8-K 1 d03150298-c.txt Securities and Exchange Commission Judiciary Plaza 450 Fifth Street, N.W. Washington, D.C. 20549-1004 RE: Bombardier Capital Mortgage Securitization Corporation: BCMSC Trust 1998-C Ladies and Gentlemen: On behalf of Bombardier Capital Mortgage Securitization Corporation (The Registrant), we hereby file with the Commission a Current Report on Form 8-K (The "Report") on behalf of the BCMSC Trust 1998-C and deliver to you herewith the following documents: One copy of the Report, including the exhibit being filed therewith, together with an exhibit index: Please acknowledge receipt and filing of this letter to Bombardier Capital Mortgage Securitization Corporation: 1600 Mountain View Drive, Colchester, VT 05446. Very truly yours, /s/ Robert Gillespie Robert Gillespie Bombardier Capital Mortgage Securitization Corporation: 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) March 29, 2002 BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION (Depositor) (Exact name of registrant as specified in its charter) on behalf of BCMSC Trust Series 1998-C Delaware 333-40113 03-0355080 (State or other jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 1600 Mountain View Drive, Colchester, Vermont 05446 (Address of principal executive offices) (ZIP code) Registrant's telephone number, including area code: (802) 654-7200 Page 1 of 9 Exhibit Index Appears on Page 4 Item 5. Other Event Information concerning interest and principal distributions made on the Certificates Certificates) of the BCMSC Trust Series 1998-C on March 15, 2002 is contained in the Distribution Date Statement provided to each holder of the Certificates. Such Distribution Date Statement is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Item 7. Financial Statements and Exhibits (a) Not applicable (b) Not applicable (c) Exhibits: 99.1. Distribution Date Statement relating to interest and prinicipal distributions made on March 15, 2002 on the Series 1998-C Certificates SIGNATURE 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, thereunto duly authorized on the date indicated. BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORPORATION BY: /s/ Robert Gillespie Robert Gillespie Title: President Date: March 29, 2002

I. ORIGINAL DEAL PARAMETERS (A)Initial Pool Principal Balance $ 189,552,960.29 (B)Initial Certificates Principal Balance $ 184,814,000.00 (i) Initial Class A-1 Certificate Principal Balance $ 143,112,000.00 Certificate Amount Percentage 75.50% Certificate Pass-through Rate 6.85% (ii) Initial Class A-2 Certificate Principal Balance $ - Certificate Amount Percentage 0.00% Certificate Pass-through Rate 0.00% (iii) Initial Class A-3 Certificate Principal Balance $ - Certificate Amount Percentage 0.00% Certificate Pass-through Rate 0.00% (iv) Initial Class A-4 Certificate Principal Balance $ - Certificate Amount Percentage 0.00% Certificate Pass-through Rate 0.00% (v) Initial Class M-1 Certificate Principal Balance $ 14,690,000.00 Certificate Amount Percentage 7.75% Certificate Pass-through Rate 7.51% (vi) Initial Class M-2 Certificate Principal Balance $ 10,426,000.00 Certificate Amount Percentage 5.50% Certificate Pass-through Rate 7.90% (vii) Initial Class B-1 Certificate Principal Balance $ 8,056,000.00 Certificate Amount Percentage 4.25% Certificate Pass-through Rate 8.50% (viii)Initial Class B-2 Certificate Principal Balance $ 8,530,000.00 Certificate Amount Percentage 4.50% Certificate Pass-through Rate 8.50% (C)Initial Weighted Average Coupon (WAC) 9.91% (D)Initial Weighted Average Original Maturity (WAOM) 323.00 months (E)Initial Weighted Average Remaining Maturity (WAM) 321.00 months (F)Initial Number of Receivables 5,167 (G)Servicing Fee Rate 1.00% (H)Credit Enhancement (i) Reserve Fund Initial Deposit Percentage 0.00% (ii) Reserve Fund Target % 0.00% (iii) Target Overcollateralization Percentage Prior to Crossover Date 4.75% (iv) Target Overcollateralization Percentage After Crossover Date 4.75% (v) Target Overcollateralization Floor 1.25% (vi) Target Credit Enhancement % Prior to Crossover Date 4.75% (vii) Target Credit Enhancement % After Crossover Date 8.31% (viii)Target Credit Enhancement Floor 1.75% (ix) Target Credit Enhancement Amount $ 9,003,765.61 (I)Crossover Date Tests Earliest Crossover Date Dec-2003 Percent of Initial Suboridnation Percentage 175.00% (J)Class B-2 Floor Percentage (of Initial Pool Balance) 0.75% II. CURRENT PORTFOLIO INFORMATION (A)Beginning Pool Schedule Balance $ ~~141~~139,~~422~~223,~~951~~171.6375 (B)Beginning Pool Factor 7473.~~608675~~448165% (C)Ending Pool Schedule Balance $ ~~139~~136,~~223~~085,~~171~~644.7506 (D)Ending Pool Factor 7371.~~448165~~792941% (E)Ending Total Certificate Balance (after Current Distributions) $ ~~139~~136,~~223~~085,~~171~~644.7506 (F)Current Overcollateralization Amount (after Current Distributions) $ - (G)Weighted Average Coupon (WAC) 9.79% (H)Weighted Average Remaining Maturity (WAM) ~~289~~287.0481 months (I)Ending Number of Receivables 3,~~886~~802 III. COLLECTION CALCULATIONS (A)Interest (i) Scheduled Interest Collections during Current Period ~~927~~1,~~220~~026,313.1042 (ii) Paid Ahead Interest Collections applied to Current Period 1723,~~225~~028.8717 (iii) Net Servicer Advance ~~149~~37,~~005~~684.3483 (iv) Liquidation Proceeds Attributable to Interest 5586,~~068~~364.82 (v) Repuchased Loan Proceeds Attributable to Interest (Breaches of Rep or Warranty) - (vi) Repuchased Loan Proceeds Attributable to Interest (Delinquent Loans) - (vii) Recoveries on Previously Liquidated Contracts - -------------- ~~--------------~~ (viii)Total Interest Amount Available for Distribution 1,~~148~~173,~~520~~391.1324 (B)Principal (i) Scheduled Principal Collections ~~110~~118,~~114~~490.6612 (ii) Full and Partial Principal Prepayments ~~306~~354,~~856~~918.3252 (iii) Paid Ahead Principal Collections Applied to Current Period 23,~~773~~802.6300 (iv) Net Servicer Advance 202,~~258~~646.7751 (v) Liquidation Proceeds Attributable to Principal ~~368~~392,~~888~~186.5651 (vi) Repurchase Proceeds Attributable to Principal (Breaches of Rep or Warranty) 0.00 (vii) Repurchase Proceeds Attributable to Principal (Delinquent Loans) 0.00 (viii)Other Principal Amounts 0.00 -------------- ~~--------------~~ (ix) Total Principal Amount Available for Distribution ~~808~~872,~~891~~043.9466 IV. DISTRIBUTION CALCULATIONS (A) Total Interest Available for Distribution 1,~~148~~173,~~520~~391.1324 (B) Total Principal Available for Distribution ~~808~~872,~~891~~043.9466 (C) Reserve Fund Draw Amount Required 0.00 (D) Draw on Letter of Credit for Interest Distribution 0.00 Less: Monthly Servicing Fee ~~117~~116,~~852~~019.4631 Reimbursement to Servicer for Liquidation Expense ~~213~~4,~~757~~330.7105 Late Payment Fees, Extension Fees and Other Permitted Fees 0.00 Other Permitted Withdrawals from Certificate Account 0.00 -------------- ~~--------------~~ Available Distribution Amount 1,~~625~~925,~~801~~085.9054 Interest Accrual Period 30 days Total Interest Amount Due ~~847~~834,~~297~~740.3527 Total Interest Distribution Amount ~~847~~834,~~297~~740.3527 Amount Available for Principal Distribution Amount ~~778~~1,~~504~~090,345.5527 Total Principal Amount Available for Distribution ~~808~~872,~~891~~043.9466 Principal Loss on Liquidated Assets 12,~~390~~265,~~887~~484.9403 Principal Distribution Shortfall Carryover Amount 0.00 Overcollaterallization Writedown Amount 0.00 Overcollaterallization Reduction Amount 0.00 Accelerated Principal Distribution Amount for Current Period 0.00 -------------- ~~--------------~~ Total Principal Amount to be Distributed 23,~~199~~137,~~779~~527.8869 Draw on Letter of Credit for Principal Distribution 12,~~421~~047,~~275~~182.3342 Excess Interest 0.00 Reserve Account Deposit 0.00 Reserve Account Release 0.00 Class X Distribution Amount 0.00 Class R Distribution Amount 0.00 V. SERVICER ADVANCE (A)Interest (i) Beginning Advance 5,~~439~~588,~~190~~195.1347 (ii) Monthly Servicer Advance (Reimbursement) ~~149~~37,~~005~~684.3483 -------------- ~~--------------~~ (iii) Ending Advance Balance 5,~~588~~625,~~195~~880.4730 (B)Principal (i) Beginning Advance ~~633~~653,~~669~~928.7653 (ii) Monthly Servicer Advance (Reimbursement) 202,~~258~~646.7751 -------------- ~~--------------~~ (iii) Ending Advance Balance ~~653~~656,~~928~~575.5304 (C)Total Servicer Advance (i) Beginning Advance 6,~~072~~242,~~859~~124.8900 (ii) Monthly Servicer Advance (Reimbursement) ~~169~~40,~~264~~331.1134 -------------- ~~--------------~~ (iii) Ending Advance Balance 6,~~242~~282,~~124~~455.0034 VI. CREDIT ENHANCEMENT (A)Overcollateralization (I) Target Overcollaterallization Amount 9,003,765.61 (ii) Beginning Balance 0.00 (iii) Write Down for Certificate Distributions 0.00 (iv) Overcollaterallization Addition Amount 0.00 (v) Overcollaterallization Reduction Amount 0.00 (vi) Ending Balance 0.00 (B)Reserve Fund (if applicable) (i) Required Reserve Fund Balance 0.00 (ii) Beginning Reserve Fund Balance 0.00 (iii) Draws for Certificate Distributions 0.00 (iv) Excess Interest Deposited 0.00 (v) Reserve Fund Release 0.00 (vi) Ending Reserve Fund Balance 0.00 (C)Letter of Credit (if applicable) (i) Beginning LC Balance 3028,~~418~~997,~~864~~588.3198 (ii) Incremental LC Balance - (iii) Total LC Balance Available 3028,~~418~~997,~~864~~588.3198 (iv) Draw on LC for Interest Distribution - (v) Draw on LC for Principal Distribution 12,~~421~~047,~~275~~182.3342 (vi) Reduction in LC Balance 12,~~421~~047,~~275~~182.3342 (vii) Ending Balance 2826,~~997~~950,~~588~~406.9856 VII. CERTIFICATE DISTRIBUTIONS (A)Senior Certificates - Interest (i) Class A1 Pass-Through Rate 6.85% Beginning Carryover Interest $ - Current Interest Accrual $ ~~569~~556,~~240~~683.4336 Current Carryover Interest Accrual $ - Interest Paid $ ~~569~~556,~~240~~683.4336 Ending Carryover Balance $ - Interest Paid Per $1000 $ 3.9889 (ii) Class A2 Pass-Through Rate 0.00% Beginning Carryover Interest $ - Current Interest Accrual $ - Current Carryover Interest Accrual $ - Interest Paid $ - Ending Carryover Balance $ - Interest Paid Per $1000 $ - (iii) Class A3 Pass-Through Rate 0.00% Beginning Carryover Interest $ - Current Interest Accrual $ - Current Carryover Interest Accrual $ - Interest Paid $ - Ending Carryover Balance $ - Interest Paid Per $1000 $ - (iv) Class A4 Pass-Through Rate 0.00% Beginning Carryover Interest $ - Current Interest Accrual $ - Current Carryover Interest Accrual $ - Interest Paid $ - Ending Carryover Balance $ - Interest Paid Per $1000 $ - (B)Subordinate Certificates - Interest (i) Class M1 Pass-Through Rate 7.51% Beginning Carryover Interest $ - Current Interest Accrual $ 91,934.92 Current Carryover Interest Accrual $ - Interest Paid $ 91,934.92 Ending Carryover Balance $ - Interest Paid Per $1000 $ 6.26 (ii) Class M2 Pass-Through Rate 7.90% Beginning Carryover Interest $ - Current Interest Accrual $ 68,637.83 Current Carryover Interest Accrual $ - Interest Paid $ 68,637.83 Ending Carryover Balance $ - Beginning Carryover Writedown Interest $ - Current Writedown Interest $ - Current Carryover Writedown Interest Accrual $ - Writedown interest Paid $ - Ending Carryover Writedown Interest $ - Interest Paid Per $1000 $ 6.58 (iii) Class B1 Pass-Through Rate 8.50% Beginning Carryover Interest $ - Current Interest Accrual $ 57,063.33 Current Carryover Interest Accrual $ - Interest Paid $ 57,063.33 Ending Carryover Balance $ - Beginning Carryover Writedown Interest $ - Current Writedown Interest $ - Current Carryover Writedown Interest Accrual $ - Writedown interest Paid $ - Ending Carryover Writedown Interest $ - Interest Paid Per $1000 $ 7.08 (iv) Class B2 Pass-Through Rate 8.50% Beginning Carryover Interest $ - Current Interest Accrual $ 60,420.83 Current Carryover Interest Accrual $ - Interest Paid $ 60,420.83 Ending Carryover Balance $ - Beginning Carryover Writedown Interest $ - Current Writedown Interest $ - Current Carryover Writedown Interest Accrual $ - Writedown interest Paid $ - Ending Carryover Writedown Interest $ - Interest Paid Per $1000 $ 7.08 (C)Senior Certificates - Principal (i) Class A1 Initial Certificate Balance 143,112,000.00 Initial Certificate Percentage 75.50% Beginning Certificate Balance 9997,~~720~~521,~~951~~171.6375 Shortfall Carryover 0.00 Current Principal Due 9997,~~720~~521,~~951~~171.6375 Current Principal Paid 23,~~199~~137,~~779~~527.8869 Ending Principal Shortfall 0.00 Accelerated Principal Distribution 0.00 Ending Certificate Balance 9794,~~521~~383,~~171~~644.7506 Ending Pool Factor 7069.0536% Principal Paid per $1000 2232.0617 Total Class Distribution 23,~~199~~137,~~779~~527.8869 (ii) Class A2 Initial Certificate Balance 0.00 Initial Certificate Percentage 0.00% Beginning Certificate Balance 0.00 Shortfall Carryover 0.00 Current Principal Due 0.00 Current Principal Paid 0.00 Ending Principal Shortfall 0.00 Accelerated Principal Distribution 0.00 Ending Certificate Balance 0.00 Ending Pool Factor 0.00% Principal Paid per $1000 0.00 Total Class Distribution 0.00 (iii) Class A3 Initial Certificate Balance 0.00 Initial Certificate Percentage 0.00% Beginning Certificate Balance 0.00 Shortfall Carryover 0.00 Current Principal Due 0.00 Current Principal Paid 0.00 Ending Principal Shortfall 0.00 Accelerated Principal Distribution 0.00 Ending Certificate Balance 0.00 Ending Pool Factor 0.00% Principal Paid per $1000 0.00 Total Class Distribution 0.00 (iv) Class A4 Initial Certificate Balance 0.00 Initial Certificate Percentage 0.00% Beginning Certificate Balance 0.00 Shortfall Carryover 0.00 Current Principal Due 0.00 Current Principal Paid 0.00 Ending Principal Shortfall 0.00 Accelerated Principal Distribution 0.00 Ending Certificate Balance 0.00 Ending Pool Factor 0.00% Principal Paid per $1000 0.00 Total Class Distribution 0.00 (D)Subordinate Certificates - Principal (i) Class M1 Initial Certificate Balance 14,690,000.00 Initial Certificate Percentage 7.75% Beginning Certificate Balance 14,690,000.00 Shortfall Carryover 0.00 Current Principal Due 14,690,000.00 Current Principal Paid 0.00 Ending Principal Shortfall 0.00 Accelerated Principal Distribution 0.00 Ending Certificate Balance 14,690,000.00 Ending Pool Factor 10.5579% Principal Paid per $1000 0.00 Total Class Distribution 0.00 (i) Class M2 Initial Certificate Balance 10,426,000.00 Initial Certificate Percentage 5.50% Beginning Certificate Balance 10,426,000.00 Shortfall Carryover 0.00 Current Principal Due 10,426,000.00 Current Principal Paid 0.00 Ending Principal Shortfall 0.00 Ending Certificate Balance- Excluding Writedowns 10,426,000.00 Ending Pool Factor 7.4966% Principal Paid per $1000 0.00 Beginning Outstanding Writedown 0.00 Current Writedown/Writeup 0.00 Ending Certificate Balance- Including Writedowns 0.00 Total Class Distribution 0.00 (iii) Class B1 Initial Certificate Balance 8,056,000.00 Initial Certificate Percentage 4.25% Beginning Certificate Balance 8,056,000.00 Shortfall Carryover 0.00 Current Principal Due 8,056,000.00 Current Principal Paid 0.00 Ending Principal Shortfall 0.00 Ending Certificate Balance- Excluding Writedowns 8,056,000.00 Ending Pool Factor 5.7992% Principal Paid per $1000 0.00 Beginning Outstanding Writedown 0.00 Current Writedown/Writeup 0.00 Ending Certificate Balance- Including Writedowns 0.00 Total Class Distribution 0.00 (iv) Class B2 Initial Certificate Balance 8,530,000.00 Initial Certificate Percentage 4.50% Beginning Certificate Balance 8,530,000.00 Shortfall Carryover 0.00 Current Principal Due 8,530,000.00 Current Principal Paid 0.00 Ending Principal Shortfall 0.00 Ending Certificate Balance- Excluding Writedowns 8,530,000.00 Ending Pool Factor 6.1327% Principal Paid per $1000 0.00 Beginning Outstanding Writedown 0.00 Current Writedown/Writeup 0.00 Ending Certificate Balance- Including Writedowns 0.00 Total Class Distribution 0.00 (E)Total Certificate Balances Beg of Period End of Period (i) Aggregate Balance of Certificates $ 139,223,171.75 $ 136,085,644.06 (ii) Total Certificate Pool Factor 75.3315072% 73.6338395%

~~Beg~~VIII.DELINQUENCY INFORMATION Percent of ~~Period~~Percent of Delinquent Receivables at End of Due Period ~~(i)~~: ~~Aggregate~~Scheduled Balance ofPool ~~Certificates~~Balance Units Total Units 30-59 Days Delinquent $ ~~141~~11,~~422~~137,~~951~~606.6305 8.18% 300 7.89% 60-89 Days Delinquent $ ~~139~~5,~~223~~852,~~171~~168.7529 ~~(ii)~~4.30% ~~Total~~170 ~~Certificate~~4.47% ~~Pool~~90 ~~Factor~~Days 76or More Delinquent $ 18,115,031.~~5217741~~43 13.31% 75498 13.~~3315072~~10% Homes Repossessed or Foreclosed Upon $ 9,091,814.66 6.68% 231 6.08%

~~Percent~~IX. REPURCHASED CONTRACTS (A)Repurchased Contracts - Breach of ~~Percent~~Rep or Warranty (i) Beginning Cumulative Repurchased Contracts since cutoff $ - (ii) Number of Contracts repurchased this period - (iii) Repurchase Price of Contracts this period $ - (iv) Ending Cumulative Repurchased Contracts since cutoff $ - (B)Repurchased Contracts - Delinquent ~~Receivables~~Loans at(i) ~~End~~Beginning Cumulative Repurchased Contracts since cutoff $ 4,820,807.71 (ii) Number of ~~Due~~Contracts ~~Period~~repurchased :this period - (iii) Repurchase Price of Contracts this period $ - (iv) Ending Cumulative Repurchased Contracts since cutoff $ 4,820,807.71 X. REPOSSESSION / LOSS INFORMATION Units Scheduled Balance ~~Pool~~Beginning Repossession Inventory 260 $10,156,595.82 Repossessions Incurred 48 $ 1,592,889.38 Less Repurchase of Delinquent Loans 0 0.00 Less Repossessions Sold 77 $ 2,657,670.54 ====== =================== Ending Repossession Inventory 231 $ 9,091,814.66 Principal Balance ~~Units~~of ~~Total~~Repossessions ~~Units~~Liquidated $ 2,657,670.54 Liquidation Proceeds Attributable to Principal $ 392,186.51 -------------- Principal Loss on Liquidation of Repo $ 2,265,484.03 Reimbursement to Servicer for Liquidation Expense $ 4,330.05 Recoveries for Previously Liquidated Contracts $ - -- ------------ Net Liquidation Loss (Realized Loss) $ 2,269,814.08 Recoveries Liquidation Proceeds Attributable to Interest $ 86,364.82 Liquidation Proceeds Attributable to Principal $ 392,186.51 Recoveries for Previously Liquidated Contracts $ - ---- ----------- ~~30-59~~Total ~~Days~~Recoveries ~~Delinquent~~ $ 13478,~~091,042~~551.2933 ~~9.40%~~Recovery ~~369~~Percentage ~~9.50~~of Principal Balance of Repossessions Liquidated 18% ~~60-89~~XI. ~~Days~~TRIGGERS ~~Delinquent~~Has $the 7Crossover Date Occurred? NO Where the Current Distribution Date of 03/15/02 is greater than the Earliest Crossover Date of December 31,~~666~~ 2003 And Subordinated Certificates Beginning Principal Balance of 41,~~378~~702,000.5400 ~~5.51%~~plus ~~214~~the 5Current Overcollateralization Amount of 0.~~51%~~00 90divided ~~Days~~by orthe ~~More~~Current ~~Delinquent~~Beginning $Pool 20Principal Balance of 139,~~600~~223,~~232~~171.5175 14------------- Equals 29.8095% ~~574~~------------- And is greater than the: Subordinated Initital Certificates Percentage of 14.7725% ~~Homes~~multiplied ~~Repossessed~~by orthe ~~Foreclosed~~Percentage ~~Upon~~(as $Percent ~~10,156,595.82~~of ~~7.30~~Initial Class Subordination Percentage) 175% ~~260~~------------- 6Equals 24.6994% -------------

~~(i)~~Principal ~~Beginning~~Distribution ~~Cumulative~~Tests: ~~Repurchased~~Actual ~~Contracts~~Ratio ~~since~~Test ~~cutoff~~Ratio $Result -Over ~~(ii)~~60 ~~Number~~Days ~~of Contracts repurchased this period - (iii) Repurchase Price of Contracts this period $ - (iv) Ending Cumulative Repurchased Contracts since cutoff $ - (B)Repurchased Contracts -~~ Delinquent ~~Loans (i) Beginning Cumulative Repurchased Contracts since cutoff $ 4,820,807.71 (ii) Number of Contracts repurchased this period~~ - ~~(iii) Repurchase Price of Contracts this period $~~ - (iv) Ending Cumulative Repurchased Contracts since cutoff $ 4,820,807.71 X. REPOSSESSION / LOSS INFORMATION Units Scheduled Balance Beginning Repossession Inventory 270 $10,407,871.12 Repossessions Incurred 44 $ 1,508,501.20 Less Repurchase of Delinquent Loans 0 0.00 Less Repossessions Sold 54 $ 1,759,776.50 ===== ================ ===== ================ Ending Repossession Inventory 260 $10,156,595.82 Principal Balance of Repossessions Liquidated $ 1,759,776.50 Liquidation Proceeds Attributable to Principal $ 368,888.56 -------------- -------------- ~~Principal~~Current ~~Loss~~Mo on24.29% ~~Liquidation~~1st ofPreceding ~~Repo~~Mo ~~$ 1,390,887~~27.9460% ~~Reimbursement~~2nd toPreceding ~~Servicer~~Mo ~~for~~28.18% ~~Liquidation~~Average ~~Expense~~60 $Day ~~213,757~~Delinquency Ratio: 26.7169% ~~Recoveries~~5.00% ~~for~~FAIL ~~Previously~~Over ~~Liquidated~~30 ~~Contracts~~Days $Delinquent - -------------- --------------- ~~Net~~Current ~~Liquidation~~Mo ~~Loss (Realized Loss) $ 1,604,645~~32.6548% ~~Recoveries~~1st ~~Liquidation~~Preceding ~~Proceeds~~Mo ~~Attributable to Interest $ 55,068~~37.8200% ~~Liquidation~~2nd ~~Proceeds~~Preceding ~~Attributable~~Mo ~~to Principal $ 368,888~~38.5616% ~~Recoveries~~Average ~~for~~30 ~~Previously~~Day ~~Liquidated~~Delinquency ~~Contracts~~Ratio: ~~$ - -------------- -------------- Total Recoveries $ 423,957~~35.3888% ~~Recovery Percentage of Principal Balance of Repossessions Liquidated 24~~7.00% FAIL

~~Principal~~Net ~~Distribution~~Liquidation ~~Tests:~~Losses ~~Actual~~Ending ~~Ratio~~Pool ~~Test~~Bal ~~Ratio~~(Realized ~~Result~~Losses) ~~Over 60 Days Delinquent~~ ------------------------------ ------------------------------- Current Mo 27136,085,644.~~60%~~06 2,269,814.08 1st Preceding Mo 28139,223,171.~~18%~~75 1,604,645.65 2nd Preceding Mo 27141,422,951.~~45%~~63 ~~Average 60 Day Delinquency Ratio: 27~~1,766,209.~~74% 5.~~00% ~~FAIL Over 30 Days Delinquent~~ ---------------------------------------------------------------------------- ~~Current~~Total ~~Mo 37~~416,731,767.~~00%~~44 ~~1st Preceding Mo 38~~5,640,668.~~16%~~73 ~~2nd~~---------------------------------------------------------------------------- ~~Preceding~~Divided Moby ~~37.43%~~3 --------------------------------- Average ~~30 Day Delinquency Ratio: 37~~138,910,589.~~53% 7.00% FAIL~~15

~~Net~~Sum ~~Liquidation~~of last 3 months of Losses ~~Ending~~5,640,668.73 Divided by 3 month average of Pool ~~Bal~~Balance 138,910,589.15 Annualized (~~Realized~~multiply ~~Losses~~by 4) ~~-----------------~~4 ~~---------------------------~~ Current MoRealized ~~139,223,171~~Loss Ratio: 16.7524% ~~1,604,645~~2.6575% ~~1st~~FAIL ~~Preceding~~Beginning MoCumulative ~~141,422,951.63~~Realized 1Losses 18,~~766~~115,~~209~~559.0017 ~~2nd~~Net ~~Preceding~~Liquidation MoLosses ~~143~~(Realized Losses) 2,~~154~~269,~~639~~814.0008 ~~884,655.03~~ ---------------~~----------------------------------------------~~ ~~Total~~Ending ~~423,800,762.38~~Cumulative 4Realized Losses 20,~~255~~385,~~509~~373.6825 ~~-------------------------------------------------------------~~ Divided by 3Initial ~~-----------------~~Pool ~~Average~~Principal ~~141~~Balance 189,~~266~~552,~~920~~960.7929 Cumulative Realized Loss Ratio: 10.75% 7.00% FAIL Should Principal Be Distributed to the Subordinated Certificates? NO

The undersigned, duly authorized representatives of Bombardier Capital Inc., do hereby certify that this Remittance Report has been prepared in accordance with the Pooling and Servicing Agreement and is correct, to the best of our knowledge. BY: _____________________ DATE:_________________________ NAME: Ana Dropps TITLE: Controller - Mortgage Finance Division BY: _____________________ DATE:_________________________ NAME: Brian Peters TITLE: Vice President - Finance

Sum of last 3 months of Losses 4,255,509.68 Divided by 3 month average of Pool Balance 141,266,920.79 Annualized (multiply by 4) 4 Current Realized Loss Ratio: 12.05% 2.75% FAIL Beginning Cumulative Realized Losses 16,510,913.52 Net Liquidation Losses (Realized Losses) 1,604,645.65 ----------------- ----------------- Ending Cumulative Realized Losses 18,115,559.17 Divided by Initial Pool Principal Balance 189,552,960.29 Cumulative Realized Loss Ratio: 9.56% 7.00% FAIL Should Principal Be Distributed to the Subordinated Certificates? NO

Filing Compare · BOMBARDIER CAPITAL MORTGAGE SECURITIZATION CORP SER 1998-C