-----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, UmsaCBmWud2gJNO4bp6U7rwpn0e4K023SKDgP79BZAQxG2Y78QOCjGvPN7pxtPPg wf11CcsidOiRkNs/UBCLww== 0001019687-99-000818.txt : 19991222 0001019687-99-000818.hdr.sgml : 19991222 ACCESSION NUMBER: 0001019687-99-000818 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991215 ITEM INFORMATION: FILED AS OF DATE: 19991221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CPS AUTO RECEIVABLES TRUST 1998-3 CENTRAL INDEX KEY: 0001083189 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: 333-25301-02 FILM NUMBER: 99777874 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 REC. TRUST 1998-3 FOR NOVEMBER 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) 333-25301 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 20.4 Monthly Servicing Report for the November 1999 collection period for CPS Auto Receivables Trust 1998-3. 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: December 21, 1999 By: /s/ James L. Stock Name: James L. Stock Title: Vice President - Corporate Controller INDEX TO EXHIBITS Exhibit Sequential No. Document Description Page No. 20.4 Monthly Servicing Report for the November 1999 collection period for CPS Auto Receivables Trust 1998-3. EX-20.4 2 MONTHLY SVCING REPORT FOR NOVEMBER 1999 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 Distribution Date 12/15/99 Collection Period 11/99 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 $0.00 (b) The amount of the distribution set forth in paragraph A.1. (a) above in respect of interest $0.00 (c) The amount of the distribution set forth in in paragraph A.1. (a) above in respect of principal $0.00 (d) The amount of the distribution set forth in paragraph A.1. (a) above $0.00 (e) The amount of the distribution set forth in paragraph A.1. (b) above, per $1,000 $0.00 (f) The amount of the distribution set forth in paragraph A.1. (c) above, per $1,000 principal $0.00 (g) The aggregate amount of the distribution to Class A-2 Noteholders on the Distribution Date set forth above $5,718,447.10 (h) The amount of the distribution set forth in paragraph A.1. (g) above in respect of interest $145,638.68 (i) The amount of the distribution set forth in in paragraph A.1. (g) above in respect of principal $5,572,808.42 (j) The amount of the distribution set forth in paragraph A.1. (g) above, per $1,000 $62.16 (k) The amount of the distribution set forth in paragraph A.1. (h) above, per $1,000 $1.58 (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 $124,895.83 (n) The amount of the distribution set forth in paragraph A.1. (m) above in respect of interest $124,895.83 (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 $5.00 (q) The amount of the distribution set forth in paragraph A.1. (n) above, per $1,000 $5.00 (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 $418,162.13 (t) The amount of the distribution set forth in paragraph A.1. (s) above in respect of interest $418,162.13 (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 $5.07 (w) The amount of the distribution set forth in paragraph A.1. (t) above, per $1,000 $5.07 (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 $153,369,333.86 (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 $131,808,281.50 (c) The Note Pool Factor as of the close of business on the last day set forth above 0.8594174 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 $297,834.60 (b) The aggregate amount of the Standby Fee paid to the Standby Servicer with respect to the Collection Period set forth above. $3,195.19 (c) The amount of the payment set forth in paragraph B.2. (a) above per $1,000 $8.27 (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 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-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 $15,560,033.03 Spread Account Balance $15,560,033.03 (b) The change in the spread account on the Distribution Date set forth above ($659,283.14) 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 $185,353.62 6 Losses and Delinquencies. (a) The aggregate amount of Realized Losses on the Distribution Date set forth above $1,587,633.67 (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 334 Aggregate Gross Amount $3,879,000.00 (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 323 Aggregate Gross Amount $3,715,000.00 7 Performance Triggers (a) Delinquency Ratio 4.79% (b) Average Delinquency Ratio 4.88% (c) Cumulative Default Ratio 8.75% (d) Cumulative Net Loss Ratio 7.57% (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: 7,800,367.84 LOCK BOX NSF ITEMS: (80,161.75) TOTAL COLLECTION PROCEEDS: 7,720,206.09 FOR DISTRIBUTION DATE: 12/15/99 FOR DETERMINATION DATE: 12/8/99 FOR COLLECTION PERIOD: 11/99 COLLATERAL ACTIVITY INFORMATION PRINCIPAL Beginning Principal Balance 153,369,333.86 Beginning Principal Balance of Subsequent Receivables Transferred 0.00 --------------- Aggregate Beginning Principal Balance 153,369,333.86 Principal portion of payments collected (non-prepayments) 2,585,959.47 Prepayments in full allocable to principal 1,525,199.00 Collections allocable to principal 4,111,158.47 Partial prepayments relating to various contracts or policies 0.00 Liquidation Proceeds allocable to principal 520,860.11 Purchase Amounts allocable to principal 0.00 --------------- Total Principal 4,632,018.58 Realized Losses 1,587,633.67 Cram Down Losses 0.00 Ending Principal Balance 147,149,681.60 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 2,870,667.10 Liquidation Proceeds allocable to interest 0.00 Purchase Amounts allocable to interest 0.00 Recoveries from Liquidated Receivables from prior periods 217,520.50 --------------- Total Interest 3,088,187.51 NOTE & CERTIFICATE INFORMATION Beginning of Period Class A-1 Principal Balance 0.00 Beginning of Period Class A-2 Principal Balance 29,849,089.92 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 16,219,316.17 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 42,219.04 Scheduled Payments due in Collection Period 5,096,435.20 Scheduled Payments collected in Collection Period 5,456,626.48 Aggregate Amount of Realized Losses for preceding Distribution Date 1,587,633.67 MISCELLANEOUS CURRENT EXPENSES Trustee's out-of-pocket expenses 3,095.86 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) 3,018.83 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 334 3,879,000.00 60 - 89 days delinquent 182 2,130,000.00 90 - 119 days delinquent 82 944,000.00 120+ days delinquent 59 641,000.00 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 7,594,000.00 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 1,401,433.73 during the related Collection Period. Delinquency Ratio for second preceding Determination Date 4.91% Delinquency Ratio for third preceding Determination Date 4.93% Cumulative Defaults for preceding Determination Date 19,619,503.28 Cumulative Net Losses for preceding Determination Date 17,048,604.12 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) 6,981,825.48 Liquidation Proceeds 520,860.11 Recoveries 217,520.50 Purchase Amounts 0.00 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 86.97 Investment earnings from Interest Reserve Account N/A Investment earnings from Collection Account 20,745.52 --------------- TOTAL DISTRIBUTION AMOUNT 7,741,038.58 DISTRIBUTABLE AMOUNT Principal Distributable Amount Principal portion of payments collected (non-prepayments) 2,585,959.47 Prepayments in full allocable to principal 1,525,199.00 Principal Balance of Liquidated Receivables 2,108,493.78 Purchase Amounts allocable to principal 0.00 Cram Down Losses 0.00 --------------- Principal Distributable Amount 6,219,652.25 Class A Target Amount 90% 90% times Aggregate Principal Balance of Receivables 147,149,681.60 --------------- 132,434,713.44 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 98.0% After Target Payment Date, before Payment Date when A-2 reduced to 0 89.6% On Payment Date when Class A-2 Notes will be reduced to 0 21.7% --------------- 89.6% Class A Noteholders' Principal Distributable Amount Principal Distributable Amount 6,219,652.25 Times Class A Noteholders' Percentage 89.6% --------------- 5,572,808.42 Note Insurer Optional Deposit: Class A Prin Distributable Amt. 0.00 --------------- Class A Principal Distributable Amount 5,572,808.42 Class A-1 Noteholders' Interest Distributable Amount Beginning of Period Principal Balance of the Notes 0.00 Multiplied by the Note Rate 5.6375% Multiplied by actual/360, or for the first Distribution Date, by 18/360 0.0833333 --------------- Class A Interest Distributable Amount 0.00 Class A-2 Noteholders' Interest Distributable Amount Beginning of Period Principal Balance of the Notes 29,849,089.92 Multiplied by the Note Rate 5.8550% Multiplied by 30/360, or for the first Distribution Date, by 17/360 0.0833333 --------------- Class A Interest Distributable Amount 145,638.68 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 0.0833333 --------------- Class A Interest Distributable Amount 124,895.83 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 0.0833333 --------------- Class A Interest Distributable Amount 418,162.13 Excess Interest Amount Total Distribution Amount 7,741,038.58 minus Class A Principal and Interest Distributable Amount 6,261,505.06 Class A Interest Carryover Shortfall 0.00 Class A Principal Carryover Shortfall 0.00 Trustee and Collateral Agent distributions 4,913.05 Standby Servicer distributions 3,195.19 Servicer distributions 297,834.60 Insurance and Reimbursement Obligations 185,353.62 --------------- 988,237.06 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 --- (i) Standby Fee 3,195.19 Servicing Fee (2.0%) 255,615.56 Additional Servicing Fee Amounts (late fees, prepayment charges, etc.) 42,219.04 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) Indenture Trustee Fee 958.56 Indenture Trustee's out-of-pocket expenses 3,095.86 Unpaid Indenture Trustee Fee from prior Collection Periods 0.00 Unpaid Indenture Trustee's out-of-pocket exp. - prior Collection Periods 0.00 Owner Trustee Fee 0.00 Owner Trustee's out-of-pocket expenses 0.00 Unpaid Owner Trustee Fee from prior Collection Periods 0.00 Unpaid Owner Trustee's out-of-pocket exp - prior Collection Periods 0.00 (iv) Collateral Agent Fee 858.63 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)(A) Class A-1 Interest Distributable Amount - Current Month 0.00 Prior Month(s) Class A-1 Interest Carryover Shortfall 0.00 Class A-1 Interest Carryover Shortfall 0.00 Interest on Interest Carryover from Prior Months 0.00 Current Month Class A-1 Interest Carryover Shortfall 0.00 Class A-1 Interest Distributable Amount 0.00 (B) Class A-2 Interest Distributable Amount - Current Month 145,638.68 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 145,638.68 (vi)(A)Class A-3 Note Interest - Unadjusted 124,895.83 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 124,895.83 (B)Class A-4 Note Interest - Unadjusted 418,162.13 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 418,162.13 (vii) Class A Principal Distributable Amount - Current Month 5,572,808.42 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 Total Adjusted Distributable Amount 5,572,808.42 Class A Principal Distribution Amount to Class A-1 0.00 Class A Principal Distribution Amount to Class A-2 5,572,808.42 Class A Principal Distribution Amount to Class A-3 0.00 Class A Principal Distribution Amount to Class A-4 0.00 (viii) Note Insurer Premium 72,494.55 Note Insurer Premium Supplement 109,840.23 Other Reimbursement Obligations to Note Insurer 3,018.83 (ix) Transition Expenses to successor Servicer 0.00 (xi) Until the Target Payment Date, remaining amount to Class A Noteholders 0.00 Amount to Class A-1 Noteholders 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. 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. 988,237.06 Spread Account withdrawal for deficiencies 0.00
SECURITIES BALANCE Class A-1 Beginning of Period Principal Amount 0.00 Class A-1 Principal Distributions 0.00 Class A-1 End of Period Principal Amount (prior to turbo) 0.00 Additional Principal Distribution 0.00 Class A-1 End of Period Principal Amount 0.00 Class A-2 Beginning of Period Principal Amount 29,849,089.92 Class A-2 Principal Distributions 5,572,818.42 Class A-2 End of Period Principal Amount (prior to turbo) 24,276,281.50 Additional Principal Distribution 0.00 Class A-2 End of Period Principal Amount 24,276,281.50 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 7,741,038.58 (ii) Current distribution amounts payable pursuant to Section 5.8(a) (i) and (v)A 305,942.84 (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) 7,435,095.74 CLASS A-2 DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 5.8(a) (v) B 7,435,095.74 (ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) B 145,638.68 (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 Class B Deficiency NO Amount Remaining for Further Distribution/(Deficiency) 7,289,457.06 CLASS A-3 DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 5.8(a) (vi) A 7,289,457.06 (ii) Current distribution amounts payable pursuant to Section 5.8(a) (v) A 124,895.83 (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) 7,164,561.23 CLASS A-4 DEFICIENCY - INTEREST (i) Amounts available to make payments pursuant to Section 5.8(a) (vi) and (x) 7,164,561.23 (ii) Current distribution amounts payable pursuant to Section 5.8(a) (vi) and (x) 418,162.13 (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) 6,746,399.10 CLASS A DEFICIENCY - PRINCIPAL (i) Amounts available to make payments pursuant to Section 5.8(a) (vii) 6,746,399.10 (ii) Current distribution amounts payable pursuant to Section 5.8(a) (vii) 5,572,808.42 (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) 1,173,590.68 OTHER DISTRIBUTIONS (i) Amounts available to make payments pursuant to Section 5.8(a) (viii) 1,173,590.68 (vi) Note Insurer Premium 72,494.55 (v) Note Insurer Premium Supplement 109,840.23 Other Reimbursement Obligations to Note Insurer 3,018.83 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) 988,237.06 CALCULATIONS PERFORMANCE MEASURES Calculation of Delinquency Ratio (Current Period) Delinquency Amount Receivables more than 30 days delinquent 7,594,000.00 Purchased receivables more than 30 days delinquent 0.00 --------------- Total 7,594,000.00 Aggregate Gross Principal Balance as of the close of 158,415,628.70 business on the last day of the Collection Period. DELINQUENCY RATIO 4.79% Calculation of Average Delinquency Ratio Delinquency Ratio for most recent Determination Date 4.79% Delinquency Ratio for second preceding Determination Date 4.91% Delinquency Ratio for third preceding Determination Date 4.93% ---------------- Average Delinquency Ratio 4.88% CALCULATION OF CUMULATIVE DEFAULT RATIO Default Amount Principal Balance of Previously Defaulted Receivables 19,619,503.28 Current Period Defaulted Receivables 1,401,433.73 --------------- Total 21,020,937.01 Cumulative Defaulted Receivables 21,020,937.01 Original Pool Balance 240,339,160.19 Cumulative Default Ratio 8.75% CALCULATION OF CUMULATIVE NET LOSS RATIO Calculation of 120+ Delinquent Losses: Principal Balance of Delinquent Accts > 120 days 641,000.00 Principal Balance of Delinquent Accts > 90 < 120 days 944,000.00 Estimated Loss % 50% --------------- Estimated Loss $'s 1,113,000.00 Calculation of Net Losses Principal Balance plus accrued and unpaid interest of Liquidated Receivables 2,108,493.78 Cram Down Losses 0.00 Net Liquidation Proceeds (738,380.61) --------------- Net Losses 2,483,113.17 Cumulative Previous Net Losses 17,048,604.12 Less: Previous Month's Delinquency Loss Estimate (1,332,000.00) --------------- Cumulative Net Losses 18,199,717.29 Original Pool Balance 240,339,160.19 Cumulative Net Loss Ratio 7.57% ADDITIONAL POOL INFORMATION: Weighted Average Original Term 57.60 Weighted Average Remaining Term 41.14 Weighted Average Annual Percentage Rate 20.40% SPREAD ACCOUNT OC Percent Aggregate Principal Balance 147,149,681.60 minus the Securities Balance 131,808,281.50 --------------- 15,341,400.11 divided by the Aggregate Principal Balance 10.43% Floor OC Percent Aggregate Principal Balance 147,149,681.60 minus the Securities Balance 131,808,281.50 --------------- 15,341,400.11 divided by the initial Aggregate Principal Balance 240,339,160.19 --------------- 6.38% Floor Amount greater of (a) $100,000 100,000.00 (b) the lesser of (i) Securities Balance 131,808,281.50 (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% 10.57% if a Trigger Event, 20% 19.07% if a Portfolio Performance Event of Default, 30% 34.57% if an Insurance Agreement Event of Default, unlimited 100.00% 10.57% times the Aggregate Principal Balance 147,149,681.60 --------------- 15,560,033.03 Requisite Amount 15,560,033.03 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 15,560,033.03 Beginning of Period Spread Account Balance 16,219,316.17 Additional Deposit for Subsequent Receivables Transfer 0.00 Spread Account Deposit (Withdrawal) from Current Distributions 988,237.06 Transfer (to) from Cross-Collateralized Spread Accounts (548.65) Required addition to/(eligible withdrawal from) Spread Account (1,646,971.55) Earnings on Spread Account Balance 70,054.80 Amount of Spread Account deposit (withdrawal) (1,717,026.35) Net Spread Account Withdrawal to Seller (1,717,026.35) Ending Spread Account Balance 15,560,033.03
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-----