Peat Marwick LLP Center Tower 650 Town Center Drive Costa Mesa, CA 92626 INDEPENDENT ACCOUNTANTS' REPORT The Board of Directors Consumer Portfolio Services, Inc.: We have examined management's assertion about Consumer Portfolio Services, Inc.'s (the Company) compliance with the minimum servicing standards identified in the relevant sections of the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers (USAP) as of and for the year ended December 31, 1996 included in the accompanying management assertion. Management is responsible for the Company's compliance with those minimum servicing standards. Our responsibility is to express an opinion on management's assertion about the Company's compliance based on our examination. Our examination was made in accordance with standards established by the American Institute of Certified Public Accountants and, accordingly, included examining, on a test basis, evidence about the Company's compliance with the minimum servicing standards and performing such other procedures as we considered necessary in the circumstances. We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Company's compliance with the minimum servicing standards. In our opinion, management's assertion that the Company complied with the aforementioned minimum servicing standards, as they relate to the servicing of automobile installment contracts, as of and for the year ended December 31, 1996 is fairly stated, in all material respects. February 14, 1997 MANAGEMENT'S ASSERTION As of and for the year ended December 31, 1996, Consumer Portfolio Services, Inc. has complied in all material respects with the minimum servicing standards set forth in the Mortgage Bankers Association of America's Uniform Single Attestation Program for Mortgage Bankers, as they related to the servicing of automobile installment contracts. As of and for this period, Consumer Portfolio Services, Inc. had in effect a fidelity bond in the amount of $2,000,000. /s/ Charles E. Bradley, Jr. February 14, 1997 - --------------------------- ------------------------- Charles E. Bradley, Jr. Date President Chief Executive Officer /s/ Jeffrey P. Fritz February 14, 1997 - -------------------- ---------------------------- Jeffrey P. Fritz Date Chief Financial Officer /s/ James L. Stock February 14, 1997 - ------------------ --------------------------- James L. Stock Date Controller