-----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, B4FishbKkvGtpFbGqZc98B7ngeTUVoeZazJf2gKIABId5tli1Ae1cfwhKa7PTem8 q5nU6KcLVmyAKDoYSDo+nA== 0000892569-03-001486.txt : 20030612 0000892569-03-001486.hdr.sgml : 20030612 20030611173818 ACCESSION NUMBER: 0000892569-03-001486 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030612 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030612 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRIAD AUTOMOBILE RECEIVABLES TRUST 2002 A CENTRAL INDEX KEY: 0001181432 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-90130-01 FILM NUMBER: 03741221 BUSINESS ADDRESS: STREET 1: 7711 CENTER AVENUE STREET 2: SUITE 250 CITY: HUNTINGTON BEACH STATE: CA ZIP: 92647 BUSINESS PHONE: 7147992288 MAIL ADDRESS: STREET 1: 7711 CENTER AVENUE STREET 2: SUITE 250 CITY: HUNTINGTON BEACH STATE: CA ZIP: 92647 8-K 1 a90827e8vk.htm FORM 8-K DATED JUNE 12, 2003 Triad Automobile Receivables Trust 2002-A
Table of Contents

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) June 12, 2003

 
Triad Automobile Receivables Trust 2002-A
(Issuer with respect to the Notes)
 
Triad Financial Corporation
(Exact name of registrant as specified in its charter)
         
California   333-90130   33-0356705
 
 
(State or Other   (Commission File   (I.R.S. Employer
Jurisdiction of   Number)   Identification No.)
Incorporation)        
     
Debra Glasser, Esq.    
Triad Financial Corporation    
7711 Center Avenue    
Suite 100    
Huntington Beach, California   92647
 
(Address of principal executive offices)   (Zip Code)
     
Registrant’s Telephone Number,    
including area code:   (714) 373-8300
 
No Change
(Former name or former address, if changed since last report)

1

Item 5. Other Events
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
SIGNATURES
EXHIBIT INDEX
EXHIBIT 99

Table of Contents

Item 5. Other Events

  Information related to distributions to Noteholders for the May, 2003 Collection Period with respect to the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class A-4 Notes and the Class B Notes (the “Notes”) issued by the Issuer. The performance of the Receivables held by the Issuer as well as other information related to the Notes is contained in the Servicer’s Certificate and the Statement to Noteholders for the referenced Collection Period. Both reports have been provided to the Noteholders pursuant to the Sale and Servicing Agreement dated as of August 1, 2002 among the Issuer, Triad Financial Special Purpose LLC, as Seller, Triad Financial Corporation, as Servicer and JPMorgan Chase Bank, as Backup Servicer and Indenture Trustee (the “Agreement”).

Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.

(a)   Not applicable
 
(b)   Not applicable
 
(c)   Exhibits:

               99. Servicer’s Certificate and Statement to Noteholders for the May, 2003 Collection Period relating to the Notes issued by the Issuer pursuant to the Agreement.

2

Table of Contents

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.

     
    TRIAD FINANCIAL CORPORATION
         
    By:   /s/ Mike L. Wilhelms
       
    Name:
Title: 		  Mike L. Wilhelms
Chief Financial Officer

Dated: June 12, 2003

3

Table of Contents

EXHIBIT INDEX

     
Exhibit No.   Description
 
99   Servicer’s Certificate and Statement to Noteholders for the May, 2003 Collection Period relating to the Notes issued by the Issuer.

4 EX-99 3 a90827exv99.htm EXHIBIT 99 exv99

 

Exhibit 99

Triad Automobile Receivables Trust 2002-A
Class A-1     1.72313% Asset Backed Notes
Class A-2           1.99% Asset Backed Notes
Class A-3           2.62% Asset Backed Notes
Class A-4           3.24% Asset Backed Notes
Schedule B — Servicer’s Certificate

This Servicer’s Certificate has been prepared pursuant to Section 4.9 of the Sale and Servicing Agreement among Triad Automobile Receivables Trust 2002-A, as Issuer, Triad Financial Corporation, as Servicer and Custodian, Triad Financial Special Purpose LLC, as Seller, and JPMorgan Chase Bank, as the Backup Servicer and Indenture Trustee, dated as of August 1, 2002. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.

The undersigned hereby certifies that no Trigger Event has occurred on the related Determination Date and that, to the knowledge of the Servicer, no Insurance Agreement Event of Default has occurred.

         
Collection Period Beginning:   5/1/2003    
Collection Period Ending:   5/31/2003    
Prev. Distribution/Close Date:   5/12/2003    
Distribution Date:   6/12/2003    
Days of Interest for Period:   31    
Days of Collection Period   31    
Months Seasoned:   10    
                                 
                            Original
Purchases   Units   Cut-Off Date   Closing Date   Pool Balance
 
 
 
 
Initial Purchase
     57,520       7/31/2002       8/21/2002       879,123,207.32  
Sub. Purchase #1                                
Sub. Purchase #2                                
Total
     57,520                       879,123,207.32  

I. ORIGINAL DEAL PARAMETERS

                             
    Dollar Amount   # of Contracts
   
 
Original Portfolio :
   $ 879,123,207.32       57,520  
                             
                        Legal Final
Original Securities:   Dollar Amount   Coupon   Maturity
 
Class A-1 Notes
   $ 202,000,000.00       1.72313 %     9/12/2003  
 
Class A-2 Notes
     231,000,000.00       1.99000 %     1/12/2006  
 
Class A-3 Notes
     187,000,000.00       2.62000 %     2/12/2007  
 
Class A-4 Notes
     206,374,000.00       3.24000 %     8/12/2009  
 
Class B Notes
     52,749,207.32       8.00000 %     8/12/2009  
 
 
      
               
   
Total
   $ 879,123,207.32                  

II. COLLECTION PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:

                                       
(1)  
Beginning of period Aggregate Principal Balance
                       (1)   709,991,501.82
         
 
                          
(2)  
Subsequent Receivables Added
                       (2)   —
       
 
                            
   
Monthly Principal Amounts
                            
    (3)
Principal Portion of Scheduled Payments Received
         (3)   9,043,920.39              
       
 
              
             
    (4)
Principal Portion of Prepayments Received
         (4)   8,491,116.79              
       
 
              
             
    (5)
Principal Portion of Liquidated Receivables
         (5)   5,263,021.83              
       
 
              
             
    (6)
Aggregate Amount of Cram Down Losses
         (6)   —              
       
 
              
             
    (7)
Other Receivables adjustments
         (7)   —              
       
 
              
             
    (8)
Total Principal Distributable Amounts
                       (8)   22,798,059.01
       
 
                            
(9)  
End of Period Aggregate Principal Balance
                       (9)   687,193,442.81
       
 
                            
(10)  
Pool Factor (Line 9 / Original Pool Balance)
                       (10)   78.1680%
                 
 
                  

III. COLLECTION PERIOD NOTE BALANCE CALCULATION:

                                                         
          CLASS A-1   CLASS A-2   CLASS A-3   CLASS A-4   CLASS B   TOTAL
         
 
 
 
 
 
(11)    
Original Note Balance
   $ 202,000,000.00       231,000,000.00       187,000,000.00       206,374,000.00       52,749,207.32     $ 879,123,207.32  
     
 
    
     
     
     
     
     
 
(12)    
Beginning of period Note Balance
     418,521.60       231,000,000.00       187,000,000.00       206,374,000.00       27,380,848.92       652,173,370.52  
     
 
    
     
     
     
     
     
 
(13)    
Noteholders’ Principal Distributable Amount
     418,521.60       19,643,770.33       —       —       7,332,071.15       27,394,363.08  
(14)    
Class A Noteholders’ Accelerated Principal Amount
     —       —       —       —               —  
(15)    
Class A Noteholders’ Principal Carryover Amount
     —       —       —       —               —  
(16)    
Policy Claim Amount
     —       —       —       —               —  
     
 
    
     
     
     
     
     
 
(17)    
End of period Note Balance
     —       211,356,229.67       187,000,000.00       206,374,000.00       20,048,777.77       624,779,007.44  
     
 
    
     
     
     
     
     
 
(18)    
Note Pool Factors (Line 17 / Line 11)
     0.0000 %     91.4962 %     100.0000 %     100.0000 %     38.0077 %     71.0684 %
     
 
    
     
     
     
     
     
 
(19)  
Class A Noteholders’ Ending Note Balance
     604,730,229.67                                          
(20)  
Class B Noteholders’ Ending Note Balance
     20,048,777.77                                          
(21)    
Class A Noteholders’ Beginning Note Balance
     624,792,521.60                                          
(22)    
Class B Noteholders’ Beginning Note Balance
     27,380,848.92                                          
(23)  
Total Noteholders Principal Distribution for Collection Period
     27,394,363.08                                          
(24)  
Total Noteholders Interest Distribution for Collection Period
     1,531,728.13                                          

1

 

Triad Automobile Receivables Trust 2002-A
Class A-1    1.72313% Asset Backed Notes
Class A-2          1.99% Asset Backed Notes
Class A-3          2.62% Asset Backed Notes
Class A-4          3.24% Asset Backed Notes
Schedule B — Servicer’s Certificate

IV. CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT:

                                   
(25 )  
Total Monthly Principal Collection Amounts
                     (25 )     22,798,059.01
     
 
                            
(26 )  
Required Pro Forma Class A Note Balance (88% x Line 9)
     (26 )     604,730,229.67                
     
 
            
               
(27 )  
Pro Forma Class A Note Balance (Line 21 - Line 8)
     (27 )     601,994,462.59                
     
 
            
               
(28 )  
Step-Down Amount (Max of 0 or (Line 26 - Line 27))
     (28 )     2,735,767.08               2,735,767.08
     
 
            
             
(29 )  
Principal Distribution Amount (Line 25 - Line 28)
                     (29 )     20,062,291.93
     
 
                            
               
 
                            

V. RECONCILIATION OF COLLECTION ACCOUNT:

                                       
       
Available Funds
                              
       
(30) Interest Collections
     (30 )     10,388,134.85                
       
 
            
               
       
(31) Repurchased Loan Proceeds Related to Interest
     (31 )     —                
       
 
            
               
       
(32) Principal Collections
     (32 )     9,043,920.39                
       
 
            
               
       
(33) Prepayments in Full
     (33 )     8,491,116.79                
       
 
            
               
       
(34) Prepayments in Full Due to Administrative Repurchases
     (34 )     —                
       
 
            
               
       
(35) Repurchased Loan Proceeds Related to Principal
     (35 )     —                
       
 
            
               
       
(36) Collection of Supplemental Servicing — Extension and Late Fees
     (36 )     218,173.83                
       
 
            
               
       
(37) Collection of Supplemental Servicing — Repo and Recovery Fees Advanced
     (37 )     —                
       
 
            
               
       
(38) Liquidation Proceeds
     (38 )     1,622,278.00                
       
 
            
               
       
(39) Recoveries from Prior Month Charge-Offs
     (39 )     281,016.27                
       
 
            
               
       
(40) Investment Earnings — Collection Account
     (40 )     17,698.32                
       
 
            
               
       
(41) Investment Earnings — Spread Account
     (41 )     20,007.34                
       
 
            
               
       
(42) Total Available Funds
                     (42 )     30,082,345.79
       
 
                            
       
Distributions:
                              
       
(43) Base Servicing Fee — to Servicer
     (43 )     1,331,234.07                
       
 
            
               
       
(44) Supplemental Servicing Fee — to Servicer
     (44 )     392,805.28                
       
 
            
               
       
(45) Indenture Trustee Fees
     (45 )     250.00                
       
 
            
               
       
(46) Owner Trustee Fees
     (46 )     —                
       
 
            
               
       
(47) Backup Servicer Fees
     (47 )     —                
       
 
            
               

Noteholders’ Interest Distributable Amount

                                                                                           
                      Beginning   Interest   Interest                   Calculated                        
                Class   Note Balance   Carryover   Rate   Days   Days Basis   Interest                        
               
 
 
 
 
 
 
                       
          (48 )  
Class A-1
     418,521.60       —       1.72313 %     31     Act.Days/360     621.01       (48 )     621.01          
               
 
                                                            
         
          (49 )  
Class A-2
     231,000,000.00       —       1.99000 %     30       30/360       383,075.00       (49 )     383,075.00          
               
 
                                                            
         
          (50 )  
Class A-3
     187,000,000.00       —       2.62000 %     30       30/360       408,283.33       (50 )     408,283.33          
               
 
                                                            
         
          (51 )  
Class A-4
     206,374,000.00       —       3.24000 %     30       30/360       557,209.80       (51 )     557,209.80          
           
 
                                                                
     
          (52 )    
Class B
     27,380,848.92       —       8.00000 %     30       30/360       182,538.99       (52 )     182,538.99          
           
 
                                                                
     

Noteholders’ Principal Distribution Amount

                                                                                       
            Principal   Principal   Excess   Mandatory           Total                                
    Class   Distribution   Carryover   Prin. Due   Note Prepayment           Principal                                
   
 
 
 
 
         
                               
      (53 )  
Class A-1
     418,521.60       —       —       —       —       418,521.60             (53 )   418,521.60      
           
 
                                                                
     
      (54 )  
Class A-2
     19,643,770.33       —       —       —       —       19,643,770.33             (54 )   19,643,770.33      
           
 
                                                                
     
      (55 )  
Class A-3
     —       —       —       —       —       —             (55 )   —      
           
 
                                                                
     
      (56 )  
Class A-4
     —       —       —       —       —       —             (56 )   —      
           
 
                                                                
     
      (57 )    
Class B
     —       —       —       —       —       —             (57 )   —      
                                           
      (58 )  
Insurer Premiums — to AMBAC
     (58 )   115,907.00                  
           
 
          
                 
      (59 )  
Total Distributions
                 (59)   23,434,216.40        
           
 
                    
       
                             
(60 )  
Excess Available Funds (or Premium Claim Amount)
     (60 )   6,648,129.39          
     
 
          
         
(61 )  
Deposit to Spread Account to Increase to Required Level
     (61 )   —          
     
 
          
         
(62 )  
Amount available for Noteholders’ Accelerated Principle Amount
     (62 )   —          
     
 
          
         
(63 )  
Amount available for Deposit into the Note Distribution Account
     (63 )   6,648,129.39          
     
 
          
         

VI. CALCULATION OF ACCELERATED PRINCIPAL AMOUNT:

                                     
(64 )  
Excess Available Funds After Amount to Increase Spread to Required Level (Line 60 - Line 61)
     (64 )     6,648,129.39                
     
 
            
               
(65 )  
Spread Account Balance in Excess of Required Spread Balance
     (65 )     683,941.77                
     
 
            
               
(66 )  
Total Excess Funds Available
     (66 )     7,332,071.15                
     
 
            
               
(67 )  
Pro Forma Class A Note Balance (Line 21 - Line 8)
     (67 )     601,994,462.59                
     
 
            
               
(68 )  
Required Pro Forma Class A Note Balance (88% x Line 9)
     (68 )     604,730,229.67                
     
 
            
               
(69 )  
Excess of Pro Forma Balance over Required Balance (Line 67 - Line 68)
     (69 )     —                
     
 
            
               
(70 )  
Lesser of (Line 68) or (Line 69)
     (70 )     —                
     
 
            
               
(71 )  
Accelerated Principal Amount (Lesser of Line 66 or 70)
                     (71 )     —
     
 
                            

2

 

Triad Automobile Receivables Trust 2002-A
Class A-1            1.72313% Asset Backed Notes
Class A-2      1.99% Asset Backed Notes
Class A-3      2.62% Asset Backed Notes
Class A-4      3.24% Asset Backed Notes
Schedule B — Servicer’s Certificate

VII. RECONCILIATION OF SPREAD ACCOUNT:

                                                         
                Initial Deposit                           Total
               
                         
(72 )    
Initial or Subsequent Spread Account Deposits
     26,373,696.22                               26,373,696.22  
(73 )    
Beginning of period Spread Account balance
                             (73 )     21,299,745.05  
                                           
               
Additions to Spread Account
                                        
          (74 )  
Deposit from Collection Account (Line 61)
             (74 )     —                  
                             
             
          (75 )  
Investments Earnings
             (75 )     20,007.34                  
                             
             
          (76 )  
Deposits Related to Subsequent Receivables Purchases
             (76 )     —                  
                             
             
          (77 )  
Total Additions
                             (77 )     20,007.34  
                                           
               
Spread Account Balance available for Withdrawals
                             (78 )     21,319,752.39  
                                           
               
and Spread Account Requirement Amount
                                        
          (79 )  
3% of the Ending Pool Balance (3% x Line 9)
             (79 )     20,615,803.28                  
                             
             
          (80 )  
Floor Amount (1.5% of Original Pool Balance)
     13,186,848.11       (80 )     —                  
                             
             
          (81 )  
If a Spread Cap Event exists then 6% of the Ending Pool Balance
     —       (81 )     —                  
                             
             
          (82 )  
If a Trigger Event exists then an unlimited amount as determined by the Controlling Party
             (82 )     —                  
                             
             
          (83 )  
Spread Account Requirement
                             (83 )     20,615,803.28  
                                           
               
Withdrawals from Spread Account
                                        
          (84 )  
Withdrawal pursuant to Section 5.1(b) (Transfer Investment Earnings to the Collection Account)
             (84 )     20,007.34                  
                             
             
          (85 )  
Withdrawal pursuant to Section 5.7(Spread Account Draw Amount)
             (85 )     —                  
                             
             
          (86 )  
Withdrawal pursuant to Section 5.7(b)(x) (Unpaid amounts owed to the Insurer)
             (86 )     —                  
                             
             
          (87 )  
Withdrawal pursuant to Section 5.7(b)(xiii) (Other unpaid amounts owed to the Insurer)
             (87 )     —                  
                             
             
          (88 )  
Withdrawal pursuant to Section 5.7(b)(xiv) (Note Distribution Account - Class A Noteholders’ Accelerated Principal Amount)
             (88 )     —                  
                             
             
          (89 )  
Withdrawal pursuant to Section 5.7(b)(xv) (Note Distribution Account - Class B Noteholders’ Principal)
             (89 )     683,941.77                  
                             
             
          (90 )  
Total Withdrawals
             (90 )     703,949.11                  
                             
             
               
 
                             (91 )     703,949.11  
                                           
               
End of Period Spread Account Balance
                             (92 )     20,615,803.28  
                                           

VIII. CALCULATION OF OC LEVEL AND OC PERCENTAGE

                                               
     
          (93 )  
Aggregate Principal Balance
     (93 )     687,193,442.81                
                     
             
          (94 )  
End of Period Class A Note Balance
     (94 )     604,730,229.67                
                     
             
          (95 )  
Line 93 less Line 94
     (95 )     82,463,213.14                
                     
             
          (96 )  
OC Level (Line 95 / Line 93)
     (96 )     12.00%              
                     
             
          (97 )  
Ending Spread Balance as of a percentage of Aggregate Principal Balance (Line 92 / Line 93)
     (97 )     3.00%              
                     
             
          (98 )  
OC Percentage (Line 96 + Line 97)
                     (98 )     15.00%
                               

IX. AMOUNTS DUE TO CERTIFICATEHOLDER

                               
          (99 )  
Beginning of Period Class B Noteholder Balance
     (99 )     27,380,848.92
          (100 )  
Funds Available to the Class B Noteholder
     (100 )     7,332,071.15
          (101 )  
Remaining Balance to the Certificateholder
     (101 )     —

For additional information on Triad Financial Corporation and portfolio performance statistics, please review the investor relations information available on Triad’s website at: www.triadfinancial.com

     
By:   (S)/Mike Wilhelms
Name:   Mike Wilhelms
Title:   Sr. VP & Chief Financial Officer
Date:   4-Jun-2003

3

 

Triad Automobile Receivables Trust 2002-A
Class A-1            1.72313% Asset Backed Notes
Class A-2      1.99% Asset Backed Notes
Class A-3      2.62% Asset Backed Notes
Class A-4      3.24% Asset Backed Notes
Statement to Noteholders

This Statement to Noteholders’ has been prepared pursuant to Section 5.10 of the Sale and Servicing Agreement among Triad Automobile Receivables Trust 2002-A, as Issuer, Triad Financial Corporation, as Servicer and Custodian, Triad Financial Special Purpose LLC, as Seller, and JPMorgan Chase Bank, as the Backup Servicer and Indenture Trustee, dated as of August 1, 2002. Defined terms have the meaning assigned to them in the Sale and Servicing Agreement or in the other Transaction Documents.

     
Collection Period Beginning:   05/01/2003
Collection Period Ending:   05/31/2003
Prev. Distribution/Close Date:   05/12/2003
Distribution Date:   06/12/2003
Days of Interest for Period:   31
Days in Collection Period:   31
Months Seasoned:   10
     
Original Pool Balance
   $ 879,123,207.32
Beginning of Period Pool Balance
     709,991,501.82
Principal Reduction during preceding Collection Period
     22,798,059.01
End of Period Pool Balance
   $ 687,193,442.81

I. COLLECTION PERIOD NOTE BALANCE CALCULATION:

                                                                         
                        Class A-1   Class A-2   Class A-3   Class A-4   Class B   TOTAL
                       
 
 
 
 
 
     
          (1 )  
Original Note Balance
     (1 )   $ 202,000,000.00     $ 231,000,000.00     $ 187,000,000.00     $ 206,374,000.00     $ 52,749,207.32     $ 879,123,207.32  
                       
 
 
 
 
 
          (2 )  
Beginning of Period Note Balance
     (2 )     418,521.60       231,000,000.00       187,000,000.00       206,374,000.00       27,380,848.92       652,173,370.52  
          (3 )  
Note Principal Payments
     (3 )     418,521.60       19,643,770.33       0.00       0.00       7,332,071.15       27,394,363.08  
          (4 )  
Preliminary End of period Note Balance
     (4 )     0.00       211,356,229.67       187,000,000.00       206,374,000.00       20,048,777.77       624,779,007.44  
                       
 
 
 
 
 
          (5 )  
Policy Claim Amount
     (5 )     0.00       0.00       0.00       0.00       0.00       0.00  
          (6 )  
End of period Note Balance
     (6 )     0.00       211,356,229.67       187,000,000.00       206,374,000.00       20,048,777.77       624,779,007.44  
                       
 
 
 
 
 
          (7 )  
Note Pool Factors (6) / (1)
     (7 )     0.0000000 %     91.4962033 %     100.0000000 %     100.0000000 %     38.0077328 %     71.0684239 %
                       
 
 
 
 
 

II. NOTE INTEREST DISTRIBUTION and CARRYOVER AMOUNT

                                                                         
                        Class A-1   Class A-2   Class A-3   Class A-4   Class B   TOTAL
                       
 
 
 
 
 
        (8)      
Note Interest Payments
     (8 )     621.01       383,075.00       408,283.33       557,209.80       182,538.99       1,531,728.13  
        (9)      
Interest Carryover Amount
     (9 )     0.00       0.00       0.00       0.00       0.00       0.00  

III. DISTRIBUTION PER $1,000 OF ORIGINAL BALANCE

                                                                         
                        Class A-1   Class A-2   Class A-3   Class A-4   Class B   TOTAL
                       
 
 
 
 
 
     
          (10 )  
Principal Distribution
     (10 )     2.07       85.04       0.00       0.00       139.00       226.11  
          (11 )  
Interest Distribution
     (11 )     1.48       1.66       2.18       2.70       6.67       14.69  
                       
 
 
 
 
 
          (12 )  
Total Distribution (10) + (11)
     (12 )     3.56       86.70       2.18       2.70       145.67       240.80  

IV. SERVICING FEE PAID TO THE SERVICER

                       
   
          (13 )  
Base Servicing Fee Paid for the Prior Collection Period
   $ 1,331,234.07
          (14 )  
Supplemental Servicing Fee Paid for the Prior Collection Period
     392,805.28
               
 
    
          (15 )  
Total Fees Paid to the Servicer
   $ 1,724,039.35

V. COLLECTION PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION:

                                         
                            Cumulative   Monthly
                           
 
     
          (16 )  
Original Number of Receivables
     (16 )     57,520          
                           
   
          (17 )  
Beginning of period number of Receivables
     (17 )     51,255       51,255  
          (18 )  
Number of Subsequent Receivables Purchased
     (18 )     0       0  
          (19 )  
Number of Receivables becoming Liquidated Receivables during period
     (19 )     2,697       381  
          (20 )  
Number of Receivables becoming Purchased Receivables during period
     (20 )     7       0  
          (21 )  
Number of Receivables paid off during period
     (21 )     4,596       654  
                           
   
          (22 )  
End of period number of Receivables
     (22 )     50,220       50,220  
                           
   

VI. STATISTICAL DATA: (CURRENT AND HISTORICAL)

                                                 
                            Original   Prev. Month   Current
                           
 
 
     
          (23 )  
Weighted Average APR of the Receivables
     (23 )     18.03 %     18.00 %     18.00 %
          (24 )  
Weighted Average Remaining Term of the Receivables
     (24 )     60.3       52.2       51.2  
          (25 )  
Weighted Average Original Term of Receivables
     (25 )     64.7       64.8       64.9  
          (26 )  
Average Receivable Balance
     (26 )   $ 15,284     $ 13,852     $ 13,684  
          (27 )  
Aggregate Realized Losses
     (27 )   $ 0     $ 4,361,742     $ 3,359,728  

1

 

Triad Automobile Receivables Trust 2002-A
Class A-1            1.72313% Asset Backed Notes
Class A-2      1.99% Asset Backed Notes
Class A-3      2.62% Asset Backed Notes
Class A-4      3.24% Asset Backed Notes
Statement to Noteholders

VII. DELINQUENCY SUMMARY: (Preceding Collection Period)

                                                 
                Receivables with Scheduled Payment delinquent           Units   Dollars   Percentage
               
         
 
 
          (28 )  
31-60 days
     (28 )     2,807     $ 38,924,530       5.66 %
          (29 )  
61-90 days
     (29 )     773       10,693,038       1.56 %
          (30 )  
over 90 days
     (30 )     603       8,254,050       1.20 %
                           
 
 
          (31 )  
Receivables with Scheduled Payment delinquent more than 30 days at end of period
     (31 )     4,183     $ 57,871,617       8.42 %
                           
 
 

VIII. NET LOSS RATE: (Preceding Collection Period)

                               
          (32 )  
Total Net Liquidation Losses for the preceding Collection Period
     (32 )     3,359,727.56
          (33 )  
Beginning of Period Pool Balance
     (33 )     709,991,501.82
          (34 )  
Net Loss Rate
     (34 )     0.47%

IX. MONTHLY EXTENSION RATE (Preceding Collection Period)

                               
          (35 )  
Aggregate Principal Balance of Receivables extended during the preceding collection period
     (35 )     9,461,348.34
          (36 )  
Beginning of Period Pool Balance
     (36 )     709,991,501.82
          (37 )  
Monthly Extension Rate
     (37 )     1.33%

X. PERFORMANCE TESTS:

                                         
       
Delinquency Rate
                                
        (38)  
Receivables with Scheduled Payment delinquent 60 days at end of preceding collection period (29 + 30)
     (38 )   $ 18,947,087.63                  
           
 
          
               
        (39)  
End of period Principal Balance
     (39 )     687,193,442.81                  
           
 
          
               
        (40)  
Delinquency Ratio (38) divided by (39)
                     (40 )     2.76 %
           
 
                        
        (41)  
Delinquency Rate Trigger Level for the Preceding Collection Period
                     (41 )     8.25 %
           
 
                        
        (42)  
Preceding Collection Period Delinquency Rate Compliance
                     (42 )   PASS
           
 
                        
        (43)  
Net Loss Rate in Preceding Collection Period
     (43 )     0.47 %                
           
 
          
               
        (44)  
Net Loss Rate in Second Preceding Collection Period
     (44 )     0.59 %                
           
 
          
               
        (45)  
Net Loss Rate in Third Preceding Collection Period
     (45 )     0.57 %                
           
 
          
               
        (46)  
Rolling Average Net Loss Rate ((43) +(44) +(45)) / 3
                     (46 )     0.54 %
           
 
                        
        (47)  
Rolling Average Net Loss Rate Trigger Level for the Preceding Collection Period
                     (47 )     14.00 %
           
 
                        
        (48)  
Preceding Collection Period Rolling Average Net Loss Rate Compliance
                     (48 )   PASS
           
 
                        
       
Average Monthly Extension Rate
                                
        (49)  
Principal Balance of Receivables extended during preceding Collection Period
     (49 )     1.33 %                
           
 
          
               
        (50)  
Principal Balance of Receivables extended during the Second Preceding Collection Period
     (50 )     1.15 %                
           
 
          
               
        (51)  
Principal Balance of Receivables extended during the Third Preceding Collection Period
     (51 )     0.91 %                
           
 
          
               
        (52)  
Average Monthly Extension Rate ((49) +(50) +(51)) / 3
                     (52 )     1.13 %
           
 
                        
        (53)  
Average Monthly Extension Rate Compliance (Extension Rate Maximum = 4%)
                     (53 )   PASS
           
 
                        

For additional information on Triad Financial Corporation and portfolio performance statistics, please review the investor relations information available on Triad’s website at: www.triadfinancial.com

     
By:   (S)/Mike Wilhelms
Name:   Mike Wilhelms
Title:   Sr. VP & Chief Financial Officer
Date:   4-Jun-2003

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