-----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, FgHfDB/OR5qAdB+mZwPNAh1Jdb90LfW6wZ5lNsFF6UHqlIcwkqSMVxTAbIdTy6h6 1N38i9Py4ZbFv05tO09r+w== 0001095811-00-000850.txt : 20000331 0001095811-00-000850.hdr.sgml : 20000331 ACCESSION NUMBER: 0001095811-00-000850 CONFORMED SUBMISSION TYPE: 10-K405 PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19991231 FILED AS OF DATE: 20000330 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CPS AUTO RECEIVABLES TRUST 1998-4 CENTRAL INDEX KEY: 0001083188 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K405 SEC ACT: SEC FILE NUMBER: 333-25301-01 FILM NUMBER: 588430 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 10-K405 1 FORM 10-K405 YEAR ENDED DECEMBER 31, 1999 1 UNITED STATES SECURITIES AND EXCHANGE COMMISION WASHINGTON, D.C. 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, 1999 [ ] Transition report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 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 (Federal Employer) incorporation or organization) Identification No.) 16355 Laguna Canyon Road, Irvine, California 92618 (Address of principal executive (Zip Code) offices) 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 Exchange Act during the past 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 29, 2000, 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] -1- 2 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, 1999, the pool consisted of the following number of Contracts with the following delinquency characteristics: DELINQUENCY EXPERIENCE OF CONTRACTS AS OF DECEMBER 31, 1999 (DOLLARS IN THOUSANDS)
DOLLARS NO. %(1) ------- --- ---- Outstandings $209,245,000 19,615 Delinquencies 30-59 days (2) (3) $5,765,000 503 2.76% Delinquencies 60 and over (2) (3) $3,865,000 323 1.85%
(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 -2- 3 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDERS MATTERS. As of March 27, 2000 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 29, 2000. 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 29, 2000. 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. -3- 4 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). 99.1 Annual Holders' Tax Statement (filed herein). 99.2 Annual Independent Accountants' Servicing Report (filed herein). The Trust filed a total of four reports on Form 8-K. During the year covered by this report, the Trust filed the following reports on Form 8-K regarding performance of the receivables owned by the Trust.
Date of Report Item(s) Reported Financial Statements Filed - -------------- ---------------- -------------------------- September 15, 1999 5,7 None October 15, 1999 5,7 None November 15, 1999 5,7 None December 15, 1999 5,7 None
Each of the above reports was filed to include, as an exhibit thereto, the monthly servicer report of the Sponsor. Prior to September 1999, the Sponsor filed such servicer reports as an exhibit to the following monthly reports on From 8-K filed by the Sponsor. Information regarding any other reports on Form 8-K filed by the Sponsor has been intentionally omitted.
Date of Report Item(s) Reported Financial Statements Filed - -------------- ---------------- -------------------------- August 15, 1999 5, 7 None July 15, 1999 5, 7 None June 15, 1999 5, 7 None May 15, 1999 5, 7 None April 15, 1999 5, 7 None March 15, 1999 5, 7 None February 15, 1999 5, 7 None January 15, 1999 5, 7 None
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/ James L. Stock March 30, 2000 -------------------- James L. Stock Sr. Vice President & Chief Financial Officer Consumer Portfolio Services, Inc. -4- EX-99.1 2 ANNUAL HOLDERS' TAX STATEMENT 1 Exhibit 99.1 Annual Holders' Tax Statement Summary of Payments for CPS Auto Receivables Trust 1998-4 for the Year Ended December 31, 1999
Base Servicing Principal Payments Interest Payments CPS Auto Receivables Trust 1998-4 $5,920,219 $91,934,195 $15,093,354
-5- EX-99.2 3 INDEPENDENT ACCOUNTANTS REPORT 1 Exhibit 99.2 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, 1999 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 relevant 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 has complied in all material respects 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, 1999 is fairly stated, in all material respects. KPMG LLP March 30, 2000 -6- 2 Exhibit 99.2 MANAGEMENT'S ASSERTION As of and for the year ended December 31, 1999, Consumer Portfolio Services, Inc. has complied in all material respects with the relevant minimum servicing standards set forth in the Mortgage Bankers Association of America's UNIFORM SINGLE ATTESTATION PROGRAM FOR MORTGAGE BANKERS, as they relate to the servicing of automobile installment contracts. As of and for this same period, Consumer Portfolio Services, Inc. had in effect a fidelity bond in the amount of $2,000,000. /S/ Charles E. Bradley, Jr 3/14/00 - ----------------------------- ------------ Charles E. Bradley, Jr. Date President Chief Executive Officer /S/ James L. Stock 3/14/00 - ----------------------------- ------------ James L. Stock Date Senior Vice President Chief Financial Officer -7- -----END PRIVACY-ENHANCED MESSAGE-----