Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Revision #1
Distribution Date 6/15/98
Collection Period 5/98
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 $2,346,314.45
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $215,013.67
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,131,300.78
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $27.78
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.55
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $25.24
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $129,191.04
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $17,017.31
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $112,173.73
(j) Scheduled Payments due in such Collection Period $1,636,701.67
(k) Scheduled Payments collected in such
Collection Period $1,474,236.44
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 $40,841,535.76
(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 $38,710,234.96
(c) The Pool factor as of the close of business
on the last day set forth above 0.9478154
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 $89,115.75
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,722.77
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.06
(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 1
Aggregate Purchase Amount $12,740.96
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 $26,433.23
(b) Distributions (to) from Collection Account ($7,062.76)
for Payaheads
(c) Interest earned on Payahead Balances $107.49
(d) Ending Payahead Account Balance $19,477.96
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 $5,806,535.24
Spread Account Balance $5,806,535.24
(b) The change in the spread account on the Distribution
Date set forth above ($319,695.12)
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 $10,694.88
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $594,880.88
(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 108
Aggregate Gross Amount $1,070,000.00
(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 116
Aggregate Gross Amount $1,228,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.26%
(b) Average Delinquency Ratio 5.72%
(c) Cumulative Default Ratio 16.15%
(d) Cumulative Net Loss Ratio 11.43%
(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: 2,335,333.45
Lock Box NSF Items: (34,865.59)
Transfers from (to) Payahead Account: 7,062.76
Collection Account Interest 9,593.98
Payahead Account Interest 107.49
Total Collection Proceeds: 2,317,232.09
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 40,841,535.76
Principal portion of payments collected (non-prepayments) 885,868.15
Prepayments in full allocable to principal 589,120.00
Collections allocable to principal 1,474,988.15
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 160,864.52
Purchase Amounts allocable to principal 12,740.96
-------------------
Total Principal 1,648,593.63
Realized Losses 594,880.88
Cram Down Losses 0.00
Ending Principal Balance 38,598,061.25
Interest
Collections allocable to interest 588,368.29
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 80,270.17
-------------------
Total Interest 668,638.46
Certificate Information
Beginning of Period Class A Principal Balance 38,799,458.97
Beginning of Period Class B Principal Balance 2,042,076.77
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,126,230.36
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 21,046.52
Aggregate Payahead Balance 19,370.47
Aggregate Payahead Balance for preceding Distribution Date 26,433.23
Interest Earned on Payahead Balances 107.49
Scheduled Payments due in Collection Period 1,636,701.67
Scheduled Payments collected in Collection Period 1,474,236.44
Aggregate Amount of Realized Losses for preceding Distribution Date 594,880.88
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 267.77
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 108 1,070,000.00
60+ days delinquent 116 1,228,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 12,740.96
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. 2,298,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 12,740.96
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. 520,972.99
Delinquency Ratio for second preceding Determination Date 5.96%
Delinquency Ratio for third preceding Determination Date 5.94%
Cumulative Defaults for preceding Determination Date 13,836,132.49
Cumulative Net Losses for preceding Determination Date 9,642,404.12
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) 2,063,356.44
Liquidation Proceeds 160,864.52
Recoveries 80,270.17
Purchase Amounts 12,740.96
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 2,317,232.09
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 885,868.15
Prepayments in full allocable to principal 589,120.00
Principal Balance of Liquidated Receivables 755,745.40
Purchase Amounts allocable to principal 12,740.96
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,243,474.51
Class A Principal Distributable Amount
Principal Distributable Amount 2,243,474.51
Times Class A Percentage (95%) 95%
-------------------
2,131,300.78
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,131,300.78
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 38,799,458.97
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 215,013.67
Class B Principal Distributable Amount
Principal Distributable Amount 2,243,474.51
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 112,173.73
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,042,076.77
Multiplied by Certificate Pass-Through Rate 10.00%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------
Class B Coupon Interest Amount 17,017.31
Class B Excess Interest Amount
Total Distribution Amount 2,317,232.09
minus
Class A Principal and Interest Distributable Amount 2,346,314.45
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 17,017.31
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 112,173.73
Class B Principal Carryover Shortfall 0.00
Trustee distributions 778.29
Standby Servicer distributions 2,722.77
Servicer distributions 89,115.75
Collateral Agent distributions 510.52
Reimbursement Obligations 10,694.88
-------------------
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 2,722.77 2,317,232.09 2,722.77 2,317,232.09
Servicing Fee (2.0%) 68,069.23 2,314,509.32 68,069.23 0.00
Additional Servicing Fee Amounts 21,046.52 2,246,440.09 21,046.52 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,225,393.57 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,225,393.57 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,225,393.57 0.00
(iii) Trustee Fee 510.52 2,225,393.57 510.52
Trustee's out-of-pocket expenses 267.77 2,224,883.05 267.77
Unpaid Trustee Fee from prior Collection Periods 0.00 2,224,615.28 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,224,615.28 0.00
Collection Periods
(iv) Collateral Agent Fee 510.52 2,224,615.28 510.52
Collateral Agent Expenses 0.00 2,224,104.76 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,224,104.76 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,224,104.76 0.00
Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 215,013.67 2,224,104.76 215,013.67
Prior Month(s) Class A Carryover Shortfall 0.00 2,009,091.09 0.00
Class A Interest Carryover Shortfall 0.00 2,009,091.09 0.00
Interest on Interest Carryover from Prior Months 0.00 2,009,091.09 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,009,091.09 0.00
Class A Interest Distributable Amount 215,013.67 2,009,091.09 215,013.67
(viii)(A)Class B Coupon Interest - Unadjusted 17,017.31 1,794,077.42 17,017.31
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,777,060.11 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,777,060.11 0.00
Interest on Interest Carryover from Prior Months 0.00 1,777,060.11 0.00
Current Month Class B Interest Shortfall 0.00 1,777,060.11 0.00
Adjusted Class B Interest Distributable Amount 17,017.31 1,777,060.11 17,017.31
(v) (B) Class A Principal Distributable Amount - Current Month 2,131,300.78 1,760,042.80 1,760,042.80 185,931.31
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (139,227.00) 0.00 (139,227.00)
Withdrawl from Spread Account to Cover Shortfall 139,227.00
Class A Principal Distribution Amount 2,131,300.78 139,227.00 139,227.00 0.00
(vi) Certificate Insurer Premium 10,694.88 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 - 112,173.73 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 (112,173.73) 0.00 (112,173.73)
Adjusted Class B Principal Distributable Amount 0.00 112,173.73 0.00
Excess Interest Amount for Deposit in Spread Account (149,921.88) 112,173.73 (149,921.88)
262,095.61 262,095.61
Certificate Balance
Class A Beginning of Period Principal Balance 38,799,458.97
Class A Principal Distributions 2,131,300.78
Class A End of Period Principal Balance 36,668,158.19
Class B Beginning of Period Principal Balance 2,042,076.77
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,042,076.77
Withdrawl from Spread Account to Cover B Shortfalls 112,173.73
Class B End of Period Principal Balance AFTER Spread Account Distributions 1,929,903.04
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,317,232.09
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 308,141.00
(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) 2,009,091.09
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,009,091.09
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 17,017.31
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,992,073.78
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,992,073.78
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,131,300.78
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 139,227.00
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 10,694.88
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (10,694.88)
Withdrawl from Spread Account to Cover Deficiency 10,694.88
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) 112,173.73
(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) (112,173.73)
Withdrawl from Spread Account to B PieceCover Shortfalls (112,173.73)
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 2,298,000.00
Purchased receivables more than 30 days delinquent 12,740.96
-------------------
Total 2,310,740.96
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 205,832,193.13
Delinquency Ratio 5.26%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.26%
Delinquency Ratio for second preceding Determination Date 5.96%
Delinquency Ratio for third preceding Determination Date 5.94%
Average Delinquency Ratio 5.72% 5.72%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 13,836,132.49
Current Period Defaulted Receivables 520,972.99
-------------------
Total 14,357,105.48
Cumulative Defaulted Receivables 14,357,105.48
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 16.15%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 755,745.40
Cram Down Losses 0.00
Net Liquidation Proceeds (241,134.69)
-------------------
Net Liquidation Losses 514,610.71
Cumulative Previous Net Losses 9,642,404.12
-------------------
Cumulative Net Losses 10,157,014.83
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 11.43%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 32.25
Weighted Average Annual Percentage Rate 20.37%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 3,871,023.50
15% of Outstanding Certificate Balance 5,806,535.24
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 5,806,535.24
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 38,710,234.96
Minimum Floor 100,000.00
Floor Amount 2,667,022.51
Required Spread Account Amount 5,806,535.24
Beginning of Period Spread Account Balance 6,126,230.36
Spread Account Deposit (Withdrawal) from Current Distributions (149,921.88)
Transfer (to) from Cross-Collateralized Spread Accounts (11,688.63)
Required addition to/(eligible withdrawal from) Spread Account (158,084.61)
Earnings on Spread Account Balance 31,650.71
Amount of Spread Account deposit (withdrawal) (189,735.32)
Amount of Withdrawl Allocated to B Piece Shortfalls 112,173.73
Net Spread Account Withdrawl to Seller (77,561.59)
Ending Spread Account Balance 5,806,535.24
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
Revision #1
Distribution Date 6/15/98
Collection Period 5/98
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 $1,831,552.66
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $264,926.66
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $1,566,626.00
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $20.93
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.03
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $17.90
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $105,970.66
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $23,516.66
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $82,454.00
(j) Scheduled Payments due in such Collection Period $1,866,814.98
(k) Scheduled Payments collected in such
Collection Period $2,067,698.02
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $49,946,896.65
(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 $48,297,816.62
(c) The Pool factor as of the close of business
on the last day set forth above 0.9669833
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $100,427.87
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,329.79
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.15
(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 2
Aggregate Purchase Amount $16,080.87
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 $30,420.97
(b) Distributions (to) from Collection Account ($10,208.38)
for Payaheads
(c) Interest earned on Payahead Balances $122.55
(d) Ending Payahead Account Balance $20,335.14
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 $4,829,781.66
Spread Account Balance $4,829,781.66
(b) The change in the spread account on the Distribution
Date set forth above ($164,908.00)
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 $13,382.52
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $63,440.63
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 139
Aggregate Gross Amount $1,547,000.00
(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 172
Aggregate Gross Amount $2,181,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.71%
(b) Average Delinquency Ratio 6.85%
(c) Cumulative Default Ratio 14.58%
(d) Cumulative Net Loss Ratio 8.89%
(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: 2,647,308.29
Lock Box NSF Items: (41,737.76)
Transfers from (to) Payahead Account: 10,208.38
Collection Account Interest 10,821.87
Payahead Account Interest 122.55
Total Collection Proceeds: 2,626,723.33
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 49,946,896.65
Principal portion of payments collected (non-prepayments) 1,107,899.96
Prepayments in full allocable to principal 446,087.00
Collections allocable to principal 1,553,986.96
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 15,571.54
Purchase Amounts allocable to principal 16,080.87
Total Principal 1,585,639.37
Realized Losses 63,440.63
Cram Down Losses 0.00
Ending Principal Balance 48,297,816.65
Interest
Collections allocable to interest 959,798.06
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 81,285.90
Total Interest 1,041,083.96
Certificate Information
Beginning of Period Class A Principal Balance 47,449,551.79
Beginning of Period Class B Principal Balance 2,497,344.83
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,994,689.66
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,183.04
Aggregate Payahead Balance 20,212.59
Aggregate Payahead Balance for preceding Distribution Date 30,420.97
Interest Earned on Payahead Balances 122.55
Scheduled Payments due in Collection Period 1,866,814.98
Scheduled Payments collected in Collection Period 2,067,698.02
Aggregate Amount of Realized Losses for preceding Distribution Date 63,440.63
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 324.87
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 139 1,547,000.00
60+ days delinquent 172 2,181,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
2 16,080.87
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 3,728,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 16,080.87
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. 547,445.14
Delinquency Ratio for second preceding Determination Date 7.12%
Delinquency Ratio for third preceding Determination Date 6.72%
Cumulative Defaults for preceding Determination Date 12,884,375.64
Cumulative Net Losses for preceding Determination Date 8,211,471.47
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,513,785.02
Liquidation Proceeds 15,571.54
Recoveries 81,285.90
Purchase Amounts 16,080.87
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 2,626,723.33
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,107,899.96
Prepayments in full allocable to principal 446,087.00
Principal Balance of Liquidated Receivables 79,012.17
Purchase Amounts allocable to principal 16,080.87
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 1,649,080.00
Class A Principal Distributable Amount
Principal Distributable Amount 1,649,080.00
Times Class A Percentage (95%) 95%
-------------------
1,566,626.00
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 1,566,626.00
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 47,449,551.79
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 264,926.66
Class B Principal Distributable Amount
Principal Distributable Amount 1,649,080.00
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 82,454.00
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,497,344.83
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 23,516.66
Class B Excess Interest Amount
Total Distribution Amount 2,626,723.33
minus
Class A Principal and Interest Distributable Amount 1,831,552.66
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 23,516.66
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 82,454.00
Class B Principal Carryover Shortfall 0.00
Trustee distributions 949.21
Standby Servicer distributions 3,329.79
Servicer distributions 100,427.87
Collateral Agent distributions 624.34
Reimbursement Obligations 13,382.52
-------------------
570,486.28
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 3,329.79 0.00 0.00 82,454.00
Servicing Fee (2.0%) 83,244.83 0.00 0.00 0.00
Additional Servicing Fee Amounts 17,183.04 0.00 0.00 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 0.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 0.00 0.00
(iii) Trustee Fee 624.34 0.00 0.00
Trustee's out-of-pocket expenses 324.87 0.00 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 0.00 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 0.00 0.00
Collection Periods
(iv) Collateral Agent Fee 624.34 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 264,926.66 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 264,926.66 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 23,516.66 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00 82,454.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00 82,454.00
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 23,516.66 0.00 0.00
(v) (B) Class A Principal Distributable Amount - Current Month 1,566,626.00 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 1,566,626.00 0.00 0.00
(vi) Certificate Insurer Premium 13,382.52 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 82,454.00 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 82,454.00 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 570,486.28 0.00 0.00
0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 47,449,551.79
Class A Principal Distributions 1,566,626.00
Class A End of Period Principal Balance 45,882,925.79
Class B Beginning of Period Principal Balance 2,497,344.83
Class B Principal Distributable Amount 82,454.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,414,890.83
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,414,890.83
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,626,723.33
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 370,257.87
(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) 2,256,465.46
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,256,465.46
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 23,516.66
(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) 2,232,948.80
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,232,948.80
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 1,566,626.00
(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) 666,322.80
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 666,322.80
(vi) Certificate Insurer Premium 13,382.52
(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) 652,940.28
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 652,940.28
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 82,454.00
(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) 570,486.28
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 570,486.28
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,728,000.00
Purchased receivables more than 30 days delinquent 16,080.87
-------------------
Total 3,744,080.87
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 55,763,709.54
Delinquency Ratio 6.71%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.71%
Delinquency Ratio for second preceding Determination Date 7.12%
Delinquency Ratio for third preceding Determination Date 6.72%
-------------------
Average Delinquency Ratio 6.85% 6.85%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 12,884,375.64
Current Period Defaulted Receivables 547,445.14
-------------------
Total 13,431,820.78
Cumulative Defaulted Receivables 13,431,820.78
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 14.58%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 79,012.17
Cram Down Losses 0.00
Net Liquidation Proceeds (96,857.44)
-------------------
Net Liquidation Losses (17,845.27)
Cumulative Previous Net Losses 8,211,471.47
-------------------
Cumulative Net Losses 8,193,626.20
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 8.89%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 36.19
Weighted Average Annual Percentage Rate 20.49%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,829,781.66
15% of Outstanding Certificate Balance 7,244,672.49
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 4,829,781.66
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 48,297,816.62
Minimum Floor 100,000.00
Floor Amount 2,763,878.99
Required Spread Account Amount 4,829,781.66
Beginning of Period Spread Account Balance 4,994,689.66
Spread Account Deposit (Withdrawal) from Current Distributions 570,486.28
Transfer (to) from Cross-Collateralized Spread Accounts (99,671.76)
Required addition to/(eligible withdrawal from) Spread Account (635,722.52)
Earnings on Spread Account Balance 25,663.91
Amount of Spread Account deposit (withdrawal) (661,386.43)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (661,386.43)
Ending Spread Account Balance 4,829,781.66
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
Revision #1
Distribution Date 6/15/98
Collection Period 5/98
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 $2,313,522.32
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $291,782.54
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,021,739.78
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $26.23
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.31
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $22.92
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $131,149.15
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $24,741.79
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $106,407.36
(j) Scheduled Payments due in such Collection Period $2,028,923.49
(k) Scheduled Payments collected in such
Collection Period $1,809,753.41
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $58,502,764.61
(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 $56,374,617.46
(c) The Pool factor as of the close of business
on the last day set forth above 0.9636231
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 $117,577.40
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,900.18
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.33
(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 3
Aggregate Purchase Amount $33,342.13
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $28,756.47
(b) Distributions (to) from Collection Account ($9,047.26)
for Payaheads
(c) Interest earned on Payahead Balances $128.79
(d) Ending Payahead Account Balance $19,838.00
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 $5,637,461.75
Spread Account Balance $5,637,461.75
(b) The change in the spread account on the Distribution
Date set forth above ($226,019.55)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $15,620.47
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $445,176.60
(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 158
Aggregate Gross Amount $1,810,000.00
(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 204
Aggregate Gross Amount $2,693,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.90%
(b) Average Delinquency Ratio 6.99%
(c) Cumulative Default Ratio 11.98%
(d) Cumulative Net Loss Ratio 7.92%
(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: 2,661,805.65
Lock Box NSF Items: (40,668.09)
Transfers from (to) Payahead Account: 9,047.26
Collection Account Interest 11,237.42
Payahead Account Interest 128.79
Total Collection Proceeds: 2,641,551.03
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 58,502,764.61
Principal portion of payments collected (non-prepayments) 918,055.02
Prepayments in full allocable to principal 481,629.00
Collections allocable to principal 1,399,684.02
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 249,944.39
Purchase Amounts allocable to principal 33,342.13
-------------------
Total Principal 1,682,970.54
Realized Losses 445,176.60
Cram Down Losses 0.00
Ending Principal Balance 56,374,617.47
Interest
Collections allocable to interest 891,698.39
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 66,882.10
-------------------
Total Interest 958,580.49
Certificate Information
Beginning of Period Class A Principal Balance 55,577,626.35
Beginning of Period Class B Principal Balance 2,925,138.25
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,863,481.30
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 20,072.79
Aggregate Payahead Balance 19,709.21
Aggregate Payahead Balance for preceding Distribution Date 28,756.47
Interest Earned on Payahead Balances 128.79
Scheduled Payments due in Collection Period 2,028,923.49
Scheduled Payments collected in Collection Period 1,809,753.41
Aggregate Amount of Realized Losses for preceding Distribution Date 445,176.60
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 381.78
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 158 1,810,000.00
60+ days delinquent 204 2,693,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 33,342.13
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. 4,503,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 33,342.13
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. 719,167.68
Delinquency Ratio for second preceding Determination Date 6.96%
Delinquency Ratio for third preceding Determination Date 7.11%
Cumulative Defaults for preceding Determination Date 10,405,134.18
Cumulative Net Losses for preceding Determination Date 6,973,705.13
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 2,291,382.41
Liquidation Proceeds 249,944.39
Recoveries 66,882.10
Purchase Amounts 33,342.13
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 2,641,551.03
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 918,055.02
Prepayments in full allocable to principal 481,629.00
Principal Balance of Liquidated Receivables 695,120.99
Purchase Amounts allocable to principal 33,342.13
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,128,147.14
Class A Principal Distributable Amount
Principal Distributable Amount 2,128,147.14
Times Class A Percentage (95%) 95%
-------------------
2,021,739.78
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,021,739.78
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 55,577,626.35
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 291,782.54
Class B Principal Distributable Amount
Principal Distributable Amount 2,128,147.14
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 106,407.36
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,925,138.25
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 24,741.79
Class B Excess Interest Amount
Total Distribution Amount 2,641,551.03
minus
Class A Principal and Interest Distributable Amount 2,313,522.32
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 24,741.79
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 106,407.36
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,113.06
Standby Servicer distributions 3,900.18
Servicer distributions 117,577.40
Collateral Agent distributions 731.28
Reimbursement Obligations 15,620.47
-------------------
57,937.17
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 3,900.18 2,641,551.03 3,900.18 2,641,551.03
Servicing Fee (2.0%) 97,504.61 2,637,650.85 97,504.61 0.00
Additional Servicing Fee Amounts 20,072.79 2,540,146.24 20,072.79 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,520,073.45 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,520,073.45 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,520,073.45 0.00
(iii) Trustee Fee 731.28 2,520,073.45 731.28
Trustee's out-of-pocket expenses 381.78 2,519,342.17 381.78
Unpaid Trustee Fee from prior Collection Periods 0.00 2,518,960.39 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,518,960.39 0.00
Collection Periods
(iv) Collateral Agent Fee 731.28 2,518,960.39 731.28
Collateral Agent Expenses 0.00 2,518,229.11 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,518,229.11 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,518,229.11 0.00
Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 291,782.54 2,518,229.11 291,782.54
Prior Month(s) Class A Carryover Shortfall 0.00 2,226,446.57 0.00
Class A Interest Carryover Shortfall 0.00 2,226,446.57 0.00
Interest on Interest Carryover from Prior Months 0.00 2,226,446.57 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,226,446.57 0.00
Class A Interest Distributable Amount 291,782.54 2,226,446.57 291,782.54
(viii)(A)Class B Coupon Interest - Unadjusted 24,741.79 1,934,664.03 24,741.79
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,909,922.24 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,909,922.24 0.00
Interest on Interest Carryover from Prior Months 0.00 1,909,922.24 0.00
Current Month Class B Interest Shortfall 0.00 1,909,922.24 0.00
Adjusted Class B Interest Distributable Amount 24,741.79 1,909,922.24 24,741.79
(v) (B) Class A Principal Distributable Amount - Current Month 2,021,739.78 1,885,180.45 1,885,180.45 619,811.25
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 2,021,739.78 0.00 0.00 0.00
(vi) Certificate Insurer Premium 15,620.47 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 106,407.36 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 106,407.36 0.00 0.00
Excess Interest Amount for Deposit in Spread Account 57,937.17 0.00 0.00
0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 55,577,626.35
Class A Principal Distributions 2,021,739.78
Class A End of Period Principal Balance 53,555,886.57
Class B Beginning of Period Principal Balance 2,925,138.25
Class B Principal Distributable Amount 106,407.36
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,818,730.89
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,818,730.89
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,641,551.03
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 415,104.46
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,226,446.57
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,226,446.57
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 24,741.79
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,201,704.78
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,201,704.78
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,021,739.78
(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) 179,965.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 179,965.00
(vi) Certificate Insurer Premium 15,620.47
(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) 164,344.53
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 164,344.53
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 106,407.36
(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) 57,937.17
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 57,937.17
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 4,503,000.00
Purchased receivables more than 30 days delinquent 33,342.13
-------------------
Total 4,536,342.13
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 65,733,341.59
Delinquency Ratio 6.90%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.90%
Delinquency Ratio for second preceding Determination Date 6.96%
Delinquency Ratio for third preceding Determination Date 7.11%
-------------------
Average Delinquency Ratio 6.99% 6.99%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 10,405,134.18
Current Period Defaulted Receivables 719,167.68
-------------------
Total 11,124,301.86
Cumulative Defaulted Receivables 11,124,301.86
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 11.98%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 695,120.99
Cram Down Losses 0.00
Net Liquidation Proceeds (316,826.49)
-------------------
Net Liquidation Losses 378,294.50
Cumulative Previous Net Losses 6,973,705.13
-------------------
Cumulative Net Losses 7,351,999.63
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 7.92%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 39.39
Weighted Average Annual Percentage Rate 20.53%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,637,461.75
15% of Outstanding Certificate Balance 8,456,192.62
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 5,637,461.75
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 56,374,617.46
Minimum Floor 100,000.00
Floor Amount 2,785,734.33
Required Spread Account Amount 5,637,461.75
Beginning of Period Spread Account Balance 5,863,481.30
Spread Account Deposit (Withdrawal) from Current Distributions 57,937.17
Transfer (to) from Cross-Collateralized Spread Accounts (41,126.83)
Required addition to/(eligible withdrawal from) Spread Account (242,829.89)
Earnings on Spread Account Balance 30,073.15
Amount of Spread Account deposit (withdrawal) (272,903.04)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller (272,903.04)
Ending Spread Account Balance 5,637,461.75
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
Revision #1
Distribution Date 6/15/98
Collection Period 5/98
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 $2,857,250.17
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $370,074.47
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,487,175.70
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $29.39
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.81
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $25.59
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $165,577.09
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $34,673.11
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $130,903.98
(j) Scheduled Payments due in such Collection Period $2,350,217.63
(k) Scheduled Payments collected in such
Collection Period $2,143,805.14
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $71,368,318.01
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments
allocated to principal in paragraph A.1.(c) above $68,822,503.51
(c) The Pool factor as of the close of business
on the last day set forth above 0.9643285
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 $138,167.51
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,757.89
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.42
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 1
Aggregate Purchase Amount $5,899.86
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 $30,823.70
(b) Distributions (to) from Collection Account ($3,622.44)
for Payaheads
(c) Interest earned on Payahead Balances $356.82
(d) Ending Payahead Account Balance $27,558.08
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 $6,882,250.35
Spread Account Balance $6,882,250.35
(b) The change in the spread account on the Distribution
Date set forth above ($269,555.60)
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 $19,049.55
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $662,475.32
(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 209
Aggregate Gross Amount $2,503,000.00
(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 236
Aggregate Gross Amount $3,071,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.97%
(b) Average Delinquency Ratio 7.06%
(c) Cumulative Default Ratio 11.45%
(d) Cumulative Net Loss Ratio 6.90%
(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: 3,144,092.26
Lock Box NSF Items: (47,086.60)
Transfers from (to) Payahead Account: 3,622.44
Collection Account Interest 13,801.75
Payahead Account Interest 356.82
Total Collection Proceeds: 3,114,786.67
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 71,368,318.01
Principal portion of payments collected (non-prepayments) 1,060,057.93
Prepayments in full allocable to principal 524,606.00
Collections allocable to principal 1,584,663.93
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 365,040.57
Purchase Amounts allocable to principal 5,899.86
-------------------
Total Principal 1,955,604.36
Realized Losses 662,475.32
Cram Down Losses 0.00
Ending Principal Balance 68,750,238.33
Interest
Collections allocable to interest 1,083,747.21
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 75,435.10
-------------------
Total Interest 1,159,182.31
Certificate Information
Beginning of Period Class A Principal Balance 67,799,902.11
Beginning of Period Class B Principal Balance 3,568,415.90
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,151,805.95
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 19,220.31
Aggregate Payahead Balance 27,201.26
Aggregate Payahead Balance for preceding Distribution Date 30,823.70
Interest Earned on Payahead Balances 356.82
Scheduled Payments due in Collection Period 2,350,217.63
Scheduled Payments collected in Collection Period 2,143,805.14
Aggregate Amount of Realized Losses for preceding Distribution Date 662,475.32
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 465.44
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 209 2,503,000.00
60+ days delinquent 236 3,071,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 5,899.86
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. 5,574,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 5,899.86
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. 841,522.99
Delinquency Ratio for second preceding Determination Date 7.18%
Delinquency Ratio for third preceding Determination Date 7.02%
Cumulative Defaults for preceding Determination Date 10,877,989.46
Cumulative Net Losses for preceding Determination Date 6,476,256.02
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) 2,668,411.14
Liquidation Proceeds 365,040.57
Recoveries 75,435.10
Purchase Amounts 5,899.86
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 3,114,786.67
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,060,057.93
Prepayments in full allocable to principal 524,606.00
Principal Balance of Liquidated Receivables 1,027,515.89
Purchase Amounts allocable to principal 5,899.86
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,618,079.68
Class A Principal Distributable Amount
Principal Distributable Amount 2,618,079.68
Times Class A Percentage (95%) 95%
-------------------
2,487,175.70
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,487,175.70
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 67,799,902.11
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 370,074.47
Class B Principal Distributable Amount
Principal Distributable Amount 2,618,079.68
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 130,903.98
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,568,415.90
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 34,673.11
Class B Excess Interest Amount
Total Distribution Amount 3,114,786.67
minus
Class A Principal and Interest Distributable Amount 2,857,250.17
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 34,673.11
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 130,903.98
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,357.54
Standby Servicer distributions 4,757.89
Servicer distributions 138,167.51
Collateral Agent distributions 892.10
Reimbursement Obligations 19,049.55
-------------------
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 4,757.89 3,114,786.67 4,757.89 3,114,786.67
Servicing Fee (2.0%) 118,947.20 3,110,028.78 118,947.20 0.00
Additional Servicing Fee Amounts 19,220.31 2,991,081.58 19,220.31 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,971,861.27 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,971,861.27 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,971,861.27 0.00
(iii) Trustee Fee 892.10 2,971,861.27 892.10
Trustee's out-of-pocket expenses 465.44 2,970,969.17 465.44
Unpaid Trustee Fee from prior Collection Periods 0.00 2,970,503.73 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,970,503.73 0.00
Collection Periods
(iv) Collateral Agent Fee 892.10 2,970,503.73 892.10
Collateral Agent Expenses 0.00 2,969,611.63 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,969,611.63 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 2,969,611.63 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 370,074.47 2,969,611.63 370,074.47
Prior Month(s) Class A Carryover Shortfall 0.00 2,599,537.16 0.00
Class A Interest Carryover Shortfall 0.00 2,599,537.16 0.00
Interest on Interest Carryover from Prior Months 0.00 2,599,537.16 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,599,537.16 0.00
Class A Interest Distributable Amount 370,074.47 2,599,537.16 370,074.47
(viii)(A)Class B Coupon Interest - Unadjusted 34,673.11 2,229,462.69 34,673.11
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,194,789.58 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,194,789.58 0.00
Interest on Interest Carryover from Prior Months 0.00 2,194,789.58 0.00
Current Month Class B Interest Shortfall 0.00 2,194,789.58 0.00
Adjusted Class B Interest Distributable Amount 34,673.11 2,194,789.58 34,673.11
(v) (B) Class A Principal Distributable Amount - Current Month 2,487,175.70 2,160,116.47 2,160,116.47 627,610.97
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 2,487,175.70 0.00 0.00 0.00
(vi) Certificate Insurer Premium 19,049.55 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 130,903.98 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (72,265.18) 0.00 (72,265.18)
Adjusted Class B Principal Distributable Amount 58,638.81 72,265.18 58,638.81
Excess Interest Amount for Deposit in Spread Account 0.00 13,626.37 0.00
13,626.37 13,626.37
Certificate Balance
Class A Beginning of Period Principal Balance 67,799,902.11
Class A Principal Distributions 2,487,175.70
Class A End of Period Principal Balance 65,312,726.41
Class B Beginning of Period Principal Balance 3,568,415.90
Class B Principal Distributable Amount 58,638.81
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,509,777.09
Withdrawl from Spread Account to Cover B Shortfalls 72,265.18
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,437,511.92
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,114,786.67
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 515,249.51
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,599,537.16
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,599,537.16
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 34,673.11
(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) 2,564,864.05
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,564,864.05
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,487,175.70
(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) 77,688.35
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 77,688.35
(vi) Certificate Insurer Premium 19,049.55
(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) 58,638.81
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 58,638.81
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 130,903.98
(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) (72,265.18)
Withdrawl from Spread Account to B PieceCover Shortfalls (72,265.18)
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 5,574,000.00
Purchased receivables more than 30 days delinquent 5,899.86
-------------------
Total 5,579,899.86
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 80,055,983.02
Delinquency Ratio 6.97%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.97%
Delinquency Ratio for second preceding Determination Date 7.18%
Delinquency Ratio for third preceding Determination Date 7.02%
-------------------
Average Delinquency Ratio 7.06% 7.06%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 10,877,989.46
Current Period Defaulted Receivables 841,522.99
-------------------
Total 11,719,512.45
Cumulative Defaulted Receivables 11,719,512.45
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 11.45%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,027,515.89
Cram Down Losses 0.00
Net Liquidation Proceeds (440,475.67)
-------------------
Net Liquidation Losses 587,040.22
Cumulative Previous Net Losses 6,476,256.02
-------------------
Cumulative Net Losses 7,063,296.24
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 6.90%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 42.26
Weighted Average Annual Percentage Rate 20.56%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,882,250.35
15% of Outstanding Certificate Balance 10,323,375.53
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 6,882,250.35
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 68,822,503.51
Minimum Floor 100,000.00
Floor Amount 3,069,810.29
Required Spread Account Amount 6,882,250.35
Beginning of Period Spread Account Balance 7,151,805.95
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (30,633.34)
Required addition to/(eligible withdrawal from) Spread Account (238,922.26)
Earnings on Spread Account Balance 36,614.92
Amount of Spread Account deposit (withdrawal) (275,537.18)
Amount of Withdrawl Allocated to B Piece Shortfalls 72,265.18
Net Spread Account Withdrawl to Seller (203,272.00)
Ending Spread Account Balance 6,882,250.35
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
Revision #1
Distribution Date 6/15/98
Collection Period 5/98
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 $4,302,103.64
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $486,197.17
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,815,906.47
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $37.94
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.29
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $33.65
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $44,021.33
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $44,021.33
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $0.00
(j) Scheduled Payments due in such Collection Period $2,886,602.78
(k) Scheduled Payments collected in such
Collection Period $2,597,829.74
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 $92,352,450.94
(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 $88,536,544.47
(c) The Pool factor as of the close of business
on the last day set forth above 0.9586810
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 $180,389.04
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,156.83
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.59
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(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 4
Aggregate Purchase Amount $36,467.88
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $40,693.73
(b) Distributions (to) from Collection Account ($14,527.58)
for Payaheads
(c) Interest earned on Payahead Balances $159.14
(d) Ending Payahead Account Balance $26,325.29
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 $7,968,289.00
Spread Account Balance $7,968,289.00
(b) The change in the spread account on the Distribution
Date set forth above ($359,276.64)
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 $24,476.35
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,541,370.57
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 283
Aggregate Gross Amount $3,581,000.00
(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 $2,947,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.44%
(b) Average Delinquency Ratio 6.46%
(c) Cumulative Default Ratio 8.50%
(d) Cumulative Net Loss Ratio 5.24%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1997-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,963,761.69
Lock Box NSF Items: (52,231.20)
Transfers from (to) Payahead Account: 14,527.58
Collection Account Interest 15,777.04
Payahead Account Interest 159.14
Total Collection Proceeds: 3,941,994.25
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 92,352,450.94
Principal portion of payments collected (non-prepayments) 1,206,977.71
Prepayments in full allocable to principal 640,307.00
Collections allocable to principal 1,847,284.71
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 591,620.49
Purchase Amounts allocable to principal 36,467.88
-------------------
Total Principal 2,475,373.08
Realized Losses 1,541,370.57
Cram Down Losses 0.00
Ending Principal Balance 88,335,707.29
Interest
Collections allocable to interest 1,390,852.03
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 75,769.14
-------------------
Total Interest 1,466,621.17
Certificate Information
Beginning of Period Class A Principal Balance 87,734,828.41
Beginning of Period Class B Principal Balance 4,617,622.53
Miscellaneous Balances
Beginning of Period Spread Account Balance 8,327,565.64
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 26,468.29
Aggregate Payahead Balance 26,166.15
Aggregate Payahead Balance for preceding Distribution Date 40,693.73
Interest Earned on Payahead Balances 159.14
Scheduled Payments due in Collection Period 2,886,602.78
Scheduled Payments collected in Collection Period 2,597,829.74
Aggregate Amount of Realized Losses for preceding Distribution Date 1,541,370.57
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 541.99
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 283 3,581,000.00
60+ days delinquent 212 2,947,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
4 36,467.88
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. 6,528,000.00
PrincipalBalance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 36,467.88
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection
Period. 1,037,606.11
Delinquency Ratio for second preceding Determination Date 6.58%
Delinquency Ratio for third preceding Determination Date 6.37%
Cumulative Defaults for preceding Determination Date 9,105,670.24
Cumulative Net Losses for preceding Determination Date 4,789,844.53
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) 3,238,136.74
Liquidation Proceeds 591,620.49
Recoveries 75,769.14
Purchase Amounts 36,467.88
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 3,941,994.25
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,206,977.71
Prepayments in full allocable to principal 640,307.00
Principal Balance of Liquidated Receivables 2,132,991.06
Purchase Amounts allocable to principal 36,467.88
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 4,016,743.65
Class A Principal Distributable Amount
Principal Distributable Amount 4,016,743.65
Times Class A Percentage (95%) 95%
-------------------
3,815,906.47
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,815,906.47
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 87,734,828.41
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 486,197.17
Class B Principal Distributable Amount
Principal Distributable Amount 4,016,743.65
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 200,837.18
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 4,617,622.53
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 44,021.33
Class B Excess Interest Amount
Total Distribution Amount 3,941,994.25
minus
Class A Principal and Interest Distributable Amount 4,302,103.64
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 44,021.33
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 200,837.18
Class B Principal Carryover Shortfall 0.00
Trustee distributions 1,696.40
Standby Servicer distributions 6,156.83
Servicer distributions 180,389.04
Collateral Agent distributions 1,154.41
Reimbursement Obligations 24,476.35
-------------------
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 6,156.83 3,941,994.25 6,156.83
Servicing Fee (2.0%) 153,920.75 3,935,837.42 153,920.75 0.00
Additional Servicing Fee Amounts 26,468.29 3,781,916.67 26,468.29 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,755,448.38 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,755,448.38 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,755,448.38 0.00
(iii) Trustee Fee 1,154.41 3,755,448.38 1,154.41
Trustee's out-of-pocket expenses 541.99 3,754,293.97 541.99
Unpaid Trustee Fee from prior Collection Periods 0.00 3,753,751.98 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,753,751.98 0.00
Collection Periods
(iv) Collateral Agent Fee 1,154.41 3,753,751.98 1,154.41
Collateral Agent Expenses 0.00 3,752,597.57 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,752,597.57 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,752,597.57 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 486,197.17 3,752,597.57 486,197.17
Prior Month(s) Class A Carryover Shortfall 0.00 3,266,400.40 0.00
Class A Interest Carryover Shortfall 0.00 3,266,400.40 0.00
Interest on Interest Carryover from Prior Months 0.00 3,266,400.40 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,266,400.40 0.00
Class A Interest Distributable Amount 486,197.17 3,266,400.40 486,197.17
(viii)(A)Class B Coupon Interest - Unadjusted 44,021.33 2,780,203.23 44,021.33
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,736,181.90 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,736,181.90 0.00
Interest on Interest Carryover from Prior Months 0.00 2,736,181.90 0.00
Current Month Class B Interest Shortfall 0.00 2,736,181.90 0.00
Adjusted Class B Interest Distributable Amount 44,021.33 2,736,181.90 44,021.33
(v) (B) Class A Principal Distributable Amount - Current Month 3,815,906.47 2,692,160.57 2,692,160.57 126,087.78
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (593,527.40) 0.00 (593,527.40)
Withdrawl from Spread Account to Cover Shortfall 593,527.40
Class A Principal Distribution Amount 3,815,906.47 593,527.40 593,527.40 0.00
(vi) Certificate Insurer Premium 24,476.35 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current 200,837.18 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall (200,837.18) 0.00 (200,837.18)
Adjusted Class B Principal Distributable Amount 0.00 200,837.18 0.00
Excess Interest (Shortage) Amount for Deposit to (withdrawl from) (618,003.75) 200,837.18 (618,003.75)
Spread Account 818,840.93 818,840.93
Certificate Balance
Class A Beginning of Period Principal Balance 87,734,828.41
Class A Principal Distributions 3,815,906.47
Class A End of Period Principal Balance 83,918,921.94
Class B Beginning of Period Principal Balance 4,617,622.53
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 4,617,622.53
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 4,617,622.53
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,941,994.25
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 675,593.85
(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) 3,266,400.40
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,266,400.40
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 44,021.33
(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) 3,222,379.07
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,222,379.07
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,815,906.47
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 593,527.40
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 24,476.35
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (24,476.35)
Withdrawl from Spread Account to Cover Deficiency 24,476.35
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) 200,837.18
(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) (200,837.18)
Withdrawl from Spread Account to B PieceCover Shortfalls (0.00)
Adjusted Amount Remaining for Further Distribution/(Deficiency) (200,837.18)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,528,000.00
Purchased receivables more than 30 days delinquent 36,467.88
-------------------
Total 6,564,467.88
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 101,907,274.35
Delinquency Ratio 6.44%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.44%
Delinquency Ratio for second preceding Determination Date 6.58%
Delinquency Ratio for third preceding Determination Date 6.37%
-------------------
Average Delinquency Ratio 6.46% 6.46%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 9,105,670.24
Current Period Defaulted Receivables 1,037,606.11
-------------------
Total 10,143,276.35
Cumulative Defaulted Receivables 10,143,276.35
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 8.50%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,132,991.06
Cram Down Losses 0.00
Net Liquidation Proceeds (667,389.63)
-------------------
Net Liquidation Losses 1,465,601.43
Cumulative Previous Net Losses 4,789,844.53
-------------------
Cumulative Net Losses 6,255,445.96
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 5.24%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 44.70
Weighted Average Annual Percentage Rate 20.50%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 7,968,289.00
15% of Outstanding Certificate Balance 13,280,481.67
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 7,968,289.00
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 88,536,544.47
Minimum Floor 100,000.00
Floor Amount 3,580,860.93
Required Spread Account Amount 7,968,289.00
Beginning of Period Spread Account Balance 8,327,565.64
Spread Account Deposit (Withdrawal) from Current Distributions (618,003.75)
Transfer (to) from Cross-Collateralized Spread Accounts 216,327.94
Required addition to/(eligible withdrawal from) Spread Account 42,399.17
Earnings on Spread Account Balance 42,399.17
Amount of Spread Account deposit (withdrawal) (0.00)
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 7,968,289.00
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 #1
Distribution Date 6/15/98
Collection Period 5/98
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 $4,683,631.20
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $253,401.38
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $4,430,229.82
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $57.94
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.13
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $54.81
(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 $28,329.68
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $28,329.68
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $0.00
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $28,329.68
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $28,329.68
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $0.00
(s) Scheduled Payments due in such Collection Period $3,798,946.08
(t) Scheduled Payments collected in such
Collection Period $3,521,457.80
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 $125,966,905.07
(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 $113,471,374.82
(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 $110,279,297.92
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8754625
(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 0.0253406
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 $239,155.75
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $6,298.35
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.96
(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 2
Aggregate Purchase Amount $20,362.89
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 ($164,613.89)
(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 ($164,613.89)
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 $3,271,721.03
Spread Account Balance $3,271,721.03
(b) The change in the spread account on the Distribution
Date set forth above ($75,894.33)
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 $31,233.77
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,809,678.66
(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 332
Aggregate Gross Amount $4,258,000.00
(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 294
Aggregate Gross Amount $3,977,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.95%
(b) Average Delinquency Ratio 6.20%
(c) Cumulative Default Ratio 6.23%
(d) Cumulative Net Loss Ratio 3.51%
(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 (329,227.79)
Inputs
Gross Collection Proceeds: 5,194,639.56
Lock Box NSF Items: (89,391.29)
Total Collection Proceeds: 5,105,248.27
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 125,966,905.07
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
----------------------
Aggregate Beginning Principal Balance 125,966,905.07
Principal portion of payments collected (non-prepayments) 1,564,529.09
Prepayments in full allocable to principal 762,688.00
Collections allocable to principal 2,327,217.09
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 711,125.78
Purchase Amounts allocable to principal 20,362.89
----------------------
Total Principal 3,058,705.76
Realized Losses 1,809,678.66
Cram Down Losses 0.00
Ending Principal Balance 121,098,520.65
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 1,956,928.71
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 89,613.80
----------------------
Total Interest 2,046,542.51
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 49,849,450.84
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,192,076.90
Beginning of Period Certificate Balance 3,192,076.90
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,347,615.36
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 29,210.91
Scheduled Payments due in Collection Period 3,798,946.08
Scheduled Payments collected in Collection Period 3,521,457.80
Aggregate Amount of Realized Losses for preceding Distribution Date 1,809,678.66
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 222.55
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 332 4,258,000.00
60+ days delinquent 294 3,977,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
2 20,362.89
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. 8,235,000.00
Principal Balance of all Receivables that became Purchased Receivables as of 20,362.89
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. 1,582,613.56
Delinquency Ratio for second preceding Determination Date 6.23%
Delinquency Ratio for third preceding Determination Date 6.41%
Cumulative Defaults for preceding Determination Date 7,764,228.28
Cumulative Net Losses for preceding Determination Date 3,541,221.83
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 6.4928%
minus 2.5% 2.50%
----------------------
3.9928%
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) 4,284,145.80
Liquidation Proceeds 711,125.78
Recoveries 89,613.80
Purchase Amounts 20,362.89
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 440.70
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 299.13
Investment earnings from Collection Account 19,539.62
----------------------
Total Distribution Amount 5,125,527.72
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,564,529.09
Prepayments in full allocable to principal 762,688.00
Principal Balance of Liquidated Receivables 2,520,804.44
Purchase Amounts allocable to principal 20,362.89
Cram Down Losses 0.00
----------------------
Principal Distributable Amount 4,868,384.42
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 121,098,520.65
----------------------
108,988,668.59 97.73%
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 52.3%
----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 4,868,384.42
Times Class A Noteholders' Percentage 91%
----------------------
4,430,229.82
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
----------------------
Class A Principal Distributable Amount 4,430,229.82
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 49,849,450.84
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 253,401.38
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 4,868,384.42
Times Class B Percentage 2.5%
----------------------
Class B Principal Distributable Amount 121,709.61
Certificate Principal Distributable Amount
Principal Distributable Amount 4,868,384.42
Times Certificate Percentage 2.5%
----------------------
Certificate Principal Distributable Amount 121,709.61
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,192,076.90
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 28,329.68
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,192,076.90
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 28,329.68
Carryover Shortfalls from Prior Periods
Class B and Certificates Principal Carryover Shortfall from previous period 85,808.57
----------------------
85,808.57
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 6,298.35 5,125,527.72 6,298.35
Servicing Fee (2.0%) 209,944.84 5,119,229.37 209,944.84 0.00
Additional Servicing Fee Amounts 29,210.91 4,909,284.53 29,210.91 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,880,073.62 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,880,073.62 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,880,073.62 0.00
(iii) Indenture Trustee Fee 1,049.72 4,880,073.62 1,049.72
Indenture Trustee's out-of-pocket expenses 222.55 4,879,023.90 222.55
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 4,878,801.35 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - prior 0.00 4,878,801.35 0.00
Collection Periods
Owner Trustee Fee 0.00 4,878,801.35 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,878,801.35 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,878,801.35 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior 0.00 4,878,801.35 0.00
Collection Periods
(iv) Collateral Agent Fee 982.51 4,878,801.35 982.51
Collateral Agent Expenses 0.00 4,877,818.84 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,877,818.84 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,877,818.84 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 253,401.38
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 253,401.38 4,877,818.84 253,401.38
(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 4,624,417.46 327,868.20
(vi) (A) Class B Note Interest - Unadjusted 28,329.68
Class B Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Class B Interest Shortfall 0.00
Adjusted Class B Note Interest Distributable Amount 28,329.68 4,296,549.26 28,329.68
(B) Certificate Interest - Unadjusted 28,329.68
Certificate Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Shortfall - Previous Month(s) 0.00
Interest on Certificate Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Interest Distributable Amount 28,329.68 4,268,219.58 28,329.68
(vii) Class A Principal Distributable Amount - Current Month 4,430,229.82
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall (190,339.92)
Withdrawl from Spread Account to Cover Shortfall 190,339.92
Class A Principal Distribution Amount to Class A-1 4,430,229.82 4,239,889.90 4,239,889.90 0.00
Class A Principal Distribution Amount to Class A-2 0.00 0.00 0.00 0.00
(viii) Note Insurer Premium 31,233.77 0.00 0.00
Note Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Note Insurer 0.00 0.00 0.00
(ix) Transition Expenses to successor Servicer 0.00 0.00 0.00
(x) Class B Principal Distributable Amount - Current Month Unadjusted 121,709.61
Class B Principal Carryover Shortfall - Previous Month(s) 42,904.28
Current Month Class B Principal Shortfall (164,613.89)
Adjusted Class B Principal Distributable Amount 0.00 0.00 0.00
Certificate Principal Distributable Amount - Current 121,709.61
Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 42,904.28
Current Month Certificate Principal Shortfall (164,613.89)
Adjusted Certificate Principal Distributable Amount 0.00 0.00 0.00
(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' Int. Dist. Amount 0.00
(xiii) After an Event of Default, Certificateholders' Prin. Dist. Amount 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
Securities Balance
Class A-1 Beginning of Period Principal Amount 49,849,450.84
Class A-1 Principal Distributions 4,430,229.82
Class A-1 End of Period Principal Amount (prior to turbo) 45,419,221.02
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 45,419,221.02
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 3,192,076.90
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Amount BEFORE Spread Account Distributions 3,192,076.90
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 3,192,076.90
Certificate Beginning of Period Principal Amount 3,192,076.90
Certificate Principal Distributable Amount 0.00
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 3,192,076.90
Withdrawl from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 3,192,076.90
Class A-1 Deficiency - Interest
(i) Total Distribution Amount Available 5,125,527.72
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (i) and (v)A 501,110.26
(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) 4,624,417.46
Class A-2 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (v) B 4,624,417.46
(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) 4,296,549.26
Class B Note Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A 4,296,549.26
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) A 28,329.68
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,268,219.58
Class B Certificate Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 4,268,219.58
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vi) and (x) 28,329.68
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,239,889.90
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 4,239,889.90
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 4,430,229.82
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 190,339.92
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 5.8(a) (viii) 0.00
(vi) Note Insurer Premium 31,233.77
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount (31,233.77)
Withdrawl from Spread Account to Cover Deficiency 31,233.77
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Notes & Certificates Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 5.8(a) (vi) and (x) 243,419.22
(iii)Prior month(s) carryover shortfalls 85,808.57
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Amount Remaining for Further Distribution/ B Notes (Deficiency) (164,613.89)
Amount Remaining for Further Distribution/ B Certificates (Deficiency) (164,613.89)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (329,227.79)
If neg, Carryover Shortfall
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,235,000.00
Purchased receivables more than 30 days delinquent 20,362.89
----------------------
Total 8,255,362.89
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 138,771,816.05
Delinquency Ratio 5.95%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.95%
Delinquency Ratio for second preceding Determination Date 6.23%
Delinquency Ratio for third preceding Determination Date 6.41%
----------------------
Average Delinquency Ratio 6.20% 6.20%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 7,764,228.28
Current Period Defaulted Receivables 1,582,613.56
----------------------
Total 9,346,841.84
Cumulative Defaulted Receivables 9,346,841.84
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 6.23%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,520,804.44
Cram Down Losses 0.00
Net Liquidation Proceeds (800,739.58)
----------------------
Net Liquidation Losses 1,720,064.86
Cumulative Previous Net Losses 3,541,221.83
----------------------
Cumulative Net Losses 5,261,286.69
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 3.51%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 47.30
Weighted Average Annual Percentage Rate 20.40%
Spread Account
OC Percent
Aggregate Principal Balance 121,098,520.65
minus the Securities Balance 113,471,374.82
----------------------
7,627,145.83
divided by the Aggregate Principal Balance 6.30%
Floor OC Percent
Aggregate Principal Balance 121,098,520.65
minus the Securities Balance 113,471,374.82
----------------------
7,627,145.83
divided by the initial Aggregate Principal Balance 150,000,000.00
----------------------
5.08%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 113,471,374.82
(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 2.70%
if a Trigger Event, 15% minus the OC Percent 8.70%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.70%
if an Insurance Agreement Event of Default, unlimited 999.00%
2.70%
times the Aggregate Principal Balance 121,098,520.65
----------------------
3,271,721.03
Requisite Amount 3,271,721.03
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 3,271,721.03
Beginning of Period Spread Account Balance 3,347,615.36
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions (221,573.69)
Transfer (to) from Cross-Collateralized Spread Accounts 128,930.09
Required addition to/(eligible withdrawal from) Spread Account 16,749.27
Earnings on Spread Account Balance 16,749.27
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Notes Shortfalls 0.00
Amount of Withdrawl Allocated to B Certificates Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 3,271,721.03
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
Revision #1
Distribution Date 6/15/98
Collection Period 5/98
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 $2,684,003.51
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $192,279.83
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,491,723.68
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $49.47
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.54
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $45.92
(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 $168,238.60
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $41,671.62
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $126,566.98
(p) Scheduled Payments due in such Collection Period $2,800,198.94
(q) Scheduled Payments collected in such
Collection Period $2,508,983.50
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $94,439,934.31
(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 $86,611,996.70
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $81,828,362.22
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8664593
(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 $4,595,429.75
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0486598
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 $175,070.53
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,722.00
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.23
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.09
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 3
Aggregate Purchase Amount $41,082.34
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 $2,786,970.70
Spread Account Balance $2,786,970.70
(b) The change in the spread account on the Distribution
Date set forth above ($314,771.71)
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $23,921.50
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $689,644.67
(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 226
Aggregate Gross Amount $3,106,000.00
(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 200
Aggregate Gross Amount $2,792,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.67%
(b) Average Delinquency Ratio 5.72%
(c) Cumulative Default Ratio 3.60%
(d) Cumulative Net Loss Ratio 1.46%
(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: 3,339,113.12
Lock Box NSF Items: (51,955.97)
Total Collection Proceeds: 3,287,157.15
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 94,439,934.31
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 94,439,934.31
Principal portion of payments collected (non-prepayments) 1,079,454.99
Prepayments in full allocable to principal 444,205.00
Collections allocable to principal 1,523,659.99
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 276,952.51
Purchase Amounts allocable to principal 41,082.34
-----------------------
Total Principal 1,841,694.84
Realized Losses 689,644.67
Cram Down Losses 0.00
Ending Principal Balance 91,908,594.80
Interest
Collections allocable to interest $1,429,528.51
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 15,933.80
-----------------------
Total Interest $1,445,462.31
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 38,012,487.30
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 4,721,996.73 89,042,082.63
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,101,742.41
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 17,670.64
Scheduled Payments due in Collection Period 2,800,198.94
Scheduled Payments collected in Collection Period 2,508,983.50
Aggregate Amount of Realized Losses for preceding Distribution Date 689,644.67
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 202.20
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 226 3,106,000.00
60+ days delinquent 200 2,792,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
3 41,082.34
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. 5,898,000.00
Principal Balance of all Receivables that became Purchased Receivables
as of the close of business on the last day of the
related Collection Period and that were delinquent 30 days or
more. 41,082.34
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 1,189,886.26
Delinquency Ratio for second preceding Determination Date 5.75%
Delinquency Ratio for third preceding Determination Date 5.74%
Cumulative Defaults for preceding Determination Date 2,620,419.52
Cumulative Net Losses for preceding Determination Date 875,759.06
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) 2,953,188.50
Liquidation Proceeds 276,952.51
Recoveries 15,933.80
Purchase Amounts 41,082.34
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 13,645.10
-----------------------
Total Distribution Amount 3,300,802.25
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,079,454.99
Prepayments in full allocable to principal 444,205.00
Principal Balance of Liquidated Receivables 966,597.18
Purchase Amounts allocable to principal 41,082.34
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 2,531,339.51
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 91,908,594.80
-----------------------
82,717,735.32
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 52.0%
-----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,531,339.51
Times Class A Noteholders' Percentage 91%
-----------------------
2,303,518.95
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 2,303,518.95
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 38,012,487.30
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 192,279.83
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 2,531,339.51
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 126,566.98
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,721,996.73
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 41,671.62
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 4,722.00 3,300,802.25 4,722.00
Servicing Fee (2.0%) 157,399.89 3,296,080.25 157,399.89 0.00
Additional Servicing Fee Amounts 17,670.64 3,138,680.36 17,670.64 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,121,009.72 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,121,009.72 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,121,009.72 0.00
(iii) Indenture Trustee Fee 787.00 3,121,009.72 787.00
Indenture Trustee's out-of-pocket expenses 202.20 3,120,222.72 202.20
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 3,120,020.52 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - prior 0.00 3,120,020.52 0.00
Collection Periods
Owner Trustee Fee 0.00 3,120,020.52 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,120,020.52 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,120,020.52 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 3,120,020.52 0.00
(iv) Collateral Agent Fee 742.02 3,120,020.52 742.02
Collateral Agent Expenses 0.00 3,119,278.50 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,119,278.50 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,119,278.50 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month
192,279.83 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 192,279.83 3,119,278.50 192,279.83
(B) Class A-2 Interest Distributable Amount - Current Month 243,114.89
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 243,114.89 2,926,998.67 243,114.89
(vi) (A) Certificate Note Interest - Unadjusted 41,671.62
Certificate Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00
Interest on B Interest Carryover from Prior Months 0.00
Current Month Certificate Interest Shortfall 0.00
Adjusted Certificate Note Interest Distributable Amount 41,671.62 2,683,883.78 41,671.62
(vii) Class A Principal Distributable Amount - Current Month 2,303,518.95
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 2,303,518.95 2,642,212.16 2,303,518.95 0.00
Class A Principal Distribution Amount to Class A-2 0.00 338,693.21 0.00 0.00
(viii) Note Insurer Premium 23,921.50 338,693.21 23,921.50
Note Insurer Premium Supplement 0.00 314,771.71 0.00
Other Reimbursement Obligations to Note Insurer 0.00 314,771.71 0.00
(ix) Transition Expenses to successor Servicer 0.00 314,771.71 0.00
(x) Certificate Principal Distributable Amount - Current 126,566.98
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 126,566.98 314,771.71 126,566.98
(xi) Until the Target Payment Date, remaining amount to 188,204.73 188,204.73 188,204.73
Class A Noteholders
Amount to Class A-1 Noteholders 188,204.73 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00 3,300,600.05 Total Disbursements
3,300,802.25 Total Distribution Amt
======================
(202.20)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 38,012,487.30
Class A-1 Principal Distributions 2,303,518.95
Class A-1 End of Period Principal Amount (prior to turbo) 35,708,968.35
Additional Principal Distribution 188,204.73
Class A-1 End of Period Principal Amount 35,520,763.62
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 4,721,996.73
Certificate Principal Distributable Amount 126,566.98
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,595,429.75
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,595,429.75
Adjusted Amount Remaining for Further Distribution/(Deficiency) 431,319.62
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,898,000.00
Purchased receivables more than 30 days delinquent 41,082.34
-----------------------
Total 5,939,082.34
Aggregate Gross Principal Balance as of the close of
104,799,646.34 business on the last day of the
Collection Period.
Delinquency Ratio 5.67%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.67%
Delinquency Ratio for second preceding Determination Date 5.75%
Delinquency Ratio for third preceding Determination Date 5.74%
-----------------------
Average Delinquency Ratio 5.72% 5.72%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 2,620,419.52
Current Period Defaulted Receivables 1,189,886.26
-----------------------
Total 3,810,305.78
Cumulative Defaulted Receivables 3,810,305.78
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 3.60%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 966,597.18
Cram Down Losses 0.00
Net Liquidation Proceeds (292,886.31)
-----------------------
Net Liquidation Losses 673,710.87
Cumulative Previous Net Losses 875,759.06
-----------------------
Cumulative Net Losses 1,549,469.93
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 1.46%
Additional Pool Information:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 49.41
Weighted Average Annual Percentage Rate 20.31%
Spread Account
OC Percent
Aggregate Principal Balance 91,908,594.80
minus the Securities Balance 86,423,791.97
-----------------------
5,484,802.83
divided by the Aggregate Principal Balance 5.97%
Floor OC Percent
Aggregate Principal Balance 91,908,594.80
minus the Securities Balance 86,423,791.97
-----------------------
5,484,802.83
divided by the initial Aggregate Principal Balance 105,860,630.11
-----------------------
5.18%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 86,423,791.97
(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 3.03%
if a Trigger Event, 15% minus the OC Percent 9.03%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 24.03%
if an Insurance Agreement Event of Default, unlimited 999.00%
3.03%
times the Aggregate Principal Balance 91,908,594.80
-----------------------
2,786,970.70
Requisite Amount 2,786,970.70
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 2,786,970.70
Beginning of Period Spread Account Balance 3,101,742.41
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (43,661.35)
Required addition to/(eligible withdrawal from) Spread Account (271,110.36)
Earnings on Spread Account Balance 18,610.90
Amount of Spread Account deposit (withdrawal) (289,721.26)
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller (289,721.26)
Ending Spread Account Balance 2,786,970.70
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
Revision #1
Distribution Date 6/15/98
Collection Period 5/98
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 $2,332,940.54
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $231,605.04
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,101,335.50
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $41.85
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $4.15
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $37.69
(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 $124,890.64
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $38,659.50
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $86,231.14
(p) Scheduled Payments due in such Collection Period $2,585,839.62
(q) Scheduled Payments collected in such
Collection Period $2,267,100.63
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 $88,025,958.15
(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 $82,244,798.12
(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 $77,470,795.93
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8800903
(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 $4,311,058.42
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0489749
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $162,020.87
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,401.30
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.91
(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 $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 $3,247,639.24
Spread Account Balance $3,247,639.24
(b) The change in the spread account on the Distribution
Date set forth above ($167,823.78)
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 $25,328.47
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $266,188.32
(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 $2,798,000.00
(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 192
Aggregate Gross Amount $2,577,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.54%
(b) Average Delinquency Ratio 4.88%
(c) Cumulative Default Ratio 1.73%
(d) Cumulative Net Loss Ratio 0.60%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-5
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 2,897,424.03
Lock Box NSF Items: (70,763.98)
Total Collection Proceeds: 2,826,660.05
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 88,025,958.15
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 88,025,958.15
Principal portion of payments collected (non-prepayments) 910,709.43
Prepayments in full allocable to principal 311,841.00
Collections allocable to principal 1,222,550.43
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 235,884.12
Purchase Amounts allocable to principal 0.00
-----------------------
Total Principal 1,458,434.55
Realized Losses 266,188.32
Cram Down Losses 0.00
Ending Principal Balance 86,301,335.28
Interest
Collections allocable to interest $1,356,391.20
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 11,834.30
-----------------------
Total Interest $1,368,225.50
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 44,397,131.43
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 4,397,289.56 83,969,420.99
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,415,463.02
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 15,310.94
Scheduled Payments due in Collection Period 2,585,839.62
Scheduled Payments collected in Collection Period 2,267,100.63
Aggregate Amount of Realized Losses for preceding Distribution Date 266,188.32
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 222.22
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 2,798,000.00
60+ days delinquent 192 2,577,000.00
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. 5,375,000.00
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. 640,981.71
Delinquency Ratio for second preceding Determination Date 4.98%
Delinquency Ratio for third preceding Determination Date 4.12%
Cumulative Defaults for preceding Determination Date 1,012,249.55
Cumulative Net Losses for preceding Determination Date 318,709.44
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) 2,578,941.63
Liquidation Proceeds 235,884.12
Recoveries 11,834.30
Purchase Amounts 0.00
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 12,177.29
-----------------------
Total Distribution Amount 2,838,837.34
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 910,709.43
Prepayments in full allocable to principal 311,841.00
Principal Balance of Liquidated Receivables 502,072.44
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 1,724,622.87
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 86,301,335.28
-----------------------
77,671,201.75
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 41.9%
-----------------------
95.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 1,724,622.87
Times Class A Noteholders' Percentage 95%
-----------------------
1,638,391.73
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 1,638,391.73
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 44,397,131.43
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 231,605.04
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 1,724,622.87
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 86,231.14
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,397,289.56
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 38,659.50
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 4,401.30 2,838,837.34 4,401.30
Servicing Fee (2.0%) 146,709.93 2,834,436.04 146,709.93 0.00
Additional Servicing Fee Amounts 15,310.94 2,687,726.11 15,310.94 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,672,415.17 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,672,415.17 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,672,415.17 0.00
(iii) Indenture Trustee Fee 733.55 2,672,415.17 733.55
Indenture Trustee's out-of-pocket expenses 222.22 2,671,681.62 222.22
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 2,671,459.40 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - prior 0.00 2,671,459.40 0.00
Collection Periods
Owner Trustee Fee 0.00 2,671,459.40 0.00
Owner Trustee's out-of-pocket expenses 0.00 2,671,459.40 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 2,671,459.40 0.00
Unpaid Owner Trustee's out-of-pocket exp - prior 0.00 2,671,459.40 0.00
Collection Periods
(iv) Collateral Agent Fee 699.75 2,671,459.40 699.75
Collateral Agent Expenses 0.00 2,670,759.65 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 2,670,759.65 0.00
Unpaid Collateral Agent Expenses from prior 0.00 2,670,759.65 0.00
Collection Periods
(v) (A) Class A-1 Interest Distributable Amount - Current Month 231,605.04
Prior Month(s) Class A-1 Interest Carryover 0.00
Shortfall Class A-1 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months Current 0.00
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 231,605.04 2,670,759.65 231,605.04
(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 2,439,154.61 187,600.00
(vi) (A) Certificate Note Interest - Unadjusted 38,659.50
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 38,659.50 2,251,554.61 38,659.50
(vii) Class A Principal Distributable Amount - Current Month 1,638,391.73
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 1,638,391.73 2,212,895.11 1,638,391.73 0.00
Class A Principal Distribution Amount to Class A-2 0.00 574,503.38 0.00 0.00
(viii) Note Insurer Premium 25,328.47 574,503.38 25,328.47
Note Insurer Premium Supplement 0.00 549,174.92 0.00
Other Reimbursement Obligations to Note Insurer 0.00 549,174.92 0.00
(ix) Transition Expenses to successor Servicer 0.00 549,174.92 0.00
(x) Certificate Principal Distributable Amount - Current 86,231.14
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 86,231.14 549,174.92 86,231.14
(xi) Until the Target Payment Date, remaining amount to 462,943.78 462,943.78 462,943.78
Class A Noteholders
Amount to Class A-1 Noteholders 462,943.78 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into 0.00 2,838,615.12 Total Disbursements
Apread Acct. 2,838,837.34 Total Distribution Amt
======================
(222.22)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 44,397,131.43
Class A-1 Principal Distributions 1,638,391.73
Class A-1 End of Period Principal Amount (prior to turbo) 42,758,739.70
Additional Principal Distribution 462,943.78
Class A-1 End of Period Principal Amount 42,295,795.93
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 4,397,289.56
Certificate Principal Distributable Amount 86,231.14
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,311,058.42
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,311,058.42
Adjusted Amount Remaining for Further Distribution/(Deficiency) 650,543.78
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,375,000.00
Purchased receivables more than 30 days delinquent 0.00
-----------------------
Total 5,375,000.00
Aggregate Gross Principal Balance as of the close of
96,990,009.09 business on the last day of the
Collection Period.
Delinquency Ratio 5.54%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.54%
Delinquency Ratio for second preceding Determination Date 4.98%
Delinquency Ratio for third preceding Determination Date 4.12%
-----------------------
Average Delinquency Ratio 4.88% 4.88%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 1,012,249.55
Current Period Defaulted Receivables 640,981.71
-----------------------
Total 1,653,231.26
Cumulative Defaulted Receivables 1,653,231.26
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 1.73%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 502,072.44
Cram Down Losses 0.00
Net Liquidation Proceeds (247,718.42)
-----------------------
Net Liquidation Losses 254,354.02
Cumulative Previous Net Losses 318,709.44
-----------------------
Cumulative Net Losses 573,063.46
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 0.60%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 50.59
Weighted Average Annual Percentage Rate 20.23%
Spread Account
OC Percent
Aggregate Principal Balance 86,301,335.28
minus the Securities Balance 81,781,854.35
-----------------------
4,519,480.93
divided by the Aggregate Principal Balance 5.24%
Floor OC Percent
Aggregate Principal Balance 86,301,335.28
minus the Securities Balance 81,781,854.35
-----------------------
4,519,480.93
divided by the initial Aggregate Principal Balance 95,706,307.00
-----------------------
4.72%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 81,781,854.35
(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 3.8%
if a Trigger Event, 15% minus the OC Percent 9.8%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 24.8%
if an Insurance Agreement Event of Default, unlimited 999%
4%
times the Aggregate Principal Balance 86,301,335.28
-----------------------
3,247,639.24
Requisite Amount 3,247,639.24
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 3,247,639.24
Beginning of Period Spread Account Balance 3,415,463.02
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (24,166.89)
Required addition to/(eligible withdrawal from) Spread Account (143,656.89)
Earnings on Spread Account Balance 16,705.98
Amount of Spread Account deposit (withdrawal) (160,362.87)
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller (160,362.87)
Ending Spread Account Balance 3,247,639.24
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
Revised
Distribution Date 6/15/98
Collection Period 5/98
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 $3,096,715.57
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $864,789.36
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,231,926.21
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $17.44
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.87
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $12.57
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $195,224.98
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $77,755.18
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $117,469.80
(j) Scheduled Payments due in such Collection Period $5,223,145.93
(k) Scheduled Payments collected in such
Collection Period $4,947,031.07
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 $182,060,917.33
(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 $179,711,521.32
(c) The Pool factor as of the close of business
on the last day set forth above 0.9870955
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 $326,681.55
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,792.94
(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 6
Aggregate Purchase Amount $81,066.14
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 $58,136.64
(b) Distributions (to) from Collection Account ($17,761.87)
for Payaheads
(c) Interest earned on Payahead Balances $508.92
(d) Ending Payahead Account Balance $40,883.69
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 $24,261,055.38
Spread Account Balance $15,894,275.04
(b) The change in the spread account on the Distribution
Date set forth above $1,786,407.08
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 $58,331.36
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $35,515.43
(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 352
Aggregate Gross Amount $4,829,000.00
(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 182
Aggregate Gross Amount $2,490,000.00
8 Performance Triggers
(a) Delinquency Ratio 3.65%
(b) Average Delinquency Ratio 2.31%
(c) Cumulative Default Ratio 0.12%
(d) Cumulative Net Loss Ratio 0.02%
(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: 5,492,563.04
Lock Box NSF Items: (115,486.91)
Transfers from (to) Payahead Account: 17,761.87
Collection Account Interest 21,756.85
Payahead Account Interest 508.92
Total Collection Proceeds: 5,417,103.77
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 182,060,917.33
Principal portion of payments collected (non-prepayments) 1,845,052.64
Prepayments in full allocable to principal 370,409.00
Collections allocable to principal 2,215,461.64
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 17,352.80
Purchase Amounts allocable to principal 81,066.14
---------------------
Total Principal 2,313,880.58
Realized Losses 35,515.43
Cram Down Losses 0.00
Ending Principal Balance 179,711,521.32
Interest
Collections allocable to interest 3,101,978.43
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 1,244.76
---------------------
Total Interest 3,103,223.19
Certificate Information
Beginning of Period Class A Principal Balance 172,957,871.78
Beginning of Period Class B Principal Balance 9,103,045.55
Miscellaneous Balances
Beginning of Period Spread Account Balance 14,107,867.96
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 23,246.69
Aggregate Payahead Balance 40,374.77
Aggregate Payahead Balance for preceding Distribution Date 58,136.64
Interest Earned on Payahead Balances 508.92
Scheduled Payments due in Collection Period 5,223,145.93
Scheduled Payments collected in Collection Period 4,947,031.07
Aggregate Amount of Realized Losses for preceding Distribution Date 35,515.43
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 916.99
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 352 4,829,000.00
60+ days delinquent 182 2,490,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
6 81,066.14
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. 7,319,000.00
PrincipalBalance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 81,066.14
PrincipalBalance of all Receivables that became Defaulted
Receivables during the related Collection Period. 207,773.21
Delinquency Ratio for second preceding Determination Date 2.30%
Delinquency Ratio for third preceding Determination Date 0.98%
Cumulative Defaults for preceding Determination Date 20,049.25
Cumulative Net Losses for preceding Determination Date 6,602.61
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) 5,317,440.07
Liquidation Proceeds 17,352.80
Recoveries 1,244.76
Purchase Amounts 81,066.14
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 5,417,103.77
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,845,052.64
Prepayments in full allocable to principal 370,409.00
Principal Balance of Liquidated Receivables 52,868.23
Purchase Amounts allocable to principal 81,066.14
Cram Down Losses 0.00
---------------------
Principal Distributable Amount 2,349,396.01
Class A Principal Distributable Amount
Principal Distributable Amount 2,349,396.01
Times Class A Percentage (95%) 95%
---------------------
2,231,926.21
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------------
Class A Principal Distributable Amount 2,231,926.21
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 172,957,871.78
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 864,789.36
Class B Principal Distributable Amount
Principal Distributable Amount 2,349,396.01
Times Class B Percentage (5%) 5%
---------------------
Class B Principal Distributable Amount 117,469.80
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 9,103,045.55
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 77,755.18
Class B Excess Interest Amount
Total Distribution Amount 5,417,103.77
minus
Class A Principal and Interest Distributable Amount 3,096,715.57
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 77,755.18
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 117,469.80
Class B Principal Carryover Shortfall 0.00
Trustee distributions 2,434.16
Standby Servicer distributions 3,792.94
Servicer distributions 326,681.55
Collateral Agent distributions 1,517.17
Reimbursement Obligations 58,331.36
---------------------
1,732,406.04
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 3,792.94 5,417,103.77 3,792.94 5,417,103.77
Servicing Fee (2.0%) 303,434.86 5,413,310.83 303,434.86 0.00
Additional Servicing Fee Amounts 23,246.69 5,109,875.97 23,246.69 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 5,086,629.28 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 5,086,629.28 0.00
(ii) Transition Expenses to Standby Servicer 0.00 5,086,629.28 0.00
(iii) Trustee Fee 1,517.17 5,086,629.28 1,517.17
Trustee's out-of-pocket expenses 916.99 5,085,112.11 916.99
Unpaid Trustee Fee from prior Collection Periods 0.00 5,084,195.12 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 5,084,195.12 0.00
Collection Periods
(iv) Collateral Agent Fee 1,517.17 5,084,195.12 1,517.17
Collateral Agent Expenses 0.00 5,082,677.95 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 5,082,677.95 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 5,082,677.95 0.00
(v) (A) Class A Interest Distributable Amount - Current Month 864,789.36 5,082,677.95 864,789.36
Prior Month(s) Class A Carryover Shortfall 0.00 4,217,888.59 0.00
Class A Interest Carryover Shortfall 0.00 4,217,888.59 0.00
Interest on Interest Carryover from Prior Months 0.00 4,217,888.59 0.00
Current Month Class A Interest Carryover Shortfall 0.00 4,217,888.59 0.00
Class A Interest Distributable Amount 864,789.36 4,217,888.59 864,789.36
(viii)(A)Class B Coupon Interest - Unadjusted 77,755.18 3,353,099.23 77,755.18
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 3,275,344.05 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 3,275,344.05 0.00
Interest on Interest Carryover from Prior Months 0.00 3,275,344.05 0.00
Current Month Class B Interest Shortfall 0.00 3,275,344.05 0.00
Adjusted Class B Interest Distributable Amount 77,755.18 3,275,344.05 77,755.18
(v) (B) Class A Principal Distributable Amount - Current Month 2,231,926.21 3,197,588.87 2,231,926.21 3,185,177.56
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 965,662.66 0.00
Current Month Class A Principal Shortfall 0.00 965,662.66 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,231,926.21 965,662.66 965,662.66 953,251.35
(vi) Certificate Insurer Premium 58,331.36 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
Class B Principal Distributable Amount - Current Month 117,469.80 0.00 0.00
Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 117,469.80 0.00 0.00
Excess Interest (Shortage) Amount for Deposit to (withdrawl from 1,732,406.04 0.00 0.00
Spread Account 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 172,957,871.78
Class A Principal Distributions 2,231,926.21
Class A End of Period Principal Balance 170,725,945.57
Class B Beginning of Period Principal Balance 9,103,045.55
Class B Principal Distributable Amount 117,469.80
Class B End of Period Principal Balance BEFORE Spread Account Distributions 8,985,575.75
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 8,985,575.75
Class A Deficiency - Interest
(i) Total Distribution Amount Available 5,417,103.77
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,199,215.18
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 4,217,888.59
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 4,217,888.59
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 77,755.18
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,140,133.41
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 4,140,133.41
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,231,926.21
(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) 1,908,207.20
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,908,207.20
(vi) Certificate Insurer Premium 58,331.36
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,849,875.84
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,849,875.84
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 117,469.80
(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) 1,732,406.04
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,732,406.04
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,319,000.00
Purchased receivables more than 30 days delinquent 81,066.14
---------------------
Total 7,400,066.14
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 202,718,574.12
Delinquency Ratio 3.65%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 3.65%
Delinquency Ratio for second preceding Determination Date 2.30%
Delinquency Ratio for third preceding Determination Date 0.98%
---------------------
Average Delinquency Ratio 2.31% 2.31%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 20,049.25
Current Period Defaulted Receivables 207,773.21
---------------------
Total 227,822.46
Cumulative Defaulted Receivables 227,822.46
Original Pool Balance 186,954,818.61
Cumulative Default Ratio 0.12%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 52,868.23
Cram Down Losses 0.00
Net Liquidation Proceeds (18,597.56)
---------------------
Net Liquidation Losses 34,270.67
Cumulative Previous Net Losses 6,602.61
---------------------
Cumulative Net Losses 40,873.28
Original Pool Balance 186,954,818.61
Cumulative Net Loss Ratio 0.02%
Additional Pool Information:
Weighted Average Original Term 57.10
Weighted Average Remaining Term 53.24
Weighted Average Annual Percentage Rate 20.35%
Spread Account
Spread Account Cap
13.5% of Outstanding Certificate Balance 24,261,055.38
18.5% of Outstanding Certificate Balance 33,246,631.44
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 24,261,055.38
Spread Account Floor
3% of the Initial Certificate Balance 5,608,644.56
Outstanding Certificate Balance 179,711,521.32
Minimum Floor 100,000.00
Floor Amount 5,608,644.56
Required Spread Account Amount 24,261,055.38
Beginning of Period Spread Account Balance 14,107,867.96
Spread Account Deposit (Withdrawal) from Current Distributions 1,732,406.04
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Allocations of cash releases from previous pools 0.00
Required addition to/(eligible withdrawal from) Spread Account 8,420,781.38
Earnings on Spread Account Balance 54,001.04
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 15,894,275.04
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 1998-2
6.09% Class A Asset-Backed Certificates
10.34% Class B Asset-Backed Certificates
Distribution Date 6/15/98
Collection Period 5/98
Under the Pooling and Servicing Agreement dated as of April 8, 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 $3,089,070.80
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $1,017,487.64
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,071,583.16
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $15.41
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $5.07
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $10.33
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above
(given to the Collateral Agent for deposit into the Spread Account) $199,954.74
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $90,924.05
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $109,030.69
(j) Scheduled Payments due in such Collection Period $5,902,152.87
(k) Scheduled Payments collected in such
Collection Period $4,383,571.05
B. Information Regarding the Performance of the Trust.
1 Certificate Balances
(a) The original aggregate Principal Balance of the
Certificates as of the closing date $211,042,290.00
(b) The aggregate principal 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 $208,861,676.15
(c) The Aggregate Pool factor as of the close of busines
on the last day set forth above 0.9896674
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 $327,122.84
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,957.04
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.63
(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 10
Aggregate Purchase Amount $139,948.85
3 Payment Shortfalls.
(a) The amount of the Class A Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Class A Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (c) above $0.00
(c) The amount of the Class B Interest Carryover shortfall after
giving effect to the payments set forth in
paragraph A.1. (h) above $0.00
(d) The amount of the Class B Principal Carryover Shortfall
after giving effect to the payment set forth in
paragraph A.1. (i) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $0.00
(b) Distributions (to) from Collection Account $34,308.37
for Payaheads
(c) Interest earned on Payahead Balances $72.27
(d) Ending Payahead Account Balance $34,380.64
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 $28,196,326.28
Spread Account Balance $10,786,688.73
(b) The change in the spread account on the Distribution
Date set forth above $1,289,785.65
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 $67,793.02
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,195.73
(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 192
Aggregate Gross Amount $2,745,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 0
Aggregate Gross Amount $0.00
8 Performance Triggers
(a) Delinquency Ratio 1.24%
(b) Average Delinquency Ratio 1.24%
(c) Cumulative Default Ratio 0.00%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Grantor Trust 1998-2
Statement to Certificateholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 5,012,691.35
Lock Box NSF Items: (21,486.03)
Transfers from (to) Payahead Account: (34,308.37)
Collection Account Interest 6,060.68
Payahead Account Interest 72.27
Total Collection Proceeds: 4,963,029.90
For Distribution Date: 6/15/98
For Determination Date: 6/8/98
For Collection Period: 5/98
Collateral Activity Information
Principal
Beginning Principal Balance 211,042,290.56
Principal portion of payments collected (non-prepayments) 1,599,959.27
Prepayments in full allocable to principal 439,510.00
Collections allocable to principal 2,039,469.27
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 139,948.85
---------------------
Total Principal 2,179,418.12
Realized Losses 1,195.73
Cram Down Losses 0.00
Ending Principal Balance 208,861,676.71
Interest
Collections allocable to interest 2,783,611.78
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 0.00
---------------------
Total Interest 2,783,611.78
Certificate Information
Beginning of Period Class A Principal Balance 200,490,176.00
Beginning of Period Class B Principal Balance 10,552,114.00
Miscellaneous Balances
Beginning of Period Spread Account Balance 9,496,903.08
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 10,559.40
Aggregate Payahead Balance 34,308.37
Aggregate Payahead Balance for preceding Distribution Date 0.00
Interest Earned on Payahead Balances 72.27
Scheduled Payments due in Collection Period 5,902,152.87
Scheduled Payments collected in Collection Period 4,383,571.05
Aggregate Amount of Realized Losses for preceding Distribution Date 1,195.73
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 0.00
Collateral Agent's expenses 0.00
Transition Expenses to Standby Servicer 0.00
Transition Expenses to successor Servicer 0.00
Other Reimbursement Obligations to Certificate Insurer (non-Premium) 0.00
Miscellaneous Unpaid Amounts from Prior Collection Periods
Unpaid Standby Fee from prior Collection Periods 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00
Delinquency Information Aggregate Gross
Amount
# of Receivables of Receivables
31 - 59 days delinquent 192 2,745,000.00
60+ days delinquent 0 0.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
10 139,948.85
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. 2,745,000.00
Principal Balance of all Receivables that became Purchased
Receivables as of the close of business on the
last day of the related Collection Period and that were
delinquent 30 days or more. 139,948.85
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 0.00
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
Cumulative Defaults for preceding Determination Date 0.00
Cumulative Net Losses for preceding Determination Date 0.00
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) 4,823,081.05
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 139,948.85
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 4,963,029.90
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,599,959.27
Prepayments in full allocable to principal 439,510.00
Principal Balance of Liquidated Receivables 1,195.73
Purchase Amounts allocable to principal 139,948.85
Cram Down Losses 0.00
---------------------
Principal Distributable Amount 2,180,613.85
Class A Principal Distributable Amount
Principal Distributable Amount 2,180,613.85
Times Class A Percentage (95%) 95%
---------------------
2,071,583.16
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------------
Class A Principal Distributable Amount 2,071,583.16
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 200,490,176.00
Multiplied by Certificate Pass-Through Rate 6.09%
Multiplied by 30/360 0.0833333
---------------------
Class A Interest Distributable Amount 1,017,487.64
Class B Principal Distributable Amount
Principal Distributable Amount 2,180,613.85
Times Class B Percentage (5%) 5%
---------------------
Class B Principal Distributable Amount 109,030.69
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 10,552,114.00
Multiplied by Certificate Pass-Through Rate 10.34%
Multiplied by 30/360 0.0833333
---------------------
Class B Coupon Interest Amount 90,924.05
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
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
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
Use Source act distributed Source
--- ------ --------------- ------
(i) Standby Fee 3,957.04 4,963,029.90 3,957.04 4,963,029.90
Servicing Fee (2.0%) 316,563.44 4,959,072.86 316,563.44 0.00
Additional Servicing Fee Amounts 10,559.40 4,642,509.42 10,559.40 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,631,950.02 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,631,950.02 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,631,950.02 0.00
(iii) Trustee Fee 1,187.11 4,631,950.02 1,187.11
Trustee's out-of-pocket expenses 0.00 4,630,762.91 0.00
Unpaid Trustee Fee from prior Collection Periods 0.00 4,630,762.91 0.00
Unpaid Trustee's out-of-pocket expenses from prior Collection 0.00 4,630,762.91 0.00
Periods
(iv) Collateral Agent Fee 1,187.11 4,630,762.91 1,187.11
Collateral Agent Expenses 0.00 4,629,575.80 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,629,575.80 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,629,575.80 0.00
(v) Class A Interest Distributable Amount - Unadjusted 1,017,487.64 4,629,575.80 1,017,487.64
Prior Month(s) Class A Carryover Shortfall 0.00 3,612,088.16 0.00
Class A Interest Carryover Shortfall 0.00 3,612,088.16 0.00
Interest on Interest Carryover from Prior Months 0.00 3,612,088.16 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,612,088.16 0.00
Class A Interest Distributable Amount 1,017,487.64 3,612,088.16 1,017,487.64
(vi) Class B Coupon Interest - Unadjusted 90,924.05 2,594,600.52 90,924.05
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,503,676.47 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,503,676.47 0.00
Interest on Interest Carryover from Prior Months 0.00 2,503,676.47 0.00
Current Month Class B Interest Shortfall 0.00 2,503,676.47 0.00
Adjusted Class B Interest Distributable Amount 90,924.05 2,503,676.47 90,924.05
(vii) Class A Principal Distributable Amount - Current Month 2,071,583.16 2,412,752.42 2,071,583.16 2,891,446.74
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 341,169.26 0.00
Current Month Class A Principal Shortfall 0.00 341,169.26 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00 341,169.26 0.00
Class A Principal Distribution Amount 2,071,583.16 341,169.26 341,169.26 819,863.59
(viii) Certificate Insurer Premium 67,793.02 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
(ix) Transition Expenses to successor Servicer 0.00 0.00 0.00
(x) Class B Principal Distributable Amount - Unadjusted 109,030.69 0.00 0.00
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Carryover Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 109,030.69 0.00 0.00
(xi) Remaining amounts to Collateral Agent for deposit in Spread 1,272,757.24 0.00 0.00
Account
Certificate Balance
Class A Beginning of Period Principal Balance 200,490,176.00
Class A Principal Distributions 2,071,583.16
Class A End of Period Principal Balance 198,418,592.84
Class B Beginning of Period Principal Balance 10,552,114.00
Class B Principal Distributable Amount 109,030.69
Class B End of Period Principal Balance BEFORE Spread Account Distributions 10,443,083.31
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 10,443,083.31
Class A Deficiency - Interest
(i) Total Distribution Amount Available 4,963,029.90
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,350,941.74
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on 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) 3,612,088.16
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,612,088.16
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 90,924.05
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on 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) 3,521,164.11
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,521,164.11
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,071,583.16
(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) 1,449,580.95
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 1,449,580.95
Certificate Insurer Premium 67,793.02
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) 1,381,787.93
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,381,787.93
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 109,030.69
(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) 1,272,757.24
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,272,757.24
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,745,000.00
Purchased receivables more than 30 days delinquent 139,948.85
---------------------
Total 2,884,948.85
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 232,670,642.51
Delinquency Ratio 1.24%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 1.24%
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
---------------------
Average Delinquency Ratio 1.24% 0.41%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 0.00
Current Period Defaulted Receivables 0.00
---------------------
Total 0.00
Cumulative Defaulted Receivables 0.00
Original Pool Balance 211,042,290.56
Cumulative Default Ratio 0.00%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,195.73
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
---------------------
Net Liquidation Losses 1,195.73
Cumulative Previous Net Losses 0.00
---------------------
Cumulative Net Losses 1,195.73
Original Pool Balance 211,042,290.56
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.46
Weighted Average Remaining Term 55.68
Weighted Average Annual Percentage Rate 20.40%
Spread Account
Spread Account Cap
13.5% of Outstanding Certificate Balance 28,196,326.28
19.5% of Outstanding Certificate Balance 40,728,026.85
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 28,196,326.28
Spread Account Floor
3% of the Initial Certificate Balance 6,331,268.70
Outstanding Certificate Balance 208,861,676.15
Minimum Floor 100,000.00
Floor Amount 6,331,268.70
Required Spread Account Amount 28,196,326.28
Beginning of Period Spread Account Balance 9,496,903.08
Spread Account Deposit (Withdrawal) from Current Distributions 1,272,757.24
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 17,426,665.96
Earnings on Spread Account Balance 17,028.41
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
B prin defficiency 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 10,786,688.73
Reserve Fund
Initial Class B Certificate Balance 10,552,114.00
Aggregate Pool Factor 0.9896674
Class B Principal % 5.00%
Have both tests for Reserve Fund reduction been satisfied? (Y/N) N
Requisite Amount
If both tests for reduction have NOT been met, then
10% of Original Class B Outstanding Certificate Balance 1,055,211.40
otherwise
10% of Class B Outstanding Certificate Balance 1,044,308.33
or
Cap Amount 1,055,211.40
Reserve Fund Floor
Outstanding Class B Certificate Balance 10,443,083.31
Minimum Floor 300,000.00
Floor Amount 300,000.00
Required Reserve Fund Amount 1,055,211.40
Beginning of Period Reserve Fund Balance 1,055,211.00
Reserve Fund Deposit (Withdrawal) from Current Distributions 0.00
Required addition to/(eligible withdrawal from) Reserve Fund 0.40
Earnings on Reserve Fund Balance 1,892.02
Amount of Reserve Fund deposit (withdrawal) (1,891.62)
Ending Reserve Fund Balance 1,055,211.40
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
-------------------------------------------------------