 2,132,934.93 225,774.22
(viii)(A)Class B Coupon Interest - Unadjusted 17,868.95 1,907,160.71 17,868.95
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,889,291.76 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,889,291.76 0.00
Interest on Interest Carryover from Prior Months 0.00 1,889,291.76 0.00
Current Month Class B Interest Shortfall 0.00 1,889,291.76 0.00
Adjusted Class B Interest Distributable Amount 17,868.95 1,889,291.76 17,868.95
(v) (B) Class A Principal Distributable Amount - Current Month 1,941,753.74 1,871,422.81 1,871,422.81 512,369.68
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall 0.00 0.00 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 1,941,753.74 0.00 0.00 0.00
(vi) Certificate Insurer Premium 11,316.51 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 102,197.57 0.00 0.00
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 102,197.57 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 59,798.17 0.00 0.00
0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 40,741,212.71
Class A Principal Distributions 1,941,753.74
Class A End of Period Principal Balance 38,799,458.97
Class B Beginning of Period Principal Balance 2,144,274.34
Class B Principal Distributable Amount 102,197.57
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,042,076.78
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,042,076.77
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,454,123.42
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 321,188.49
(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) 2,132,934.93
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,132,934.93
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 17,868.95
(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) 2,115,065.98
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,115,065.98
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,941,753.74
(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) 173,312.24
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 173,312.24
(vi) Certificate Insurer Premium 11,316.51
(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) 161,995.74
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 161,995.74
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 102,197.57
(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) 59,798.17
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 59,798.17
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,779,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 2,779,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 46,635,942.15
Delinquency Ratio 5.96%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.96%
Delinquency Ratio for second preceding Determination Date 5.94%
Delinquency Ratio for third preceding Determination Date 6.47%
-------------------
Average Delinquency Ratio 6.12% 6.12%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 13,445,446.78
Current Period Defaulted Receivables 390,685.71
-------------------
Total 13,836,132.49
Cumulative Defaulted Receivables 13,836,132.49
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 15.56%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 530,577.30
Cram Down Losses 0.00
Net Liquidation Proceeds (225,662.24)
-------------------
Net Liquidation Losses 304,915.06
Cumulative Previous Net Losses 9,337,489.06
-------------------
Cumulative Net Losses 9,642,404.12
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 10.85%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 33.17
Weighted Average Annual Percentage Rate 20.38%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,084,153.57
15% of Outstanding Certificate Balance 6,126,230.36
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 6,126,230.36
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 40,841,535.74
Minimum Floor 100,000.00
--------------
Floor Amount 2,667,022.51
Required Spread Account Amount 6,126,230.36
Beginning of Period Spread Account Balance 6,440,006.35
Spread Account Deposit (Withdrawal) from Current Distributions 59,798.17
Transfer (to) from Cross-Collateralized Spread Accounts (1,815.36)
Required addition to/(eligible withdrawal from) Spread Account (371,758.80)
Earnings on Spread Account Balance 31,785.60
Amount of Spread Account deposit (withdrawal) (403,544.40)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (403,544.40)
Ending Spread Account Balance 6,126,230.36
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 5/15/98
Collection Period 4/98
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 $2,299,859.80
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $276,225.29
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,023,634.51
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $26.28
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.16
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $23.12
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $131,026.69
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $24,519.61
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $106,507.08
(j) Scheduled Payments due in such Collection Period $1,890,568.03
(k) Scheduled Payments collected in such
Collection Period $1,822,064.04
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 $52,077,038.24
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $49,946,896.62
(c) The Pool factor as of the close of business
on the last day set forth above 0.9590963
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $101,617.75
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,471.80
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.16
(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 $27,251.99
(b) Distributions (to) from Collection Account $3,068.20
for Payaheads
(c) Interest earned on Payahead Balances $100.78
(d) Ending Payahead Account Balance $30,420.97
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 $4,994,689.66
Spread Account Balance $4,994,689.66
(b) The change in the spread account on the Distribution
Date set forth above ($226,949.34)
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 $13,839.45
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $442,570.18
(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 154
Aggregate Gross Amount $1,835,000.00
(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 187
Aggregate Gross Amount $2,298,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.12%
(b) Average Delinquency Ratio 7.07%
(c) Cumulative Default Ratio 13.99%
(d) Cumulative Net Loss Ratio 8.91%
(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: 2,657,728.19
Lock Box NSF Items: (48,648.88)
Transfers from (to) Payahead Account: (3,068.20)
Collection Account Interest 10,127.20
Payahead Account Interest 100.78
Total Collection Proceeds: 2,616,239.09
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 52,077,038.24
Principal portion of payments collected (non-prepayments) 959,937.97
Prepayments in full allocable to principal 566,650.00
Collections allocable to principal 1,526,587.97
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 160,983.44
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,687,571.41
Realized Losses 442,570.18
Cram Down Losses 0.00
Ending Principal Balance 49,946,896.65
Interest
Collections allocable to interest 862,126.07
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 66,541.61
-------------------
Total Interest 928,667.68
Certificate Information
Beginning of Period Class A Principal Balance 49,473,186.30
Beginning of Period Class B Principal Balance 2,603,851.91
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,221,639.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 14,822.69
Aggregate Payahead Balance 30,320.19
Aggregate Payahead Balance for preceding Distribution Date 27,251.99
Interest Earned on Payahead Balances 100.78
Scheduled Payments due in Collection Period 1,890,568.03
Scheduled Payments collected in Collection Period 1,822,064.04
Aggregate Amount of Realized Losses for preceding Distribution Date 442,570.18
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 698.54
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 154 1,835,000.00
60+ days delinquent 187 2,298,000.00
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. 4,133,000.00
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. 575,467.60
Delinquency Ratio for second preceding Determination Date 6.72%
Delinquency Ratio for third preceding Determination Date 7.37%
Cumulative Defaults for preceding Determination Date 12,308,908.04
Cumulative Net Losses for preceding Determination Date 7,835,442.90
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) 2,388,714.04
Liquidation Proceeds 160,983.44
Recoveries 66,541.61
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 2,616,239.09
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 959,937.97
Prepayments in full allocable to principal 566,650.00
Principal Balance of Liquidated Receivables 603,553.62
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,130,141.59
Class A Principal Distributable Amount
Principal Distributable Amount 2,130,141.59
Times Class A Percentage (95%) 95%
-------------------
2,023,634.51
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,023,634.51
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 49,473,186.30
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 276,225.29
Class B Principal Distributable Amount
Principal Distributable Amount 2,130,141.59
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 106,507.08
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,603,851.91
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 24,519.61
Class B Excess Interest Amount
Total Distribution Amount 2,616,239.09
minus
Class A Principal and Interest Distributable Amount 2,299,859.80
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 24,519.61
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 106,507.08
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,349.50
Standby Servicer distributions 3,471.80
Servicer distributions 101,617.75
Collateral Agent distributions 650.96
Reimbursement Obligations 13,839.45
-------------------
64,423.14
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 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 3,471.80 0.00 0.00
Servicing Fee (2.0%) 86,795.06 0.00 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 14,822.69 0.00 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00 106,507.08
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 650.96 0.00 0.00
Trustee's out-of-pocket expenses 698.54 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 650.96 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 276,225.29 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 276,225.29 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 24,519.61 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00 106,507.08
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00 106,507.08
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 24,519.61 0.00 0.00
(v) (B) Class A Principal Distributable Amount - Current Month 2,023,634.51 0.00 0.00
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 2,023,634.51 0.00 0.00
(vi) Certificate Insurer Premium 13,839.45 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 106,507.08 0.00 0.00
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 106,507.08 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 64,423.14 0.00 0.00
0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 49,473,186.30
Class A Principal Distributions 2,023,634.51
Class A End of Period Principal Balance 47,449,551.79
Class B Beginning of Period Principal Balance 2,603,851.91
Class B Principal Distributable Amount 106,507.08
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,497,344.83
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,497,344.83
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,616,239.09
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 383,315.30
(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) 2,232,923.79
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,232,923.79
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 24,519.61
(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) 2,208,404.18
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,208,404.18
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,023,634.51
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 184,769.67
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 184,769.67
(vi) Certificate Insurer Premium 13,839.45
(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) 170,930.22
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 170,930.22
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 106,507.08
(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) 64,423.14
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 64,423.14
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,133,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 4,133,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 58,031,240.86
Delinquency Ratio 7.12%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.12%
Delinquency Ratio for second preceding Determination Date 6.72%
Delinquency Ratio for third preceding Determination Date 7.37%
-------------------
Average Delinquency Ratio 7.07% 7.07%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 12,308,908.04
Current Period Defaulted Receivables 575,467.60
-------------------
Total 12,884,375.64
Cumulative Defaulted Receivables 12,884,375.64
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 13.99%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 603,553.62
Cram Down Losses 0.00
Net Liquidation Proceeds (227,525.05)
-------------------
Net Liquidation Losses 376,028.57
Cumulative Previous Net Losses 7,835,442.90
-------------------
Cumulative Net Losses 8,211,471.47
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 8.91%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 37.02
Weighted Average Annual Percentage Rate 20.49%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,994,689.66
15% of Outstanding Certificate Balance 7,492,034.49
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
-------------
Cap Amount 4,994,689.66
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 49,946,896.62
Minimum Floor 100,000.00
-------------
Floor Amount 2,763,878.99
Required Spread Account Amount 4,994,689.66
Beginning of Period Spread Account Balance 5,221,639.00
Spread Account Deposit (Withdrawal) from Current Distributions 64,423.14
Transfer (to) from Cross-Collateralized Spread Accounts (1,419.70)
Required addition to/(eligible withdrawal from) Spread Account (289,952.78)
Earnings on Spread Account Balance 25,638.94
Amount of Spread Account deposit (withdrawal) (315,591.72)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (315,591.72)
Ending Spread Account Balance 4,994,689.66
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 Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Distribution Date 5/15/98
Collection Period 4/98
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 $2,813,873.27
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $304,954.36
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,508,918.91
(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 $3.46
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $28.44
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $157,907.06
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $25,858.70
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $132,048.36
(j) Scheduled Payments due in such Collection Period $2,071,784.47
(k) Scheduled Payments collected in such
Collection Period $1,972,028.17
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 $61,143,731.88
(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 $58,634,812.96
(c) The Pool factor as of the close of business
on the last day set forth above 0.9589669
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 $121,388.32
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,076.25
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.38
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $31,317.27
(b) Distributions (to) from Collection Account ($2,673.23)
for Payaheads
(c) Interest earned on Payahead Balances $112.43
(d) Ending Payahead Account Balance $28,756.47
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $5,863,481.30
Spread Account Balance $5,863,481.30
(b) The change in the spread account on the Distribution
Date set forth above ($257,818.48)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $16,210.14
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $780,515.68
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 154
Aggregate Gross Amount $1,965,000.00
(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 212
Aggregate Gross Amount $2,795,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.96%
(b) Average Delinquency Ratio 7.13%
(c) Cumulative Default Ratio 11.21%
(d) Cumulative Net Loss Ratio 7.51%
(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: 2,932,699.29
Lock Box NSF Items: (54,851.25)
Transfers from (to) Payahead Account: 2,673.23
Collection Account Interest 11,185.70
Payahead Account Interest 112.43
Total Collection Proceeds: 2,891,819.40
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 61,143,731.88
Principal portion of payments collected (non-prepayments) 1,021,094.13
Prepayments in full allocable to principal 559,941.00
Collections allocable to principal 1,581,035.13
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 279,416.46
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,860,451.59
Realized Losses 780,515.68
Cram Down Losses 0.00
Ending Principal Balance 58,502,764.61
Interest
Collections allocable to interest 950,934.04
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 80,433.77
-------------------
Total Interest 1,031,367.81
Certificate Information
Beginning of Period Class A Principal Balance 58,086,545.26
Beginning of Period Class B Principal Balance 3,057,186.61
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,121,299.78
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,482.10
Aggregate Payahead Balance 28,644.04
Aggregate Payahead Balance for preceding Distribution Date 31,317.27
Interest Earned on Payahead Balances 112.43
Scheduled Payments due in Collection Period 2,071,784.47
Scheduled Payments collected in Collection Period 1,972,028.17
Aggregate Amount of Realized Losses for preceding Distribution Date 780,515.68
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 816.25
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 154 1,965,000.00
60+ days delinquent 212 2,795,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
---------------- --------------
0 0.00
Information for Portfolio Performance Tests
PrincipalBalance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 4,760,000.00
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.
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection Period. 569,935.51
Delinquency Ratio for second preceding Determination Date 7.11%
Delinquency Ratio for third preceding Determination Date 7.31%
Cumulative Defaults for preceding Determination Date 9,835,198.67
Cumulative Net Losses for preceding Determination Date 6,273,623.22
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) 2,531,969.17
Liquidation Proceeds 279,416.46
Recoveries 80,433.77
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 2,891,819.40
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,021,094.13
Prepayments in full allocable to principal 559,941.00
Principal Balance of Liquidated Receivables 1,059,932.14
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,640,967.27
Class A Principal Distributable Amount
Principal Distributable Amount 2,640,967.27
Times Class A Percentage (95%) 95%
-------------------
2,508,918.91
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,508,918.91
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 58,086,545.26
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 304,954.36
Class B Principal Distributable Amount
Principal Distributable Amount 2,640,967.27
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 132,048.36
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,057,186.61
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 25,858.70
Class B Excess Interest Amount
Total Distribution Amount 2,891,819.40
minus
Class A Principal and Interest Distributable Amount 2,813,873.27
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 25,858.70
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 132,048.36
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,580.55
Standby Servicer distributions 4,076.25
Servicer distributions 121,388.32
Collateral Agent distributions 764.30
Reimbursement Obligations 16,210.14
-------------------
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 4,076.25 2,891,819.40 4,076.25 2,891,819.40
Servicing Fee (2.0%) 101,906.22 2,887,743.15 101,906.22 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,482.10 2,785,836.93 19,482.10 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 2,766,354.83 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,766,354.83 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,766,354.83 0.00
(iii) Trustee Fee 764.30 2,766,354.83 764.30
Trustee's out-of-pocket expenses 816.25 2,765,590.53 816.25
Unpaid Trustee Fee from prior Collection Periods 0.00 2,764,774.28 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 2,764,774.28 0.00
(iv) Collateral Agent Fee 764.30 2,764,774.28 764.30
Collateral Agent Expenses 0.00 2,764,009.98 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,764,009.98 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,764,009.98 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 304,954.36 2,764,009.98 304,954.36
Prior Month(s) Class A Carryover Shortfall 0.00 2,459,055.62 0.00
Class A Interest Carryover Shortfall 0.00 2,459,055.62 0.00
Interest on Interest Carryover from Prior Months 0.00 2,459,055.62 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,459,055.62 0.00
Class A Interest Distributable Amount 304,954.36 2,459,055.62 304,954.36
(viii)(A)Class B Coupon Interest - Unadjusted 25,858.70 2,154,101.26 25,858.70
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,128,242.56 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,128,242.56 0.00
Interest on Interest Carryover from Prior Months 0.00 2,128,242.56 0.00
Current Month Class B Interest Shortfall 0.00 2,128,242.56 0.00
Adjusted Class B Interest Distributable Amount 25,858.70 2,128,242.56 25,858.70
(v) (B) Class A Principal Distributable Amount - Current Month 2,508,918.91 2,102,383.86 2,102,383.86 382,900.49
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (75,721.99) 0.00 (75,721.99)
Withdrawl from Spread Account to Cover Shortfall 75,721.99
Class A Principal Distribution Amount 2,508,918.91 75,721.99 75,721.99 0.00
(vi) Certificate Insurer Premium 16,210.14 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 132,048.36 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (132,048.36) 0.00 (132,048.36)
Adjusted Class B Principal Distributable Amount 0.00 132,048.36 0.00
(C) Excess Interest Amount for Deposit in Spread Account (91,932.13) 132,048.36 (91,932.13)
223,980.49 223,980.49
Certificate Balance
Class A Beginning of Period Principal Balance 58,086,545.26
Class A Principal Distributions 2,508,918.91
Class A End of Period Principal Balance 55,577,626.35
Class B Beginning of Period Principal Balance 3,057,186.61
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,057,186.61
Withdrawl from Spread Account to Cover B Shortfalls 132,048.36
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,925,138.25
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,891,819.40
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 432,763.78
(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) 2,459,055.62
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,459,055.62
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 25,858.70
(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) 2,433,196.92
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,433,196.92
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,508,918.91
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 75,721.99
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 16,210.14
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (16,210.14)
Withdrawl from Spread Account to Cover Deficiency 16,210.14
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 132,048.36
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (132,048.36)
Withdrawl from Spread Account to B PieceCover Shortfalls (132,048.36)
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 4,760,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 4,760,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 68,421,879.78
Delinquency Ratio 6.96%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.96%
Delinquency Ratio for second preceding Determination Date 7.11%
Delinquency Ratio for third preceding Determination Date 7.31%
-------------------
Average Delinquency Ratio 7.13% 7.13%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 9,835,198.67
Current Period Defaulted Receivables 569,935.51
-------------------
Total 10,405,134.18
Cumulative Defaulted Receivables 10,405,134.18
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 11.21%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,059,932.14
Cram Down Losses 0.00
Net Liquidation Proceeds (359,850.23)
-------------------
Net Liquidation Losses 700,081.91
Cumulative Previous Net Losses 6,273,623.22
-------------------
Cumulative Net Losses 6,973,705.13
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 7.51%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 40.26
Weighted Average Annual Percentage Rate 20.52%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,863,481.30
15% of Outstanding Certificate Balance 8,795,221.94
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 5,863,481.30
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 58,634,812.96
Minimum Floor 100,000.00
--------------
Floor Amount 2,785,734.33
Required Spread Account Amount 5,863,481.30
Beginning of Period Spread Account Balance 6,121,299.78
Spread Account Deposit (Withdrawal) from Current Distributions (91,932.13)
Transfer (to) from Cross-Collateralized Spread Accounts (285.27)
Required addition to/(eligible withdrawal from) Spread Account (165,601.08)
Earnings on Spread Account Balance 29,861.98
Amount of Spread Account deposit (withdrawal) (195,463.06)
Amount of Withdrawl Allocated to B Piece Shortfalls 132,048.36
Net Spread Account Withdrawl to Seller (63,414.70)
Ending Spread Account Balance 5,863,481.30
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 5/15/98
Collection Period 4/98
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 $3,230,692.42
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $385,603.91
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,845,088.51
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $33.23
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.97
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $29.27
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $185,869.60
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $36,128.10
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $149,741.50
(j) Scheduled Payments due in such Collection Period $2,402,440.13
(k) Scheduled Payments collected in such
Collection Period $2,270,966.85
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $74,363,148.02
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $71,518,059.51
(c) The Pool factor as of the close of business
on the last day set forth above 0.9617406
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 $143,272.80
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,957.54
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.47
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $35,933.67
(b) Distributions (to) from Collection Account ($5,447.10)
for Payaheads
(c) Interest earned on Payahead Balances $337.13
(d) Ending Payahead Account Balance $30,823.70
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 $7,151,805.95
Spread Account Balance $7,151,805.95
(b) The change in the spread account on the Distribution
Date set forth above ($299,070.81)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $19,774.97
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $837,953.31
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 229
Aggregate Gross Amount $2,760,000.00
(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 238
Aggregate Gross Amount $3,228,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.18%
(b) Average Delinquency Ratio 7.35%
(c) Cumulative Default Ratio 10.63%
(d) Cumulative Net Loss Ratio 6.33%
(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: 3,444,781.59
Lock Box NSF Items: (77,543.77)
Transfers from (to) Payahead Account: 5,447.10
Collection Account Interest 13,271.38
Payahead Account Interest 337.13
Total Collection Proceeds: 3,386,293.43
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 74,363,148.02
Principal portion of payments collected (non-prepayments) 1,100,914.83
Prepayments in full allocable to principal 673,669.00
Collections allocable to principal 1,774,583.83
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 382,292.87
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 2,156,876.70
Realized Losses 837,953.31
Cram Down Losses 0.00
Ending Principal Balance 71,368,318.01
Interest
Collections allocable to interest 1,170,052.02
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 59,364.71
-------------------
Total Interest 1,229,416.73
Certificate Information
Beginning of Period Class A Principal Balance 70,644,990.62
Beginning of Period Class B Principal Balance 3,718,157.40
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,450,876.76
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,334.22
Aggregate Payahead Balance 30,486.57
Aggregate Payahead Balance for preceding Distribution Date 35,933.67
Interest Earned on Payahead Balances 337.13
Scheduled Payments due in Collection Period 2,402,440.13
Scheduled Payments collected in Collection Period 2,270,966.85
Aggregate Amount of Realized Losses for preceding Distribution Date 837,953.31
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 993.48
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 229 2,760,000.00
60+ days delinquent 238 3,228,000.00
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. 5,988,000.00
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.
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection
Period. 1,095,615.21
Delinquency Ratio for second preceding Determination Date 7.02%
Delinquency Ratio for third preceding Determination Date 7.86%
Cumulative Defaults for preceding Determination Date 9,782,374.25
Cumulative Net Losses for preceding Determination Date 5,697,667.42
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) 2,944,635.85
Liquidation Proceeds 382,292.87
Recoveries 59,364.71
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 3,386,293.43
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,100,914.83
Prepayments in full allocable to principal 673,669.00
Principal Balance of Liquidated Receivables 1,220,246.18
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,994,830.01
Class A Principal Distributable Amount
Principal Distributable Amount 2,994,830.01
Times Class A Percentage (95%) 95%
-------------------
2,845,088.51
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,845,088.51
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 70,644,990.62
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 385,603.91
Class B Principal Distributable Amount
Principal Distributable Amount 2,994,830.01
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 149,741.50
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,718,157.40
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 36,128.10
Class B Excess Interest Amount
Total Distribution Amount 3,386,293.43
minus
Class A Principal and Interest Distributable Amount 3,230,692.42
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 36,128.10
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 149,741.50
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,923.02
Standby Servicer distributions 4,957.54
Servicer distributions 143,272.80
Collateral Agent distributions 929.54
Reimbursement Obligations 19,774.97
-------------------
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 4,957.54 3,386,293.43 4,957.54 3,386,293.43
Servicing Fee (2.0%) 123,938.58 3,381,335.89 123,938.58 0.00
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,334.22 3,257,397.31 19,334.22 0.00
Unpaid Standby Fee from prior Collection Periods 0.00 3,238,063.09 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,238,063.09 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,238,063.09 0.00
(iii) Trustee Fee 929.54 3,238,063.09 929.54
Trustee's out-of-pocket expenses 993.48 3,237,133.55 993.48
Unpaid Trustee Fee from prior Collection Periods 0.00 3,236,140.07 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 3,236,140.07 0.00
(iv) Collateral Agent Fee 929.54 3,236,140.07 929.54
Collateral Agent Expenses 0.00 3,235,210.53 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,235,210.53 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,235,210.53 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 385,603.91 3,235,210.53 385,603.91
Prior Month(s) Class A Carryover Shortfall 0.00 2,849,606.62 0.00
Class A Interest Carryover Shortfall 0.00 2,849,606.62 0.00
Interest on Interest Carryover from Prior Months 0.00 2,849,606.62 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,849,606.62 0.00
Class A Interest Distributable Amount 385,603.91 2,849,606.62 385,603.91
(viii)(A)Class B Coupon Interest - Unadjusted 36,128.10 2,464,002.71 36,128.10
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,427,874.61 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,427,874.61 0.00
Interest on Interest Carryover from Prior Months 0.00 2,427,874.61 0.00
Current Month Class B Interest Shortfall 0.00 2,427,874.61 0.00
Adjusted Class B Interest Distributable Amount 36,128.10 2,427,874.61 36,128.10
(v) (B) Class A Principal Distributable Amount - Current Month 2,845,088.51 2,391,746.51 2,391,746.51 541,204.92
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (31,609.99) 0.00 (31,609.99)
Withdrawl from Spread Account to Cover Shortfall 31,609.99
Class A Principal Distribution Amount 2,845,088.51 31,609.99 31,609.99 0.00
(vi) Certificate Insurer Premium 19,774.97 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 149,741.50 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (149,741.50) 0.00 (149,741.50)
Adjusted Class B Principal Distributable Amount 0.00 149,741.50 0.00
(C) Excess Interest Amount for Deposit in Spread Account (51,384.96) 149,741.50 (51,384.96)
201,126.46 201,126.46
Certificate Balance
Class A Beginning of Period Principal Balance 70,644,990.62
Class A Principal Distributions 2,845,088.51
Class A End of Period Principal Balance 67,799,902.11
Class B Beginning of Period Principal Balance 3,718,157.40
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,718,157.40
Withdrawl from Spread Account to Cover B Shortfalls 149,741.50
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,568,415.90
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,386,293.43
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 536,686.81
(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) 2,849,606.62
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,849,606.62
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 36,128.10
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,813,478.52
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,813,478.52
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,845,088.51
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 31,609.99
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 19,774.97
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (19,774.97)
Withdrawl from Spread Account to Cover Deficiency 19,774.97
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) 149,741.50
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (149,741.50)
Withdrawl from Spread Account to B PieceCover Shortfalls (149,741.50)
Adjusted Amount Remaining for Further Distribution/(Deficiency) 0.00
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,988,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 5,988,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 83,356,181.71
Delinquency Ratio 7.18%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.18%
Delinquency Ratio for second preceding Determination Date 7.02%
Delinquency Ratio for third preceding Determination Date 7.86%
-------------------
Average Delinquency Ratio 7.35% 7.35%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 9,782,374.25
Current Period Defaulted Receivables 1,095,615.21
-------------------
Total 10,877,989.46
Cumulative Defaulted Receivables 10,877,989.46
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 10.63%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,220,246.18
Cram Down Losses 0.00
Net Liquidation Proceeds (441,657.58)
-------------------
Net Liquidation Losses 778,588.60
Cumulative Previous Net Losses 5,697,667.42
-------------------
Cumulative Net Losses 6,476,256.02
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 6.33%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 43.17
Weighted Average Annual Percentage Rate 20.56%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 7,151,805.95
15% of Outstanding Certificate Balance 10,727,708.93
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
--------------
Cap Amount 7,151,805.95
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 71,518,059.51
Minimum Floor 100,000.00
--------------
Floor Amount 3,069,810.29
Required Spread Account Amount 7,151,805.95
Beginning of Period Spread Account Balance 7,450,876.76
Spread Account Deposit (Withdrawal) from Current Distributions (51,384.96)
Transfer (to) from Cross-Collateralized Spread Accounts (601.34)
Required addition to/(eligible withdrawal from) Spread Account (247,084.51)
Earnings on Spread Account Balance 36,331.64
Amount of Spread Account deposit (withdrawal) (283,416.15)
Amount of Withdrawl Allocated to B Piece Shortfalls 149,741.50
Net Spread Account Withdrawl to Seller (133,674.65)
Ending Spread Account Balance 7,151,805.95
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 5/15/98
Collection Period 4/98
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 $3,849,802.14
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $504,734.42
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,345,067.72
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $33.95
(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 $29.50
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $221,755.94
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $45,699.74
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $176,056.20
(j) Scheduled Payments due in such Collection Period $2,976,834.68
(k) Scheduled Payments collected in such
Collection Period $2,703,498.56
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 $95,873,574.86
(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 $92,528,507.14
(c) The Pool factor as of the close of business
on the last day set forth above 0.9651096
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $182,185.60
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,391.57
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.61
(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 $34,417.02
(b) Distributions (to) from Collection Account $6,145.60
for Payaheads
(c) Interest earned on Payahead Balances $131.11
(d) Ending Payahead Account Balance $40,693.73
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $8,327,565.64
Spread Account Balance $8,327,565.64
(b) The change in the spread account on the Distribution
Date set forth above ($301,056.10)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $25,589.32
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,089,497.54
(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 263
Aggregate Gross Amount $3,412,000.00
(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 271
Aggregate Gross Amount $3,623,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.58%
(b) Average Delinquency Ratio 6.77%
(c) Cumulative Default Ratio 7.63%
(d) Cumulative Net Loss Ratio 4.01%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 4,040,033.47
Lock Box NSF Items: (57,920.27)
Transfers from (to) Payahead Account: (6,145.60)
Collection Account Interest 15,005.23
Payahead Account Interest 131.11
Total Collection Proceeds: 3,991,103.94
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 95,873,574.86
Principal portion of payments collected (non-prepayments) 1,213,896.21
Prepayments in full allocable to principal 680,354.00
Collections allocable to principal 1,894,250.21
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 537,376.17
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 2,431,626.38
Realized Losses 1,089,497.54
Cram Down Losses 0.00
Ending Principal Balance 92,352,450.94
Interest
Collections allocable to interest 1,489,602.35
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 69,875.21
-------------------
Total Interest 1,559,477.56
Certificate Information
Beginning of Period Class A Principal Balance 91,079,896.13
Beginning of Period Class B Principal Balance 4,793,678.73
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,628,621.74
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 22,396.31
Aggregate Payahead Balance 40,562.62
Aggregate Payahead Balance for preceding Distribution Date 34,417.02
Interest Earned on Payahead Balances 131.11
Scheduled Payments due in Collection Period 2,976,834.68
Scheduled Payments collected in Collection Period 2,703,498.56
Aggregate Amount of Realized Losses for preceding Distribution Date 1,089,497.54
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 1,146.09
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 263 3,412,000.00
60+ days delinquent 271 3,623,000.00
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. 7,035,000.00
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. 1,062,468.82
Delinquency Ratio for second preceding Determination Date 6.37%
Delinquency Ratio for third preceding Determination Date 7.36%
Cumulative Defaults for preceding Determination Date 8,043,201.42
Cumulative Net Losses for preceding Determination Date 3,770,222.20
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) 3,383,852.56
Liquidation Proceeds 537,376.17
Recoveries 69,875.21
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 3,991,103.94
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,213,896.21
Prepayments in full allocable to principal 680,354.00
Principal Balance of Liquidated Receivables 1,626,873.71
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 3,521,123.92
Class A Principal Distributable Amount
Principal Distributable Amount 3,521,123.92
Times Class A Percentage (95%) 95%
-------------------
3,345,067.72
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,345,067.72
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 91,079,896.13
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 504,734.42
Class B Principal Distributable Amount
Principal Distributable Amount 3,521,123.92
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 176,056.20
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,793,678.73
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 45,699.74
Class B Excess Interest Amount
Total Distribution Amount 3,991,103.94
minus
Class A Principal and Interest Distributable Amount 3,849,802.14
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 45,699.74
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 176,056.20
Class B Principal Carryover Shortfall 0.00
Trustee distributions 2,344.51
Standby Servicer distributions 6,391.57
Servicer distributions 182,185.60
Collateral Agent distributions 1,198.42
Reimbursement Obligations 25,589.32
-------------------
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 6,391.57 3,991,103.94 6,391.57 3,991,103.94
Servicing Fee (2.0%) 159,789.29 3,984,712.37 159,789.29 0.00
Additional Servicing Fee Amounts 22,396.31 3,824,923.08 22,396.31 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,802,526.77 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,802,526.77 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,802,526.77 0.00
(iii) Trustee Fee 1,198.42 3,802,526.77 1,198.42
Trustee's out-of-pocket expenses 1,146.09 3,801,328.35 1,146.09
Unpaid Trustee Fee from prior Collection Periods 0.00 3,800,182.26 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 3,800,182.26 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,198.42 3,800,182.26 1,198.42
Collateral Agent Expenses 0.00 3,798,983.84 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,798,983.84 0.00
Unpaid Collateral Agent Expenses from 0.00 3,798,983.84 0.00
prior Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 504,734.42 3,798,983.84 504,734.42
Prior Month(s) Class A Carryover Shortfall 0.00 3,294,249.42 0.00
Class A Interest Carryover Shortfall 0.00 3,294,249.42 0.00
Interest on Interest Carryover from Prior Months 0.00 3,294,249.42 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,294,249.42 0.00
Class A Interest Distributable Amount 504,734.42 3,294,249.42 504,734.42
(viii(A) Class B Coupon Interest - Unadjusted 45,699.74 2,789,515.00 45,699.74
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,743,815.26 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,743,815.26 0.00
Interest on Interest Carryover from Prior Months 0.00 2,743,815.26 0.00
Current Month Class B Interest Shortfall 0.00 2,743,815.26 0.00
Adjusted Class B Interest Distributable Amount 45,699.74 2,743,815.26 45,699.74
(v) (B) Class A Principal Distributable Amount - Current Month 3,345,067.72 2,698,115.52 2,698,115.52 646,036.22
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (96,518.04) 0.00 (96,518.04)
Withdrawl from Spread Account to Cover Shortfall 96,518.04
Class A Principal Distribution Amount 3,345,067.72 96,518.04 96,518.04 0.00
(vi) Certificate Insurer Premium 25,589.32 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 - 176,056.20 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (176,056.20) 0.00 (176,056.20)
Adjusted Class B Principal Distributable Amount 0.00 176,056.20 0.00
Excess Interest (Shortage) Amount for Deposit (122,107.37) 176,056.20 (122,107.37)
to (withdrawl from) Spread Account 298,163.56 298,163.56
Certificate Balance
Class A Beginning of Period Principal Balance 91,079,896.13
Class A Principal Distributions 3,345,067.72
Class A End of Period Principal Balance 87,734,828.41
Class B Beginning of Period Principal Balance 4,793,678.73
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,793,678.73
Withdrawl from Spread Account to Cover B Shortfalls 176,056.20
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,617,622.53
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,991,103.94
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 696,854.52
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,294,249.42
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,294,249.42
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 45,699.74
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 3,248,549.68
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,248,549.68
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,345,067.72
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 96,518.04
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 25,589.32
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (25,589.32)
Withdrawl from Spread Account to Cover Deficiency 25,589.32
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) 176,056.20
(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) (176,056.20)
Withdrawl from Spread Account to B PieceCover Shortfalls (176,056.20)
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 7,035,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 7,035,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 106,853,550.05
Delinquency Ratio 6.58%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.58%
Delinquency Ratio for second preceding Determination Date 6.37%
Delinquency Ratio for third preceding Determination Date 7.36%
-------------------
Average Delinquency Ratio 6.77% 6.77%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 8,043,201.42
Current Period Defaulted Receivables 1,062,468.82
-------------------
Total 9,105,670.24
Cumulative Defaulted Receivables 9,105,670.24
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 7.63%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,626,873.71
Cram Down Losses 0.00
Net Liquidation Proceeds (607,251.38)
-------------------
Net Liquidation Losses 1,019,622.33
Cumulative Previous Net Losses 3,770,222.20
-------------------
Cumulative Net Losses 4,789,844.53
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 4.01%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 45.66
Weighted Average Annual Percentage Rate 20.51%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 8,327,565.64
15% of Outstanding Certificate Balance 13,879,276.07
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 8,327,565.64
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 92,528,507.14
Minimum Floor 100,000.00
Floor Amount 3,580,860.93
Required Spread Account Amount 8,327,565.64
Beginning of Period Spread Account Balance 8,628,621.74
Spread Account Deposit (Withdrawal) from Current Distributions (122,107.37)
Transfer (to) from Cross-Collateralized Spread Accounts (200.02)
Required addition to/(eligible withdrawal from) Spread Account (178,748.71)
Earnings on Spread Account Balance 41,771.41
Amount of Spread Account deposit (withdrawal) (220,520.12)
Amount of Withdrawl Allocated to B Piece Shortfalls 176,056.20
Net Spread Account Withdrawl to Seller (44,463.93)
Ending Spread Account Balance 8,327,565.64
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
REVISION #2
Distribution Date 5/15/98
Collection Period 4/98
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 $4,238,285.33
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $273,555.42
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,964,729.91
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $52.43
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.38
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $49.05
(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 $94,932.45
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $28,915.58
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $66,016.87
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $56,985.29
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $28,915.58
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $28,069.71
(s) Scheduled Payments due in such Collection Period $3,900,898.87
(t) Scheduled Payments collected in such
Collection Period $3,605,573.39
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 $130,323,751.12
(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 $117,977,498.97
(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 $114,709,527.75
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8801890
(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 $3,192,076.90
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0244934
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 $243,367.92
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,516.19
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.01
(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 0
Aggregate Purchase Amount $0.00
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 ($80,851.44)
(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 ($80,851.44)
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 $3,347,615.36
Spread Account Balance $3,347,615.36
(b) The change in the spread account on the Distribution
Date set forth above ($56,139.42)
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 $32,525.92
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,453,431.34
(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 322
Aggregate Gross Amount $4,331,000.00
(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 337
Aggregate Gross Amount $4,682,000.00
7 Performance Triggers
(a) Delinquency Ratio 6.23%
(b) Average Delinquency Ratio 6.47%
(c) Cumulative Default Ratio 5.18%
(d) Cumulative Net Loss Ratio 2.36%
(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? YES
Deficiency Claim Amount (85,808.57)
Inputs
Gross Collection Proceeds: 5,058,999.86
Lock Box NSF Items: (112,779.74)
Total Collection Proceeds: 4,946,220.12
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 130,323,751.12
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-----------------------
Aggregate Beginning Principal Balance 130,323,751.12
Principal portion of payments collected (non-prepayments) 1,602,177.97
Prepayments in full allocable to principal 625,305.00
Collections allocable to principal 2,227,482.97
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 675,931.74
Purchase Amounts allocable to principal 0.00
-----------------------
Total Principal 2,903,414.71
Realized Losses 1,453,431.34
Cram Down Losses 0.00
Ending Principal Balance 125,966,905.07
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 2,003,395.42
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 39,409.99
-----------------------
Total Interest 2,042,805.41
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 53,814,180.75
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,258,093.77
Beginning of Period Certificate Balance 3,258,093.77
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,403,754.78
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 26,161.67
Scheduled Payments due in Collection Period 3,900,898.87
Scheduled Payments collected in Collection Period 3,605,573.39
Aggregate Amount of Realized Losses for preceding Distribution Date 1,453,431.34
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 498.13
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 322 4,331,000.00
60+ days delinquent 337 4,682,000.00
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. 9,013,000.00
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. 1,267,243.76
Delinquency Ratio for second preceding Determination Date 6.41%
Delinquency Ratio for third preceding Determination Date 6.78%
Cumulative Defaults for preceding Determination Date 6,496,984.52
Cumulative Net Losses for preceding Determination Date 2,127,200.48
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 6.4846%
minus 2.5% 2.50%
-----------------------
3.9846%
divided by 360 0.0111%
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) 4,230,878.39
Liquidation Proceeds 675,931.74
Recoveries 39,409.99
Purchase Amounts 0.00
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 424.62
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 288.23
Investment earnings from Collection Account 18,201.97
-----------------------
Total Distribution Amount 4,965,134.94
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,602,177.97
Prepayments in full allocable to principal 625,305.00
Principal Balance of Liquidated Receivables 2,129,363.08
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 4,356,846.05
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 125,966,905.07
-----------------------
113,370,214.56 98.17%
Current Target %
Class A Noteholders' Percentage
After the Target Payment Date? Yes
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 50.5%
-----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 4,356,846.05
Times Class A Noteholders' Percentage 91%
-----------------------
3,964,729.91
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 3,964,729.91
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 53,814,180.75
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 273,555.42
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 4,356,846.05
Times Class B Percentage 2.5%
-----------------------
Class B Principal Distributable Amount 108,921.15
Certificate Principal Distributable Amount
Principal Distributable Amount 4,356,846.05
Times Certificate Percentage 2.5%
-----------------------
Certificate Principal Distributable Amount 108,921.15
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,258,093.77
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 28,915.58
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,258,093.77
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 28,915.58
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 6,516.19 4,965,134.94 6,516.19
Servicing Fee (2.0%) 217,206.25 4,958,618.75 217,206.25 0.00
Additional Servicing Fee Amounts 26,161.67 4,741,412.50 26,161.67 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,715,250.83 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,715,250.83 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,715,250.83 0.00
(iii) Indenture Trustee Fee 1,086.03 4,715,250.83 1,086.03
Indenture Trustee's out-of-pocket expenses 498.13 4,714,164.80 498.13
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 4,713,666.67 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 4,713,666.67 0.00
prior Collection Periods
Owner Trustee Fee 0.00 4,713,666.67 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,713,666.67 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,713,666.67 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 4,713,666.67 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,016.65 4,713,666.67 1,016.65
Collateral Agent Expenses 0.00 4,712,650.02 0.00
Unpaid Collateral Agent Fee from 0.00 4,712,650.02 0.00
prior Collection Periods
Unpaid Collateral Agent Expenses from 0.00 4,712,650.02 0.00
prior Collection Periods
(v) (A) Class A-1 Interest Distributable Amount - 273,555.42
Current Month
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 273,555.42 4,712,650.02 273,555.42
(B) Class A-2 Interest Distributable Amount - Current Month 327,868.20
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 327,868.20 4,439,094.60 327,868.20
(vi) (A) Class B Note Interest - Unadjusted 28,915.58
Class B Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 28,915.58 4,111,226.40 28,915.58
(B) Certificate Interest - Unadjusted 28,915.58
Certificate Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on Certificate Interest Shortfall - 0.00
Previous Month(s)
Interest on Certificate Interest Carryover from 0.00
Prior Months
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 28,915.58 4,082,310.82 28,915.58
(vii) Class A Principal Distributable Amount - Current Month 3,964,729.91
Class A Principal Carryover Shortfall - 0.00
Previous Month(s)
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 3,964,729.91 4,053,395.24 3,964,729.91 0.00
Class A Principal Distribution Amount to Class A-2 0.00 88,665.33 0.00 0.00
(viii) Note Insurer Premium 32,525.92 88,665.33 32,525.92
Note Insurer Premium Supplement 0.00 56,139.41 0.00
Other Reimbursement Obligations to Note Insurer 0.00 56,139.41 0.00
(ix) Transition Expenses to successor Servicer 0.00 56,139.41 0.00
(x) Class B Principal Distributable Amount - 108,921.15
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class B Principal Shortfall (80,851.44)
Adjusted Class B Principal Distributable Amount 28,069.71 56,139.41 28,069.71
Certificate Principal Distributable Amount - 108,921.15
Current Month Unadjusted
Certificate Principal Carryover Shortfall - 0.00
Previous Month(s)
Current Month Certificate Principal Shortfall (80,851.44)
Adjusted Certificate Principal Distributable Amount 28,069.71 28,069.71 28,069.71
(xi) Until the Target Payment Date, remaining amount to 0.00 0.00 0.00
Class A Noteholders
Amount to Class A-1 Noteholders 0.00 0.00 0.00
Amount to Class A-2 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' 0.00
Int. Dist. Amount
(xiii) After an Event of Default, Certificateholders' 0.00
Prin. Dist. Amount
(xiv) After the Target Pmt. Date, remaining amount 0.00
into Spread Acct.
Securities Balance
Class A-1 Beginning of Period Principal Amount 53,814,180.75
Class A-1 Principal Distributions 3,964,729.91
Class A-1 End of Period Principal Amount (prior to turbo) 49,849,450.84
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 49,849,450.84
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 3,258,093.77
Class B Principal Distributable Amount 28,069.71
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,230,024.06
Withdrawl from Spread Account to Cover B Shortfalls 37,947.16
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,192,076.90
Certificate Beginning of Period Principal Amount 3,258,093.77
Certificate Principal Distributable Amount 28,069.71
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,230,024.06
Withdrawl from Spread Account to Cover Certificate Shortfalls 37,947.16
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,192,076.90
Class A-1 Deficiency - Interest
(i) Total Distribution Amount Available 4,965,134.94
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (i) and (v)A 526,040.34
(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) 4,439,094.60
Class A-2 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (v) B 4,439,094.60
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) B 327,868.20
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,111,226.40
Class B Note Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A 4,111,226.40
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) A 28,915.58
(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) 4,082,310.82
Class B Certificate Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 4,082,310.82
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vi) and (x) 28,915.58
(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) 4,053,395.24
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 4,053,395.24
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 3,964,729.91
(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) 88,665.33
Other Distributions
(i) Amounts available to make payments pursuant to Section 5.8(a) (viii) 88,665.33
(vi) Note Insurer Premium 32,525.92
(v) Note 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) 56,139.41
Class B Notes & Certificates Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 56,139.41
(ii) Amounts payable pursuant to Section 5.8(a) (vi) and (x) 217,842.30
(iii)Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Amount Remaining for Further Distribution/ B Notes (Deficiency) (80,851.44)
Amount Remaining for Further Distribution/ B Certificates (Deficiency) (80,851.44)
Withdrawl from Spread Account to B PieceCover Shortfalls (75,894.32)
Adjusted Amount Remaining for Further Distribution/(Deficiency/Shortfall) (85,808.57)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 9,013,000.00
Purchased receivables more than 30 days delinquent 0.00
-----------------------
Total 9,013,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 144,703,596.04
Delinquency Ratio 6.23%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.23%
Delinquency Ratio for second preceding Determination Date 6.41%
Delinquency Ratio for third preceding Determination Date 6.78%
Average Delinquency Ratio 6.47% 6.47%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 6,496,984.52
Current Period Defaulted Receivables 1,267,243.76
-----------------------
Total 7,764,228.28
Cumulative Defaulted Receivables 7,764,228.28
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 5.18%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,129,363.08
Cram Down Losses 0.00
Net Liquidation Proceeds (715,341.73)
-----------------------
Net Liquidation Losses 1,414,021.35
Cumulative Previous Net Losses 2,127,200.48
-----------------------
Cumulative Net Losses 3,541,221.83
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 2.36%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 48.29
Weighted Average Annual Percentage Rate 20.40%
Spread Account
OC Percent
Aggregate Principal Balance 125,966,905.07
minus the Securities Balance 117,977,498.97
-----------------------
7,989,406.10
divided by the Aggregate Principal Balance 6.34%
Floor OC Percent
Aggregate Principal Balance 125,966,905.07
minus the Securities Balance 117,977,498.97
-----------------------
7,989,406.10
divided by the initial Aggregate Principal Balance 150,000,000.00
-----------------------
5.33%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 117,977,498.97
(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 2.66%
if a Trigger Event, 15% minus the OC Percent 8.66%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.66%
if an Insurance Agreement Event of Default, unlimited 999.00%
2.66%
times the Aggregate Principal Balance 125,966,905.07
-----------------------
3,347,615.36
Requisite Amount 3,347,615.36
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 3,347,615.36
Beginning of Period Spread Account Balance 3,403,754.78
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 (56,139.42)
Earnings on Spread Account Balance 19,754.90
Amount of Spread Account deposit (withdrawal) (75,894.32)
Amount of Withdrawl Allocated to B Notes Shortfalls 37,947.16
Amount of Withdrawl Allocated to B Certificates Shortfalls 37,947.16
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 3,347,615.36
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 5/15/98
Collection Period 4/98
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 $2,819,271.12
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $205,501.15
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,613,769.97
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $51.96
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.79
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $48.17
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $243,114.89
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $243,114.89
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) The amount of the distribution set forth in
paragraph A.1. (g) above, per $1,000 $3.94
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $0.00
(l) The amount of the distribution set forth in
paragraph A.1. (i) above, per $1,000 $0.00
(m) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $151,977.29
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $42,636.55
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $109,340.74
(p) Scheduled Payments due in such Collection Period $2,846,929.04
(q) Scheduled Payments collected in such
Collection Period $2,805,918.45
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 $96,626,749.17
(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 $89,665,851.08
(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 $84,320,085.90
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8726371
(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 $4,721,996.73
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0488684
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 $179,222.48
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,831.34
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.30
(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 1
Aggregate Purchase Amount $9,624.78
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 $3,101,742.41
Spread Account Balance $3,101,742.41
(b) The change in the spread account on the Distribution
Date set forth above ($688,626.38)
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $24,775.29
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $328,157.81
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 206
Aggregate Gross Amount $2,714,000.00
(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 235
Aggregate Gross Amount $3,486,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.75%
(b) Average Delinquency Ratio 5.74%
(c) Cumulative Default Ratio 2.48%
(d) Cumulative Net Loss Ratio 0.83%
(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: 3,499,016.15
Lock Box NSF Items: (86,560.71)
Total Collection Proceeds: 3,412,455.44
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 96,626,749.17
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 96,626,749.17
Principal portion of payments collected (non-prepayments) 1,262,062.38
Prepayments in full allocable to principal 369,872.00
Collections allocable to principal 1,631,934.38
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 217,097.89
Purchase Amounts allocable to principal 9,624.78
-----------------------
Total Principal 1,858,657.05
Realized Losses 328,157.81
Cram Down Losses 0.00
Ending Principal Balance 94,439,934.31
Interest
Collections allocable to interest $1,543,856.07
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 9,942.32
-----------------------
Total Interest $1,553,798.39
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 40,626,257.27
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 4,831,337.47 91,765,193.34
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,790,368.79
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 18,177.90
Scheduled Payments due in Collection Period 2,846,929.04
Scheduled Payments collected in Collection Period 2,805,918.45
Aggregate Amount of Realized Losses for preceding Distribution Date 328,157.81
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 492.96
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Note Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 206 2,714,000.00
60+ days delinquent 235 3,486,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 9,624.78
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. 6,200,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 9,624.78
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. 635,435.52
Delinquency Ratio for second preceding Determination Date 5.74%
Delinquency Ratio for third preceding Determination Date 5.73%
Cumulative Defaults for preceding Determination Date 1,984,984.00
Cumulative Net Losses for preceding Determination Date 557,543.57
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) 3,175,790.45
Liquidation Proceeds 217,097.89
Recoveries 9,942.32
Purchase Amounts 9,624.78
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 12,799.86
-----------------------
Total Distribution Amount 3,425,255.30
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,262,062.38
Prepayments in full allocable to principal 369,872.00
Principal Balance of Liquidated Receivables 545,255.70
Purchase Amounts allocable to principal 9,624.78
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 2,186,814.86
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 94,439,934.31
-----------------------
84,995,940.88
Class A Noteholders' Percentage
After the Target Payment Date? Yes
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 50.5%
-----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,186,814.86
Times Class A Noteholders' Percentage 91%
-----------------------
1,990,001.52
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,990,001.52
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 40,626,257.27
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 205,501.15
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 2,186,814.86
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 109,340.74
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,831,337.47
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 42,636.55
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
Use Source act distributed Source
--- ------ --------------- ------
(i) Standby Fee 4,831.34 3,425,255.30 4,831.34
Servicing Fee (2.0%) 161,044.58 3,420,423.96 161,044.58 0.00
Additional Servicing Fee Amounts 18,177.90 3,259,379.38 18,177.90 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,241,201.48 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,241,201.48 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,241,201.48 0.00
(iii) Indenture Trustee Fee 805.22 3,241,201.48 805.22
Indenture Trustee's out-of-pocket expenses 492.96 3,240,396.26 492.96
Unpaid Indenture Trustee Fee from prior 0.00 3,239,903.30 0.00
Collection Periods
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 3,239,903.30 0.00
prior Collection Periods
Owner Trustee Fee 0.00 3,239,903.30 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,239,903.30 0.00
Unpaid Owner Trustee Fee from prior Collection 0.00 3,239,903.30 0.00
Periods
Unpaid Owner Trustee's out-of-pocket exp - 0.00 3,239,903.30 0.00
prior Collection Periods
(iv) Collateral Agent Fee 764.71 3,239,903.30 764.71
Collateral Agent Expenses 0.00 3,239,138.59 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,239,138.59 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,239,138.59 0.00
Collection Periods
(v) (A) Class A-1 Interest Distributable Amount - Current Month 205,501.15
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 205,501.15 3,239,138.59 205,501.15
(B) Class A-2 Interest Distributable Amount - Current Month 243,114.89
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 243,114.89 3,033,637.44 243,114.89
(vi) (A) Certificate Note Interest - Unadjusted 42,636.55
Certificate Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 42,636.55 2,790,522.55 42,636.55
(vii) Class A Principal Distributable Amount - Current Month 1,990,001.52
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 1,990,001.52 2,747,886.00 1,990,001.52 0.00
Class A Principal Distribution Amount to Class A-2 0.00 757,884.48 0.00 0.00
(viii) Note Insurer Premium 24,775.29 757,884.48 24,775.29
Note Insurer Premium Supplement 0.00 733,109.19 0.00
Other Reimbursement Obligations to Note Insurer 0.00 733,109.19 0.00
(ix) Transition Expenses to successor Servicer 0.00 733,109.19 0.00
(x) Certificate Principal Distributable Amount - Current 109,340.74
Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 109,340.74 733,109.19 109,340.74
(xi) Until the Target Payment Date, remaining amount to 623,768.45 623,768.45 623,768.45
Class A Noteholders
Amount to Class A-1 Noteholders 623,768.45 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into 0.00 3,424,762.34 Total Disbursements
Spread Acct. 3,425,255.30 Total Distribution Amt
======================
(492.96)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 40,626,257.27
Class A-1 Principal Distributions 1,990,001.52
Class A-1 End of Period Principal Amount (prior to turbo) 38,636,255.75
Additional Principal Distribution 623,768.45
Class A-1 End of Period Principal Amount 38,012,487.30
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 4,831,337.47
Certificate Principal Distributable Amount 109,340.74
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,721,996.73
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,721,996.73
Adjusted Amount Remaining for Further Distribution/(Deficiency) 866,883.34
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,200,000.00
Purchased receivables more than 30 days delinquent 9,624.78
-----------------------
Total 6,209,624.78
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 108,011,688.12
Delinquency Ratio 5.75%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.75%
Delinquency Ratio for second preceding Determination Date 5.74%
Delinquency Ratio for third preceding Determination Date 5.73%
-----------------------
Average Delinquency Ratio 5.74% 5.74%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 1,984,984.00
Current Period Defaulted Receivables 635,435.52
-----------------------
Total 2,620,419.52
Cumulative Defaulted Receivables 2,620,419.52
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 2.48%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 545,255.70
Cram Down Losses 0.00
Net Liquidation Proceeds (227,040.21)
-----------------------
Net Liquidation Losses 318,215.49
Cumulative Previous Net Losses 557,543.57
-----------------------
Cumulative Net Losses 875,759.06
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 0.83%
Additional Pool Information:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 50.29
Weighted Average Annual Percentage Rate 20.32%
Spread Account
OC Percent
Aggregate Principal Balance 94,439,934.31
minus the Securities Balance 89,042,082.63
-----------------------
5,397,851.68
divided by the Aggregate Principal Balance 5.72%
Floor OC Percent
Aggregate Principal Balance 94,439,934.31
minus the Securities Balance 89,042,082.63
-----------------------
5,397,851.68
divided by the initial Aggregate Principal Balance 105,860,630.11
-----------------------
5.10%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 89,042,082.63
(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 3.28%
if a Trigger Event, 15% minus the OC Percent 9.28%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 24.28%
if an Insurance Agreement Event of Default, unlimited 999.00%
3.28%
times the Aggregate Principal Balance 94,439,934.31
-----------------------
3,101,742.41
Requisite Amount 3,101,742.41
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 3,101,742.41
Beginning of Period Spread Account Balance 3,790,368.79
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (3,162.77)
Required addition to/(eligible withdrawal from) Spread Account (685,463.61)
Earnings on Spread Account Balance 17,600.97
Amount of Spread Account deposit (withdrawal) (703,064.58)
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller (703,064.58)
Ending Spread Account Balance 3,101,742.41
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 5/15/98
Collection Period 4/98
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 $2,592,506.02
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $243,857.15
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,348,648.87
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $46.50
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.37
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $42.13
(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 $135,177.33
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $39,500.66
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $95,676.67
(p) Scheduled Payments due in such Collection Period $2,610,527.86
(q) Scheduled Payments collected in such
Collection Period $2,584,875.29
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 $89,939,491.63
(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 $84,500,213.05
(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 $79,572,131.43
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8847296
(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 $4,397,289.56
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0488916
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $165,446.96
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,496.97
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.97
(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 3
Aggregate Purchase Amount $35,905.34
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 $3,865,799.07
Spread Account Balance $3,415,463.02
(b) The change in the spread account on the Distribution
Date set forth above $15,789.74
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 $26,033.45
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $225,705.08
(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 201
Aggregate Gross Amount $2,659,000.00
(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 167
Aggregate Gross Amount $2,245,000.00
7 Performance Triggers
(a) Delinquency Ratio 4.98%
(b) Average Delinquency Ratio 4.29%
(c) Cumulative Default Ratio 1.06%
(d) Cumulative Net Loss Ratio 0.33%
(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: 3,192,447.27
Lock Box NSF Items: (90,664.52)
Total Collection Proceeds: 3,101,782.75
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 89,939,491.63
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 89,939,491.63
Principal portion of payments collected (non-prepayments) 1,174,241.48
Prepayments in full allocable to principal 342,869.00
Collections allocable to principal 1,517,110.48
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 134,812.58
Purchase Amounts allocable to principal 35,905.34
-----------------------
Total Principal 1,687,828.40
Realized Losses 225,705.08
Cram Down Losses 0.00
Ending Principal Balance 88,025,958.15
Interest
Collections allocable to interest $1,410,633.81
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 3,320.54
-----------------------
Total Interest $1,413,954.35
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 46,745,780.30
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 4,492,966.23 86,413,746.53
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,399,673.28
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 15,547.81
Scheduled Payments due in Collection Period 2,610,527.86
Scheduled Payments collected in Collection Period 2,584,875.29
Aggregate Amount of Realized Losses for preceding Distribution Date 225,705.08
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 442.15
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 201 2,659,000.00
60+ days delinquent 167 2,245,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 35,905.34
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. 4,904,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 35,905.34
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. 345,661.96
Delinquency Ratio for second preceding Determination Date 4.12%
Delinquency Ratio for third preceding Determination Date 3.78%
Cumulative Defaults for preceding Determination Date 666,587.59
Cumulative Net Losses for preceding Determination Date 96,324.90
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) 2,927,744.29
Liquidation Proceeds 134,812.58
Recoveries 3,320.54
Purchase Amounts 35,905.34
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 11,389.74
-----------------------
Total Distribution Amount 3,113,172.49
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,174,241.48
Prepayments in full allocable to principal 342,869.00
Principal Balance of Liquidated Receivables 360,517.66
Purchase Amounts allocable to principal 35,905.34
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,913,533.48
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 88,025,958.15
-----------------------
79,223,362.34
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 95.0%
After Target Payment Date, before Payment Date when A-2 reduced to 0 91.0%
On Payment Date when Class A-2 Notes will be reduced to 0 40.7%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,913,533.48
Times Class A Noteholders' Percentage 95%
-----------------------
1,817,856.81
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,817,856.81
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 46,745,780.30
Multiplied by the Note Rate 6.26%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 243,857.15
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 35,175,000.00
Multiplied by the Note Rate 6.40%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Class A Interest Distributable Amount 187,600.00
Certificateholders Principal Distributable Amount
Principal Distributable Amount 1,913,533.48
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 95,676.67
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,492,966.23
Multiplied by Note Pass-Through Rate 10.55%
Multiplied by 30/360, or for the first Distribution Date, by 4/360 0.0833333
-----------------------
Certificate Coupon Interest Amount 39,500.66
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
Use Source act distributed Source
--- ------ --------------- ------
(i) Standby Fee 4,496.97 3,113,172.49 4,496.97
Servicing Fee (2.0%) 149,899.15 3,108,675.52 149,899.15 0.00
Additional Servicing Fee Amounts 15,547.81 2,958,776.37 15,547.81 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,943,228.56 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,943,228.56 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,943,228.56 0.00
(iii) Indenture Trustee Fee 749.50 2,943,228.56 749.50
Indenture Trustee's out-of-pocket expenses 442.15 2,942,479.06 442.15
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 2,942,036.91 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 2,942,036.91 0.00
prior Collection Periods
Owner Trustee Fee 0.00 2,942,036.91 0.00
Owner Trustee's out-of-pocket expenses 0.00 2,942,036.91 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 2,942,036.91 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 2,942,036.91 0.00
prior Collection Periods
(iv) Collateral Agent Fee 720.11 2,942,036.91 720.11
Collateral Agent Expenses 0.00 2,941,316.80 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,941,316.80 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,941,316.80 0.00
Collection Periods
(v) (A) Class A-1 Interest Distributable Amount - Current Month 243,857.15
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 243,857.15 2,941,316.80 243,857.15
(B) Class A-2 Interest Distributable Amount - Current Month 187,600.00
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 187,600.00 2,697,459.65 187,600.00
(vi) (A) Certificate Note Interest - Unadjusted 39,500.66
Certificate Note Interest Carryover Shortfall - 0.00
Previous Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 39,500.66 2,509,859.65 39,500.66
(vii) Class A Principal Distributable Amount - Current Month 1,817,856.81
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 1,817,856.81 2,470,358.99 1,817,856.81 0.00
Class A Principal Distribution Amount to Class A-2 0.00 652,502.18 0.00 0.00
(viii) Note Insurer Premium 26,033.45 652,502.18 26,033.45
Note Insurer Premium Supplement 0.00 626,468.73 0.00
Other Reimbursement Obligations to Note Insurer 0.00 626,468.73 0.00
(ix) Transition Expenses to successor Servicer 0.00 626,468.73 0.00
(x) Certificate Principal Distributable Amount - 95,676.67
Current Month Unadjusted
Certificate Principal Carryover Shortfall - 0.00 0.00 0.00
Previous Month(s)
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 95,676.67 626,468.73 95,676.67
(xi) Until the Target Payment Date, remaining amount to 530,792.06 530,792.06 530,792.06
Class A Noteholders
Amount to Class A-1 Noteholders 530,792.06 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into 0.00 3,112,730.34 Total Disbursements
Spread Acct. 3,113,172.49 Total Distribution Amt
======================
(442.15)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 46,745,780.30
Class A-1 Principal Distributions 1,817,856.81
Class A-1 End of Period Principal Amount (prior to turbo) 44,927,923.49
Additional Principal Distribution 530,792.06
Class A-1 End of Period Principal Amount 44,397,131.43
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 4,492,966.23
Certificate Principal Distributable Amount 95,676.67
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,397,289.56
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,397,289.56
Adjusted Amount Remaining for Further Distribution/(Deficiency) 718,392.06
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,904,000.00
Purchased receivables more than 30 days delinquent 35,905.34
-----------------------
Total 4,939,905.34
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 99,184,953.20
Delinquency Ratio 4.98%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.98%
Delinquency Ratio for second preceding Determination Date 4.12%
Delinquency Ratio for third preceding Determination Date 3.78%
-----------------------
Average Delinquency Ratio 4.29% 4.29%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 666,587.59
Current Period Defaulted Receivables 345,661.96
-----------------------
Total 1,012,249.55
Cumulative Defaulted Receivables 1,012,249.55
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 1.06%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 360,517.66
Cram Down Losses 0.00
Net Liquidation Proceeds (138,133.12)
-----------------------
Net Liquidation Losses 222,384.54
Cumulative Previous Net Losses 96,324.90
-----------------------
Cumulative Net Losses 318,709.44
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 0.33%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 51.46
Weighted Average Annual Percentage Rate 20.23%
Spread Account
OC Percent
Aggregate Principal Balance 88,025,958.15
minus the Securities Balance 83,969,420.99
-----------------------
4,056,537.16
divided by the Aggregate Principal Balance 4.61%
Floor OC Percent
Aggregate Principal Balance 88,025,958.15
minus the Securities Balance 83,969,420.99
-----------------------
4,056,537.16
divided by the initial Aggregate Principal Balance 95,706,307.00
-----------------------
4.24%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 83,969,420.99
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 95,706,307.00
(II) balance of all Subsequent Receivables 0.00
1,914,126.14
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 95,706,307.00
0.00
Floor Amount 1,914,126.14
Requisite Amount
the greater of
(1)the Floor Amount 1,914,126.14
(2)the product of:
if no Trigger Event, 9% minus the OC Percent 4.4%
if a Trigger Event, 15% minus the OC Percent 10.4%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 25.4%
if an Insurance Agreement Event of Default, unlimited 999%
4%
times the Aggregate Principal Balance 88,025,958.15
-----------------------
3,865,799.07
Requisite Amount 3,865,799.07
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 3,865,799.07
Beginning of Period Spread Account Balance 3,399,673.28
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 466,125.79
Earnings on Spread Account Balance 15,789.74
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 3,415,463.02
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 Certificateholder Statement
CPS Auto Grantor Trust 1998-1
6.00% Asset-Backed Certificates, Class A
10.25% Asset-Backed Certificates, Class B
Revision #2
Distribution Date 5/15/98
Collection Period 4/98
Under the Pooling and Servicing Agreement dated as of March 16, 1998 (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 $3,280,124.55
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $876,805.95
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,403,318.60
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $18.47
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.94
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $13.53
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $205,326.07
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $78,835.62
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $126,490.45
(j) Scheduled Payments due in such Collection Period $5,239,933.38
(k) Scheduled Payments collected in such
Collection Period $4,760,868.17
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 $184,590,726.38
(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 $182,060,917.33
(c) The Pool factor as of the close of business
on the last day set forth above 0.9862950
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 $326,115.21
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,845.64
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.84
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.02
(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 $139,197.12
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 $66,868.21
(b) Distributions (to) from Collection Account ($9,101.62)
for Payaheads
(c) Interest earned on Payahead Balances $370.05
(d) Ending Payahead Account Balance $58,136.64
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 $24,578,223.84
Spread Account Balance $14,107,867.96
(b) The change in the spread account on the Distribution
Date set forth above $3,136,871.24
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 $59,093.94
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $6,616.30
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 265
Aggregate Gross Amount $3,554,000.00
(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 80
Aggregate Gross Amount $1,042,000.00
8 Performance Triggers
(a) Delinquency Ratio 2.30%
(b) Average Delinquency Ratio 1.64%
(c) Cumulative Default Ratio 0.01%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1998-1
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 5,508,878.84
Lock Box NSF Items: (92,097.67)
Transfers from (to) Payahead Account: 9,101.62
Collection Account Interest 18,513.45
Payahead Account Interest 370.05
Total Collection Proceeds: 5,444,766.29
For Distribution Date: 5/15/98
For Determination Date: 5/8/98
For Collection Period: 4/98
Collateral Activity Information
Principal
Beginning Principal Balance 184,590,726.38
Principal portion of payments collected (non-prepayments) 1,840,044.63
Prepayments in full allocable to principal 535,441.00
Collections allocable to principal 2,375,485.63
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 8,510.00
Purchase Amounts allocable to principal 139,197.12
---------------------
Total Principal 2,523,192.75
Realized Losses 6,616.30
Cram Down Losses 0.00
Ending Principal Balance 182,060,917.33
Interest
Collections allocable to interest 2,920,823.54
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 750.00
---------------------
Total Interest 2,921,573.54
Certificate Information
Beginning of Period Class A Principal Balance 175,361,190.38
Beginning of Period Class B Principal Balance 9,229,536.00
Miscellaneous Balances
Beginning of Period Spread Account Balance 10,970,996.72
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 18,464.00
Aggregate Payahead Balance 57,766.59
Aggregate Payahead Balance for preceding Distribution Date 66,868.21
Interest Earned on Payahead Balances 370.05
Scheduled Payments due in Collection Period 5,239,933.38
Scheduled Payments collected in Collection Period 4,760,868.17
Aggregate Amount of Realized Losses for preceding Distribution Date 6,616.30
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 713.58
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 265 3,554,000.00
60+ days delinquent 80 1,042,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
11 139,197.12
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. 4,596,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 139,197.12
the close of business on the last day of the related Collection Period
and that were delinquent 30 days or more.
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection Period. 0.00
Delinquency Ratio for second preceding Determination Date 0.98%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 20,049.25
Cumulative Net Losses for preceding Determination Date 736.31
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) 5,296,309.17
Liquidation Proceeds 8,510.00
Recoveries 750.00
Purchase Amounts 139,197.12
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 5,444,766.29
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,840,044.63
Prepayments in full allocable to principal 535,441.00
Principal Balance of Liquidated Receivables 15,126.30
Purchase Amounts allocable to principal 139,197.12
Cram Down Losses 0.00
---------------------
Principal Distributable Amount 2,529,809.05
Class A Principal Distributable Amount
Principal Distributable Amount 2,529,809.05
Times Class A Percentage (95%) 95%
---------------------
2,403,318.60
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------------
Class A Principal Distributable Amount 2,403,318.60
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 175,361,190.38
Multiplied by Certificate Pass-Through Rate 6.00%
Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333
---------------------
Class A Interest Distributable Amount 876,805.95
Class B Principal Distributable Amount
Principal Distributable Amount 2,529,809.05
Times Class B Percentage (5%) 5%
---------------------
Class B Principal Distributable Amount 126,490.45
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 9,229,536.00
Multiplied by Certificate Pass-Through Rate 10.25%
Multiplied by 30/360, or for the first Distribution Date, by 30/360 0.0833333
---------------------
Class B Coupon Interest Amount 78,835.62
Class B Excess Interest Amount
Total Distribution Amount 5,444,766.29
minus
Class A Principal and Interest Distributable Amount 3,280,124.55
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 78,835.62
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 126,490.45
Class B Principal Carryover Shortfall 0.00
Trustee distributions 2,251.84
Standby Servicer distributions 3,845.64
Servicer distributions 326,115.21
Collateral Agent distributions 1,538.26
Reimbursement Obligations 59,093.94
---------------------
1,566,470.78
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 3,845.64 5,444,766.29 3,845.64
Servicing Fee (2.0%) 307,651.21 5,440,920.65 307,651.21 0.00
Additional Servicing Fee Amounts 18,464.00 5,133,269.44 18,464.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 5,114,805.44 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 5,114,805.44 0.00
(ii) Transition Expenses to Standby Servicer 0.00 5,114,805.44 0.00
(iii) Trustee Fee 1,538.26 5,114,805.44 1,538.26
Trustee's out-of-pocket expenses 713.58 5,113,267.18 713.58
Unpaid Trustee Fee from prior Collection Periods 0.00 5,112,553.60 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 5,112,553.60 0.00
Collection Periods
(iv) Collateral Agent Fee 1,538.26 5,112,553.60 1,538.26
Collateral Agent Expenses 0.00 5,111,015.34 0.00
Unpaid Collateral Agent Fee from prior 0.00 5,111,015.34 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 5,111,015.34 0.00
Collection Periods
(v) (A) Class A Interest Distributable Amount - 876,805.95 5,111,015.34 876,805.95
Current Month
Prior Month(s) Class A Carryover Shortfall 0.00 4,234,209.39 0.00
Class A Interest Carryover Shortfall 0.00 4,234,209.39 0.00
Interest on Interest Carryover from Prior Months 0.00 4,234,209.39 0.00
Current Month Class A Interest Carryover Shortfall 0.00 4,234,209.39 0.00
Class A Interest Distributable Amount 876,805.95 4,234,209.39 876,805.95
(viii)(A)Class B Coupon Interest - Unadjusted 78,835.62 3,357,403.44 78,835.62
Class B Interest Carryover Shortfall - Previous 0.00 3,278,567.82 0.00
Month(s)
Interest on B Interest Shortfall - Previous Month(s) 0.00 3,278,567.82 0.00
Interest on Interest Carryover from Prior Months 0.00 3,278,567.82 0.00
Current Month Class B Interest Shortfall 0.00 3,278,567.82 0.00
Adjusted Class B Interest Distributable Amount 78,835.62 3,278,567.82 78,835.62
(v) (B) Class A Principal Distributable Amount - 2,403,318.60 3,199,732.20 2,403,318.60
Current Month
Class A Principal Carryover Shortfall - 0.00 796,413.60 0.00
Previous Month(s)
Current Month Class A Principal Shortfall 0.00 796,413.60 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,403,318.60 796,413.60 796,413.60 638,129.10
(vi) Certificate Insurer Premium 59,093.94 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate 0.00 0.00 0.00
Insurer
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 126,490.45 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous 0.00 0.00 0.00
Month(s)
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 126,490.45 0.00 0.00
Excess Interest (Shortage) Amount for Deposit 1,566,470.78 0.00 0.00
to (withdrawl from) Spread Account 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 175,361,190.38
Class A Principal Distributions 2,403,318.60
Class A End of Period Principal Balance 172,957,871.78
Class B Beginning of Period Principal Balance 9,229,536.00
Class B Principal Distributable Amount 126,490.45
Class B End of Period Principal Balance BEFORE Spread Account Distributions 9,103,045.55
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 9,103,045.55
Class A Deficiency - Interest
(i) Total Distribution Amount Available 5,444,766.29
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,210,556.90
(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) 4,234,209.39
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 4,234,209.39
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 78,835.62
(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) 4,155,373.77
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 4,155,373.77
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,403,318.60
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,752,055.17
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,752,055.17
(vi) Certificate Insurer Premium 59,093.94
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,692,961.23
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,692,961.23
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 126,490.45
(iii) Prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 1,566,470.78
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,566,470.78
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,596,000.00
Purchased receivables more than 30 days delinquent 139,197.12
---------------------
Total 4,735,197.12
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 205,832,193.13
Delinquency Ratio 2.30%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 2.30%
Delinquency Ratio for second preceding Determination Date 0.98%
Delinquency Ratio for third preceding Determination Date 0.00%
Average Delinquency Ratio 1.64% 1.09%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 20,049.25
Current Period Defaulted Receivables 0.00
---------------------
Total 20,049.25
Cumulative Defaulted Receivables 20,049.25
Original Pool Balance 186,954,818.61
Cumulative Default Ratio 0.01%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 15,126.30
Cram Down Losses 0.00
Net Liquidation Proceeds (9,260.00)
---------------------
Net Liquidation Losses 5,866.30
Cumulative Previous Net Losses 736.31
---------------------
Cumulative Net Losses 6,602.61
Original Pool Balance 186,954,818.61
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.10
Weighted Average Remaining Term 54.10
Weighted Average Annual Percentage Rate 20.35%
Spread Account
Spread Account Cap
13.5% of Outstanding Certificate Balance 24,578,223.84
18.5% of Outstanding Certificate Balance 33,681,269.71
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 24,578,223.84
Spread Account Floor
3% of the Initial Certificate Balance 5,608,644.56
Outstanding Certificate Balance 182,060,917.33
Minimum Floor 100,000.00
Floor Amount 5,608,644.56
Required Spread Account Amount 24,578,223.84
Beginning of Period Spread Account Balance 10,970,996.72
Spread Account Deposit (Withdrawal) from Current Distributions 1,566,470.78
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Allocations of cash releases from previous pools 1,540,849.65
Required addition to/(eligible withdrawal from) Spread Account 10,499,906.69
Earnings on Spread Account Balance 29,550.81
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 14,107,867.96
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
-------------------------------------------------------