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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-K
[X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2001
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number: 333-63805
CPS AUTO RECEIVABLES TRUST 1998-4.
(Exact name of registrant as specified in its charter)
DELAWARE 50-6510880
(State or other jurisdiction of (IRS Employer
incorporation or organization) Identification No.)
16355 LAGUNA CANYON ROAD, IRVINE, CALIFORNIA 92618
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (949) 753-6800
Securities registered pursuant to section 12(b) of the Act: None
Securities registered pursuant to section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) filed all reports required to
be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [ ]
DOCUMENTS INCORPORATED BY REFERENCE: Certain information from the definitive
proxy statement of Consumer Portfolio Services, Inc., to be filed not later than
April 30, 2002, is incorporated by reference into Part III of this report.
Indicate by check mark if there is no disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. [X]
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EXPLANATORY NOTE - THIS REPORT ON FORM 10-K IS FILED PURSUANT TO SECTION 15(D)
OF THE SECURITIES EXCHANGE ACT WITH RESPECT TO ASSET-BACKED SECURITIES ISSUED IN
A REGISTERED PUBLIC OFFERING BY A TRUST, CPS AUTO RECEIVABLES TRUST 1998-4, OF
WHICH CONSUMER PORTFOLIO SERVICES, INC. WAS THE SPONSOR.
PART I
ITEM 1. BUSINESS
The sole business of CPS Auto Receivable Trust 1998-4 (the "Trust") is
to hold certain Receivables (representing obligations of consumers under certain
automotive retail installment purchase contracts), and to apply the proceeds
thereof to make payments to holders of Notes issued by the Trust, as described
in detail in the Trust's Prospectus Supplement dated November 9, 1998 to
Prospectus dated November 19, 1998, and the related registration statement on
Form S-3 (file number 333-63805). The Receivables were originated by Consumer
Portfolio Services, Inc. (the "Sponsor"), or its subsidiaries, and the Trust has
engaged the Sponsor to service the Receivables.
ITEM 2. PROPERTIES
As of December 31, 2001, the pool consisted of the following number of
Contracts with the following delinquency characteristics:
DELINQUENCY EXPERIENCE OF CONTRACTS AS OF DECEMBER 31, 2001
(DOLLARS IN THOUSANDS)
Dollars No. % (1)
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Outstandings $56,821 9,208
Delinquencies 30-59 days (2) (3) $ 3,050 442 5.37%
Delinquencies 60 and over (2) (3) $ 2,982 428 5.25%
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(1) As a percent of amount of contracts outstanding
(2) Delinquencies include principal amounts only
(3) The period of delinquency is based on the number of
days
ITEM 3. LEGAL PROCEEDINGS
There are no material legal proceedings pending involving the Trust.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None
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PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDERS MATTERS
As of March 27, 2002 there is one security holder of record of each
series of the Notes. The following are the classes of Notes outstanding as of
the end of the reporting year:
5.473% Class A-1 Notes
5.790% Class A-2 Notes
5.740% Class A-3 Notes
5.690% Class A-4 Notes
5.890% Class A-5 Notes
There is no established public trading market for the above securities.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
None.
PART III
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The sole owner of the residual interest in the Trust (after payment of
all amounts due or to become due to holders of the Notes) is CPS Receivables
Corp. ("CPSR"). CPSR is a wholly owned subsidiary of the Sponsor. Information
regarding the Sponsor and responsive to this Item 12 is incorporated by
reference to the definitive proxy statement of the Sponsor to be filed not later
than April 30, 2002.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Information regarding the Sponsor and responsive to this Item 12 is
incorporated by reference to the definitive proxy statement of the Sponsor to be
filed not later than April 30, 2002. The Trust has paid compensation to the
Sponsor pursuant to the Sale and Servicing Agreement, a copy of which is
included as an exhibit hereto.
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K
The following exhibits are filed as part of this report:
4.1 Sale and Servicing Agreement (incorporated by reference to
exhibit filed with report on Form 8-K filed by the Sponsor
on December 18, 1998).
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99.1 Annual Holders' Tax Statement (filed herein).
99.2 Annual Independent Accountants' Servicing Report (filed
herein).
The Trust filed a total of twelve reports on Form 8-K during the year
covered by this report. Information re such current reports is set forth in the
following table:
Date of Report Item(s) Reported Financial Statements Filed
January 19, 2001 5,7 None
February 21, 2001 5,7 None
March 21, 2001 5,7 None
April 16, 2001 5,7 None
May 17, 2001 5,7 None
June 18, 2001 5,7 None
July 20, 2001 5,7 None
August 20, 2001 5,7 None
September 19, 2001 5,7 None
October 18, 2001 5,7 None
November 19, 2001 5,7 None
December 19, 2001 5,7 None
Each of the above reports was filed to include, as an exhibit thereto, the
monthly servicer report of the Sponsor regarding the performance of receivables
held by the Trust.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, this
report has been signed below by the following person on behalf of the registrant
and in the capacities and on the dates indicated.
CPS AUTO RECEIVABLES TRUST 1998-4 (Issuer with respect to the Notes)
By: CONSUMER PORTFOLIO SERVICES, INC.
By: /s/ DAVID KENNEALLY March 29, 2002
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David N. Kenneally
Sr. Vice President & Chief Financial Officer
Consumer Portfolio Services, Inc.
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