C.
|
|
COLLECTIONS AND AVAILABLE FUNDS
|
|
|
|
|
|
|
20
|
|
Lease Payments Received
|
|
|
|
|
|
|
6,797,334.65
|
|
21
|
|
Pull Ahead Waived Payments
|
|
|
|
|
|
|
-
|
|
22
|
|
Sales Proceeds - Early Terminations
|
|
|
|
|
|
|
16,247,713.23
|
|
23
|
|
Sales Proceeds - Scheduled Terminations
|
|
|
|
|
|
|
19,636,575.19
|
|
24
|
|
Security Deposits for Terminated Accounts
|
|
|
|
|
|
|
14,875.00
|
|
25
|
|
Excess Wear and Tear Received
|
|
|
|
|
|
|
44,505.03
|
|
26
|
|
Excess Mileage Charges Received
|
|
|
|
|
|
|
92,230.82
|
|
27
|
|
Proceeds Received on Defaulted Leases and Other Recoveries
|
|
|
|
|
|
|
353,059.38
|
|
28
|
|
Subtotal: Total Collections
|
|
|
|
|
|
|
43,186,293.30
|
|
29
|
|
Repurchase Payments
|
|
|
|
|
|
|
-
|
|
30
|
|
Postmaturity Term Extension
|
|
|
|
|
|
|
-
|
|
31
|
|
Investment Earnings on Collection Account
|
|
|
|
|
|
|
261,416.95
|
|
32
|
|
Total Available Funds, prior to Servicer Advances
|
|
|
|
|
|
|
43,447,710.25
|
|
33
|
|
Servicer Advance
|
|
|
|
|
|
|
-
|
|
34
|
|
Total Available Funds
|
|
|
|
|
|
|
43,447,710.25
|
|
35
|
|
Reserve Account Draw
|
|
|
|
|
|
|
-
|
|
36
|
|
Available for Distribution
|
|
|
|
|
|
|
43,447,710.25
|
|
|
|
|
|
|
|
|
|
|
|
|
D.
|
|
DISTRIBUTIONS
|
|
|
|
|
|
|
|
|
37
|
|
Payment Date Advance Reimbursement (Item 82)
|
|
|
|
|
|
|
-
|
|
38
|
|
Servicing Fee (Servicing and Administrative Fees paid pro rata):
|
|
|
|
|
|
|
|
|
39
|
|
Servicing Fee Shortfall from Prior Periods
|
|
|
|
|
|
|
-
|
|
40
|
|
Servicing Fee Due in Current Period
|
|
|
|
|
|
|
251,023.36
|
|
41
|
|
Servicing Fee Shortfall
|
|
|
|
|
|
|
-
|
|
42
|
|
Administration Fee (Servicing and Administrative Fees paid pro rata):
|
|
|
|
|
|
|
|
|
43
|
|
Administration Fee Shortfall from Prior Periods
|
|
|
|
|
|
|
-
|
|
44
|
|
Administration Fee Due in Current Period
|
|
|
|
|
|
|
2,500.00
|
|
45
|
|
Administration Fee Shortfall
|
|
|
|
|
|
|
-
|
|
46
|
|
Interest Shortfall from Prior Periods
|
|
|
|
|
|
|
|
|
47
|
|
Interest Paid to Noteholders
|
|
|
|
|
|
|
344,011.87
|
|
48
|
|
First Priority Principal Distribution Amount
|
|
|
|
|
|
|
-
|
|
49
|
|
Amount Paid to Reserve Account to Reach Specified Balance
|
|
|
|
|
|
|
-
|
|
50
|
|
Subtotal: Remaining Available Funds
|
|
|
42,850,175.02
|
|
|
|
|
|
51
|
|
Regular Principal Distribution Amount
|
|
|
38,031,565.91
|
|
|
|
|
|
52
|
|
Regular Principal Paid to Noteholders (lesser of Item 50 and Item 51)
|
|
|
|
|
|
|
38,031,565.91
|
|
53
|
|
Amounts paid to indenture, owner, and origination trustee and asset representations reviewer
|
|
|
|
|
|
|
-
|
|
54
|
|
Remaining Available Funds
|
|
|
|
|
|
|
4,818,609.10
|
|
E.
|
|
CALCULATIONS
|
|
|
|
|
|
|
55
|
|
Calculation of First Priority Principal Distribution Amount:
|
|
|
|
|
|
|
|
|
56
|
|
Outstanding Principal Amount of the Notes (Beg. Of Collection Period)
|
|
|
|
|
|
|
115,181,465.69
|
|
57
|
|
Less: Aggregate Securitization Value (End of Collection Period)
|
|
|
|
|
|
|
(263,196,471.85
|
)
|
58
|
|
First Priority Principal Distribution Amount (not less than zero)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
59
|
|
Calculation of Regular Principal Distribution Amount:
|
|
|
|
|
|
|
|
|
60
|
|
Outstanding Principal Amount of the Notes (Beg. Of Collection Period)
|
|
|
|
|
|
|
115,181,465.69
|
|
61
|
|
Less: Targeted Note Balance
|
|
|
|
|
|
|
(77,149,899.78
|
)
|
62
|
|
Less: First Priority Principal Distribution Amount
|
|
|
|
|
|
|
-
|
|
63
|
|
Regular Principal Distribution Amount
|
|
|
|
|
|
|
38,031,565.91
|
|
|
|
|
|
|
|
|
|
|
|
|
64
|
|
Calculation of Targeted Note Balance:
|
|
|
|
|
|
|
|
|
65
|
|
Aggregate Securitization Value (End of Collection Period)
|
|
|
|
|
|
|
263,196,471.85
|
|
66
|
|
Less: Targeted Overcollateralization Amount (16.00% of Initial Securitization Value)
|
|
|
|
|
|
|
(186,046,572.07
|
)
|
67
|
|
Targeted Note Balance
|
|
|
|
|
|
|
77,149,899.78
|
|
|
|
|
|
|
|
|
|
|
|
|
68
|
|
Calculation of Servicer Advance:
|
|
|
|
|
|
|
|
|
69
|
|
Available Funds, prior to Servicer Advances (Item 32)
|
|
|
|
|
|
|
43,447,710.25
|
|
70
|
|
Less: Payment Date Advance Reimbursement (Item 82)
|
|
|
|
|
|
|
-
|
|
71
|
|
Less: Servicing Fees Paid (Items 39, 40 and 41)
|
|
|
|
|
|
|
251,023.36
|
|
72
|
|
Less: Administration Fees Paid (Items 43, 44 and 45)
|
|
|
|
|
|
|
2,500.00
|
|
73
|
|
Less: Interest Paid to Noteholders (Item 47)
|
|
|
|
|
|
|
344,011.87
|
|
74
|
|
Less: 1st Priority Principal Distribution (Item 58)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
75
|
|
Equals: Remaining Available Funds before Servicer Advance (If < 0, Available Funds Shortfall)
|
|
|
|
|
|
|
42,850,175.02
|
|
76
|
|
Monthly Lease Payments Due on Included Units but not received (N/A if Item 75 > 0)
|
|
|
|
|
|
|
N/A
|
|
77
|
|
Servicer Advance (If Item 75 < 0, lesser of Item 76 and absolute value of Item 75, else 0)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
78
|
|
Total Available Funds after Servicer Advance (Item 76plus Item 77)
|
|
|
|
|
|
|
42,850,175.02
|
|
79
|
|
Reserve Account Draw Amount (If Item 78 is < 0, Lesser of the Reserve Account Balance and Item 78)
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
80
|
|
Reconciliation of Servicer Advance:
|
|
|
|
|
|
|
|
|
81
|
|
Beginning Balance of Servicer Advance
|
|
|
|
|
|
|
-
|
|
82
|
|
Payment Date Advance Reimbursement
|
|
|
|
|
|
|
-
|
|
83
|
|
Additional Payment Advances for current period
|
|
|
|
|
|
|
-
|
|
84
|
|
Ending Balance of Payment Advance
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
F.
|
|
RESERVE ACCOUNT
|
|
|
|
|
|
|
|
|
85
|
|
Reserve Account Balances:
|
|
|
|
|
|
|
|
|
86
|
|
Targeted Reserve Account Balance
|
|
|
|
|
|
|
2,906,977.69
|
|
87
|
|
Initial Reserve Account Balance
|
|
|
|
|
|
|
2,906,977.69
|
|
|
|
|
|
|
|
|
|
|
|
|
88
|
|
Beginning Reserve Account Balance
|
|
|
|
|
|
|
2,906,977.69
|
|
89
|
|
Plus: Net Investment Income for the Collection Period
|
|
|
|
|
|
|
12,807.36
|
|
90
|
|
Subtotal: Reserve Fund Available for Distribution
|
|
|
|
|
|
|
2,919,785.05
|
|
91
|
|
Plus: Deposit of Excess Available Funds to reach Specified Balance (Item 49)
|
|
|
|
|
|
|
-
|
|
92
|
|
Less: Reserve Account Draw Amount (Item 79)
|
|
|
|
|
|
|
-
|
|
93
|
|
Subtotal Reserve Account Balance
|
|
|
|
|
|
|
2,919,785.05
|
|
94
|
|
Less: Excess Reserve Account Funds to Transferor (If Item 93> Item 86)
|
|
|
|
|
|
|
12,807.36
|
|
95
|
|
Equals: Ending Reserve Account Balance
|
|
|
|
|
|
|
2,906,977.69
|
|
|
|
|
|
|
|
|
|
|
|
|
96
|
|
Change in Reserve Account Balance from Immediately Preceding Payment Date
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
97
|
|
Current Period Net Residual Losses:
|
|
Units
|
|
|
Amounts
|
|
98
|
|
Aggregate Securitization Value for Scheduled Terminated Units
|
|
|
913
|
|
|
|
18,800,212.97
|
|
99
|
|
Less: Aggregate Sales Proceeds and Other Collections for Current Month Scheduled Terminated Units
|
|
|
|
|
|
|
(19,372,337.75
|
)
|
100
|
|
Less: Aggregate Sales Proceeds & Recoveries for Prior Month Scheduled Terminated Units
|
|
|
|
|
|
|
(380,733.61
|
)
|
101
|
|
Less: Excess Wear and Tear Received
|
|
|
|
|
|
|
(44,805.03
|
)
|
102
|
|
Less: Excess Mileage Received
|
|
|
|
|
|
|
(92,230.82
|
)
|
103
|
|
Current Period Net Residual Losses/(Gains)
|
|
|
913
|
|
|
|
(1,089,894.24
|
)
|
104
|
|
Cumulative Net Residual Losses:
|
|
|
|
|
|
|
|
|
105
|
|
Beginning Cumulative Net Residual Losses
|
|
|
8,243
|
|
|
|
(12,089,210.52
|
)
|
106
|
|
Current Period Net Residual Losses (Item 103)
|
|
|
913
|
|
|
|
(1,089,894.24
|
)
|
107
|
|
Ending Cumulative Net Residual Losses
|
|
|
9,156
|
|
|
|
(13,179,104.76
|
)
|
108
|
|
Cumulative Net Residual Losses/(Gains) as a % of Aggregate Initial Securitization Value
|
|
|
|
|
|
|
-1.13
|
%
|
G.
|
|
POOL STATISTICS
|
|
|
|
|
|
|
|
|
|
|
|
|
109
|
|
Collateral Pool Balance Data
|
|
|
|
|
|
|
|
|
|
Initial
|
|
|
Current
|
|
110
|
|
Aggregate Securitization Value
|
|
|
|
|
|
|
|
|
|
|
1,162,791,075.45
|
|
|
|
263,196,471.85
|
|
111
|
|
Aggregate Base Residual Value
|
|
|
|
|
|
|
|
|
|
|
790,858,748.94
|
|
|
|
237,925,469.86
|
|
112
|
|
Number of Current Contracts
|
|
|
|
|
|
|
|
|
|
|
40,751
|
|
|
|
13,274
|
|
113
|
|
Weighted Average Lease Rate
|
|
|
|
|
|
|
|
|
|
|
2.83
|
%
|
|
|
3.15
|
%
|
114
|
|
Average Remaining Term
|
|
|
|
|
|
|
|
|
|
|
26.4
|
|
|
|
4.4
|
|
115
|
|
Average Original Term
|
|
|
|
|
|
|
|
|
|
|
40.5
|
|
|
|
42.6
|
|
116
|
|
Proportion of Base Prepayment Assumption Realized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53.30
|
%
|
117
|
|
Actual Monthly Prepayment Speed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.70
|
%
|
118
|
|
Turn-in Ratio on Scheduled Terminations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
79.08
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales Proceeds
|
|
|
Units
|
|
|
Book Amount
|
|
|
Securitization Value
|
|
119
|
|
Pool Balance - Beginning of Period
|
|
|
|
|
|
|
14,950
|
|
|
|
333,953,470.23
|
|
|
|
301,228,037.76
|
|
120
|
|
Depreciation/Payments
|
|
|
|
|
|
|
|
|
|
|
(5,546,714.33
|
)
|
|
|
(4,218,870.79
|
)
|
121
|
|
Gross Credit Losses
|
|
|
|
|
|
|
(13
|
)
|
|
|
(371,466.43
|
)
|
|
|
(379,492.15
|
)
|
122
|
|
Early Terminations - Purchased by Customer
|
|
|
|
|
|
|
(58
|
)
|
|
|
(1,150,059.96
|
)
|
|
|
(1,034,337.97
|
)
|
123
|
|
Early Terminations - Sold at Auction
|
|
|
|
|
|
|
(12
|
)
|
|
|
(309,854.38
|
)
|
|
|
(287,105.77
|
)
|
124
|
|
Early Terminations - Purchased by Dealer
|
|
|
|
|
|
|
(680
|
)
|
|
|
(14,745,007.75
|
)
|
|
|
(13,311,546.27
|
)
|
125
|
|
Early Terminations - Lease Pull Aheads
|
|
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
126
|
|
Scheduled Terminations - Purchased by Customer
|
|
|
3,200,899
|
|
|
|
(191
|
)
|
|
|
(3,908,828.62
|
)
|
|
|
(3,679,642.44
|
)
|
127
|
|
Scheduled Terminations - Sold at Auction
|
|
|
1,004,999
|
|
|
|
(39
|
)
|
|
|
(1,093,981.40
|
)
|
|
|
(1,018,815.37
|
)
|
128
|
|
Scheduled Terminations - Purchased by Dealer
|
|
|
15,045,304
|
|
|
|
(683
|
)
|
|
|
(14,996,608.03
|
)
|
|
|
(14,101,755.16
|
)
|
129
|
|
Pool Balance - End of Period
|
|
|
|
|
|
|
13,274
|
|
|
|
291,830,949.33
|
|
|
|
263,196,471.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
130
|
|
Delinquencies Aging Profile - End of Period
|
|
|
|
|
Units
|
|
|
Securitization Value
|
|
|
Percentage
|
|
131
|
|
Current
|
|
|
|
|
|
|
13,009
|
|
|
|
257,496,207.22
|
|
|
|
97.83
|
%
|
132
|
|
31 - 60 Days Delinquent
|
|
|
|
|
|
|
192
|
|
|
|
4,054,558.56
|
|
|
|
1.54
|
%
|
133
|
|
61 - 90 Days Delinquent
|
|
|
|
|
|
|
37
|
|
|
|
831,959.53
|
|
|
|
0.32
|
%
|
134
|
|
91+ Days Delinquent
|
|
|
|
|
|
|
36
|
|
|
|
813,746.52
|
|
|
|
0.31
|
%
|
135
|
|
Total
|
|
|
|
|
|
|
13,274
|
|
|
|
263,196,471.83
|
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
136
|
|
Delinquency Trigger
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.86
|
%
|
137
|
|
Delinquency Percentage (61 - Day Delinquent Receivables)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.63
|
%
|
138
|
|
Delinquency Trigger occurred in this collection Period?
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
No
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
139
|
|
Credit Losses:
|
|
|
|
|
|
|
|
|
|
Units
|
|
|
Amounts
|
|
140
|
|
Aggregate Securitization Value on charged-off units
|
|
|
|
|
|
|
|
|
|
|
13
|
|
|
|
379,492.15
|
|
141
|
|
Aggregate Liquidation Proceeds on charged-off units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(75,810.36
|
)
|
142
|
|
Aggregate Securitization Value on charged-off units previously categorized as Early Terminations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
143
|
|
Aggregate Liquidation Proceeds on charged-off units previously categorized as Early Terminations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
|
|
144
|
|
Recoveries on charged-off units
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(277,249.02
|
)
|
145
|
|
Current Period Aggregate Net Credit Losses/(Gains)
|
|
|
|
|
|
|
|
|
|
|
13
|
|
|
|
26,432.77
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
146
|
|
Cumulative Net Credit Losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
147
|
|
Beginning Cumulative Net Credit Losses
|
|
|
|
|
|
|
|
|
|
|
359
|
|
|
|
4,544,149.64
|
|
148
|
|
Current Period Net Credit Losses (Item 145)
|
|
|
|
|
|
|
|
|
|
|
13
|
|
|
|
26,432.77
|
|
149
|
|
Ending Cumulative Net Credit Losses
|
|
|
|
|
|
|
|
|
|
|
372
|
|
|
|
4,570,582.41
|
|
150
|
|
Cumulative Net Credit Losses/(Gains) as a % of Aggregate Initial Securitization Value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.39
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
151
|
|
Aging of Scheduled Maturies Not Sold
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Units
|
|
152
|
|
1 - 60 Days since Contract Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
333
|
|
153
|
|
61 - 120 Days since Contract Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91
|
|
154
|
|
121+ Days since Contract Maturity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
87
|
|