Monthly Certificateholder Statement
FASCO Auto Grantor Trust 1996-1
6.65% Asset-Backed Certificates
Distribution Date 8/17/98
Collection Period 7/98
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 $2,264,794.47
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $193,007.52
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,071,786.95
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $26.82
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.29
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $24.53
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $124,317.04
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $15,275.62
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $109,041.42
(j) Scheduled Payments due in such Collection Period $1,537,710.54
(k) Scheduled Payments collected in such
Collection Period $1,488,059.01
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 $36,661,499.65
(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 $34,589,712.68
(c) The Pool factor as of the close of business
on the last day set forth above 0.9434888
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 $75,595.05
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $2,444.10
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $0.90
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.03
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $22,503.55
(b) Distributions (to) from Collection Account ($1,991.71)
for Payaheads
(c) Interest earned on Payahead Balances $90.46
(d) Ending Payahead Account Balance $20,602.30
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $5,188,456.90
Spread Account Balance $5,188,456.90
(b) The change in the spread account on the Distribution
Date set forth above ($786,128.65)
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 $9,554.02
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $659,528.65
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 134
Aggregate Gross Amount $1,249,000.00
(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 96
Aggregate Gross Amount $913,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.56%
(b) Average Delinquency Ratio 5.33%
(c) Cumulative Default Ratio 16.95%
(d) Cumulative Net Loss Ratio 12.38%
(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: 2,287,671.57
Lock Box NSF Items: (41,658.08)
Transfers from (to) Payahead Account: 1,991.71
Collection Account Interest 8,835.02
Payahead Account Interest 90.46
Total Collection Proceeds: 2,256,930.68
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 36,661,499.65
Principal portion of payments collected (non-prepayments) 837,477.05
Prepayments in full allocable to principal 513,274.00
Collections allocable to principal 1,350,751.05
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 170,548.67
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,521,299.72
Realized Losses 659,528.65
Cram Down Losses 0.00
Ending Principal Balance 34,480,671.28
Interest
Collections allocable to interest 650,581.96
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 85,049.00
-------------------
Total Interest 735,630.96
Certificate Information
Beginning of Period Class A Principal Balance 34,828,424.67
Beginning of Period Class B Principal Balance 1,833,074.96
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,974,585.55
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 14,492.55
Aggregate Payahead Balance 20,511.84
Aggregate Payahead Balance for preceding Distribution Date 22,503.55
Interest Earned on Payahead Balances 90.46
Scheduled Payments due in Collection Period 1,537,710.54
Scheduled Payments collected in Collection Period 1,488,059.01
Aggregate Amount of Realized Losses for preceding Distribution Date 659,528.65
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 246.69
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 134 1,249,000.00
60+ days delinquent 96 913,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 2,162,000.00
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. 315,863.03
Delinquency Ratio for second preceding Determination Date 5.17%
Delinquency Ratio for third preceding Determination Date 5.26%
Cumulative Defaults for preceding Determination Date 14,756,140.07
Cumulative Net Losses for preceding Determination Date 10,434,895.91
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) 2,001,333.01
Liquidation Proceeds 170,548.67
Recoveries 85,049.00
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,256,930.68
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 837,477.05
Prepayments in full allocable to principal 513,274.00
Principal Balance of Liquidated Receivables 830,077.32
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,180,828.37
Class A Principal Distributable Amount
Principal Distributable Amount 2,180,828.37
Times Class A Percentage (95%) 95%
-------------------
2,071,786.95
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,071,786.95
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 34,828,424.67
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 193,007.52
Class B Principal Distributable Amount
Principal Distributable Amount 2,180,828.37
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 109,041.42
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 1,833,074.96
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 15,275.62
Class B Excess Interest Amount
Total Distribution Amount 2,256,930.68
minus
Class A Principal and Interest Distributable Amount 2,264,794.47
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 15,275.62
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 109,041.42
Class B Principal Carryover Shortfall 0.00
Trustee distributions 704.96
Standby Servicer distributions 2,444.10
Servicer distributions 75,595.05
Collateral Agent distributions 458.27
Reimbursement Obligations 9,554.02
-------------------
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 2,444.10 2,256,930.68 2,444.10 2,256,930.68
Servicing Fee (2.0%) 61,102.50 2,254,486.58 61,102.50 0.00
Additional Servicing Fee Amounts 14,492.55 2,193,384.08 14,492.55 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,178,891.53 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,178,891.53 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,178,891.53 0.00
(iii) Trustee Fee 458.27 2,178,891.53 458.27
Trustee's out-of-pocket expenses 246.69 2,178,433.26 246.69
Unpaid Trustee Fee from prior Collection Periods 0.00 2,178,186.57 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,178,186.57 0.00
Collection Periods
(iv) Collateral Agent Fee 458.27 2,178,186.57 458.27
Collateral Agent Expenses 0.00 2,177,728.30 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,177,728.30 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,177,728.30 0.00
Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 193,007.52 2,177,728.30 193,007.52
Prior Month(s) Class A Carryover Shortfall 0.00 1,984,720.78 0.00
Class A Interest Carryover Shortfall 0.00 1,984,720.78 0.00
Interest on Interest Carryover from Prior Months 0.00 1,984,720.78 0.00
Current Month Class A Interest Carryover Shortfall 0.00 1,984,720.78 0.00
Class A Interest Distributable Amount 193,007.52 1,984,720.78 193,007.52
(viii)(A)Class B Coupon Interest - Unadjusted 15,275.62 1,791,713.26 15,275.62
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 1,776,437.64 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 1,776,437.64 0.00
Interest on Interest Carryover from Prior Months 0.00 1,776,437.64 0.00
Current Month Class B Interest Shortfall 0.00 1,776,437.64 0.00
Adjusted Class B Interest Distributable Amount 15,275.62 1,776,437.64 15,275.62
(v) (B) Class A Principal Distributable Amount - Current Month 2,071,786.95 1,761,162.02 1,761,162.02 185,143.73
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (102,341.79) 0.00 (102,341.79)
Withdrawl from Spread Account to Cover Shortfall 102,341.79
Class A Principal Distribution Amount 2,071,786.95 102,341.79 102,341.79 0.00
(vi) Certificate Insurer Premium 9,554.02 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
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current 109,041.42 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 (109,041.42) 0.00 (109,041.42)
Adjusted Class B Principal Distributable Amount 0.00 109,041.42 0.00
Excess Interest Amount for Deposit in Spread Account (111,895.81) 109,041.42 (111,895.81)
220,937.23 220,937.23
Certificate Balance
Class A Beginning of Period Principal Balance 34,828,424.67
Class A Principal Distributions 2,071,786.95
Class A End of Period Principal Balance 32,756,637.72
Class B Beginning of Period Principal Balance 1,833,074.96
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 1,833,074.96
Withdrawl from Spread Account to Cover B Shortfalls 109,041.42
Class B End of Period Principal Balance AFTER Spread Account Distributions 1,724,033.54
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,256,930.68
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 272,209.90
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 1,984,720.78
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,984,720.78
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 15,275.62
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 1,969,445.16
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,969,445.16
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,071,786.95
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 102,341.79
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 9,554.02
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (9,554.02)
Withdrawl from Spread Account to Cover Deficiency 9,554.02
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) 109,041.42
(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) (109,041.42)
Withdrawl from Spread Account to B PieceCover Shortfalls (109,041.42)
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 2,162,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 2,162,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 38,867,367.48
Delinquency Ratio 5.56%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.56%
Delinquency Ratio for second preceding Determination Date 5.17%
Delinquency Ratio for third preceding Determination Date 5.26%
-------------------
Average Delinquency Ratio 5.33% 5.33%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 14,756,140.07
Current Period Defaulted Receivables 315,863.03
-------------------
Total 15,072,003.10
Cumulative Defaulted Receivables 15,072,003.10
Original Pool Balance 88,900,750.37
Cumulative Default Ratio 16.95%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 830,077.32
Cram Down Losses 0.00
Net Liquidation Proceeds (255,597.67)
-------------------
Net Liquidation Losses 574,479.65
Cumulative Previous Net Losses 10,434,895.91
-------------------
Cumulative Net Losses 11,009,375.56
Original Pool Balance 88,900,750.37
Cumulative Net Loss Ratio 12.38%
Additional Pool Information:
Weighted Average Original Term 54.67
Weighted Average Remaining Term 30.39
Weighted Average Annual Percentage Rate 20.35%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 3,458,971.27
15% of Outstanding Certificate Balance 5,188,456.90
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 5,188,456.90
Spread Account Floor
3% of the Initial Certificate Balance 2,667,022.51
Outstanding Certificate Balance 34,589,712.68
Minimum Floor 100,000.00
Floor Amount 2,667,022.51
Required Spread Account Amount 5,188,456.90
Beginning of Period Spread Account Balance 5,974,585.55
Spread Account Deposit (Withdrawal) from Current Distributions (111,895.81)
Transfer (to) from Cross-Collateralized Spread Accounts (593,405.57)
Required addition to/(eligible withdrawal from) Spread Account (80,827.27)
Earnings on Spread Account Balance 28,214.15
Amount of Spread Account deposit (withdrawal) (109,041.42)
Amount of Withdrawl Allocated to B Piece Shortfalls 109,041.42
Net Spread Account Withdrawl to Seller (0.00)
Ending Spread Account Balance 5,188,456.90
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-2
6.70% Asset-Backed Certificates
Distribution Date 8/17/98
Collection Period 7/98
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 $3,309,884.39
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $244,480.94
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,065,403.45
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $37.82
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $2.79
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $35.02
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $22,554.80
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $22,554.80
(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 $1,726,533.15
(k) Scheduled Payments collected in such
Collection Period $1,416,792.44
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 $46,092,243.43
(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 $43,117,427.43
(c) The Pool factor as of the close of business
on the last day set forth above 0.9354595
2 Servicing Fee and Purchased Receivables.
(a) The aggregate amount of the Servicing Fee
(exclusive of the Standby Fee paid to the
Standby Servicer) paid to the Servicer with
respect to the Collection Period set forth above $90,710.93
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,072.82
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.04
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $25,837.97
(b) Distributions (to) from Collection Account $426.59
for Payaheads
(c) Interest earned on Payahead Balances $99.64
(d) Ending Payahead Account Balance $26,364.20
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 $6,467,614.12
Spread Account Balance $4,722,492.52
(b) The change in the spread account on the Distribution
Date set forth above ($129,436.33)
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $11,877.32
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,542,114.66
(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 131
Aggregate Gross Amount $1,365,000.00
(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 125
Aggregate Gross Amount $1,371,000.00
8 Performance Triggers
(a) Delinquency Ratio 5.57%
(b) Average Delinquency Ratio 6.10%
(c) Cumulative Default Ratio 15.81%
(d) Cumulative Net Loss Ratio 11.03%
(e) Is a Portfolio Performance Test violation continuing? Yes
(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: 2,520,529.16
Lock Box NSF Items: (35,179.93)
Transfers from (to) Payahead Account: (426.59)
Collection Account Interest 9,332.87
Payahead Account Interest 99.64
Total Collection Proceeds: 2,494,355.15
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 46,092,243.43
Principal portion of payments collected (non-prepayments) 655,307.89
Prepayments in full allocable to principal 469,341.00
Collections allocable to principal 1,124,648.89
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 559,976.92
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,684,625.81
Realized Losses 1,542,114.66
Cram Down Losses 0.00
Ending Principal Balance 42,865,502.96
Interest
Collections allocable to interest 761,484.55
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 48,244.79
-------------------
Total Interest 809,729.34
Certificate Information
Beginning of Period Class A Principal Balance 43,787,631.23
Beginning of Period Class B Principal Balance 2,395,199.65
Miscellaneous Balances
Beginning of Period Spread Account Balance 4,851,928.85
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 13,890.52
Aggregate Payahead Balance 26,264.56
Aggregate Payahead Balance for preceding Distribution Date 25,837.97
Interest Earned on Payahead Balances 99.64
Scheduled Payments due in Collection Period 1,726,533.15
Scheduled Payments collected in Collection Period 1,416,792.44
Aggregate Amount of Realized Losses for preceding Distribution Date 1,542,114.66
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 307.29
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 131 1,365,000.00
60+ days delinquent 125 1,371,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 2,736,000.00
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. 448,702.21
Delinquency Ratio for second preceding Determination Date 6.03%
Delinquency Ratio for third preceding Determination Date 6.71%
Cumulative Defaults for preceding Determination Date 14,115,147.61
Cumulative Net Losses for preceding Determination Date 8,667,299.12
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) 1,886,133.44
Liquidation Proceeds 559,976.92
Recoveries 48,244.79
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,494,355.15
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 655,307.89
Prepayments in full allocable to principal 469,341.00
Principal Balance of Liquidated Receivables 2,102,091.58
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 3,226,740.47
Class A Principal Distributable Amount
Principal Distributable Amount 3,226,740.47
Times Class A Percentage (95%) 95%
-------------------
3,065,403.45
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,065,403.45
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 43,787,631.23
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 244,480.94
Class B Principal Distributable Amount
Principal Distributable Amount 3,226,740.47
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 161,337.02
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,395,199.65
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 22,554.80
Class B Excess Interest Amount
Total Distribution Amount 2,494,355.15
minus
Class A Principal and Interest Distributable Amount 3,309,884.39
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 22,554.80
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 161,337.02
Class B Principal Carryover Shortfall 90,587.48
Trustee distributions 883.44
Standby Servicer distributions 3,072.82
Servicer distributions 90,710.93
Collateral Agent distributions 577.29
Reimbursement Obligations 11,877.32
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 90,587.48
-------------------
90,587.48
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 3,072.82 0.00 0.00 161,337.02
Servicing Fee (2.0%) 76,820.41 0.00 0.00 0.00
Additional Servicing Fee Amounts 13,890.52 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 576.15 0.00 0.00
Trustee's out-of-pocket expenses 307.29 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 577.29 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 0.00 0.00 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 244,480.94 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 244,480.94 0.00 0.00
(viii)(A)Class B Coupon Interest - Unadjusted 22,554.80 0.00 0.00
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00 161,337.02
Interest on B Interest Shortfall - Previous Month(s) 0.00 0.00 0.00 161,337.02
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 22,554.80 0.00 0.00
(v)(B) Class A Principal Distributable Amount - Current Month 3,065,403.45 0.00 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (933,328.52) 0.00 (933,328.52)
Withdrawl from Spread Account to Cover Shortfall 933,328.52
Class A Principal Distribution Amount 3,065,403.45 933,328.52 933,328.52
(vi) Certificate Insurer Premium 11,877.32 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current 161,337.02 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 90,587.48 0.00 0.00
Current Month Class B Principal Shortfall (251,924.50) 0.00 (251,924.50)
Adjusted Class B Principal Distributable Amount 0.00 251,924.50 0.00
(C) Excess Interest Amount for Deposit in Spread Account (945,205.83) 251,924.50 (945,205.83)
1,197,130.34 1,197,130.34
Certificate Balance
Class A Beginning of Period Principal Balance 43,787,631.23
Class A Principal Distributions 3,065,403.45
Class A End of Period Principal Balance 40,722,227.78
Class B Beginning of Period Principal Balance 2,395,199.65
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,395,199.65
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,395,199.65
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,494,355.15
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 339,725.42
(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) 2,154,629.73
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,154,629.73
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 22,554.80
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,132,074.93
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,132,074.93
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,065,403.45
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 933,328.52
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 11,877.32
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (11,877.32)
Withdrawl from Spread Account to Cover Deficiency 11,877.32
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 0.00
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 161,337.02
(iii) Prior month(s) carryover shortfalls 90,587.48
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (251,924.50)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (251,924.50)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,736,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 2,736,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 49,127,976.28
Delinquency Ratio 5.57%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.57%
Delinquency Ratio for second preceding Determination Date 6.03%
Delinquency Ratio for third preceding Determination Date 6.71%
-------------------
Average Delinquency Ratio 6.10% 6.10%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 14,115,147.61
Current Period Defaulted Receivables 448,702.21
-------------------
Total 14,563,849.82
Cumulative Defaulted Receivables 14,563,849.82
Original Pool Balance 92,129,299.54
Cumulative Default Ratio 15.81%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,102,091.58
Cram Down Losses 0.00
Net Liquidation Proceeds (608,221.71)
-------------------
Net Liquidation Losses 1,493,869.87
Cumulative Previous Net Losses 8,667,299.12
-------------------
Cumulative Net Losses 10,161,168.99
Original Pool Balance 92,129,299.54
Cumulative Net Loss Ratio 11.03%
Additional Pool Information:
Weighted Average Original Term 55.54
Weighted Average Remaining Term 34.21
Weighted Average Annual Percentage Rate 20.47%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 4,311,742.74
15% of Outstanding Certificate Balance 6,467,614.12
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 6,467,614.12
Spread Account Floor
3% of the Initial Certificate Balance 2,763,878.99
Outstanding Certificate Balance 43,117,427.43
Minimum Floor 100,000.00
Floor Amount 2,763,878.99
Required Spread Account Amount 6,467,614.12
Beginning of Period Spread Account Balance 4,851,928.85
Spread Account Deposit (Withdrawal) from Current Distributions (945,205.83)
Transfer (to) from Cross-Collateralized Spread Accounts 792,332.48
Required addition to/(eligible withdrawal from) Spread Account 1,768,558.62
Earnings on Spread Account Balance 23,437.02
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 4,722,492.52
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1996-3
6.30% Asset-Backed Certificates
Distribution Date 8/17/98
Collection Period 7/98
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 $3,088,997.70
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $268,570.96
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,820,426.74
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $35.02
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.04
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $31.97
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $23,434.35
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $23,434.35
(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 $1,904,024.13
(k) Scheduled Payments collected in such
Collection Period $1,695,495.28
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $53,848,814.78
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in
paragraph A.1.(c) above $51,106,511.22
(c) The Pool factor as of the close of business
on the last day set forth above 0.9490740
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 $107,271.55
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,589.92
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.22
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.04
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $29,190.23
(b) Distributions (to) from Collection Account ($6,187.91)
for Payaheads
(c) Interest earned on Payahead Balances $106.05
(d) Ending Payahead Account Balance $23,108.37
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 $7,665,976.68
Spread Account Balance $5,974,445.69
(b) The change in the spread account on the Distribution
Date set forth above $310,976.32
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $14,097.98
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,183,491.84
(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 161
Aggregate Gross Amount $1,823,000.00
(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 162
Aggregate Gross Amount $1,967,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.44%
(b) Average Delinquency Ratio 6.56%
(c) Cumulative Default Ratio 13.39%
(d) Cumulative Net Loss Ratio 9.78%
(e) Is a Portfolio Performance Test violation continuing? Yes
(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: 2,786,826.23
Lock Box NSF Items: (49,206.61)
Transfers from (to) Payahead Account: 6,187.91
Collection Account Interest 10,797.51
Payahead Account Interest 106.05
Total Collection Proceeds: 2,754,711.09
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 53,848,814.78
Principal portion of payments collected (non-prepayments) 830,826.86
Prepayments in full allocable to principal 565,230.00
Collections allocable to principal 1,396,056.86
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 389,321.55
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,785,378.41
Realized Losses 1,183,491.84
Cram Down Losses 0.00
Ending Principal Balance 50,879,944.53
Interest
Collections allocable to interest 864,668.42
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 104,664.26
-------------------
Total Interest 969,332.68
Certificate Information
Beginning of Period Class A Principal Balance 51,156,374.01
Beginning of Period Class B Principal Balance 2,770,563.95
Miscellaneous Balances
Beginning of Period Spread Account Balance 5,663,469.37
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,523.53
Aggregate Payahead Balance 23,002.32
Aggregate Payahead Balance for preceding Distribution Date 29,190.23
Interest Earned on Payahead Balances 106.05
Scheduled Payments due in Collection Period 1,904,024.13
Scheduled Payments collected in Collection Period 1,695,495.28
Aggregate Amount of Realized Losses for preceding Distribution Date 1,183,491.84
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 358.71
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 161 1,823,000.00
60+ days delinquent 162 1,967,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
0 0.00
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 3,790,000.00
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. 543,679.36
Delinquency Ratio for second preceding Determination Date 6.33%
Delinquency Ratio for third preceding Determination Date 6.90%
Cumulative Defaults for preceding Determination Date 11,886,398.06
Cumulative Net Losses for preceding Determination Date 8,006,866.36
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) 2,260,725.28
Liquidation Proceeds 389,321.55
Recoveries 104,664.26
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 2,754,711.09
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 830,826.86
Prepayments in full allocable to principal 565,230.00
Principal Balance of Liquidated Receivables 1,572,813.39
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 2,968,870.25
Class A Principal Distributable Amount
Principal Distributable Amount 2,968,870.25
Times Class A Percentage (95%) 95%
-------------------
2,820,426.74
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 2,820,426.74
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 51,156,374.01
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 268,570.96
Class B Principal Distributable Amount
Principal Distributable Amount 2,968,870.25
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 148,443.51
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 2,770,563.95
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 23,434.35
Class B Excess Interest Amount
Total Distribution Amount 2,754,711.09
minus
Class A Principal and Interest Distributable Amount 3,088,997.70
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 23,434.35
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 148,443.51
Class B Principal Carryover Shortfall 78,123.20
Trustee distributions 1,031.82
Standby Servicer distributions 3,589.92
Servicer distributions 107,271.55
Collateral Agent distributions 674.09
Reimbursement Obligations 14,097.98
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 78,123.20
-------------------
78,123.20
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 3,589.92 2,754,711.09 3,589.92 2,754,711.09
Servicing Fee (2.0%) 89,748.02 2,751,121.17 89,748.02 0.00
Additional Servicing Fee Amounts 17,523.53 2,661,373.15 17,523.53 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 2,643,849.62 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 2,643,849.62 0.00
(ii) Transition Expenses to Standby Servicer 0.00 2,643,849.62 0.00
(iii) Trustee Fee 673.11 2,643,849.62 673.11
Trustee's out-of-pocket expenses 358.71 2,643,176.51 358.71
Unpaid Trustee Fee from prior Collection Periods 0.00 2,642,817.80 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 2,642,817.80 0.00
Collection Periods
(iv) Collateral Agent Fee 674.09 2,642,817.80 674.09
Collateral Agent Expenses 0.00 2,642,143.71 0.00
Unpaid Collateral Agent Fee from prior 0.00 2,642,143.71 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 2,642,143.71 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 268,570.96 2,642,143.71 268,570.96
Prior Month(s) Class A Carryover Shortfall 0.00 2,373,572.75 0.00
Class A Interest Carryover Shortfall 0.00 2,373,572.75 0.00
Interest on Interest Carryover from Prior Months 0.00 2,373,572.75 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,373,572.75 0.00
Class A Interest Distributable Amount 268,570.96 2,373,572.75 268,570.96
(viii)(A)Class B Coupon Interest - Unadjusted 23,434.35 2,105,001.79 23,434.35
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,081,567.44 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,081,567.44 0.00
Interest on Interest Carryover from Prior Months 0.00 2,081,567.44 0.00
Current Month Class B Interest Shortfall 0.00 2,081,567.44 0.00
Adjusted Class B Interest Distributable Amount 23,434.35 2,081,567.44 23,434.35
(v)(B) Class A Principal Distributable Amount - Current Month 2,820,426.74 2,058,133.09 2,058,133.09 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (470,288.34) 0.00 (470,288.34)
Withdrawl from Spread Account to Cover Shortfall 470,288.34
Class A Principal Distribution Amount 2,820,426.74 470,288.34 470,288.34 0.00
(vi) Certificate Insurer Premium 14,097.98 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - Current 148,443.51 0.00 0.00
Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 78,123.20 0.00 0.00
Current Month Class B Principal Shortfall (226,566.71) 0.00 (226,566.71)
Adjusted Class B Principal Distributable Amount 0.00 226,566.71 0.00
(C) Excess Interest Amount for Deposit in Spread Account (484,386.32) 226,566.71 (484,386.32)
710,953.03 710,953.03
Certificate Balance
Class A Beginning of Period Principal Balance 51,156,374.01
Class A Principal Distributions 2,820,426.74
Class A End of Period Principal Balance 48,335,947.27
Class B Beginning of Period Principal Balance 2,770,563.95
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 2,770,563.95
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 2,770,563.95
Class A Deficiency - Interest
(i) Total Distribution Amount Available 2,754,711.09
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 381,138.34
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,373,572.75
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,373,572.75
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 23,434.35
(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) 2,350,138.40
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,350,138.40
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,820,426.74
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 470,288.34
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 14,097.98
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (14,097.98)
Withdrawl from Spread Account to Cover Deficiency 14,097.98
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) 148,443.51
(iii) Prior month(s) carryover shortfalls 78,123.20
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (226,566.71
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (226,566.71)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 3,790,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 3,790,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 58,862,186.34
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 6.33%
Delinquency Ratio for third preceding Determination Date 6.90%
-------------------
Average Delinquency Ratio 6.56% 6.56%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 11,886,398.06
Current Period Defaulted Receivables 543,679.36
-------------------
Total 12,430,077.42
Cumulative Defaulted Receivables 12,430,077.42
Original Pool Balance 92,857,811.12
Cumulative Default Ratio 13.39%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,572,813.39
Cram Down Losses 0.00
Net Liquidation Proceeds (493,985.81)
-------------------
Net Liquidation Losses 1,078,827.58
Cumulative Previous Net Losses 8,006,866.36
-------------------
Cumulative Net Losses 9,085,693.94
Original Pool Balance 92,857,811.12
Cumulative Net Loss Ratio 9.78%
Additional Pool Information:
Weighted Average Original Term 56.03
Weighted Average Remaining Term 37.43
Weighted Average Annual Percentage Rate 20.50%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 5,110,651.12
15% of Outstanding Certificate Balance 7,665,976.68
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 7,665,976.68
Spread Account Floor
3% of the Initial Certificate Balance 2,785,734.33
Outstanding Certificate Balance 51,106,511.22
Minimum Floor 100,000.00
Floor Amount 2,785,734.33
Required Spread Account Amount 7,665,976.68
Beginning of Period Spread Account Balance 5,663,469.37
Spread Account Deposit (Withdrawal) from Current Distributions (484,386.32)
Transfer (to) from Cross-Collateralized Spread Accounts 768,000.89
Required addition to/(eligible withdrawal from) Spread Account 1,718,892.74
Earnings on Spread Account Balance 27,361.75
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 5,974,445.69
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
Current month excess servicing fee #REF!
Monthly Certificateholder Statement
CPS Auto Grantor Trust 1997-1
6.55% Asset-Backed Certificates
Distribution Date 8/17/98
Collection Period 7/98
Under the Pooling and Servicing Agreement dated as of March 17, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,720,339.03
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $341,010.04
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,379,328.99
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $38.27
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.51
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $34.76
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $33,162.90
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $33,162.90
(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 $2,202,560.57
(k) Scheduled Payments collected in such
Collection Period $1,815,045.70
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 $65,763,285.89
(b) The aggregate balance of the Certificates as of the close of
business on the last day set forth above, after giving
effect to payments allocated to principal in paragraph A.1.(c) above $62,508,783.65
(c) The Pool factor as of the close of business
on the last day set forth above 0.9505119
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 $126,741.95
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,384.22
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.30
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $35,140.36
(b) Distributions (to) from Collection Account ($8,663.24)
for Payaheads
(c) Interest earned on Payahead Balances $349.75
(d) Ending Payahead Account Balance $26,826.87
5 Spread Account.
(a) The Specified Spread Account Balance with respect to such
Distribution Date and the Spread Account Balance on the
Distribution Date set forth above, after giving effect to
distributions made on such Distribution Date
Specified Spread Account Balance $9,376,317.55
Spread Account Balance $7,206,348.24
(b) The change in the spread account on the Distribution
Date set forth above $292,381.71
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $17,236.27
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,585,296.35
(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 233
Aggregate Gross Amount $2,617,000.00
(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 196
Aggregate Gross Amount $2,435,000.00
8 Performance Triggers
(a) Delinquency Ratio 7.02%
(b) Average Delinquency Ratio 6.81%
(c) Cumulative Default Ratio 12.86%
(d) Cumulative Net Loss Ratio 9.10%
(e) Is a Portfolio Performance Test violation continuing? Yes
(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: 3,203,290.58
Lock Box NSF Items: (47,344.80)
Transfers from (to) Payahead Account: 8,663.24
Collection Account Interest 12,746.40
Payahead Account Interest 349.75
Total Collection Proceeds: 3,177,705.17
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 65,763,285.89
Principal portion of payments collected (non-prepayments) 694,555.36
Prepayments in full allocable to principal 551,227.00
Collections allocable to principal 1,245,782.36
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 726,109.70
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 1,971,892.06
Realized Losses 1,585,296.35
Cram Down Losses 0.00
Ending Principal Balance 62,206,097.48
Interest
Collections allocable to interest 1,120,490.34
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 85,322.77
-------------------
Total Interest 1,205,813.11
Certificate Information
Beginning of Period Class A Principal Balance 62,475,121.59
Beginning of Period Class B Principal Balance 3,412,991.05
Miscellaneous Balances
Beginning of Period Spread Account Balance 6,913,966.53
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 17,136.47
Aggregate Payahead Balance 26,477.12
Aggregate Payahead Balance for preceding Distribution Date 35,140.36
Interest Earned on Payahead Balances 349.75
Scheduled Payments due in Collection Period 2,202,560.57
Scheduled Payments collected in Collection Period 1,815,045.70
Aggregate Amount of Realized Losses for preceding Distribution Date 1,585,296.35
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 438.00
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 233 2,617,000.00
60+ days delinquent 196 2,435,000.00
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. 5,052,000.00
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. 651,463.56
Delinquency Ratio for second preceding Determination Date 6.44%
Delinquency Ratio for third preceding Determination Date 6.97%
Cumulative Defaults for preceding Determination Date 12,509,079.52
Cumulative Net Losses for preceding Determination Date 7,816,457.17
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) 2,366,272.70
Liquidation Proceeds 726,109.70
Recoveries 85,322.77
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,177,705.17
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 694,555.36
Prepayments in full allocable to principal 551,227.00
Principal Balance of Liquidated Receivables 2,311,406.05
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 3,557,188.41
Class A Principal Distributable Amount
Principal Distributable Amount 3,557,188.41
Times Class A Percentage (95%) 95%
-------------------
3,379,328.99
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,379,328.99
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 62,475,121.59
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 341,010.04
Class B Principal Distributable Amount
Principal Distributable Amount 3,557,188.41
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 177,859.42
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 3,412,991.05
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 33,162.90
Class B Excess Interest Amount
Total Distribution Amount 3,177,705.17
minus
Class A Principal and Interest Distributable Amount 3,720,339.03
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 33,162.90
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 177,859.42
Class B Principal Carryover Shortfall 124,826.75
Trustee distributions 1,260.04
Standby Servicer distributions 4,384.22
Servicer distributions 126,741.95
Collateral Agent distributions 823.60
Reimbursement Obligations 17,236.27
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 124,826.75
-------------------
124,826.75
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 4,384.22 3,177,705.17 4,384.22 3,177,705.17
Servicing Fee (2.0%) 109,605.48 3,173,320.95 109,605.48 0.00
Additional Servicing Fee Amounts 17,136.47 3,063,715.47 17,136.47 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,046,579.00 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,046,579.00 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,046,579.00 0.00
(iii) Trustee Fee 822.04 3,046,579.00 822.04
Trustee's out-of-pocket expenses 438.00 3,045,756.96 438.00
Unpaid Trustee Fee from prior Collection Periods 0.00 3,045,318.96 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,045,318.96 0.00
Collection Periods
(iv) Collateral Agent Fee 823.60 3,045,318.96 823.60
Collateral Agent Expenses 0.00 3,044,495.36 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,044,495.36 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,044,495.36 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 341,010.04 3,044,495.36 341,010.04
Prior Month(s) Class A Carryover Shortfall 0.00 2,703,485.32 0.00
Class A Interest Carryover Shortfall 0.00 2,703,485.32 0.00
Interest on Interest Carryover from Prior Months 0.00 2,703,485.32 0.00
Current Month Class A Interest Carryover Shortfall 0.00 2,703,485.32 0.00
Class A Interest Distributable Amount 341,010.04 2,703,485.32 341,010.04
(viii)(A)Class B Coupon Interest - Unadjusted 33,162.90 2,362,475.28 33,162.90
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,329,312.38 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,329,312.38 0.00
Interest on Interest Carryover from Prior Months 0.00 2,329,312.38 0.00
Current Month Class B Interest Shortfall 0.00 2,329,312.38 0.00
Adjusted Class B Interest Distributable Amount 33,162.90 2,329,312.38 33,162.90
(v)(B) Class A Principal Distributable Amount - Current Month 3,379,328.99 2,296,149.48 2,296,149.48 0.00
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (709,006.57) 0.00 (709,006.57)
Withdrawl from Spread Account to Cover Shortfall 709,006.57
Class A Principal Distribution Amount 3,379,328.99 709,006.57 709,006.57 0.00
(vi) Certificate Insurer Premium 17,236.27 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 177,859.42 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 124,826.75 0.00 0.00
Current Month Class B Principal Shortfall (302,686.17) 0.00 (302,686.17)
Adjusted Class B Principal Distributable Amount 0.00 302,686.17 0.00
(C) Excess Interest Amount for Deposit in Spread Account (726,242.84) 302,686.17 (726,242.84)
1,028,929.01 1,028,929.01
Certificate Balance
Class A Beginning of Period Principal Balance 62,475,121.59
Class A Principal Distributions 3,379,328.99
Class A End of Period Principal Balance 59,095,792.60
Class B Beginning of Period Principal Balance 3,412,991.05
Class B Principal Distributable Amount 0.00
Class B End of Period Principal Balance BEFORE Spread Account Distributions 3,412,991.05
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 3,412,991.05
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,177,705.17
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 474,219.85
(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) 2,703,485.32
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,703,485.32
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 33,162.90
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,670,322.42
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,670,322.42
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,379,328.99
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 709,006.57
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 17,236.27
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (17,236.27)
Withdrawl from Spread Account to Cover Deficiency 17,236.27
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) 177,859.42
(iii) Prior month(s) carryover shortfalls 124,826.75
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (302,686.17)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (302,686.17)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,052,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 5,052,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 71,978,424.97
Delinquency Ratio 7.02%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 7.02%
Delinquency Ratio for second preceding Determination Date 6.44%
Delinquency Ratio for third preceding Determination Date 6.97%
-------------------
Average Delinquency Ratio 6.81% 6.81%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 12,509,079.52
Current Period Defaulted Receivables 651,463.56
-------------------
Total 13,160,543.08
Cumulative Defaulted Receivables 13,160,543.08
Original Pool Balance 102,327,009.71
Cumulative Default Ratio 12.86%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 2,311,406.05
Cram Down Losses 0.00
Net Liquidation Proceeds (811,432.47)
-------------------
Net Liquidation Losses 1,499,973.58
Cumulative Previous Net Losses 7,816,457.17
-------------------
Cumulative Net Losses 9,316,430.75
Original Pool Balance 102,327,009.71
Cumulative Net Loss Ratio 9.10%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 40.25
Weighted Average Annual Percentage Rate 20.54%
Spread Account
Spread Account Cap
10% of Outstanding Certificate Balance 6,250,878.37
15% of Outstanding Certificate Balance 9,376,317.55
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 9,376,317.55
Spread Account Floor
3% of the Initial Certificate Balance 3,069,810.29
Outstanding Certificate Balance 62,508,783.65
Minimum Floor 100,000.00
Floor Amount 3,069,810.29
Required Spread Account Amount 9,376,317.55
Beginning of Period Spread Account Balance 6,913,966.53
Spread Account Deposit (Withdrawal) from Current Distributions (726,242.84)
Transfer (to) from Cross-Collateralized Spread Accounts 985,224.84
Required addition to/(eligible withdrawal from) Spread Account 2,203,369.02
Earnings on Spread Account Balance 33,399.71
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 7,206,348.24
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 1997-2
6.65% Asset-Backed Certificates
Distribution Date 8/17/98
Collection Period 7/98
Under the Pooling and Servicing Agreement dated as of May 30, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, and Norwest Bank Minnesota, National Association, as Trustee
and as Collateral Agent, the Servicer is required to prepare certain information
each month regarding current distributions to Certificateholders and the
performance of the Trust during the previous month. The information which is
required to be prepared with respect to the Distribution Date and Collection
Period listed above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Certificate, and certain other information is
presented based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
1 Certificates.
(a) The aggregate amount of the distribution
to Class A Certificateholders on the Distribution
Date set forth above $3,737,576.43
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $444,694.99
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,292,881.44
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $32.96
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $3.92
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $29.04
(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 $2,733,852.66
(k) Scheduled Payments collected in such
Collection Period $2,699,785.50
B. Information Regarding the Performance of the Trust.
1 Pool Balance and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $84,469,170.43
(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 $81,570,453.01
(c) The Pool factor as of the close of business
on the last day set forth above 0.9656831
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 $160,966.85
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,631.28
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.42
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 interest $0.05
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 0
Aggregate Purchase Amount $0.00
3 Payment Shortfalls.
(a) The amount of the Interest Carryover shortfall
after giving effect to the payments set forth in
paragraph A.1. (b) above $0.00
(b) The amount of the Principal Carryover Shortfall after giving
effect to the payment set forth in
paragraph A.1. (c) above $0.00
4 Payahead Account.
(a) The aggregate Payahead Balance on the
prior Distribution Date $35,936.22
(b) Distributions (to) from Collection Account ($3,418.63)
for Payaheads
(c) Interest earned on Payahead Balances $134.50
(d) Ending Payahead Account Balance $32,652.09
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 $12,235,567.95
Spread Account Balance $9,127,666.36
(b) The change in the spread account on the Distribution
Date set forth above $1,364,821.82
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $22,444.58
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,073,930.40
(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 261
Aggregate Gross Amount $3,176,000.00
(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 221
Aggregate Gross Amount $2,933,000.00
8 Performance Triggers
(a) Delinquency Ratio 6.58%
(b) Average Delinquency Ratio 6.22%
(c) Cumulative Default Ratio 9.96%
(d) Cumulative Net Loss Ratio 7.12%
(e) Is a Portfolio Performance Test violation continuing? Yes
(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: 3,927,233.83
Lock Box NSF Items: (57,241.64)
Transfers from (to) Payahead Account: 3,418.63
Collection Account Interest 14,838.07
Payahead Account Interest 134.50
Total Collection Proceeds: 3,888,383.39
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 84,469,170.43
Principal portion of payments collected (non-prepayments) 1,279,314.14
Prepayments in full allocable to principal 767,057.00
Collections allocable to principal 2,046,371.14
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 345,889.45
Purchase Amounts allocable to principal 0.00
-------------------
Total Principal 2,392,260.59
Realized Losses 1,073,930.40
Cram Down Losses 0.00
Ending Principal Balance 81,002,979.44
Interest
Collections allocable to interest 1,420,471.36
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 75,651.44
-------------------
Total Interest 1,496,122.80
Certificate Information
Beginning of Period Class A Principal Balance 80,245,711.92
Beginning of Period Class B Principal Balance 4,617,622.53
Miscellaneous Balances
Beginning of Period Spread Account Balance 7,762,844.54
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 20,184.90
Aggregate Payahead Balance 32,517.59
Aggregate Payahead Balance for preceding Distribution Date 35,936.22
Interest Earned on Payahead Balances 134.50
Scheduled Payments due in Collection Period 2,733,852.66
Scheduled Payments collected in Collection Period 2,699,785.50
Aggregate Amount of Realized Losses for preceding Distribution Date 1,073,930.40
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 492.12
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 261 3,176,000.00
60+ days delinquent 221 2,933,000.00
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. 6,109,000.00
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. 754,292.59
Delinquency Ratio for second preceding Determination Date 5.65%
Delinquency Ratio for third preceding Determination Date 6.44%
Cumulative Defaults for preceding Determination Date 11,129,685.88
Cumulative Net Losses for preceding Determination Date 7,498,165.57
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) 3,466,842.50
Liquidation Proceeds 345,889.45
Recoveries 75,651.44
Purchase Amounts 0.00
Certificate Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 0.00
Investment earnings from Payahead Account 0.00
-------------------
Total Distribution Amount 3,888,383.39
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,279,314.14
Prepayments in full allocable to principal 767,057.00
Principal Balance of Liquidated Receivables 1,419,819.85
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-------------------
Principal Distributable Amount 3,466,190.99
Class A Principal Distributable Amount
Principal Distributable Amount 3,466,190.99
Times Class A Percentage (95%) 95%
-------------------
3,292,881.44
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------
Class A Principal Distributable Amount 3,292,881.44
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 80,245,711.92
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 444,694.99
Class B Principal Distributable Amount
Principal Distributable Amount 3,466,190.99
Times Class B Percentage (5%) 5%
-------------------
Class B Principal Distributable Amount 173,309.55
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 3,888,383.39
minus
Class A Principal and Interest Distributable Amount 3,737,576.43
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 173,309.55
Class B Principal Carryover Shortfall 394,164.02
Trustee distributions 1,547.98
Standby Servicer distributions 5,631.28
Servicer distributions 160,966.85
Collateral Agent distributions 1,060.79
Reimbursement Obligations 22,444.58
-------------------
0.00
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 394,164.02
-------------------
394,164.02
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------
0.00
Class A Interest Carryover Shortfall from previous period 0.00
Interest on Class A Interest Carryover Shortfall 0.00
-------------------
0.00
Interest Carryover on Class A Interest Shortfall 0.00
Interest Earned 0.00
-------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
Use Source act distributed Source
--- ------ --------------- ------
(i) Standby Fee 5,631.28 3,888,383.39 5,631.28
Servicing Fee (2.0%) 140,781.95 3,882,752.11 140,781.95 0.00
Additional Servicing Fee Amounts 20,184.90 3,741,970.16 20,184.90 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,721,785.26 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,721,785.26 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,721,785.26 0.00
(iii) Trustee Fee 1,055.86 3,721,785.26 1,055.86
Trustee's out-of-pocket expenses 492.12 3,720,729.40 492.12
Unpaid Trustee Fee from prior Collection Periods 0.00 3,720,237.28 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 3,720,237.28 0.00
Collection Periods
(iv) Collateral Agent Fee 1,060.79 3,720,237.28 1,060.79
Collateral Agent Expenses 0.00 3,719,176.49 0.00
Unpaid Collateral Agent Fee from prior 0.00 3,719,176.49 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 3,719,176.49 0.00
Collection Periods
(v)(A) Class A Interest Distributable Amount - Current Month 444,694.99 3,719,176.49 444,694.99
Prior Month(s) Class A Carryover Shortfall 0.00 3,274,481.50 0.00
Class A Interest Carryover Shortfall 0.00 3,274,481.50 0.00
Interest on Interest Carryover from Prior Months 0.00 3,274,481.50 0.00
Current Month Class A Interest Carryover Shortfall 0.00 3,274,481.50 0.00
Class A Interest Distributable Amount 444,694.99 3,274,481.50 444,694.99
(viii)(A)Class B Coupon Interest - Unadjusted 44,021.33 2,829,786.51 44,021.33
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 2,785,765.18 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 2,785,765.18 0.00
Interest on Interest Carryover from Prior Months 0.00 2,785,765.18 0.00
Current Month Class B Interest Shortfall 0.00 2,785,765.18 0.00
Adjusted Class B Interest Distributable Amount 44,021.33 2,785,765.18 44,021.33
(v)(B) Class A Principal Distributable Amount - Current Month 3,292,881.44 2,741,743.85 2,741,743.85 595,501.95
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class A Principal Shortfall (62,421.27) 0.00 (62,421.27)
Withdrawl from Spread Account to Cover Shortfall 62,421.27
Class A Principal Distribution Amount 3,292,881.44 62,421.27 62,421.27 0.00
(vi) Certificate Insurer Premium 22,444.58 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 173,309.55 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 394,164.02 0.00 0.00
Current Month Class B Principal Shortfall (567,473.57) 0.00 (567,473.57)
Adjusted Class B Principal Distributable Amount 0.00 567,473.57 0.00
(C) Excess Interest (Shortage) Amount for Deposit to (84,865.85) 567,473.57 (84,865.85)
(withdrawl from) Spread Account 652,339.42 652,339.42
Certificate Balance
Class A Beginning of Period Principal Balance 80,245,711.92
Class A Principal Distributions 3,292,881.44
Class A End of Period Principal Balance 76,952,830.48
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 3,888,383.39
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 613,901.89
(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) 3,274,481.50
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,274,481.50
(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) 3,230,460.17
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,230,460.17
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 3,292,881.44
(iii) Prior month(s) carryover shortfalls 0.00
Withdrawl from Spread Account to Cover Shortfall 62,421.27
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 0.00
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 0.00
(vi) Certificate Insurer Premium 22,444.58
(v) Certificate Insurer Premium Supplement 0.00
Deficiency Amount (22,444.58)
Withdrawl from Spread Account to Cover Deficiency 22,444.58
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) 173,309.55
(iii) Prior month(s) carryover shortfalls 394,164.02
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Unadjusted Amount Remaining for Further Distribution/(Deficiency) (567,473.57)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (567,473.57)
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 6,109,000.00
Purchased receivables more than 30 days delinquent 0.00
-------------------
Total 6,109,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 92,848,199.73
Delinquency Ratio 6.58%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.58%
Delinquency Ratio for second preceding Determination Date 5.65%
Delinquency Ratio for third preceding Determination Date 6.44%
-------------------
Average Delinquency Ratio 6.22% 6.22%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 11,129,685.88
Current Period Defaulted Receivables 754,292.59
-------------------
Total 11,883,978.47
Cumulative Defaulted Receivables 11,883,978.47
Original Pool Balance 119,362,032.46
Cumulative Default Ratio 9.96%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,419,819.85
Cram Down Losses 0.00
Net Liquidation Proceeds (421,540.89)
-------------------
Net Liquidation Losses 998,278.96
Cumulative Previous Net Losses 7,498,165.57
-------------------
Cumulative Net Losses 8,496,444.53
Original Pool Balance 119,362,032.46
Cumulative Net Loss Ratio 7.12%
Additional Pool Information:
Weighted Average Original Term 56.35
Weighted Average Remaining Term 42.74
Weighted Average Annual Percentage Rate 20.49%
Spread Account
Spread Account Cap
9% of Outstanding Certificate Balance 7,341,340.77
15% of Outstanding Certificate Balance 12,235,567.95
Is a Portfolio Performance Test violation continuing? (Y/N) Y
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 12,235,567.95
Spread Account Floor
3% of the Initial Certificate Balance 3,580,860.93
Outstanding Certificate Balance 81,570,453.01
Minimum Floor 100,000.00
Floor Amount 3,580,860.93
Required Spread Account Amount 12,235,567.95
Beginning of Period Spread Account Balance 7,762,844.54
Spread Account Deposit (Withdrawal) from Current Distributions (84,865.85)
Transfer (to) from Cross-Collateralized Spread Accounts 1,411,071.50
Required addition to/(eligible withdrawal from) Spread Account 3,146,517.76
Earnings on Spread Account Balance 38,616.17
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 9,127,666.36
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Certificate as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-------------------------------------------------------
Name: James L. Stock
-------------------------------------------------------
Title: Vice President
-------------------------------------------------------
Monthly 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 8/17/98
Collection Period 7/98
Under the Sale and Servicing Agreement dated as of August 1, 1997 (the
"Agreement") by and among CPS Receivables Corp., Consumer Portfolio Services,
Inc. as Servicer, Bankers Trust as Owner Trustee, and Norwest Bank Minnesota,
National Association, as Indenture Trustee and as Collateral Agent, the Servicer
is required to prepare certain information each month regarding current
distributions to Noteholders and Certificateholders and the performance of the
Trust during the previous month. The information which is required to be
prepared with respect to the Distribution Date and Collection Period listed
above is set forth below.
Certain of the information is presented on the basis of an original
principal amount of $1,000 per Note, and certain other information is presented
based upon the aggregate amounts for the Trust as a whole.
A. Information Regarding the Current Monthly Distribution:
1 Notes.
(a) The aggregate amount of the distribution
to Class A-1 Noteholders on the Distribution
Date set forth above $3,955,247.47
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $209,909.25
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,745,338.23
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $48.93
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $2.60
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $46.33
(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 $238,965.70
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $27,509.90
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $211,455.80
(p) The aggregate amount of the distribution to
Certificateholders on the Distribution Date set forth above $238,965.70
(q) The amount of the distribution set forth in
paragraph A.1. (p) above in respect of interest $27,509.90
(r) The amount of the distribution set forth in
in paragraph A.1. (p) above in respect of principal $211,455.80
(s) Scheduled Payments due in such Collection Period $3,626,457.77
(t) Scheduled Payments collected in such
Collection Period $3,564,219.29
B. Information Regarding the Performance of the Trust.
1 Pool, Note and Certificate Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $116,564,895.67
(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 $104,992,787.63
(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 $102,104,535.85
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8759458
(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 $2,888,251.79
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0247781
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 $219,806.12
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $5,828.24
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.72
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.07
(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 $12,900.69
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 ($77,023.31)
(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 ($77,023.31)
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 $3,000,000.00
Spread Account Balance $3,000,000.00
(b) The change in the spread account on the Distribution
Date set forth above ($287,043.20)
5 Policy
(a) The amount paid to the Noteholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Note
Insurer on such Distribution Date $28,938.08
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $1,209,036.25
(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 341
Aggregate Gross Amount $4,432,000.00
(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 288
Aggregate Gross Amount $3,695,000.00
7 Performance Triggers
(a) Delinquency Ratio 6.36%
(b) Average Delinquency Ratio 5.93%
(c) Cumulative Default Ratio 7.78%
(d) Cumulative Net Loss Ratio 5.15%
(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 (154,046.62)
Inputs
Gross Collection Proceeds: 5,093,305.00
Lock Box NSF Items: (94,269.66)
Total Collection Proceeds: 4,999,035.34
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 116,564,895.67
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-------------------------
Aggregate Beginning Principal Balance 116,564,895.67
Principal portion of payments collected (non-prepayments) 1,560,799.25
Prepayments in full allocable to principal 837,683.00
Collections allocable to principal 2,398,482.25
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 495,337.11
Purchase Amounts allocable to principal 12,900.69
-------------------------
Total Principal 2,906,720.05
Realized Losses 1,209,036.25
Cram Down Losses 0.00
Ending Principal Balance 112,449,139.37
Prefunding
Original Amount in Prefunding Account 27,084,817.00
Subsequent Loans Sold to the Trust 27,084,817.00
Balance of Prefunding Account 0.00
Interest
Collections allocable to interest 2,003,420.04
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 88,895.25
-------------------------
Total Interest 2,092,315.29
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 41,293,622.29
Beginning of Period Class A-2 Principal Balance 61,668,000.00
Beginning of Period Class B Principal Balance 3,099,707.59
Beginning of Period Certificate Balance 3,099,707.59
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,287,043.20
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 25,531.29
Scheduled Payments due in Collection Period 3,626,457.77
Scheduled Payments collected in Collection Period 3,564,219.29
Aggregate Amount of Realized Losses for preceding Distribution Date 1,209,036.25
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 207.67
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 341 4,432,000.00
60+ days delinquent 288 3,695,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
1 12,900.69
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. 8,127,000.00
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. 12,900.69
Principal Balance of all Receivables that became Defaulted Receivables
during the related Collection Period. 1,191,339.25
Delinquency Ratio for second preceding Determination Date 5.47%
Delinquency Ratio for third preceding Determination Date 5.95%
Cumulative Defaults for preceding Determination Date 10,481,794.41
Cumulative Net Losses for preceding Determination Date 6,600,936.08
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 6.5166%
minus 2.5% 2.50%
-------------------------
4.0166%
divided by 360 0.0112%
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) 4,401,902.29
Liquidation Proceeds 495,337.11
Recoveries 88,895.25
Purchase Amounts 12,900.69
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 646.08
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 303.57
Investment earnings from Collection Account 17,723.26
-------------------------
Total Distribution Amount 5,017,708.25
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,560,799.25
Prepayments in full allocable to principal 837,683.00
Principal Balance of Liquidated Receivables 1,704,373.36
Purchase Amounts allocable to principal 12,900.69
Cram Down Losses 0.00
-------------------------
Principal Distributable Amount 4,115,756.30
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 112,449,139.37
-------------------------
101,204,225.43 98.29%
-------------------------
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 56.5%
-------------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 4,115,756.30
Times Class A Noteholders' Percentage 91%
-------------------------
3,745,338.23
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------------
Class A Principal Distributable Amount 3,745,338.23
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 41,293,622.29
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 209,909.25
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 4,115,756.30
Times Class B Percentage 2.5%
-------------------------
Class B Principal Distributable Amount 102,893.91
Certificate Principal Distributable Amount
Principal Distributable Amount 4,115,756.30
Times Certificate Percentage 2.5%
-------------------------
Certificate Principal Distributable Amount 102,893.91
Class B Noteholders' Interest Amount
Beginning of Period Principal Balance of the Notes 3,099,707.59
Multiplied by Note Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------------
Class B Coupon Interest Amount 27,509.90
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 3,099,707.59
Multiplied by Pass-Through Rate 10.65%
Multiplied by 30/360, or for the first Distribution Date, by 27/360 0.0833333
-------------------------
Certificateholders' Interest Amount 27,509.90
Carryover Shortfalls from Prior Periods
Class B and Certificates Principal Carryover Shortfall from previous period 371,170.40
-------------------------
371,170.40
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-------------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-------------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-------------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-------------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-------------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-------------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
Use Source act distributed Source
--- ------ --------------- ------
(i) Standby Fee 5,828.24 5,017,708.25 5,828.24
Servicing Fee (2.0%) 194,274.83 5,011,880.01 194,274.83 0.00
Additional Servicing Fee Amounts 25,531.29 4,817,605.18 25,531.29 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 4,792,073.89 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 4,792,073.89 0.00
(ii) Transition Expenses to Standby Servicer 0.00 4,792,073.89 0.00
(iii) Indenture Trustee Fee 971.37 4,792,073.89 971.37
Indenture Trustee's out-of-pocket expenses 207.67 4,791,102.52 207.67
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 4,790,894.85 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 4,790,894.85 0.00
prior Collection Periods
Owner Trustee Fee 0.00 4,790,894.85 0.00
Owner Trustee's out-of-pocket expenses 0.00 4,790,894.85 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 4,790,894.85 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 4,790,894.85 0.00
prior Collection Periods
(iv) Collateral Agent Fee 909.68 4,790,894.85 909.68
Collateral Agent Expenses 0.00 4,789,985.17 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 4,789,985.17 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 4,789,985.17 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 209,909.25
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 0.0
Month Class A-1 Interest Carryover Shortfall 0.00
Class A-1 Interest Distributable Amount 209,909.25 4,789,985.17 209,909.25
(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 4,580,075.92 327,868.20
(vi) (A) Class B Note Interest - Unadjusted 27,509.90
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 27,509.90 4,252,207.72 27,509.90
(B) Certificate Interest - Unadjusted 27,509.90
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 27,509.90 4,224,697.82 27,509.90
(vii) Class A Principal Distributable Amount - Current Month 3,745,338.23
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount to Class A-1 3,745,338.23 4,197,187.92 3,745,338.23 0.00
Class A Principal Distribution Amount to Class A-2 0.00 451,849.69 0.00 0.00
(viii) Note Insurer Premium 28,938.08 451,849.69 28,938.08
Note Insurer Premium Supplement 0.00 422,911.60 0.00
Other Reimbursement Obligations to Note Insurer 0.00 422,911.60 0.00
(ix) Transition Expenses to successor Servicer 0.00 422,911.60 0.00
(x) Class B Principal Distributable Amount - 102,893.91
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 185,585.20
Current Month Class B Principal Shortfall (77,023.31)
Adjusted Class B Principal Distributable Amount 211,455.80 422,911.60 211,455.80
Certificate Principal Distributable Amount - 102,893.91
Current Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 185,585.20
Current Month Certificate Principal Shortfall (77,023.31)
Adjusted Certificate Principal Distributable Amount 211,455.80 211,455.80 211,455.80
(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
Sread Account withdrawl for deficiencies 0.00
Securities Balance
Class A-1 Beginning of Period Principal Amount 41,293,622.29
Class A-1 Principal Distributions 3,745,338.23
Class A-1 End of Period Principal Amount (prior to turbo) 37,548,284.06
Additional Principal Distribution 0.00
Class A-1 End of Period Principal Amount 37,548,284.07
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 3,099,707.59
Class B Principal Distributable Amount 211,455.80
Class B End of Period Principal Amount BEFORE Spread Account Distributions 2,888,251.79
Allocations of Cash Releases to Cover B Shortfalls 0.00
Class B End of Period Principal Amount AFTER Spread Account Distributions 2,888,251.79
Certificate Beginning of Period Principal Amount 3,099,707.59
Certificate Principal Distributable Amount 211,455.80
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 2,888,251.79
Allocation of Cash Releases to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 2,888,251.79
Class A-1 Deficiency - Interest
(i) Total Distribution Amount Available 5,017,708.25
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (i) and (v)A 437,632.33
(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 Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 4,580,075.92
Class A-2 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (v) B 4,580,075.92
(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) 4,252,207.72
Class B Note Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A 4,252,207.72
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) A 27,509.90
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,224,697.82
Class B Certificate Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 4,224,697.82
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vi) and (x) 27,509.90
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,197,187.92
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 4,197,187.92
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 3,745,338.23
(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) 451,849.69
Other Distributions
(i) Amounts available to make payments pursuant to Section 5.8(a) (viii) 451,849.69
(vi) Note Insurer Premium 28,938.08
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 422,911.60
Class B Notes & Certificates Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 422,911.60
(ii) Amounts payable pursuant to Section 5.8(a) (vi) and (x) 205,787.82
(iii)Prior month(s) carryover shortfalls 371,170.40
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount YES
Amount Remaining for Further Distribution/ B Notes (Deficiency) (77,023.31)
Amount Remaining for Further Distribution/ B Certificates (Deficiency) (77,023.31)
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) (154,046.62)
If neg, Carryover Shortfall
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 8,127,000.00
Purchased receivables more than 30 days delinquent 12,900.69
-------------------------
Total 8,139,900.69
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 128,064,080.72
Delinquency Ratio 6.36%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 6.36%
Delinquency Ratio for second preceding Determination Date 5.47%
Delinquency Ratio for third preceding Determination Date 5.95%
-------------------------
Average Delinquency Ratio 5.93% 5.93%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 10,481,794.41
Current Period Defaulted Receivables 1,191,339.25
-------------------------
Total 11,673,133.66
Cumulative Defaulted Receivables 11,673,133.66
Original Pool Balance 150,000,000.00
Cumulative Default Ratio 7.78%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,704,373.36
Cram Down Losses 0.00
Net Liquidation Proceeds (584,232.36)
-------------------------
Net Liquidation Losses 1,120,141.00
Cumulative Previous Net Losses 6,600,936.08
-------------------------
Cumulative Net Losses 7,721,077.08
Original Pool Balance 150,000,000.00
Cumulative Net Loss Ratio 5.15%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 45.41
Weighted Average Annual Percentage Rate 20.39%
Spread Account
OC Percent
Aggregate Principal Balance 112,449,139.37
minus the Securities Balance 104,992,787.64
-------------------------
7,456,351.73
divided by the Aggregate Principal Balance 6.63%
Floor OC Percent
Aggregate Principal Balance 112,449,139.37
minus the Securities Balance 104,992,787.64
-------------------------
7,456,351.73
divided by the initial Aggregate Principal Balance 150,000,000.00
-------------------------
4.97%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 104,992,787.64
(ii) the sum of
(A)2% of the sum of 2.00%
(I) initial Aggregate Principal Balance 122,915,183.00
(II) balance of all Subsequent Receivables 27,084,817.00
3,000,000.00
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 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 2.37%
if a Trigger Event, 15% minus the OC Percent 8.37%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.37%
if an Insurance Agreement Event of Default, unlimited 100.00%
2.37%
times the Aggregate Principal Balance 112,449,139.37
-------------------------
2,664,070.82
Requisite Amount 3,000,000.00
Does a Trigger Event exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Required Spread Account Amount 3,000,000.00
Beginning of Period Spread Account Balance 3,287,043.20
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (304,091.37)
Required addition to/(eligible withdrawal from) Spread Account 17,048.17
Earnings on Spread Account Balance 17,048.17
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 3,000,000.00
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
--------------------------------------------------
Name: James L. Stock
--------------------------------------------------
Title: Vice President
--------------------------------------------------
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-4
6.07% Asset-Backed Notes, Class A-1
6.30% Asset-Backed Notes, Class A-2
10.59% Asset-Backed Certificates
Distribution Date 8/17/98
Collection Period 7/98
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 $3,231,874.56
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $164,800.50
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $3,067,074.06
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $59.56
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.04
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $56.53
(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 $192,770.42
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $39,133.01
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $153,637.41
(p) Scheduled Payments due in such Collection Period $2,681,819.87
(q) Scheduled Payments collected in such
Collection Period $2,824,795.74
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 $88,676,986.39
(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 $80,380,945.05
(c) Aggregate principal amount of Notes as of the close of
business on the last day set forth above, after giving effect
to payments allocated to principal in paragraph A.1.(c),(i) above $75,820,524.51
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8550192
(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 $4,280,698.14
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0482729
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 $166,810.68
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,433.85
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $3.07
(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 $2,192,516.69
Spread Account Balance $2,192,516.69
(b) The change in the spread account on the Distribution
Date set forth above ($608,224.81)
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 $22,195.91
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $882,362.17
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 221
Aggregate Gross Amount $2,947,000.00
(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 180
Aggregate Gross Amount $2,354,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.46%
(b) Average Delinquency Ratio 5.22%
(c) Cumulative Default Ratio 5.43%
(d) Cumulative Net Loss Ratio 3.12%
(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: 3,922,144.59
Lock Box NSF Items: (73,894.86)
Total Collection Proceeds: 3,848,249.73
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 88,676,986.39
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 88,676,986.39
Principal portion of payments collected (non-prepayments) 1,204,357.74
Prepayments in full allocable to principal 540,739.00
Collections allocable to principal 1,745,096.74
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 435,564.89
Purchase Amounts allocable to principal 0.00
-----------------------
Total Principal 2,180,661.63
Realized Losses 882,362.17
Cram Down Losses 0.00
Ending Principal Balance 85,613,962.59
Interest
Collections allocable to interest $1,620,438.00
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 47,150.10
-----------------------
Total Interest $1,667,588.10
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 32,579,999.97
Beginning of Period Class A-2 Principal Balance 46,307,598.60
Beginning of Period Certificate Principal Balance 4,434,335.55 83,321,934.12
Miscellaneous Balances
Beginning of Period Spread Account Balance 2,800,741.50
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 19,015.70
Scheduled Payments due in Collection Period 2,681,819.87
Scheduled Payments collected in Collection Period 2,824,795.74
Aggregate Amount of Realized Losses for preceding Distribution Date 882,362.17
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 176.84
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 221 2,947,000.00
60+ days delinquent 180 2,354,000.00
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. 5,301,000.00
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. 849,345.83
Delinquency Ratio for second preceding Determination Date 4.52%
Delinquency Ratio for third preceding Determination Date 5.67%
Cumulative Defaults for preceding Determination Date 4,900,844.04
Cumulative Net Losses for preceding Determination Date 2,472,821.64
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,365,534.74
Liquidation Proceeds 435,564.89
Recoveries 47,150.10
Purchase Amounts 0.00
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 14,560.74
-----------------------
Total Distribution Amount 3,862,810.47
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,204,357.74
Prepayments in full allocable to principal 540,739.00
Principal Balance of Liquidated Receivables 1,317,927.06
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 3,063,023.80
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 85,613,962.59
-----------------------
77,052,566.33
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 55.6%
-----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 3,063,023.80
Times Class A Noteholders' Percentage 91%
-----------------------
2,787,351.66
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 2,787,351.66
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 32,579,999.97
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 164,800.50
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 3,063,023.80
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 153,151.19
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,434,335.55
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 39,133.01
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 486.22
-----------------------
486.22
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 4,433.85 3,862,810.47 4,433.85
Servicing Fee (2.0%) 147,794.98 3,858,376.62 147,794.98 0.00
Additional Servicing Fee Amounts 19,015.70 3,710,581.64 19,015.70 0.00
(late fees, prepayment charges, etc.
Unpaid Standby Fee from prior Collection Periods 0.00 3,691,565.94 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,691,565.94 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,691,565.94 0.00
(iii) Indenture Trustee Fee 738.97 3,691,565.94 738.97
Indenture Trustee's out-of-pocket expenses 176.84 3,690,826.97 176.84
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 3,690,650.13 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 3,690,650.13 0.00
prior Collection Periods
Owner Trustee Fee 0.00 3,690,650.13 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,690,650.13 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,690,650.13 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 3,690,650.13 0.00
prior Collection Periods
(iv) Collateral Agent Fee 694.35 3,690,650.13 694.35
Collateral Agent Expenses 0.00 3,689,955.78 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,689,955.78 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,689,955.78 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 164,800.50
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 164,800.50 3,689,955.78 164,800.50
(B) Class A-2 Interest Distributable Amount - Current Month 243,114.89
Prior Month(s) Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Carryover Shortfall 0.00
Interest on Interest Carryover from Prior Months 0.00
Current Month Class A-2 Interest Carryover Shortfall 0.00
Class A-2 Interest Distributable Amount 243,114.89 3,525,155.28 243,114.89
(vi)(A) Certificate Note Interest - Unadjusted 39,133.01
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 39,133.01 3,282,040.39 39,133.01
(vii) Class A Principal Distributable Amount - Current Month 2,787,351.66
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 2,787,351.66 3,242,907.38 2,787,351.66 0.00
Class A Principal Distribution Amount to Class A-2 0.00 455,555.72 0.00 0.00
(viii) Note Insurer Premium 22,195.91 455,555.72 22,195.91
Note Insurer Premium Supplement 0.00 433,359.82 0.00
Other Reimbursement Obligations to Note Insurer 0.00 433,359.82 0.00
(ix) Transition Expenses to successor Servicer 0.00 433,359.82 0.00
(x) Certificate Principal Distributable Amount - 153,151.19
Current Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 486.22 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 153,637.41 433,359.82 153,637.41
(xi) Until the Target Payment Date, remaining amount to 279,722.41 279,722.41 279,722.41
Class A Noteholders
Amount to Class A-1 Noteholders 279,722.41 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 3,862,633.63 Total Disbursements
Spread Accout Withdrawl to cover deficiencies 0.00 3,862,810.47 Total Distribution Amt
======================
(176.84)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 32,579,999.97
Class A-1 Principal Distributions 2,787,351.66
Class A-1 End of Period Principal Amount (prior to turbo) 29,792,648.31
Additional Principal Distribution 279,722.41
Class A-1 End of Period Principal Amount 29,512,925.91
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 4,434,335.55
Certificate Principal Distributable Amount 153,637.41
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,280,698.14
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,280,698.14
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,862,810.47
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 580,770.08
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 3,282,040.39
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 3,282,040.39
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 39,133.01
(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) 3,242,907.38
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 3,242,907.38
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,787,351.66
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal 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) 455,555.72
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 455,555.72
(vi) Note Insurer Premium 22,195.91
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal 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) 433,359.82
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 433,359.82
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 153,151.19
(iii)Prior month(s) carryover shortfalls 486.22
If (i) is less than sum of (ii) + (iii), there is a Deficiency Claim Amount NO
Unadjusted Amount Remaining for Further Distribution/(Deficiency) 279,722.41
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 279,722.41
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,301,000.00
Purchased receivables more than 30 days delinquent 0.00
-----------------------
Total 5,301,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 97,128,424.18
Delinquency Ratio 5.46%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.46%
Delinquency Ratio for second preceding Determination Date 4.52%
Delinquency Ratio for third preceding Determination Date 5.67%
-----------------------
Average Delinquency Ratio 5.22% 5.22%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 4,900,844.04
Current Period Defaulted Receivables 849,345.83
-----------------------
Total 5,750,189.87
Cumulative Defaulted Receivables 5,750,189.87
Original Pool Balance 105,860,630.11
Cumulative Default Ratio 5.43%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 1,317,927.06
Cram Down Losses 0.00
Net Liquidation Proceeds (482,714.99)
-----------------------
Net Liquidation Losses 835,212.07
Cumulative Previous Net Losses 2,472,821.64
-----------------------
Cumulative Net Losses 3,308,033.71
Original Pool Balance 105,860,630.11
Cumulative Net Loss Ratio 3.12%
Additional Pool Information:
Weighted Average Original Term 56.79
Weighted Average Remaining Term 47.48
Weighted Average Annual Percentage Rate 20.31%
Spread Account
OC Percent
Aggregate Principal Balance 85,613,962.59
minus the Securities Balance 80,101,222.65
-----------------------
5,512,739.94
divided by the Aggregate Principal Balance 6.44%
Floor OC Percent
Aggregate Principal Balance 85,613,962.59
minus the Securities Balance 80,101,222.65
-----------------------
5,512,739.94
divided by the initial Aggregate Principal Balance 105,860,630.11
-----------------------
5.21%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 80,101,222.65
(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 2.56%
if a Trigger Event, 15% minus the OC Percent 8.56%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.56%
if an Insurance Agreement Event of Default, unlimited 100.00%
2.56%
times the Aggregate Principal Balance 85,613,962.59
-----------------------
2,192,516.69
Requisite Amount 2,192,516.69
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 2,192,516.69
Beginning of Period Spread Account Balance 2,800,741.50
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (621,776.06)
Required addition to/(eligible withdrawal from) Spread Account 13,551.25
Earnings on Spread Account Balance 13,551.25
Amount of Spread Account deposit (withdrawal) (0.00)
Amount of Withdrawal Allocated to Certificates' Shortfalls 0.00
Net Spread Account Withdrawal to Seller (0.00)
Ending Spread Account Balance 2,192,516.69
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
-----------------------------------------------------
Name: James L. Stock
-----------------------------------------------------
Title: Vice President
-----------------------------------------------------
Monthly Noteholder Statement
CPS Auto Receivables Trust 1997-5
6.26% Asset-Backed Notes, Class A-1
6.40% Asset-Backed Notes, Class A-2
10.55% Asset-Backed Certificates
Distribution Date 8/17/98
Collection Period 7/98
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 $2,783,632.38
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $207,786.48
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,575,845.90
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 $49.93
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $3.73
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $46.20
(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 $155,089.62
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $36,844.58
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $118,245.04
(p) Scheduled Payments due in such Collection Period $2,506,643.94
(q) Scheduled Payments collected in such
Collection Period $2,449,649.91
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 $83,897,230.09
(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 $76,926,822.94
(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 $72,430,428.67
(d) The Note Pool Factor as of the close of business
on the last day set forth above 0.8633232
(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 $4,072,608.12
(f) The Certificate Pool Factor as of the close of business
on the last day set forth above 0.0485428
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 $154,570.05
The aggregate amount of the Standby Fee
(b) paid to the Standby Servicer with respect to the
Collection Period set forth above. $4,194.86
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $2.77
(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 $2,308,617.15
Spread Account Balance $2,308,617.15
(b) The change in the spread account on the Distribution
Date set forth above ($954,163.29)
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 $23,677.62
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $451,266.02
(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 216
Aggregate Gross Amount $2,804,000.00
(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 184
Aggregate Gross Amount $2,465,000.00
7 Performance Triggers
(a) Delinquency Ratio 5.78%
(b) Average Delinquency Ratio 5.45%
(c) Cumulative Default Ratio 3.31%
(d) Cumulative Net Loss Ratio 1.70%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1997-5
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 3,353,363.96
Lock Box NSF Items: (55,428.46)
Total Collection Proceeds: 3,297,935.50
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 83,897,230.09
Beginning Principal Balance of Subsequent Receivables Transferred 0.00
-----------------------
Aggregate Beginning Principal Balance 83,897,230.09
Principal portion of payments collected (non-prepayments) 1,085,424.00
Prepayments in full allocable to principal 651,017.00
Collections allocable to principal 1,736,441.00
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 177,193.80
Purchase Amounts allocable to principal 0.00
-----------------------
Total Principal 1,913,634.80
Realized Losses 451,266.02
Cram Down Losses 0.00
Ending Principal Balance 81,532,329.27
Interest
Collections allocable to interest $1,364,225.91
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 20,074.79
-----------------------
Total Interest $1,384,300.70
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 39,831,274.57
Beginning of Period Class A-2 Principal Balance 35,175,000.00
Beginning of Period Certificate Principal Balance 4,190,853.16 79,197,127.73
Miscellaneous Balances
Beginning of Period Spread Account Balance 3,262,780.44
Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 14,741.33
Scheduled Payments due in Collection Period 2,506,643.94
Scheduled Payments collected in Collection Period 2,449,649.91
Aggregate Amount of Realized Losses for preceding Distribution Date 451,266.02
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 216.17
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 216 2,804,000.00
60+ days delinquent 184 2,465,000.00
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. 5,269,000.00
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. 839,023.49
Delinquency Ratio for second preceding Determination Date 5.02%
Delinquency Ratio for third preceding Determination Date 5.54%
Cumulative Defaults for preceding Determination Date 2,330,059.71
Cumulative Net Losses for preceding Determination Date 1,194,695.23
Does a Trigger Event Exist? N
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 3,100,666.91
Liquidation Proceeds 177,193.80
Recoveries 20,074.79
Purchase Amounts 0.00
Note Insurer Optional Deposit pursuant to Section 4.11(iii) 0.00
Investment earnings from Collection Account 12,404.32
-----------------------
Total Distribution Amount 3,310,339.82
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 1,085,424.00
Prepayments in full allocable to principal 651,017.00
Principal Balance of Liquidated Receivables 628,459.82
Purchase Amounts allocable to principal 0.00
Cram Down Losses 0.00
-----------------------
Principal Distributable Amount 2,364,900.82
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 81,532,329.27
-----------------------
73,379,096.34
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 44.4%
-----------------------
91.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,364,900.82
Times Class A Noteholders' Percentage 91%
-----------------------
2,152,059.75
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-----------------------
Class A Principal Distributable Amount 2,152,059.75
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 39,831,274.57
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 207,786.48
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 2,364,900.82
Times Certificate Percentage 5.0%
-----------------------
Class B Principal Distributable Amount 118,245.04
Certificateholders' Interest Amount
Beginning of Period Principal Balance of the Certificates 4,190,853.16
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 36,844.58
Carryover Shortfalls from Prior Periods
Class B Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class B Interest Carryover Shortfall from previous period 0.00
Interest on Class B Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class B Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A Principal Carryover Shortfall from previous period 0.00
-----------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
Interest on Class A-1 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-1 Interest Shortfall 0.00
Interest Earned 0.00
-----------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period
Interest on Class A-2 Interest Carryover Shortfall 0.00
-----------------------
0.00
Interest Carryover on Class A-2 Interest Shortfall
Interest Earned 0.00
-----------------------
0.00
Calculations
Distributions (Pursuant to Section 4.6(c) of the Pooling and Servicing Agreement):
Use Source act distributed Source
--- ------ --------------- ------
(i) Standby Fee 4,194.86 3,310,339.82 4,194.86
Servicing Fee (2.0%) 139,828.72 3,306,144.96 139,828.72 0.00
Additional Servicing Fee Amounts 14,741.33 3,166,316.24 14,741.33 0.00
(late fees, prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 3,151,574.91 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 3,151,574.91 0.00
(ii) Transition Expenses to Standby Servicer 0.00 3,151,574.91 0.00
(iii) Indenture Trustee Fee 699.14 3,151,574.91 699.14
Indenture Trustee's out-of-pocket expenses 216.17 3,150,875.77 216.17
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 3,150,659.60 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 3,150,659.60 0.00
prior Collection Periods
Owner Trustee Fee 0.00 3,150,659.60 0.00
Owner Trustee's out-of-pocket expenses 0.00 3,150,659.60 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 3,150,659.60 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 3,150,659.60 0.00
Prior Collection Periods
(iv) Collateral Agent Fee 659.98 3,150,659.60 659.98
Collateral Agent Expenses 0.00 3,149,999.62 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 3,149,999.62 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 3,149,999.62 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 207,786.48
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 207,786.48 3,149,999.62 207,786.48
(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 2,942,213.14 187,600.00
(vi)(A) Certificate Note Interest - Unadjusted 36,844.58
Certificate Note Interest Carryover Shortfall - 0.00
Previouis 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 36,844.58 2,754,613.14 36,844.58
(vii) Class A Principal Distributable Amount - Current Month 2,152,059.75
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 2,152,059.75 2,717,768.56 2,152,059.75 0.00
Class A Principal Distribution Amount to Class A-2 0.00 565,708.81 0.00 0.00
(viii) Note Insurer Premium 23,677.62 565,708.81 23,677.62
Note Insurer Premium Supplement 0.00 542,031.19 0.00
Other Reimbursement Obligations to Note Insurer 0.00 542,031.19 0.00
(ix) Transition Expenses to successor Servicer 0.00 542,031.19 0.00
(x) Certificate Principal Distributable Amount - 118,245.04
Current Month Unadjusted
Certificate Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Certificate Principal Shortfall 0.00 0.00 0.00
Adjusted Certificate Principal Distributable Amount 118,245.04 542,031.19 118,245.04
(xi) Until the Target Payment Date, remaining amount to 423,786.15 423,786.15 423,786.15
Class A Noteholders
Amount to Class A-1 Noteholders 423,786.15 0.00 0.00
Amount to Class A-2 Noteholders 0.00 0.00 0.00
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00 3,310,123.65 Total Disbursements
Spread Accoujnt Withdrawl to cover deficiencies 0.00 3,310,339.82 Total Distribution Amt
======================
(216.17)Shortage (Over)
======================
Securities Balance
Class A-1 Beginning of Period Principal Amount 39,831,274.57
Class A-1 Principal Distributions 2,152,059.75
Class A-1 End of Period Principal Amount (prior to turbo) 37,679,214.82
Additional Principal Distribution 423,786.15
Class A-1 End of Period Principal Amount 37,255,428.67
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 4,190,853.16
Certificate Principal Distributable Amount 118,245.04
Certificate End of Period Principal Amount BEFORE Spread Account Distributions 4,072,608.12
Withdrawal from Spread Account to Cover Certificate Shortfalls 0.00
Certificate End of Period Principal Amount AFTER Spread Account Distributions 4,072,608.12
Class A Deficiency - Interest
(i) Total Distribution Amount Available 3,310,339.82
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 555,726.68
(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 Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,754,613.14
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,754,613.14
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 36,844.58
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 2,717,768.56
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 2,717,768.56
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,152,059.75
(iii)Prior month(s) carryover shortfalls 0.00
Withdrawal 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) 565,708.81
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 565,708.81
(vi) Note Insurer Premium 23,677.62
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawal 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) 542,031.19
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 542,031.19
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 118,245.04
(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) 423,786.15
Withdrawal from Spread Account to B Piece Cover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 423,786.15
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 5,269,000.00
Purchased receivables more than 30 days delinquent 0.00
-----------------------
Total 5,269,000.00
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 91,192,131.98
Delinquency Ratio 5.78%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 5.78%
Delinquency Ratio for second preceding Determination Date 5.02%
Delinquency Ratio for third preceding Determination Date 5.54%
-----------------------
Average Delinquency Ratio 5.45% 5.45%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 2,330,059.71
Current Period Defaulted Receivables 839,023.49
-----------------------
Total 3,169,083.20
Cumulative Defaulted Receivables 3,169,083.20
Original Pool Balance 95,706,307.00
Cumulative Default Ratio 3.31%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 628,459.82
Cram Down Losses 0.00
Net Liquidation Proceeds (197,268.59)
-----------------------
Net Liquidation Losses 431,191.23
Cumulative Previous Net Losses 1,194,695.23
-----------------------
Cumulative Net Losses 1,625,886.46
Original Pool Balance 95,706,307.00
Cumulative Net Loss Ratio 1.70%
Additional Pool Information:
Weighted Average Original Term 57.00
Weighted Average Remaining Term 48.75
Weighted Average Annual Percentage Rate 20.22%
Spread Account
OC Percent
Aggregate Principal Balance 81,532,329.27
minus the Securities Balance 76,503,036.79
-----------------------
5,029,292.48
divided by the Aggregate Principal Balance 6.17%
Floor OC Percent
Aggregate Principal Balance 81,532,329.27
minus the Securities Balance 76,503,036.79
-----------------------
5,029,292.48
divided by the initial Aggregate Principal Balance 95,706,307.00
-----------------------
5.25%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 76,503,036.79
(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 2.8%
if a Trigger Event, 15% minus the OC Percent 8.8%
if a Portfolio Performance Event of Default, 30% minus the OC Percent 23.8%
if an Insurance Agreement Event of Default, unlimited 100%
3%
times the Aggregate Principal Balance 81,532,329.27
-----------------------
2,308,617.15
Requisite Amount 2,308,617.15
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 2,308,617.15
Beginning of Period Spread Account Balance 3,262,780.44
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts (970,726.00)
Required addition to/(eligible withdrawal from) Spread Account 16,562.71
Earnings on Spread Account Balance 16,562.71
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawal Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawal to Seller 0.00
Ending Spread Account Balance 2,308,617.15
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
Distribution Date 8/17/98
Collection Period 7/98
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 $3,761,261.88
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $838,109.11
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,923,152.77
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $21.18
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.72
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $16.46
(g) The aggregate amount of the distribution to Class B
Certificateholders on the Distribution Date set forth above $229,206.45
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $75,356.30
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $153,850.15
(j) Scheduled Payments due in such Collection Period $5,156,833.04
(k) Scheduled Payments collected in such
Collection Period $5,195,510.25
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 $176,444,023.32
(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 $173,367,020.40
(c) The Pool factor as of the close of business
on the last day set forth above 0.9825610
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 $322,769.93
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,675.92
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 interest $1.82
(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 5
Aggregate Purchase Amount $59,560.55
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 $58,677.20
(b) Distributions (to) from Collection Account ($8,066.35)
for Payaheads
(c) Interest earned on Payahead Balances $457.03
(d) Ending Payahead Account Balance $51,067.88
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 $23,404,547.75
Spread Account Balance $19,250,510.45
(b) The change in the spread account on the Distribution
Date set forth above $1,706,228.25
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 $56,272.05
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $21,184.11
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 397
Aggregate Gross Amount $5,204,000.00
(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 326
Aggregate Gross Amount $4,317,000.00
8 Performance Triggers
(a) Delinquency Ratio 4.92%
(b) Average Delinquency Ratio 4.32%
(c) Cumulative Default Ratio 1.00%
(d) Cumulative Net Loss Ratio 0.10%
(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: 6,095,132.32
Lock Box NSF Items: (116,605.72)
Transfers from (to) Payahead Account: 8,066.35
Collection Account Interest 23,714.70
Payahead Account Interest 457.03
Total Collection Proceeds: 6,010,764.68
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 176,444,023.32
Principal portion of payments collected (non-prepayments) 2,243,677.26
Prepayments in full allocable to principal 750,403.00
Collections allocable to principal 2,994,080.26
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 2,178.00
Purchase Amounts allocable to principal 59,560.55
---------------------
Total Principal 3,055,818.81
Realized Losses 21,184.11
Cram Down Losses 0.00
Ending Principal Balance 173,367,020.40
Interest
Collections allocable to interest 2,951,832.99
Liquidation Proceeds allocable to interest 0.00
Purchase Amounts allocable to interest 0.00
Recoveries from Liquidated Receivables from prior periods 3,112.88
---------------------
Total Interest 2,954,945.87
Certificate Information
Beginning of Period Class A Principal Balance 167,621,822.47
Beginning of Period Class B Principal Balance 8,822,200.85
Miscellaneous Balances
Beginning of Period Spread Account Balance 17,544,282.20
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 28,696.56
Aggregate Payahead Balance 50,610.85
Aggregate Payahead Balance for preceding Distribution Date 58,677.20
Interest Earned on Payahead Balances 457.03
Scheduled Payments due in Collection Period 5,156,833.04
Scheduled Payments collected in Collection Period 5,195,510.25
Aggregate Amount of Realized Losses for preceding Distribution Date 21,184.11
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 5,811.69
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 397 5,204,000.00
60+ days delinquent 326 4,317,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
5 59,560.55
Information for Portfolio Performance Tests
Principal Balance of all Receivables delinquent more than 30 days as
of the close of business on the last day of the
related Collection Period. 9,521,000.00
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. 59,560.55
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection
Period. 1,089,099.13
Delinquency Ratio for second preceding Determination Date 4.38%
Delinquency Ratio for third preceding Determination Date 3.65%
Cumulative Defaults for preceding Determination Date 788,755.90
Cumulative Net Losses for preceding Determination Date 161,874.87
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) 5,945,913.25
Liquidation Proceeds 2,178.00
Recoveries 3,112.88
Purchase Amounts 59,560.55
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 6,010,764.68
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 2,243,677.26
Prepayments in full allocable to principal 750,403.00
Principal Balance of Liquidated Receivables 23,362.11
Purchase Amounts allocable to principal 59,560.55
Cram Down Losses 0.00
---------------------
Principal Distributable Amount 3,077,002.92
Class A Principal Distributable Amount
Principal Distributable Amount 3,077,002.92
Times Class A Percentage (95%) 95%
---------------------
2,923,152.77
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
---------------------
Class A Principal Distributable Amount 2,923,152.77
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 167,621,822.47
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 838,109.11
Class B Principal Distributable Amount
Principal Distributable Amount 3,077,002.92
Times Class B Percentage (5%) 5%
---------------------
Class B Principal Distributable Amount 153,850.15
Class B Coupon Interest Amount
Beginning of Period Principal Balance of the Certificates 8,822,200.85
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 75,356.30
Class B Excess Interest Amount
Total Distribution Amount 6,010,764.68
minus
Class A Principal and Interest Distributable Amount 3,761,261.88
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Class B Coupon Interest 75,356.30
Class B Interest Carryover Shortfall 0.00
Class B Principal Distributable Amount 153,850.15
Class B Principal Carryover Shortfall 0.00
Trustee distributions 7,282.06
Standby Servicer distributions 3,675.92
Servicer distributions 322,769.93
Collateral Agent distributions 1,470.37
Reimbursement Obligations 56,272.05
---------------------
1,628,826.02
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 3,675.92 6,010,764.68 3,675.92 6,010,764.68
Servicing Fee (2.0%) 294,073.37 6,007,088.76 294,073.37 0.00
Additional Servicing Fee Amounts 28,696.56 5,713,015.39 28,696.56 0.00
(late fees,prepayment charges, etc.
Unpaid Standby Fee from prior Collection Periods 0.00 5,684,318.83 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 5,684,318.83 0.00
(ii) Transition Expenses to Standby Servicer 0.00 5,684,318.83 0.00
(iii) Trustee Fee 1,470.37 5,684,318.83 1,470.37
Trustee's out-of-pocket expenses 5,811.69 5,682,848.46 5,811.69
Unpaid Trustee Fee from prior Collection Periods 0.00 5,677,036.77 0.00
Unpaid Trustee's out-of-pocket expenses from 0.00 5,677,036.77 0.00
prior Collection Periods
(iv) Collateral Agent Fee 1,470.37 5,677,036.77 1,470.37
Collateral Agent Expenses 0.00 5,675,566.40 0.00
Unpaid Collateral Agent Fee from 0.00 5,675,566.40 0.00
prior Collection Periods
Unpaid Collateral Agent Expenses from 0.00 5,675,566.40 0.00
prior Collection Periods
(v) (A) Class A Interest Distributable Amount - Current Month 838,109.11 5,675,566.40 838,109.11
Prior Month(s) Class A Carryover Shortfall 0.00 4,837,457.29 0.00
Class A Interest Carryover Shortfall 0.00 4,837,457.29 0.00
Interest on Interest Carryover from Prior Months 0.00 4,837,457.29 0.00
Current Month Class A Interest Carryover Shortfall 0.00 4,837,457.29 0.00
Class A Interest Distributable Amount 838,109.11 4,837,457.29 838,109.11
(viii)(A)Class B Coupon Interest - Unadjusted 75,356.30 3,999,348.18 75,356.30
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 3,923,991.88 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 3,923,991.88 0.00
Interest on Interest Carryover from Prior Months 0.00 3,923,991.88 0.00
Current Month Class B Interest Shortfall 0.00 3,923,991.88 0.00
Adjusted Class B Interest Distributable Amount 75,356.30 3,923,991.88 75,356.30
(v)(B) Class A Principal Distributable Amount - Current Month 2,923,152.77 3,848,635.58 2,923,152.77 3,087,611.91
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 925,482.81 0.00
Current Month Class A Principal Shortfall 0.00 925,482.81 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Principal Distribution Amount 2,923,152.77 925,482.81 925,482.81 164,459.13
(vi) Certificate Insurer Premium 56,272.05 0.00 0.00
Certificate Insurer Premium Supplement 0.00 0.00 0.00
Other Reimbursement Obligations to Certificate Insurer 0.00 0.00 0.00
(vii) Transition Expenses to successor Servicer 0.00 0.00 0.00
(B) Class B Principal Distributable Amount - 153,850.15 0.00 0.00
Current Month Unadjusted
Class B Principal Carryover Shortfall - Previous Month(s) 0.00 0.00 0.00
Current Month Class B Principal Shortfall 0.00 0.00 0.00
Adjusted Class B Principal Distributable Amount 153,850.15 0.00 0.00
(C) Excess Interest (Shortage) Amount for Deposit 1,628,826.02 0.00 0.00
to (withdrawl from) Spread Account 0.00 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 167,621,822.47
Class A Principal Distributions 2,923,152.77
Class A End of Period Principal Balance 164,698,669.70
Class B Beginning of Period Principal Balance 8,822,200.85
Class B Principal Distributable Amount 153,850.15
Class B End of Period Principal Balance BEFORE Spread Account Distributions 8,668,350.70
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 8,668,350.70
Class A Deficiency - Interest
(i) Total Distribution Amount Available 6,010,764.68
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,173,307.39
(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) 4,837,457.29
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 4,837,457.29
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 75,356.30
(iii) Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 4,762,100.99
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 4,762,100.99
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,923,152.77
(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) 1,838,948.22
Other Distributions
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 1,838,948.22
(vi) Certificate Insurer Premium 56,272.05
(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) 1,782,676.17
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 1,782,676.17
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 153,850.15
(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) 1,628,826.02
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 1,628,826.02
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 9,521,000.00
Purchased receivables more than 30 days delinquent 59,560.55
Total 9,580,560.55
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 194,636,936.06
Delinquency Ratio 4.92%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 4.92%
Delinquency Ratio for second preceding Determination Date 4.38%
Delinquency Ratio for third preceding Determination Date 3.65%
Average Delinquency Ratio 4.32% 4.32%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 788,755.90
Current Period Defaulted Receivables 1,089,099.13
---------------------
Total 1,877,855.03
Cumulative Defaulted Receivables 1,877,855.03
Original Pool Balance 186,954,818.61
Cumulative Default Ratio 1.00%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 23,362.11
Cram Down Losses 0.00
Net Liquidation Proceeds (5,290.88)
---------------------
Net Liquidation Losses 18,071.23
Cumulative Previous Net Losses 161,874.87
---------------------
Cumulative Net Losses 179,946.10
Original Pool Balance 186,954,818.61
Cumulative Net Loss Ratio 0.10%
Additional Pool Information:
Weighted Average Original Term 57.10
Weighted Average Remaining Term 51.43
Weighted Average Annual Percentage Rate 20.35%
Spread Account
Spread Account Cap
13.5% of Outstanding Certificate Balance 23,404,547.75
18.5% of Outstanding Certificate Balance 32,072,898.77
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Cap Amount 23,404,547.75
Spread Account Floor
3% of the Initial Certificate Balance 5,608,644.56
Outstanding Certificate Balance 173,367,020.40
Minimum Floor 100,000.00
Floor Amount 5,608,644.56
Required Spread Account Amount 23,404,547.75
Beginning of Period Spread Account Balance 17,544,282.20
Spread Account Deposit (Withdrawal) from Current Distributions 1,628,826.02
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 4,231,439.53
Earnings on Spread Account Balance 77,402.23
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 19,250,510.45
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 8/17/98
Collection Period 7/98
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 $3,739,786.45
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $993,136.09
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $2,746,650.36
(d) The amount of the distribution set forth in
paragraph A.1. (a) above, per $1,000 interest $18.65
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 interest $4.95
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 interest $13.70
(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) $233,308.51
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $88,747.96
(i) The amount of the distribution set forth in
in paragraph A.1. (g) above in respect of principal $144,560.55
(j) Scheduled Payments due in such Collection Period $5,852,900.56
(k) Scheduled Payments collected in such
Collection Period $5,762,595.23
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 $203,100,199.62
(c) The Aggregate Pool factor as of the close of busines
on the last day set forth above 0.9623673
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 $367,935.06
(b) The aggregate amount of the Standby Fee paid to the Standby
Servicer with respect to the
Collection Period set forth above. $4,291.49
(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 15
Aggregate Purchase Amount $187,009.34
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 $47,689.27
(b) Distributions (to) from Collection Account ($11,202.85)
for Payaheads
(c) Interest earned on Payahead Balances $350.42
(d) Ending Payahead Account Balance $36,836.84
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 $27,418,526.95
Spread Account Balance $15,107,726.59
(b) The change in the spread account on the Distribution
Date set forth above $2,163,904.74
6 Policy
(a) The amount paid to the Certificateholders
under the Policy for such Distribution Date $0.00
(b) The amount distributable to the Certificate
Insurer on such Distribution Date $65,922.94
7 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $4,885.92
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 407
Aggregate Gross Amount $5,353,000.00
(d) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent 60 days or more
Number 185
Aggregate Gross Amount $2,466,000.00
8 Performance Triggers
(a) Delinquency Ratio 3.55%
(b) Average Delinquency Ratio 2.32%
(c) Cumulative Default Ratio 0.06%
(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: 6,624,899.10
Lock Box NSF Items: (134,707.16)
Transfers from (to) Payahead Account: 11,202.85
Collection Account Interest 24,191.36
Payahead Account Interest 350.42
Total Collection Proceeds: 6,525,936.57
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 205,991,411.09
Principal portion of payments collected (non-prepayments) 2,122,983.65
Prepayments in full allocable to principal 576,332.00
Collections allocable to principal 2,699,315.65
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 187,009.34
------------------------
Total Principal 2,886,324.99
Realized Losses 4,885.92
Cram Down Losses 0.00
Ending Principal Balance 203,100,200.18
Interest
Collections allocable to interest 3,639,611.58
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 3,639,611.58
Certificate Information
Beginning of Period Class A Principal Balance 195,691,840.50
Beginning of Period Class B Principal Balance 10,299,570.03
Miscellaneous Balances
Beginning of Period Spread Account Balance 12,943,821.85
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 24,616.04
Aggregate Payahead Balance 36,486.42
Aggregate Payahead Balance for preceding Distribution Date 47,689.27
Interest Earned on Payahead Balances 350.42
Scheduled Payments due in Collection Period 5,852,900.56
Scheduled Payments collected in Collection Period 5,762,595.23
Aggregate Amount of Realized Losses for preceding Distribution Date 4,885.92
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 819.99
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 407 5,353,000.00
60+ days delinquent 185 2,466,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
15 187,009.34
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. 7,819,000.00
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. 187,009.34
Principal Balance of all Receivables that became Defaulted
Receivables during the related Collection Period. 91,014.11
Delinquency Ratio for second preceding Determination Date 2.16%
Delinquency Ratio for third preceding Determination Date 1.24%
Cumulative Defaults for preceding Determination Date 35,188.51
Cumulative Net Losses for preceding Determination Date 5,459.42
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
Calculations
Total Distribution Amount
All collections on receivables (incl. amts from payahead, excl.
amounts deposited into payahead) 6,338,927.23
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 187,009.34
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 6,525,936.57
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 2,122,983.65
Prepayments in full allocable to principal 576,332.00
Principal Balance of Liquidated Receivables 4,885.92
Purchase Amounts allocable to principal 187,009.34
Cram Down Losses 0.00
------------------------
Principal Distributable Amount 2,891,210.91
Class A Principal Distributable Amount
Principal Distributable Amount 2,891,210.91
Times Class A Percentage (95%) 95%
------------------------
2,746,650.36
Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
------------------------
Class A Principal Distributable Amount 2,746,650.36
Class A Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 195,691,840.50
Multiplied by Certificate Pass-Through Rate 6.09%
Multiplied by 30/360 0.0833333
------------------------
Class A Interest Distributable Amount 993,136.09
Class B Principal Distributable Amount
Principal Distributable Amount 2,891,210.91
Times Class B Percentage (5%) 5%
------------------------
Class B Principal Distributable Amount 144,560.55
Class B Interest Distributable Amount
Beginning of Period Principal Balance of the Certificates 10,299,570.03
Multiplied by Certificate Pass-Through Rate 10.34%
Multiplied by 30/360 0.0833333
------------------------
Class B Coupon Interest Amount 88,747.96
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 4,291.49 6,525,936.57 4,291.49 6,525,936.57
Servicing Fee (2.0%) 343,319.02 6,521,645.08 343,319.02 0.00
Additional Servicing Fee Amounts 24,616.04 6,178,326.06 24,616.04 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 6,153,710.02 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 6,153,710.02 0.00
(ii) Transition Expenses to Standby Servicer 0.00 6,153,710.02 0.00
(iii) Trustee Fee 1,287.45 6,153,710.02 1,287.45
Trustee's out-of-pocket expenses 819.99 6,152,422.57 819.99
Unpaid Trustee Fee from prior Collection Periods 0.00 6,151,602.58 0.00
Unpaid Trustee's out-of-pocket expenses from prior 0.00 6,151,602.58 0.00
Collection Periods
(iv) Collateral Agent Fee 1,287.45 6,151,602.58 1,287.45
Collateral Agent Expenses 0.00 6,150,315.13 0.00
Unpaid Collateral Agent Fee from prior 0.00 6,150,315.13 0.00
Collection Periods
Unpaid Collateral Agent Expenses from prior 0.00 6,150,315.13 0.00
Collection Periods
(v) Class A Interest Distributable Amount - 993,136.09 6,150,315.13 993,136.09
Unadjusted
Prior Month(s) Class A Carryover Shortfall 0.00 5,157,179.04 0.00
Class A Interest Carryover Shortfall 0.00 5,157,179.04 0.00
Interest on Interest Carryover from Prior Months 0.00 5,157,179.04 0.00
Current Month Class A Interest Carryover Shortfall 0.00 5,157,179.04 0.00
Class A Interest Distributable Amount 993,136.09 5,157,179.04 993,136.09
(vi) Class B Coupon Interest - Unadjusted 88,747.96 4,164,042.95 88,747.96
Class B Interest Carryover Shortfall - Previous Month(s) 0.00 4,075,294.99 0.00
Interest on B Interest Shortfall - Previous Month(s) 0.00 4,075,294.99 0.00
Interest on Interest Carryover from Prior Months 0.00 4,075,294.99 0.00
Current Month Class B Interest Shortfall 0.00 4,075,294.99 0.00
Adjusted Class B Interest Distributable Amount 88,747.96 4,075,294.99 88,747.96
(vii) Class A Principal Distributable Amount - Current Month 2,746,650.36 3,986,547.03 2,746,650.36 3,779,286.21
Class A Principal Carryover Shortfall - Previous Month(s) 0.00 1,239,896.67 0.00
Current Month Class A Principal Shortfall 0.00 1,239,896.67 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00 1,239,896.67 0.00
Class A Principal Distribution Amount 2,746,650.36 1,239,896.67 1,239,896.67 1,032,635.84
(viii) Certificate Insurer Premium 65,922.94 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 144,560.55 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 144,560.55 0.00 0.00
(xi) Remaining amounts to Collateral Agent for deposit in 2,111,297.23 0.00 0.00
Spread Account 0.00
Certificate Balance
Class A Beginning of Period Principal Balance 195,691,840.50
Class A Principal Distributions 2,746,650.36
Class A End of Period Principal Balance 192,945,190.14
Class B Beginning of Period Principal Balance 10,299,570.03
Class B Principal Distributable Amount 144,560.55
Class B End of Period Principal Balance BEFORE Spread Account Distributions 10,155,009.48
Withdrawl from Spread Account to Cover B Shortfalls 0.00
Class B End of Period Principal Balance AFTER Spread Account Distributions 10,155,009.48
Class A Deficiency - Interest
(i) Total Distribution Amount Available 6,525,936.57
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)A 1,368,757.53
(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) 5,157,179.04
Class B Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and
(x) 5,157,179.04
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (vi) and (x) 88,747.96
(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) 5,068,431.08
Class A Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (i) thru (v)A 5,068,431.08
(ii) Current distribution amounts payable pursuant to Section 4.6(c) (i) and (v)B 2,746,650.36
(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) 2,321,780.72
Other Deficiencies - Insurance
(i) Amounts available to make payments for insurance 2,321,780.72
Certificate Insurer Premium 65,922.94
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) 2,255,857.78
Class B Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 4.6(c) (vi) and (x) 2,255,857.78
(ii) Amounts payable pursuant to Section 4.6(c) (vi) and (x) 144,560.55
(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) 2,111,297.23
Withdrawl from Spread Account to B PieceCover Shortfalls 0.00
Adjusted Amount Remaining for Further Distribution/(Deficiency) 2,111,297.23
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 7,819,000.00
Purchased receivables more than 30 days delinquent 187,009.34
------------------------
Total 8,006,009.34
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 225,334,499.64
Delinquency Ratio 3.55%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 3.55%
Delinquency Ratio for second preceding Determination Date 2.16%
Delinquency Ratio for third preceding Determination Date 1.24%
------------------------
Average Delinquency Ratio 2.32% 2.32%
Calculation of Cumulative Default Ratio
Default Amount
Principal Balance of Previously Defaulted Receivables 35,188.51
Current Period Defaulted Receivables 91,014.11
------------------------
Total 126,202.62
Cumulative Defaulted Receivables 126,202.62
Original Pool Balance 211,042,290.56
Cumulative Default Ratio 0.06%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 4,885.92
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
------------------------
Net Liquidation Losses 4,885.92
Cumulative Previous Net Losses 5,459.42
------------------------
Cumulative Net Losses 10,345.34
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 53.87
Weighted Average Annual Percentage Rate 20.40%
Spread Account
Spread Account Cap
13.5% of Outstanding Certificate Balance 27,418,526.95
19.5% of Outstanding Certificate Balance 39,604,538.93
Is a Portfolio Performance Test violation continuing? (Y/N) N
Has an Insurance Agreement Event of Default occurred? (Y/N) N
---------------
Cap Amount 27,418,526.95
Spread Account Floor
3% of the Initial Certificate Balance 6,331,268.70
Outstanding Certificate Balance 203,100,199.62
Minimum Floor 100,000.00
---------------
Floor Amount 6,331,268.70
Required Spread Account Amount 27,418,526.95
Beginning of Period Spread Account Balance 12,943,821.85
Spread Account Deposit (Withdrawal) from Current Distributions 2,111,297.23
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 12,363,407.87
Earnings on Spread Account Balance 52,607.51
Amount of Spread Account deposit (withdrawal) 0.00
Amount of Withdrawl Allocated to B Piece Shortfalls 0.00 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 15,107,726.59
Reserve Fund
Initial Class B Certificate Balance 10,552,114.40
Aggregate Pool Factor 0.9623673
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 1,015,500.95
or
Cap Amount 1,055,211.40
Reserve Fund Floor
Outstanding Class B Certificate Balance 10,155,009.48
Minimum Floor 300,000.00
Floor Amount 300,000.00
Required Reserve Fund Amount 1,055,211.40
Beginning of Period Reserve Fund Balance 1,059,599.42
Reserve Fund Deposit (Withdrawal) from Current Distributions 0.00
Required addition to/(eligible withdrawal from) Reserve Fund (4,388.02)
Earnings on Reserve Fund Balance 4,545.19
Amount of Reserve Fund deposit (withdrawal) (8,933.21)
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
----------------------------------------------------
Monthly Noteholder Statement
CPS Auto Receivables Trust 1998-3
5.6375% Asset-Backed Notes, Class A-1
5.8550% Asset-Backed Notes, Class A-2
5.9950% Asset-Backed Notes, Class A-3
6.0800% Asset-Backed Notes, Class A-4
(Revised #2)
Distribution Date 8/17/98
Collection Period 7/98
Under the Sale and Servicing Agreement dated as of July 8, 1998 (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 $5,475,214.57
(b) The amount of the distribution set forth in
paragraph A.1. (a) above in respect of interest $101,475.00
(c) The amount of the distribution set forth in
in paragraph A.1. (a) above in respect of principal $5,373,739.57
(d) The amount of the distribution set forth in
paragraph A.1. (a) above $152.09
(e) The amount of the distribution set forth in
paragraph A.1. (b) above, per $1,000 $2.82
(f) The amount of the distribution set forth in
paragraph A.1. (c) above, per $1,000 principal $149.27
(g) The aggregate amount of the distribution
to Class A-2 Noteholders on the Distribution
Date set forth above $254,367.22
(h) The amount of the distribution set forth in
paragraph A.1. (g) above in respect of interest $254,367.22
(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 $2.76
(k) The amount of the distribution set forth in
paragraph A.1. (h) above, per $1,000 $2.76
(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 A-3 Noteholders on the Distribution
Date set forth above $70,774.31
(n) The amount of the distribution set forth in
paragraph A.1. (m) above in respect of interest $70,774.31
(o) The amount of the distribution set forth in
in paragraph A.1. (m) above in respect of principal $0.00
(p) The amount of the distribution set forth in
paragraph A.1. (m) above, per $1,000 $2.83
(q) The amount of the distribution set forth in
paragraph A.1. (n) above, per $1,000 $2.83
(r) The amount of the distribution set forth in
paragraph A.1. (o) above, per $1,000 $0.00
(s) The aggregate amount of the distribution
to Class A-4 Noteholders on the Distribution
Date set forth above $236,958.54
(t) The amount of the distribution set forth in
paragraph A.1. (s) above in respect of interest $236,958.54
(u) The amount of the distribution set forth in
in paragraph A.1. (s) above in respect of principal $0.00
(v) The amount of the distribution set forth in
paragraph A.1. (s) above, per $1,000 $0.00
(w) The amount of the distribution set forth in
paragraph A.1. (t) above, per $1,000 $2.87
(x) The amount of the distribution set forth in
paragraph A.1. (u) above, per $1,000 $0.00
B. Information Regarding the Performance of the Trust.
1 Pool and Notes Balances
(a) The aggregate Principal Balance of the
Receivables as of the close of business
on the last day of the preceding Collection Period $240,339,160.19
(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),(u) above $230,158,260.43
(c) The Note Pool Factor as of the close of business
on the last day set forth above 0.9576394
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 $253,104.23
(b) The aggregate amount of the Standby Fee
paid to the Standby Servicer with respect to the
Collection Period set forth above. $3,004.24
(c) The amount of the payment set forth in
paragraph B.2. (a) above per $1,000 $7.03
(d) The amount of the payment set forth in
paragraph B.2. (b) above per $1,000 $0.01
(e) The amount of any unpaid Servicing Fee $0.00
(f) The change in the amount of any unpaid
Servicing Fee from the prior Distribution Date $0.00
The number and aggregate Purchase Amount of Receivables that
became Purchased Receivables during the related Collection
Period
Number 17
Aggregate Purchase Amount $215,639.66
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-3 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (n) above $0.00
(d) The amount of the Class A-4 Interest Carryover shortfall
shortfall after giving effect to the payments set forth in
paragraph A.1. (t) above $0.00
(e) The amount of the Class A Principal Carryover Shortfall after
giving effect to the payments set forth in
paragraph A.1.(c),(i),(o),(u) 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 $26,123,331.92
Spread Account Balance $19,235,186.04
(b) The change in the spread account on the Distribution
Date set forth above $8,053.22
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 $68,861.52
6 Losses and Delinquencies.
(a) The aggregate amount of Realized Losses on the
Distribution Date set forth above $0.00
(b) The change in the aggregate amount of
Realized Losses from the prior Distribution Date $0.00
(c) The number of Receivables and the aggregate gross amount
scheduled to be paid, including unearned finance and other
charges, for which Obligors are delinquent between 31 and 59
days
Number 198
Aggregate Gross Amount $2,636,000.00
(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 4
Aggregate Gross Amount $37,000.00
7 Performance Triggers
(a) Delinquency Ratio 1.10%
(b) Average Delinquency Ratio 1.10%
(c) Cumulative Default Ratio 0.00%
(d) Cumulative Net Loss Ratio 0.00%
(e) Is a Portfolio Performance Test violation continuing? No
(f) Has an Insurance Agreement Event of Default occurred? No
CPS Auto Receivables Trust 1998-3
Statement to Noteholders
Is there a Deficiency Claim Amount? NO
Deficiency Claim Amount 0.00
Inputs
Gross Collection Proceeds: 6,388,973.51
Lock Box NSF Items: (22,183.08)
Total Collection Proceeds: 6,366,790.43
For Distribution Date: 8/17/98
For Determination Date: 8/10/98
For Collection Period: 7/98
Collateral Activity Information
Principal
Beginning Principal Balance 240,339,160.19
Beginning Principal Balance of Subsequent Receivables Transfered 0.00
-------------------------
Aggregate Beginning Principal Balance 240,339,160.19
Principal portion of payments collected (non-prepayments) 2,107,627.93
Prepayments in full allocable to principal 531,057.00
Collections allocable to principal 2,638,684.93
Partial prepayments relating to various contracts or policies 0.00
Liquidation Proceeds allocable to principal 0.00
Purchase Amounts allocable to principal 215,639.66
-------------------------
Total Principal 2,854,324.59
Realized Losses 0.00
Cram Down Losses 0.00
Ending Principal Balance 237,484,835.60
Prefunding
Original Amount in Prefunding Account N/A
Subsequent Loans Sold to the Trust N/A
Balance of Prefunding Account N/A
Interest
Collections allocable to interest 3,512,465.84
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 3,512,465.84
Note & Certificate Information
Beginning of Period Class A-1 Principal Balance 36,000,000.00
Beginning of Period Class A-2 Principal Balance 92,000,000.00
Beginning of Period Class A-3 Principal Balance 25,000,000.00
Beginning of Period Class A-4 Principal Balance 82,532,000.00
Miscellaneous Balances
Beginning of Period Spread Account Balance 19,227,132.82
Additional Servicing Fee Amounts (late fees,prepayment charges, etc.) 12,765.07
Scheduled Payments due in Collection Period 6,698,177.90
Scheduled Payments collected in Collection Period 5,620,093.77
Aggregate Amount of Realized Losses for preceding Distribution Date 0.00
Miscellaneous Current Expenses
Trustee's out-of-pocket expenses 4,454.80
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 198 2,636,000.00
60+ days delinquent 4 37,000.00
Purchased Receivables Aggregate
Purchase Amt
# of Receivables of Receivables
17 215,639.66
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. 2,673,000.00
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. 215,639.66
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
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) 6,151,150.77
Liquidation Proceeds 0.00
Recoveries 0.00
Purchase Amounts 215,639.66
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 0.00
Investment earnings from Prefunding Account 0.00
Investment earnings from Interest Reserve Account 0.00
Investment earnings from Collection Account 1,733.52
-------------------------
Total Distribution Amount 6,368,523.95
Distributable Amount
Principal Distributable Amount
Principal portion of payments collected (non-prepayments) 2,107,627.93
Prepayments in full allocable to principal 531,057.00
Principal Balance of Liquidated Receivables 0.00
Purchase Amounts allocable to principal 215,639.66
Cram Down Losses 0.00
-------------------------
Principal Distributable Amount 2,854,324.59
Class A Target Amount
90% 90%
times Aggregate Principal Balance of Receivables 237,484,835.60
-------------------------
213,736,352.04 166.98%
Current Target %
Class A Noteholders' Percentage
After the Target Payment Date? No
Will the Class A-2 Notes be reduced to 0? No
On or Prior to Target Payment Date 98.0%
NEED TO CHANGE TO A FOMULA (SEE PG S-8 OF PROSPECTUS)
After Target Payment Date, before Payment Date when A-2 reduced to 0 90.0%
On Payment Date when Class A-2 Notes will be reduced to 0 39.1%
-------------------------
98.0%
Class A Noteholders' Principal Distributable Amount
Principal Distributable Amount 2,854,324.59
Times Class A Noteholders' Percentage 98%
NEED TO CHANGE TO A FOMULA (SEE PG S-8 OF PROSPECTUS)
-------------------------
2,797,238.10
Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00
-------------------------
Class A Principal Distributable Amount 2,797,238.10
Class A-1 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 36,000,000.00
Multiplied by the Note Rate 5.6375%
Multiplied by actual/360, or for the first Distribution Date, by 18/360 0.0500000
-------------------------
Class A Interest Distributable Amount 101,475.00
Class A-2 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 92,000,000.00
Multiplied by the Note Rate 5.8550%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0472222
-------------------------
Class A Interest Distributable Amount 254,367.22
Class A-3 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 25,000,000.00
Multiplied by the Note Rate 5.9950%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0472222
-------------------------
Class A Interest Distributable Amount 70,774.31
Class A-4 Noteholders' Interest Distributable Amount
Beginning of Period Principal Balance of the Notes 82,532,000.00
Multiplied by the Note Rate 6.0800%
Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0472222
-------------------------
Class A Interest Distributable Amount 236,958.54
Excess Interest Amount
Total Distribution Amount 6,368,523.95
minus
Class A Principal and Interest Distributable Amount 3,460,813.17
Class A Interest Carrover Shortfall 0.00
Class A Principal Carryover Shortfall 0.00
Trustee and Collateral Agent distributions 6,239.32
Standby Servicer distributions 3,004.24
Servicer distributions 253,104.23
Insurance and Reimbursement Obligations 68,861.52
-------------------------
2,576,501.47
Carryover Shortfalls from Prior Periods
Class A-1 Principal Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-2 Principal Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-3 Principal Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-4 Principal Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-1 Interest Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-2 Interest Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-3 Interest Carryover Shortfall from previous period 0.00
-------------------------
0.00
Class A-4 Interest Carryover Shortfall from previous period 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 3,004.24 6,368,523.95 3,004.24 6,368,523.95
Servicing Fee (2.0%) 240,339.16 6,365,519.71 240,339.16 0.00
Additional Servicing Fee Amounts 12,765.07 6,125,180.55 12,765.07 0.00
(late fees,prepayment charges, etc.)
Unpaid Standby Fee from prior Collection Periods 0.00 6,112,415.48 0.00
Unpaid Servicing Fee from prior Collection Periods 0.00 6,112,415.48 0.00
(ii) Transition Expenses to Standby Servicer 0.00 6,112,415.48 0.00
(iii) Indenture Trustee Fee 901.27 6,112,415.48 901.27
Indenture Trustee's out-of-pocket expenses 4,454.80 6,111,514.20 4,454.80
Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 6,107,059.40 0.00
Unpaid Indenture Trustee's out-of-pocket exp. - 0.00 6,107,059.40 0.00
prior Collection Periods
Owner Trustee Fee 0.00 6,107,059.40 0.00
Owner Trustee's out-of-pocket expenses 0.00 6,107,059.40 0.00
Unpaid Owner Trustee Fee from prior Collection Periods 0.00 6,107,059.40 0.00
Unpaid Owner Trustee's out-of-pocket exp - 0.00 6,107,059.40 0.00
prior Collection Periods
(iv) Collateral Agent Fee 883.25 6,107,059.40 883.25
Collateral Agent Expenses 0.00 6,106,176.16 0.00
Unpaid Collateral Agent Fee from prior Collection Periods 0.00 6,106,176.16 0.00
Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 6,106,176.16 0.00
(v) (A) Class A-1 Interest Distributable Amount - Current Month 101,475.00 6,106,176.16 0.00
Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00 6,004,701.16 0.00
Class A-1 Interest Carryover Shortfall 0.00 6,004,701.16 0.00
Interest on Interest Carryover from Prior Months 0.00 6,004,701.16 0.00
Current Month Class A-1 Interest Carryover Shortfall 0.00 6,004,701.16 0.00
Class A-1 Interest Distributable Amount 101,475.00 6,106,176.16 101,475.00
(B) Class A-2 Interest Distributable Amount - Current Month 254,367.22
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 254,367.22 6,004,701.16 254,367.22
(vi) (A) Class A-3 Note Interest - Unadjusted 70,774.31
Class A-3 Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Interest Shortfall - Previous Month(s) 0.00
Current Month Class A-3 Interest Shortfall 0.00
Adjusted Class A-3 Interest Distributable Amount 70,774.31 5,750,333.94 70,774.31
(B) Class A-4 Note Interest - Unadjusted 236,958.54
Class A-4 Note Interest Carryover Shortfall - Previous Month(s) 0.00
Interest on Interest Shortfall - Previous Month(s) 0.00
Current Month Class A-4 Interest Shortfall 0.00
Adjusted Class A-4 Interest Distributable Amount 236,958.54 5,679,559.63 236,958.54
(vii) Class A Principal Distributable Amount - Current Month 2,797,238.10
Class A Principal Carryover Shortfall - Previous Month(s) 0.00
Current Month Class A Principal Shortfall 0.00
Withdrawl from Spread Account to Cover Shortfall 0.00
Class A Total Adjusted Distributable Amount 2,797,238.10 5,442,601.09 2,797,238.10
Class A Principal Distribution Amount to Class A-1 2,797,238.10 5,442,601.09 2,797,238.10 0.00
Class A Principal Distribution Amount to Class A-2 0.00 2,645,362.99 0.00 0.00
Class A Principal Distribution Amount to Class A-3 0.00 2,645,362.99 0.00
Class A Principal Distribution Amount to Class A-4 0.00 2,645,362.99 0.00
(viii) Note Insurer Premium 68,861.52 2,645,362.99 68,861.52
Note Insurer Premium Supplement 0.00 2,576,501.47 0.00 0.00
Other Reimbursement Obligations to Note Insurer 0.00 2,576,501.47 0.00
(ix) Transition Expenses to successor Servicer 0.00 2,576,501.47 0.00
(xi) Until the Target Payment Date, remaining amount to 2,576,501.47 2,576,501.47 2,576,501.47
Class A Noteholders
Amount to Class A-1 Noteholders 2,576,501.47 0.00 0.00
Amount to Class A-2 Noteholders 0.00
Amount to Class A-3 Noteholders 0.00
Amount to Class A-4 Noteholders 0.00
(xii) After an Event of Default, Certificateholders' Int. Dist. 0.00
Amount
(xiii) After an Event of Default, Certificateholders' Prin. Dist. 0.00
Amount
(xiv) After the Target Pmt. Date, remaining amount into Spread Acct. 0.00
Spread Account withdrawl for deficiencies 0.00
Securities Balance
Class A-1 Beginning of Period Principal Amount 36,000,000.00
Class A-1 Principal Distributions 2,797,238.10
Class A-1 End of Period Principal Amount (prior to turbo) 33,202,761.90
Additional Principal Distribution 2,576,501.47
Class A-1 End of Period Principal Amount 30,626,260.43
Class A-2 Beginning of Period Principal Amount 92,000,000.00
Class A-2 Principal Distributions 0.00
Class A-2 End of Period Principal Amount (prior to turbo) 92,000,000.00
Additional Principal Distribution 0.00
Class A-2 End of Period Principal Amount 92,000,000.00
Class A-3 Beginning of Period Principal Amount 25,000,000.00
Class A-3 Principal Distributable Amount 0.00
Class A-3 End of Period Principal Amount (prior to turbo) 25,000,000.00
Additional Principal Distribution 0.00
Class A-3 End of Period Principal Amount 25,000,000.00
Class A-4 Beginning of Period Principal Amount 82,532,000.00
Class A-4 Principal Distributable Amount 0.00
Class A-4 End of Period Principal Amount (prior to turbo) 82,532,000.00
Additional Principal Distribution 0.00
Class A-4 End of Period Principal Amount 82,532,000.00
Class A-1 Deficiency - Interest
(i) Total Distribution Amount Available 6,368,523.95
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (i) and (v)A 363,822.79
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 6,004,701.16
Class A-2 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (v) B 6,004,701.16
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) B 254,367.22
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 5,750,333.94
Class A-3 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A 5,750,333.94
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) A 70,774.31
(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) 5,679,559.63
Class A-4 Deficiency - Interest
(i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 5,679,559.63
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vi) and (x) 236,958.54
(iii)Prior month(s) carryover shortfalls 0.00
(iv) Interest on Prior month(s) carryover shortfalls 0.00
(v) Interest on Interest of prior month(s) carryover shortfalls 0.00
If (i) is less than sum of (ii) - (v) , there is a Class B Deficiency NO
Amount Remaining for Further Distribution/(Deficiency) 5,442,601.09
Class A-1 Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 5,442,601.09
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 2,797,238.10
(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) 2,645,362.99
Class A-2 Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 2,645,362.99
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 68,861.52
(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) 2,576,501.47
Class A-3 Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 2,576,501.47
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 0.00
(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) 2,576,501.47
Class A-4 Deficiency - Principal
(i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 2,576,501.47
(ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 0.00
(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) 2,576,501.47
Other Distributions
(i) Amounts available to make payments pursuant to Section 5.8(a) (viii) 2,645,362.99
(vi) Note Insurer Premium 68,861.52
(v) Note Insurer Premium Supplement 0.00
Deficiency Amount 0.00
Withdrawl from Spread Account to Cover Deficiency 0.00
If (i) is less than (ii), there is a Deficiency Claim Amount NO
Amount Remaining for Further Distribution/(Deficiency) 2,576,501.47
Calculations
Performance Measures
Calculation of Delinquency Ratio (Current Period)
Delinquency Amount
Receivables more than 30 days delinquent 2,673,000.00
Purchased receivables more than 30 days delinquent 215,639.66
-------------------------
Total 2,888,639.66
Aggregate Gross Principal Balance as of the close of
business on the last day of the
Collection Period. 262,703,754.53
Delinquency Ratio 1.10%
Calculation of Average Delinquency Ratio
Delinquency Ratio for most recent Determination Date 1.10%
Delinquency Ratio for second preceding Determination Date 0.00%
Delinquency Ratio for third preceding Determination Date 0.00%
-------------------------
Average Delinquency Ratio 1.10% 0.37%
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 240,339,160.19
Cumulative Default Ratio 0.00%
Calculation of Cumulative Net Loss Ratio
Calculation of Net Liquidation Losses
Principal Balance plus accrued and unpaid interest of
Liquidated Receivables 0.00
Cram Down Losses 0.00
Net Liquidation Proceeds 0.00
-------------------------
Net Liquidation Losses 0.00
Cumulative Previous Net Losses 0.00
-------------------------
Cumulative Net Losses 0.00
Original Pool Balance 240,339,160.19
Cumulative Net Loss Ratio 0.00%
Additional Pool Information:
Weighted Average Original Term 57.60
Weighted Average Remaining Term 55.88
Weighted Average Annual Percentage Rate 20.45%
Spread Account
OC Percent
Aggregate Principal Balance 237,484,835.60
minus the Securities Balance 230,158,260.43
-------------------------
7,326,575.17
divided by the Aggregate Principal Balance 3.09%
Floor OC Percent
Aggregate Principal Balance 237,484,835.60
minus the Securities Balance 230,158,260.43
-------------------------
7,326,575.17
divided by the initial Aggregate Principal Balance 240,339,160.19
-------------------------
3.05%
Floor Amount
greater of
(a)$100,000 100,000.00
(b)the lesser of
(i) Securities Balance 230,158,260.43
(ii) the sum of
(A)2.5% of the sum of 2.50%
(I) initial Aggregate Principal Balance 240,339,160.19
(II) balance of all Subsequent Receivables 0.00
6,008,479.00
(B)the product of
(I) excess of 1% over the Floor OC Percent 0.00%
(II) initial Aggregate Principal Balance 240,339,160.19
0.00
Floor Amount 6,008,479.00
Requisite Amount
the greater of
(1)the Floor Amount 6,008,479.00
(2)the product of:
if no Trigger Event, 11% 11.00%
if a Trigger Event, 20% 20.00%
if a Portfolio Performance Event of Default, 30% 30.00%
if an Insurance Agreement Event of Default, unlimited 100.00%
11.00%
times the Aggregate Principal Balance 237,484,835.60
-------------------------
26,123,331.92
Requisite Amount 26,123,331.92
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 26,123,331.92
Beginning of Period Spread Account Balance 19,227,132.82
Additional Deposit for Subsequent Receivables Transfer 0.00
Spread Account Deposit (Withdrawal) from Current Distributions 0.00
Transfer (to) from Cross-Collateralized Spread Accounts 0.00
Required addition to/(eligible withdrawal from) Spread Account 6,896,199.10
Earnings on Spread Account Balance 8,053.22
Amount of Spread Account deposit (withdrawal) 0.00 0.00
Net Spread Account Withdrawl to Seller 0.00
Ending Spread Account Balance 19,235,186.04
IN WITNESS WHEREOF, I, James L. Stock, a responsible officer of Consumer Portfolio
Services, Inc,. have executed this Servicer's Note as of the Determination Date set forth above.
CONSUMER PORTFOLIO SERVICES, INC.
By:
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Name: James L. Stock
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Title: Vice President
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