-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, LGJTRzA3c65QT2xReKAVuqkarGL8o3AV4JDYrAe2k1NLQ1vmvEmFD4kmn6uzyL3k KTKzXVovESfVkUqFymQ2tw== 0001019687-00-000059.txt : 20000203 0001019687-00-000059.hdr.sgml : 20000203 ACCESSION NUMBER: 0001019687-00-000059 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000108 ITEM INFORMATION: FILED AS OF DATE: 20000125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CPS AUTO GRANTOR TRUST 1998-2 CENTRAL INDEX KEY: 0001083187 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 333-25301-03 FILM NUMBER: 512137 BUSINESS ADDRESS: STREET 1: C/O CONSUMER PORTFOLIO SERVICES STREET 2: 16355 LAGUNA CANYON RD CITY: IRVINE STATE: CA ZIP: 92618 BUSINESS PHONE: 9497536800 MAIL ADDRESS: STREET 1: C/O CONSUMER PORTFOLIO SERVICES STREET 2: 16355 LAGUNA CANYON RD CITY: IRVINE STATE: CA ZIP: 92618 8-K 1 CPS AUTO GRANTOR TRUST 1998-2 FOR DECEMBER 1999 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of Earliest Event Reported) December 15, 1999 CONSUMER PORTFOLIO SERVICES, INC. (Exact Name of Registrant as Specified in its Charter) California (State or Other Jurisdiction of Incorporation) 333-49945 33-0459135 (Commission File Number) (I.R.S. Employer Identification No.) 16355 Laguna Canyon Road, Irvine, California 92618 (Address of Principal Executive Offices) (Zip Code) (949) 753-6800 (Registrant's Telephone Number, Including Area Code) Item 5. Other Events. None Item 7. Financial Statements and Exhibits. (c) Exhibits. Exhibit No. Document Description 20.5 Monthly Servicing Report for the December 1999 collection period for CPS Auto Grantor Trust 1998-2. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CONSUMER PORTFOLIO SERVICES, INC. (Registrant) Dated: January 25, 2000 By: /s/ James L. Stock Name: James L. Stock Title: Vice President - Corporate Controller INDEX TO EXHIBITS Exhibit Sequential No. Document Description Page No. 20.5 Monthly Servicing Report for the December 1999 collection period for CPS Auto Grantor Trust 1998-2. EX-20.5 2 MONTHLY SVCING REPORT FOR DECEMBER 1999 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 01/18/00 Collection Period 12/99 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 $6,361,609.30 (b) The amount of the distribution set forth in paragraph A.1. (a) above in respect of interest $574,369.80 (c) The amount of the distribution set forth in in paragraph A.1. (a) above in respect of principal $5,787,239.50 (d) The amount of the distribution set forth in paragraph A.1. (a) above, per $1,000 interest $31.73 (e) The amount of the distribution set forth in paragraph A.1. (b) above, per $1,000 interest $2.86 (f) The amount of the distribution set forth in paragraph A.1. (c) above, per $1,000 interest $28.87 (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) $356,219.71 (h) The amount of the distribution set forth in paragraph A.1. (g) above in respect of interest $51,628.16 (i) The amount of the distribution set forth in in paragraph A.1. (g) above in respect of principal $304,591.55 (j) Scheduled Payments due in such Collection Period $4,147,052.70 (k) Scheduled Payments collected in such Collection Period $4,072,512.20 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 $113,380,738.16 (c) The Aggregate Pool factor as of the close of business on the last day set forth above 0.5372418 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 $234,355.72 (b) The aggregate amount of the Standby Fee paid to the Standby Servicer with respect to the Collection Period set forth above. $2,481.94 (c) The amount of the payment set forth in paragraph B.2. (a) above per $1,000 interest $1.17 (d) The amount of the payment set forth in paragraph B.2. (b) above per $1,000 interest $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 0 Aggregate Purchase Amount $0.00 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 $25,404.38 (b) Distributions (to) from Collection Account $6,459.38 for Payaheads (c) Interest earned on Payahead Balances $293.03 (d) Ending Payahead Account Balance $32,156.79 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 $23,809,955.01 Spread Account Balance $23,809,955.01 (b) The change in the spread account on the Distribution Date set forth above ($1,241,021.48) 6 Policy. (a) The amount paid to the Certificateholders under the Policy for such Distribution Date $0.00 (b) The amount distributable to the Certificate Insurer on such Distribution Date $126,759.91 7 Losses and Delinquencies. (a) The aggregate amount of Realized Losses on the Distribution Date set forth above $2,264,582.32 (b) The change in the aggregate amount of Realized Losses from the prior Distribution Date $0.00 (c) The number of Receivables and the aggregate gross amount scheduled to be paid, including unearned finance and other charges, for which Obligors are delinquent between 31 and 59 days Number 383 Aggregate Gross Amount $4,109,000.00 (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 195 Aggregate Gross Amount $2,184,000.00 8 Performance Triggers. (a) Delinquency Ratio 5.10% (b) Average Delinquency Ratio 5.21% (c) Cumulative Default Ratio 11.15% (d) Cumulative Net Loss Ratio 9.39% (e) Is a Portfolio Performance Test violation continuing? Yes (f) Has an Insurance Agreement Event of Default occurred? Yes
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: 6,055,961.98 LOCK BOX NSF ITEMS: (51,112.01) TRANSFERS FROM (TO) PAYAHEAD ACCOUNT: (6,459.38) COLLECTION ACCOUNT INTEREST 16,789.07 PAYAHEAD ACCOUNT INTEREST 293.03 TOTAL COLLECTION PROCEEDS: 6,015,472.69 FOR DISTRIBUTION DATE: 1/18/00 FOR DETERMINATION DATE: 1/10/00 FOR COLLECTION PERIOD: 12/99 COLLATERAL ACTIVITY INFORMATION PRINCIPAL Beginning Principal Balance 119,132,962.67 Principal portion of payments collected (non-prepayments) 2,107,810.28 Prepayments in full allocable to principal 1,187,867.00 Collections allocable to principal 3,295,677.28 Partial prepayments relating to various contracts or policies 0.00 Liquidation Proceeds allocable to principal 531,571.46 Purchase Amounts allocable to principal 0.00 --------------- Total Principal 3,827,248.74 Realized Losses 2,264,582.32 Cram Down Losses 0.00 Ending Principal Balance 113,041,131.62 INTEREST Collections allocable to interest 1,964,701.92 Liquidation Proceeds allocable to interest 0.00 Purchase Amounts allocable to interest 0.00 Recoveries from Liquidated Receivables from prior periods 233,522.03 --------------- Total Interest 2,188,223.95 CERTIFICATE INFORMATION Beginning of Period Class A Principal Balance 113,176,314.50 Beginning of Period Class B Principal Balance 5,991,663.17 MISCELLANEOUS BALANCES Beginning of Period Spread Account Balance 25,050,976.49 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 35,800.78 Aggregate Payahead Balance 31,863.76 Aggregate Payahead Balance for preceding Distribution Date 25,404.38 Interest Earned on Payahead Balances 293.03 Scheduled Payments due in Collection Period 4,147,052.70 Scheduled Payments collected in Collection Period 4,072,512.20 Aggregate Amount of Realized Losses for preceding Distribution Date 2,264,582.32 MISCELLANEOUS CURRENT EXPENSES Trustee's out-of-pocket expenses 0.00 Collateral Agent's expenses 0.00 Transition Expenses to Standby Servicer 0.00 Transition Expenses to successor Servicer 0.00 Other Reimbursement Obligations to Certificate Insurer (non-Premium) 577.75 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 383 4,019,000.00 60+ days delinquent 195 2,184,000.00 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 6,203,000.00 of business on the last day of the related Collection Period. 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 1,250,287.44 during the related Collection Period. Delinquency Ratio for second preceding Determination Date 5.11% Delinquency Ratio for third preceding Determination Date 5.41% Cumulative Defaults for preceding Determination Date 22,286,399.10 Cumulative Net Losses for preceding Determination Date 17,772,278.55 Is a Portfolio Performance Test violation continuing? (Y/N) Y Has an Insurance Agreement Event of Default occurred? (Y/N) Y(WAIVED) CALCULATIONS TOTAL DISTRIBUTION AMOUNT All collections on receivables (incl. amts from payahead, excl. amounts deposited into payahead) 5,260,379.20 Liquidation Proceeds 531,571.46 Recoveries 223,522.03 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 6,015,472.69 DISTRIBUTABLE AMOUNT Principal Distributable Amount Principal portion of payments collected (non-prepayments) 2,107,810.28 Prepayments in full allocable to principal 1,187,867.00 Principal Balance of Liquidated Receivables 2,796,153.78 Purchase Amounts allocable to principal 0.00 Cram Down Losses 0.00 --------------- Principal Distributable Amount 6,091,831.06 Class A Principal Distributable Amount Principal Distributable Amount 6,091,831.06 Times Class A Percentage (95%) 95% --------------- 5,787,239.50 Certificate Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00 --------------- Class A Principal Distributable Amount 5,787,239.50 Class A Interest Distributable Amount Beginning of Period Principal Balance of the Certificates 113,176,314.50 Multiplied by Certificate Pass-Through Rate 6.09% Multiplied by 30/360 0.0833333 --------------- Class A Interest Distributable Amount 574,369.80 Class B Principal Distributable Amount Principal Distributable Amount 6,091,831.06 Times Class B Percentage (5%) 5% --------------- Class B Principal Distributable Amount 304,591.55 Class B Interest Distributable Amount Beginning of Period Principal Balance of the Certificates 5,991,663.17 Multiplied by Certificate Pass-Through Rate 10.34% Multiplied by 30/360 0.0833333 --------------- Class B Coupon Interest Amount 51,628.16 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 --- (i) Standby Fee 2,481.94 Servicing Fee (2.0%) 198,554.94 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 35,800.78 Unpaid Standby Fee from prior Collection Periods 0.00 Unpaid Servicing Fee from prior Collection Periods 0.00 (ii) Transition Expenses to Standby Servicer 0.00 (iii) Trustee Fee 744.58 Trustee's out-of-pocket expenses 0.00 Unpaid Trustee Fee from prior Collection Periods 0.00 Unpaid Trustee's out-of-pocket expenses from prior Collection Periods 0.00 (iv) Collateral Agent Fee 744.80 Collateral Agent Expenses 0.00 Unpaid Collateral Agent Fee from prior Collection Periods 0.00 Unpaid Collateral Agent Expenses from prior Collection Periods 0.00 (v) Class A Interest Distributable Amount - Unadjusted 574,369.80 Prior Month(s) Class A Carryover Shortfall 0.00 Class A Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A Interest Carryover Shortfall 0.00 Class A Interest Distributable Amount 574,369.80 (vi) Class B Coupon Interest - Unadjusted 51,628.16 Class B Interest Carryover Shortfall - Previous Month(s) 0.00 Interest on B Interest Shortfall - Previous Month(s) 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class B Interest Shortfall 0.00 Adjusted Class B Interest Distributable Amount 51,628.16 (vii) Class A Principal Distributable Amount - Current Month 5,787,239.50 Class A Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Class A Principal Shortfall (636,091.81) Withdrawal from Spread Account to Cover Shortfall 636,091.81 Class A Principal Distribution Amount 5,787,239.50 (viii) Certificate Insurer Premium 36,691.27 Certificate Insurer Premium Supplement 89,490.90 Other Reimbursement Obligations to Certificate Insurer 577.75 (ix) Transition Expenses to successor Servicer 0.00 (x) Class B Principal Distributable Amount - Unadjusted 304,591.55 Class B Principal Carryover Shortfall - Previous Month(s) 0.00 Current Month Class B Principal Carryover Shortfall (304,591.55) Adjusted Class B Principal Distributable Amount 0.00 (xi) Remaining amounts to Collateral Agent for deposit in Spread Account (762,851.73)
CERTIFICATE BALANCE Class A Beginning of Period Principal Balance 113,176,314.50 Class A Principal Distributions 5,787,239.50 Class A End of Period Principal Balance 107,389,075.00 Class B Beginning of Period Principal Balance 5,991,663.17 Class B Principal Distributable Amount 0.00 Class B End of Period Principal Balance BEFORE Spread Account Distributions 5,991,663.17 Withdrawal from Spread Account to Cover B Shortfalls 304,591.55 Class B End of Period Principal Balance AFTER Spread Account Distributions 5,687,071.61 CLASS A DEFICIENCY - INTEREST (i) Total Distribution Amount Available 6,015,472.69 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)A 812,696.84 (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) 5,202,775.85 CLASS B DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 4.6(c)(vi) and (x) 5,202,775.85 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(vi) and (x) 51,628.16 (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) 5,151,147.69 CLASS A DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 4.6(c)(i) thru (v)A 5,151,147.69 (ii) Current distribution amounts payable pursuant to Section 4.6(c)(i) and (v)B 5,787,239.50 (iii)Prior month(s) carryover shortfalls 0.00 Withdrawal from Spread Account to Cover Shortfall 636,091.81 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 DEFICIENCIES - INSURANCE (i) Amounts available to make payments for insurance 0.00 Certificate Insurer Premium 36,691.27 Certificate Insurer Premium Supplement 89,490.90 Other Reimbursement Obligations to Certificate Insurer 577.75 Deficiency Amount (126,759.91) Withdrawal from Spread Account to Cover Deficiency 126,759.91 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) 304,591.55 (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) (304,591.55) Withdrawal from Spread Account to B PieceCover Shortfalls (304,591.55) 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 6,203,000.00 Purchased receivables more than 30 days delinquent 0.00 --------------- Total 6,203,000.00 Aggregate Gross Principal Balance as of the close of 121,544,642.71 business on the last day of the Collection Period. Delinquency Ratio 5.10% Calculation of Average Delinquency Ratio Delinquency Ratio for most recent Determination Date 5.10% Delinquency Ratio for second preceding Determination Date 5.11% Delinquency Ratio for third preceding Determination Date 5.41% --------------- Average Delinquency Ratio 5.21% CALCULATION OF CUMULATIVE DEFAULT RATIO Default Amount Principal Balance of Previously Defaulted Receivables 22,286,399.10 Current Period Defaulted Receivables 1,250,287.44 --------------- Total 23,536,686.54 Cumulative Defaulted Receivables 23,536,686.54 Original Pool Balance 211,042,290.56 Cumulative Default Ratio 11.15% CALCULATION OF CUMULATIVE NET LOSS RATIO Calculation of Net Liquidation Losses Principal Balance plus accrued and unpaid interest of Liquidated Receivables 2,796,153.78 Cram Down Losses 0.00 Net Liquidation Proceeds (755,093.49) --------------- Net Liquidation Losses 2,041,060.29 Cumulative Previous Net Losses 17,772,278.55 --------------- Cumulative Net Losses 19,813,338.84 Original Pool Balance 211,042,290.56 Cumulative Net Loss Ratio 9.39% ADDITIONAL POOL INFORMATION: Weighted Average Original Term 57.46 Weighted Average Remaining Term 38.15 Weighted Average Annual Percentage Rate 20.31% SPREAD ACCOUNT Spread Account Cap 21.0% of Outstanding Certificate Balance 23,809,955.01 Is a Portfolio Performance Test violation continuing? (Y/N) Y Has an Insurance Agreement Event of Default occurred? (Y/N) Y(WAIVED) --------------- Cap Amount 23,809,955.01 Spread Account Floor 3% of the Initial Certificate Balance 6,331,268.70 Outstanding Certificate Balance 113,380,738.16 Minimum Floor 100,000.00 --------------- Floor Amount 6,331,268.70 Required Spread Account Amount 23,809,955.01 Beginning of Period Spread Account Balance 25,050,976.49 Spread Account Deposit (Withdrawal) from Current Distributions (762,851.73) Transfer (to) from Cross-Collateralized Spread Accounts 0.00 Required addition to/(eligible withdrawal from) Spread Account (478,169.75) Earnings on Spread Account Balance 109,770.08 Amount of Spread Account deposit (withdrawal) (587,939.83) Amount of Withdrawal Allocated to B Piece Shortfalls 304,591.55 Net Spread Account Withdrawal to Seller (283,348.28) Ending Spread Account Balance 23,809,955.01 Reserve Fund Initial Class B Certificate Balance 10,552,114.40 Aggregate Pool Factor 0.5372418 Class B Principal % 5.03% 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 568,707.16 or Cap Amount 1,055,211.40 Reserve Fund Floor Outstanding Class B Certificate Balance 5,687,071.61 Minimum Floor 300,000.00 --------------- Floor Amount 300,000.00 Required Reserve Fund Amount 1,055,211.40 Beginning of Period Reserve Fund Balance 1,055,211.40 Reserve Fund Deposit (Withdrawal) from Current Distributions 0.00 Required addition to/(eligible withdrawal from) Reserve Fund 0.00 Earnings on Reserve Fund Balance 4,523.88 Amount of Reserve Fund deposit (withdrawal) (4,523.88) 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: /s/ James L. Stock ---------------------------------------------------- Name: James L. Stock ---------------------------------------------------- Title: Vice President ---------------------------------------------------- -----END PRIVACY-ENHANCED MESSAGE-----