<PAGE>

                             MASTER ADMINISTRATOR REPORT

              ---------------------------------------------------------

                                NAFCO AUTO TRUST - 1 

                        For the May 20, 1998 Distribution Date

                       For period beginning on February 1, 1998
                   and ending on April 30, 1998 (the "Due Period")

              ---------------------------------------------------------

     The undersigned, a duly authorized officer of NYLIFE SFD Holding Inc., as
Master Administrator (the "Master Administrator"), pursuant to Section 5.11 of
the Amended and Restated Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") dated as of August 1, 1994, as amended, by and among Auto
Funding II L.P., as Seller, the Master Administrator, Electronic Data Systems
Corporation, as Servicer and Bankers Trust Company, as Trustee, does hereby
certify as follows:

     1.   Capitalized terms used in this Master Administrator Report and not
          otherwise defined herein shall have the respective meanings set forth
          in the Pooling and Servicing Agreement.
     1.

     2    NYLIFE SFD Holding Inc. is, as of the date hereof, the Master
          Administrator  under the Pooling and Servicing Agreement.

     3.   The undersigned is a Officer of the Master Administrator.

     4.   The date of this Report is May 18, 1998.

     5.   POOL FACTOR.

          (a)  The Pool Factor with respect to
               February 1, 1998 was. . . . . . . . . . . . . . . . . 0.10920269

          (b)  The Pool Factor with respect to
               April 30, 1998 was. . . . . . . . . . . . . . . . . . 0.08253477

     6.   INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (BEGINNING OF DUE
          PERIOD).

          (a)  The Investor Certificate Principal 
               Balance as of February 1, 1998 
               (after giving effect to the disbursements
               in reduction of principal, if any,
               on the immediately preceding
               Distribution Date) was. . . . . . . . . . . . . $   1,118,126.36 
                                                                ---------------

<PAGE>


          (b)  The Seller Certificate Principal
               Balance as of February 1, 1998
               (after giving effect to the
               disbursements in reduction
               of principal, if any, on the
               immediately preceding Distribution 
               Date) was.. . . . . . . . . . . . . . . . . . . $      90,789.59 
                                                                ---------------

     7.   COMPUTATION OF THE AVAILABLE SUBORDINATION AMOUNT.

          (a)  The Maximum Subordination Amount
               in respect of such Distribution
               Date is . . . . . . . . . . . . . . . . . . . . $     831,078.15 
                                                                ---------------

          (b)  The Cumulative Subordination
               Payments with respect to such
               Distribution Date is . . . . . . . . . . . . .  $           -0-  
                                                                ---------------

          (c)  The Available Subordination Amount
               with respect to such Distribution
               Date [a - b] is . . . . . . . . . . . . . . . . $     831,078.15 
                                                                ---------------

     8.   THE CASH RESERVE ACCOUNT.

          (a)  The Required Cash Reserve Amount
               (assuming all withdrawals or deposits
               to be made with respect to the current
               Distribution Date are made) is . . . . . . . .  $      55,906.31
                                                                ---------------

          (b)  The Available Cash Reserve Amount
               available for deposit to the Collection
               Account on the related Deposit Date
               (prior to any withdrawals or deposits 
               to be made with respect to the current
               Distribution Date are made) is  . . . . . . . . $      68,637.55 
                                                                ---------------

          (c)  The amount to be deposited to
               (withdrawn from) the Available
               Cash Reserve Amount with respect
               to the current Distribution Date
               was. . . . . . . . . . . . . . . . . . . . . .  $    (12,731.24) 
                                                                ---------------

          (d)  The Available Cash Reserve Amount
               available for deposit to the Collection
               Account on the related Deposit Date
               (after any withdrawals or deposits to
               be made with respect to the current
               Distribution Date are made) is  . . . . . . . . $      55,906.31 
                                                                ---------------


<PAGE>

     9.   AGGREGATE MONTHLY SERVICING FEE.

          (a)  The aggregate Monthly Servicing Fee
               paid to the Servicer on the March 19,
               1998 Monthly Fee Date and the April 17,
               1998 Monthly Fee Date was . . . . . . . . . . . $      13,217.55 
                                                                ---------------

          (b)  The Monthly Servicing Fee owing
               to the Servicer on the related
               Distribution Date is  . . . . . . . . . . . . . $       9,052.36 
                                                                ---------------

          (c)  The total Monthly Servicing Fee paid
               or payable to the Servicer in respect
               of such Due Period [a+b] is . . . . . . . . . . $      22,269.91 
                                                                ---------------

     10.  AGGREGATE MONTHLY SUBROGATION AMOUNT.

          (a)  The aggregate Monthly Subrogation
               Amount paid to the Master
               Administrator on the March 19, 1998
               Monthly Fee Date and the April 17,
               1998 Monthly Fee Date was. . . . . . . . . . .  $          -0- 
                                                                ---------------

          (b)  The Monthly Subrogation Amount
               owing on the related Distribution
               Date is . . . . . . . . . . . . . . . . . . . . $          -0-   
                                                                ---------------

          (c)  The total Monthly Subrogation Amount
               paid or payable to the Master 
               Administrator in respect of such
               Due Period [a+b] is . . . . . . . . . . . . . . $          -0-   
                                                                ---------------

     11.  AGGREGATE MONTHLY ADMINISTRATOR FEE.

          (a)  The aggregate Monthly Administrator
               Fee paid to the Master Administrator
               on the March 19, 1998 Monthly
               Fee Date and the April 17, 1998
               Monthly Fee Date was  . . . . . . . . . . . . . $       4,618.74 
                                                                ---------------

          (b)  The Monthly Administrator Fee owing
               on the related Distribution Date is . . . . . . $       2,267.40 
                                                                ---------------

          (c)  The total Monthly Administrator Fee
               paid or payable to the Master Administrator
               in respect of such Due Period [a+b] is  . . . . $       6,886.14 
                                                                ---------------

<PAGE>

     12.  AVAILABLE FUNDS.

          (a)  The amount of Available Funds with 
               respect to the related Due Period was . . . . . $     338,779.56 
                                                                ---------------

          (b)  The amount of Available Funds with
               respect to the immediately preceding
               Due Period that were retained in the
               Collection Account was. . . . . . . . . . . . . $       9,493.72 
                                                                ---------------

          (c)  Interest earned on and retained in the
               Collection Account for the Due Period
               and interest earned on the Cash Reserve
               Account for the Due Period and 
               transferred to the Collection Account
               on the related Deposit Date was . . . . . . . . $       3,996.73 
                                                                ---------------

          (d)  Total distributable funds with
               respect to the related Due Period
               [a+b+c] was . . . . . . . . . . . . . . . . . . $     352,270.01 
                                                                ---------------

          (e)  The amount of Available Funds used
               to purchase additional Auto Loans during
               the related Due Period was  . . . . . . . . . . $         - 0 -  
                                                                ---------------

          (f)  The amount of Available Funds and
               interest earned on the Collection Account
               and the Cash Reserve Account used to pay
               the Monthly Servicing Fee and the Monthly
               Administrator Fee on the March 19,
               1998 Monthly Fee Date and the April
               17, 1998 Monthly Fee Date was . . . . . . . . . $      17,836.29 
                                                                ---------------

          (g)  The amount of Available Funds and
               interest earned on the Collection Account
               and the Cash Reserve Account remaining
               after the purchase of additional Auto
               Loans and the payment of the Monthly
               Servicing Fee and the Monthly
               Administrator Fee with respect to the
               related Due Period [d-e-f] is . . . . . . . . . $     334,433.72 
                                                                ---------------

<PAGE>

     13.  DISBURSEMENTS TO BE MADE ON THE RELATED DISTRIBUTION DATE.
               The Certificate Rate is 8.75%.

          (a)  The amount of the aggregate Monthly
               Servicing Fee to be paid to the
               Servicer on such Distribution Date
               is  . . . . . . . . . . . . . . . . . . . . . . $       9,052.36 
                                                                ---------------

          (b)  The amount of the aggregate Monthly
               Subrogation Amount to be paid to the
               Master Administrator on such
               Distribution Date is  . . . . . . . . . . . . . $          -0-   
                                                                ---------------

          (c)  The amount of the Monthly
               Administrator Fee to be paid to the
               Master Administrator on such
               Distribution Date is  . . . . . . . . . . . . . $       2,267.40 
                                                                ---------------

          (d)  The amount of the aggregate 
               distribution to be made on such 
               Distribution Date which constitutes
               interest on the Investor Certificates
               at the Certificate Rate, including 
               any Shortfall so allocable is . . . . . . . . . $      24,459.01 
                                                                ---------------

          (e)  The amount of the aggregate 
               distribution to be made on such
               Distribution Date which constitutes
               payments in reduction of principal
               with respect to the Investor 
               Certificates is . . . . . . . . . . . . . . . . $     273,052.86 
                                                                ---------------

          (f)  The total amount of the 
               distribution to be made on such 
               Distribution Date to the Investor
               Certificateholders [d+e] is . . . . . . . . . . $     297,511.87 
                                                                ---------------

          (g)  The amount of the aggregate 
               distribution to be made on such 
               Distribution Date which constitutes
               interest on the Seller Certificate 
               at the Certificate Rate is  . . . . . . . . . . $       1,986.02 
                                                                ---------------

          (h)  The amount of the aggregate 
               distribution to be made on such 
               Distribution Date which constitutes a
               reduction of principal with respect to
               the Seller Certificate is . . . . . . . . . . . $      12,479.51 
                                                                ---------------


<PAGE>

          (i)  The amount to be deposited(withdrawn) from
               the Cash Reserve Account is . . . . . . . . . . $     (12,731.24)
                                                                ---------------

          (j)  The amount to be retained in 
               the Collection Account with the 
               respect to the Partial Payment
               Amount is . . . . . . . . . . . . . . . . . . . $      11,136.56 
                                                                ---------------

          (k)  The amount to be disbursed to 
               the Seller Certificateholder 
               (other than the amounts referred
               to in clauses (g) and (h) is  . . . . . . . . . $      12,731.24 
                                                                ---------------

          (l)  The total amount of the 
               distribution to be made to the
               Seller Certificateholders [g+h+k] is. . . . . . $      27,196.77 
                                                                ---------------

     14.  INVESTOR AND SELLER CERTIFICATE PRINCIPAL BALANCE (END OF DUE PERIOD).

          (a)  The Investor Certificate Principal
               Balance as of April 30, 1998
               (after giving effect to the
               disbursements in reduction of
               principal, if any, made on the
               related Distribution Date) is . . . . . . . . . $     845,073.50 
                                                                ---------------

          (b)  The Seller Certificate Principal 
               Balance as of April 30, 1998
               (after giving effect to the
               disbursements in reduction 
               of principal, if any, on the 
               related Distribution Date) is . . . . . . . . . $      78,310.08 
                                                                ---------------

15.  EVENTS OF ADMINISTRATOR TERMINATION.

     No event has occurred and is continuing which constitutes an Event of 
     Administrator Termination or would constitute an Event of Administrator 
     Termination but for the requirement that notice be given or time elapse or
     both [except as disclosed on the attached Annex A.]


<PAGE>

          IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this certificate this 18th day of May 1998.


                              NYLIFE SFD Holding INC.
                              as Master Administrator



                              By: /s/ Scott Drath
                                 -----------------------------
                                 Name: Scott Drath
                                 Title:  Vice President

<PAGE>

                                       ANNEX A
                                          TO
                             MASTER ADMINISTRATOR REPORT
                                  DATED May 18, 1998


                         EVENT OF ADMINISTRATOR TERMINATION


                                        None

<PAGE>


                                       ANNEX B
                                          TO
                             MASTER ADMINISTRATOR REPORT
                                  DATED May 18, 1998


          In addition to the information required by items 4-16 of the Master
Administrator Report the following information is to be included in the report
delivered to Investor Certificateholders pursuant to Section 7.05 of the Pooling
and Servicing Agreement:


     1.   AGGREGATE PRINCIPAL BALANCE OF THE AUTO LOANS.

          As of April 30, 1998 [the close of business on the last day of the Due
          Period]

<TABLE>
<CAPTION>


               Number of Days    Number of        Aggregate Principal
                   Delinquent    Auto Loans       Balance of Auto Loans
               --------------    ----------       ---------------------
               <S>               <C>              <C>
               current (0-29)        170             $   680,650
                    30 - 59           13                  56,364
                    60 - 89            6                  24,744
                   90 - 120            3                  16,762
                   over 120          141                 543,380
                                     ---             -----------
               Totals:               333             $ 1,321,900
</TABLE>

               Aggregate Principal Balance of Defaulted
               Auto Loans at April 30, 1998. . . . . . . . . .         (408,208)
                                                                ---------------

               Aggregate Principal Balance allocable
               to Certificateholders . . . . . . . . . . . . . $        913,692 
                                                                ---------------


<PAGE>

     2.   TOTAL AMOUNTS COLLECTED FOR THE DUE PERIOD
          AND DEPOSITED INTO THE COLLECTION ACCOUNT.

          (a)  The total amount of Payments collected on
               the Auto Loans and deposited into the
               Collection Account for the Due Period was . . . $     300,135.58 
                                                                ---------------

          (b)  The total amount of Recoveries on Defaulted
               Auto Loans collected on the Auto Loans and 
               deposited into the Collection Account for the 
               for the Due Period was. . . . . . . . . . . . . $      38,643.98 
                                                                ---------------

          (c)  The total amounts collected on the Auto Loans
               and deposited into the Collection Account for the
               Due Period was. . . . . . . . . . . . . . . . . $     338,779.56 
                                                                ---------------

<PAGE>

     3.   DEFAULTED AUTO LOANS.

          Auto Loans that became Defaulted Auto Loans during the Due Period:

               Number of           Aggregate Principal
               Auto Loans          Balance of Auto Loans
               ----------          ---------------------

                     9                  $47,871.99


     4.   THE INFORMATION SPECIFIED IN ITEM 13(d) THROUGH (f)
          STATED ON THE BASIS OF $1,000 INITIAL PRINCIPAL AMOUNT.
               The Certificate Rate is 8.75%.

         (a)   The amount of the aggregate distribution to
               be made on such Distribution Date which
               constitutes interest on the Investor Certificates
               at the Certificate Rate, including any
               Shortfall so allocable stated on the basis of
               $1,000 Initial Principal Amount is. . . . . . . $       2.388808 
                                                                ---------------

         (b)   The amount of the aggregate distribution
               to be made on such Distribution Date which
               constitutes payments in reduction of principal
               with respect to the Investor Certificate on the
               basis of $1,000 Initial Principal Amount is . . $      26.667923 
                                                                ---------------

         (c)   The total amount of the distribution to be
               made on such Distribution Date to the Investor
               Certificateholders on the basis of $1,000
               Initial Principal Amount is . . . . . . . . . . $      29.056731 
                                                                ---------------

<PAGE>

                                   SERVICER REPORT

                                  NAFCO AUTO TRUST 1

--------------------------------------------------------------------------------

           FOR THE PERIOD BEGINNING MAY 1, 1998 AND ENDING MAY 31, 1998


     The undersigned, a duly authorized representative of Electronic Data
Systems Corporation as Servicer (the "Servicer"), pursuant to section 4.19 of
the Amended and Restated Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") dated as of August 1, 1994 by and among NAFCO Auto
Funding, L.P., as Seller, NAFCO Inc., as Master Administrator, the Servicer, and
Bankers Trust Company, as Trustee, does hereby certify as follows:

1    Capitalized terms used in this Servicer Report (and not otherwise defined
     otherwise defined herein) shall have the respective meanings set forth in
     the Pooling and Servicing Agreement.

2    Electronic Data Systems Corporation is, as the date hereof, the Servicer
     under the Pooling and Servicing Agreement.

3    The undersigned is an Officer of the Servicer.

4    This report is dated 6/12/98.

<TABLE>
<CAPTION>

4.1  Principal Reconciliation:
                                                  Number of Accounts    Aggregate Prin Balance
                                                  ------------------    ----------------------
<S>                                               <C>                   <C>
     Ending Balance 4/30/98                                230                 $913,691.75
     Principal Payments                                                        ($50,953.94)
     Prepayment of Principal                                -9                  ($5,813.43)
     Insurance Proceeds                                                              $0.00
     Redeemed Repos this Reporting Period                    0                       $0.00
     Force-Closed                                            0                      ($0.99)
     Net Aggregate Principal Balance of                                              $0.00
          Defaulted Auto Loans during 4/98                  -3                 ($13,929.31)
                                                  ------------------    ----------------------
                                                  ------------------    ----------------------
     Ending Balance 5/31/98                                218                 $842,994.08

<CAPTION>

4.12 Defaulted Principal Reconciliation
                                                  Number of Accounts    Aggregate Prin Balance
                                                  ------------------    ----------------------
<S>                                               <C>                   <C>
     Ending Balance 4/30/98                                103                 $408,207.93
     New Repossessions                                       3                  $13,929.31
     New Skips                                               0                       $0.00
     New Gap                                                 0                       $0.00
     New Repo Prev. Redeemed                                 0                       $0.00
     Recoveries on Defaulted Auto Loans                     -4                 ($28,413.60)
     Repos Redeemed During Reporting Period                  0                       $0.00
     Charge Off/Forced Close/Repurchased                     0                     ($10.10)
     New Repo Prev Reported as Skip                          0                       $0.00
                                                  ------------------    ----------------------
                                                  ------------------    ----------------------
     Ending Balance 5/31/98                                102                 $393,713.54

</TABLE>
                                      Page 1



<PAGE>

5    AGGREGATE PRINCIPAL BALANCE OF THE AUTO LOANS

  a. AS of 4/30/98
<TABLE>
<CAPTION>

            Number of Days         Number of       Aggregate Principal Balance
              Delinquent           Auto Loans              of Auto Loans
            ----------------       ----------      --------------------------
<S>                                <C>             <C>
            current (0 - 29)            170                     $680,649.76
                30 -  59                 13                      $56,364.22
                60 -  89                  6                      $24,743.65
                90 - 119                  3                      $16,762.37
                over 120                141                     $543,379.68
                                   ----------      --------------------------
                                   ----------      --------------------------
                  Totals:               333                   $1,321,899.68


</TABLE>


     Aggregate Outstanding Principal Balance
     of Defaulted Auto Loans as of 4/30/98                     ($408,207.93)
                                                   --------------------------

     Aggregate Principal Pool Balance as of 4/30/98
     (Net of Defaulted Auto Loans)                              $913,691.75
                                                   --------------------------
                                                   --------------------------

  b. AS of 5/31/98
<TABLE>
<CAPTION>

            Number of Days         Number of       Aggregate Principal Balance
              Delinquent           Auto Loans              of Auto Loans
            ----------------       ----------      --------------------------
<S>                                <C>             <C>
            current (0 - 29)            159                     $632,332.96
                30 -  59                 14                      $53,646.78
                60 -  89                  3                       $6,497.64
                90 - 119                  4                      $17,402.59
                over 120                140                     $526,827.65
                                   ----------      --------------------------
                                   ----------      --------------------------
                  Totals:               320                   $1,236,707.62

</TABLE>
     Aggregate Outstanding Principal Balance
     of Defaulted Auto Loans as of 5/31/98                     ($393,713.54)
                                                   --------------------------

     Aggregate Principal Pool Balance as of 5/31/98
     (Net of Defaulted Auto Loans)                              $842,994.08
                                                   --------------------------
                                                   --------------------------

                                      Page 2
<PAGE>

6.    DEFAULTED AUTO LOANS

  a.  Auto Loans that became Defaulted Auto Loans during the Reporting Period.

<TABLE>
<CAPTION>

     Number of                                    Aggregate Principal Balance
     Auto Loans                                          of Auto Loans
--------------------                              ---------------------------
<S>                     <C>                       <C>
         3              Repossessions                              $13,929.31
         0              Skip Claim Filed                                $0.00
         0              Gap Claim Filed                                 $0.00
         0              Repo Redeemd now repo                           $0.00
         0              prev skip now repo                              $0.00
--------------------                              ---------------------------
--------------------                              ---------------------------
         3              Total                                      $13,929.31
</TABLE>

  b.  Outstanding Defaulted Auto Loans as of 5/31/98

<TABLE>
<CAPTION>

     Number of                                    Aggregate Principal Balance 
     Auto Loans                                          of Auto Loans        
--------------------                              --------------------------- 
<S>                     <C>                       <C>                         
        91              Repossessions                              $316,165.62
         6              Skip Claims Filed                           $58,844.34
         2              Gap Claim Filed                                $747.11
         3              repo red from pr period                     $17,956.47
--------------------                              --------------------------- 
--------------------                              --------------------------- 
       102              Total                                      $393,713.54
</TABLE>

7.    AUTO LOANS WITH MODIFIED PAYMENT SCHEDULES

      Auto Loans that have had their payment schedules modified in accordance 
      with the provisions of Section 4.04(e) of the Pooling and Servicing 
      Agreement during the Reporting Period

<TABLE>
<CAPTION>

     Number of           Aggregate Principal
     Auto Loans         Balance of Auto Loans       Description of Modification
-------------------   -------------------------   ------------------------------
<S>                   <C>                         <C>
         0                               $0.00         Term Extended 1 month
</TABLE>







                                    Page 3
<PAGE>

8.    REPURCHASED AUTO LOANS

      Information with respect to Repurchased Auto Loans during the Reporting 
      Period.

<TABLE>
<CAPTION>
                     Number of       Aggregate Principal Balance
     Party           Auto Loans             of Auto Loans            Aggregate Repurchase Price
---------------   ----------------   ---------------------------   ------------------------------
<S>               <C>                <C>                           <C>
Seller

Originator               0                                 $0.00                            $0.00

Master Servicer
                  ----------------   ---------------------------   ------------------------------
                  ----------------   ---------------------------   ------------------------------

Totals:                  0                                 $0.00                            $0.00
</TABLE>

9.    RECOVERIES

      Information with respect to Recoveries on Defaulted Auto Loans during 
      the Reporting Period.

<TABLE>
<CAPTION>

Number of Defaulted
Auto Loans on which
   there were                                          Aggregate Amount of
   Recoveries            Source of Recoveries                Recoveries
-------------------    ------------------------    ---------------------------
<S>                    <C>                         <C>
        7              Proceeds from                                $13,500.00
                       sale of collateral

       N/A             Proceeds from                                $14,371.28
                       insurance claims

       N/A             Non-Cash insurance                                  N/A
                       deductible claims

       N/A             Paid Ahead/Behind                               $492.22

       N/A             Payments / (Reversals)                          $457.81

        0              Repurchases
--------------------                               ---------------------------
--------------------                               ---------------------------
        7                                                           $28,821.31
</TABLE>

10.   REPOSSESSION INFORMATION

<TABLE>
<CAPTION>
                     Number of       Aggregate Principal Balance
    Action           Auto Loans             of Auto Loans            Aggregate Amount Realized
---------------   ----------------   ---------------------------   -----------------------------
<S>               <C>                <C>                           <C>
Repossession             3                            $13,929.31

Disposed of after
Repossession *           7                                                            $13,500.00

Repossessions
Redeemed                 0                                 $0.00
                  ----------------   ---------------------------   -----------------------------
                  ----------------   ---------------------------   -----------------------------

Totals:                 10                            $13,929.31                      $13,500.00
</TABLE>


                                    Page 4
<PAGE>

<TABLE>
<CAPTION>

<S>                                                                                            <C>
11.   LOSSES

  a.  The aggregate outstanding Principal Balance of Auto Loans written-off
      during the Reporting Period was. . . . . . . . . . . . . . . . . . . . . . . . . . . .   $           $11.09
      [Force Closed = $11.09]                                                                  -----------------

  b.  The aggregate amount of uninsured claims (without duplication to
      amounts referred to in clause a) during the Reporting Period was . . . . . . . . . . .   $      N/A
                                                                                                -----------------

  c.  The total amount of the losses on the Auto Loans during the Reporting
      Period was . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $           $11.09
                                                                                                -----------------

12.   TOTAL AMOUNT OF PAYMENTS COLLECTED DURING THE REPORTING
      PERIOD AND DEPOSITED INTO THE COLLECTION ACCOUNT

  a.  The aggregate portion of Payments collected on the Auto Loans allocable
      to Scheduled Payments* in Respect of Interest on the Auto Loans during
      the Reporting Period was. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $       $12,540.30
                                                                                                -----------------

  b.  The aggregate portion of Payments collected on the Auto Loans allocable
      to Scheduled Payments in Respect of Principal on the Auto Loans during
      the Auto Loans during the Reporting Period was. . . . . . . . . . . . . . . . . . . . .  $       $50,953.94
                                                                                                -----------------

  c.  The aggregate portion of Payments collected on the Auto Loans allocable
      to Prepayments* during the Reporting Period was . . . . . . . . . . . . . . . . . . . .  $        $5,975.72
      [Prin $5813.43  Int $162.29]                                                              -----------------

  d.  Insurance Proceeds received on Active Auto Loans. . . . . . . . . . . . . . . . . . . .  $            $0.00
      [Prin $0.00  Int $0.00]                                                                   -----------------

  e.  The aggregate portion of Payments collected on the Auto Loans allocable
      to Defaulted Auto Loan proceeds during the Reporting Period was . . . . . . . . . . . .  $       $28,821.31
      [Prin $28413.60  Int 407.71]                                                               -----------------

  f.  The total amount of Payments collected on the Auto Loans and the total 
      deposited into the Collection Account during the Reporting Period
      (sum of a+b+c+d+e) was. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $       $98,291.27
                                                                                                -----------------

  g.  Total Late charges Received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $        $1,142.25
                                                                                                -----------------

  h.  Extension Fees on Precomputed Auto Loans. . . . . . . . . . . . . . . . . . . . . . . .  $            $0.00
                                                                                                -----------------

  i.  Excess Funds on Paid-Off Accounts . . . . . . . . . . . . . . . . . . . . . . . . . . .  $          $834.96
      108903119905030068 $186.89 108002110230000575 $98.00                                      -----------------
      108902119905020058 $550.07

  j.  Insurance Proceeds Excess Funds                                                          $            $0.00
                                                                                                -----------------

  k.  Total Cash Received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $      $100,268.48
                                                                                                -----------------
                                                                                                -----------------

  l.  The aggregate portion of Insurance Deductible allocable to Defaulted
      Auto Loan proceeds during the Reporting Period was. . . . . . . . . . . . . . . . . . .  $            $0.00
      [prin $0.00  int $0.00]                                                                   -----------------

  m.  The aggregate portion of Insurance Deductible allocable to Active
      Auto Loan proceeds during the Reporting Period was. . . . . . . . . . . . . . . . . . .  $            $0.00
      [prin $0.00  int $0.00]                                                                   -----------------

                                   Page 5
<PAGE>

13.   AMOUNT AND COMPUTATION OF MONTHLY SERVICING FEE

  a.  The Reimbursable Servicer Expenses with respect to the calendar month
      immediately preceding the date of this Servicer Report was. . . . . . . . . . . . . . .  $        $7,480.50
                                                                                                -----------------

  b.  The Servicer Penalty Payments with respect to the period from and 
      including the calendar month immediately preceding the date of this
      Servicer Report was . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $          $571.13
                                                                                                -----------------

  c.  The Servicer Variable Amount with respect to the calendar month
      immediately preceding the date of this Servicer Report was. . . . . . . . . . . . . . .  $          $390.73
                                                                                                -----------------

  d.  The Monthly Servicing Fee owing to the Master Servicer with respect to
      the calendar month immediately preceding the date of this Servicer
      Report is [0.15% x the aggregate Principal Balance of the Auto Loans at
      the end of the immediately preceding calendar month]. . . . . . . . . . . . . . . . . .  $        $1,855.06
                                                                                                -----------------

  e.  The Monthly Servicing Fee, if any, owing with respect to calendar months
      prior to the immediately preceding calendar month is. . . . . . . . . . . . . . . . . .  $            $0.00
                                                                                                -----------------

  f.  The total amount owing to the Master Servicer on the next following 
      Monthly Fee Date is . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .  $       $10,297.42
                                                                                                -----------------

                                  Page 6
<PAGE>

14.   EVENTS OF SERVICING TERMINATION

      No event has occurred and is continuing which constitutes an Event of Servicing Termination or would
      constitute an Event of Servicing Termination but for the requirement that notice be given or time elapse or
      both [except as disclosed on the attached Annex A].

15.   ATTACHED SCHEDULES

      Reference is made to the attached schedules that detail Insurance Claims filed and loan balance reports
      that detail monthly amortization of unearned interest on Actuarial and Precomputed loans and earned interest
      and interest accruals on Simple interest loans.

To the best of our knowledge all information contained on this Servicer Report and the attached schedules is accurate.
In Witness Whereof, the undersigned has duly executed and delivered this certificate this day, June 12, 1998.


                                                            Electronic Data Systems Corporation, FAMS
                                                            as Servicer




                                                            By:  /s/ Patricia A. Moppett
                                                               ----------------------------------

                                                            Name: Patricia A. Moppett
                                                            Senior Manager, Electronic Data Systems Corporation
                                                            Financial Asset Management Services
</TABLE>



                                   Page 7
<PAGE>

                                   SERVICER REPORT

                                 NAFCO AUTO TRUST - 1

--------------------------------------------------------------------------------

            FOR THE PERIOD BEGINNING JUNE 1, 1998 AND ENDING JUNE 30, 1998

     The undersigned, a duly authorized representative of Electronic Data
Systems Corporation as Servicer (the "Servicer"), pursuant to section 4.19 of
the Amended and Restated Pooling and Servicing Agreement (the "Pooling and
Servicing Agreement") dated as of August 1, 1994 by and among NAFCO Auto
Funding, L.P., as Seller, NAFCO Inc., as Master Administrator, the Servicer, and
Bankers Trust Company, as Trustee, does hereby certify as follows:

1.   Capitalized terms used in this Servicer Report (and not otherwise defined
     otherwise defined herein) shall have the respective meanings set forth in
     the Pooling and Servicing Agreement.

2.   Electronic Data Systems Corporation is, as the date hereof, the Servicer
     under the Pooling and Servicing Agreement.

3.   The undersigned is an Officer of the Servicer.

4.   This report is dated 7/12/98.

4.1  Principal Reconcilliation:

<TABLE>
<CAPTION>

                                              Number of Accounts   Aggregate Prin Balance
                                              ------------------   ----------------------
     <S>                                      <C>                  <C>
     Ending Balance 5/31/98                             218                 $842,994.08
     Principal Payments                                                     ($45,981.69)
     Prepayment of Principal                            -12                 ($18,576.47)
     Insurance Proceeds                                                      ($1,668.60)
     Redeemed Repos this Reporting Period                 0                       $0.00
     Force-Closed                                        -1                      ($6.38)
     Net Aggregate Principal Balance of                                           $0.00
        Defaulted Auto Loans during 6/98                  0                       $0.00
                                              ------------------   ----------------------
                                              ------------------   ----------------------

     Ending Balance 6/30/98                             205                 $776,760.94

</TABLE>

4.12 Defaulted Principal Reconcilliation

<TABLE>
<CAPTION>

                                              Number of Accounts   Aggregate Prin Balance
                                              ------------------   ----------------------
     <S>                                      <C>                  <C>
     Ending Balance 5/31/98                             102                 $393,713.54
     New Repossessions                                    0                       $0.00
     New Skips                                            0                       $0.00
     New Gap                                              0                       $0.00
     New Repo Prev. Redeemed                              0                       $0.00
     Recoveries on Defaulted Auto Loans                  -1                 ($22,883.32)
     Repos Redeemed During Reporting Period               0                       $0.00
     Charge Off/Forced Close/Repurchased                 -1                  ($3,691.74)
     New Repo Prev Reported as Skip                       0                       $0.00
                                              ------------------   ----------------------
                                              ------------------   ----------------------

     Ending Balance 6/30/98                             100                 $367,138.48

</TABLE>


                                        Page 1

<PAGE>

5.   AGGREGATE PRINCIPAL BALANCE OF THE AUTO LOANS

  a. AS of 6/31/98

<TABLE>
<CAPTION>

     Number of Days             Number of          Aggregate Principal Balance
       Delinquent               Auto Loans                of Auto Loans
     --------------             ----------         ----------------------------
     <S>                        <C>                <C>
     current (0-29)                 159                            $632,332.96
           30-59                     14                             $53,646.78
           60-89                      3                              $6,497.64
          90-119                      4                             $17,402.59
        over 120                    140                            $526,827.65
                                ----------         ----------------------------
                                ----------         ----------------------------

          Totals:                   320                          $1,236,707.82

    Aggregate Outstanding Principal Balance
    of Defaulted Auto Loans as of 5/31/98                         ($393,713.54)
                                                   ----------------------------

    Aggregate Principal Pool Balance as of 5/31/98
    (Net of Defaulted Auto Loans)                                  $842,994.08
                                                   ----------------------------
                                                   ----------------------------

</TABLE>

  b. AS of 6/30/98

<TABLE>
<CAPTION>

     Number of Days             Number of          Aggregate Principal Balance
       Delinquent               Auto Loans                of Auto Loans
     --------------             ----------         ----------------------------
     <S>                        <C>                <C>
     current (0-29)                 145                            $550,080.77
           30-59                     16                             $75,856.48
           60-89                      2                                $802.78
          90-119                      2                              $3,305.05
        over 120                    140                            $513,854.34
                                ----------         ----------------------------
                                ----------         ----------------------------

          Totals:                   305                          $1,143,899.42

     Aggregate Outstanding Principal Balance
     of Defaulted Auto Loans as of 6/30/98                        ($367,138.48)
                                                   ----------------------------

     Aggregate Principal Pool Balance as of 6/30/98
     (Net of Defaulted Auto Loans)                                 $776,760.94
                                                   ----------------------------
                                                   ----------------------------

</TABLE>


                                        Page 2

<PAGE>

6.   DEFAULTED AUTO LOANS

  a. Auto Loans that became Defaulted Auto Loans during the Reporting Period.

<TABLE>
<CAPTION>

        Number of                                   Aggregate Principal Balance
       Auto Loans                                          of Auto Loans
       ----------                                   ---------------------------
       <S>               <C>                        <C>
             0           Repossessions                                   $0.00
             0           Skip Claim Filed                                $0.00
             0           Gap Claim Filed                                 $0.00
             0           Repo Redeemed now repo                          $0.00
             0           prev skip now repo                              $0.00
       ----------                                   ---------------------------
       ----------                                   ---------------------------

             0           Total                                           $0.00
</TABLE>

  b. Outstanding Defaulted Auto Loans as of 6/30/98

<TABLE>
<CAPTION>

        Number of                                   Aggregate Principal Balance
       Auto Loans                                          of Auto Loans
       ----------                                   ---------------------------
       <S>               <C>                        <C>
            89           Repossessions                             $290,045.52
             6           Skip Claims Filed                          $58,844.34
             2           Gap Claim Filed                               $747.11
             3           repo red from pr period                    $17,501.51
       ----------                                   ---------------------------
       ----------                                   ---------------------------

            100          Total                                     $367,138.48
</TABLE>

7.   AUTO LOANS WITH MODIFIED PAYMENT SCHEDULES

     Auto Loans that have had their payment schedules modified in accordance 
     with the provisions of Section 4.04 (e) of the Pooling and Servicing 
     Agreement during the Reporting Period.

<TABLE>
<CAPTION>

        Number of          Aggregate Principal
       Auto Loans         Balance of Auto Loans     Description of Modification
       ----------         ---------------------     ---------------------------
       <S>                <C>                       <C>
            1                         $3,729.20        Term Extended 1 month
</TABLE>

                                        Page 3
<PAGE>

8.   REPURCHASED AUTO LOANS

     Information with respect to Repurchased Auto Loans during the Reporting
     Period.

<TABLE>
<CAPTION>
                            Number of         Aggregate Principal Balance 
     Party                  Auto Loans               of Auto Loans             Aggregate Repurchase Price
     -----                  ----------        ---------------------------      --------------------------
     <S>                    <C>               <C>                              <C>
     Seller                      

     Originator                 0                                 $0.00                           $0.00

     Master Servicer            
                            ----------        ---------------------------      --------------------------
                            ----------        ---------------------------      --------------------------

     Totals:                     0                                $0.00                           $0.00
</TABLE>

9.   RECOVERIES

     Information with respect to Recoveries on Defaulted Auto Loans during the
     Reporting Period.

<TABLE>
<CAPTION>

      Number of Defaulted
      Auto Loans on which
          there were                                      Aggregate Amount of
          Recoveries          Source of Recoveries             Recoveries
      -------------------     --------------------        ---------------------
      <S>                     <C>                         <C>
             5                Proceeds from                          $8,700.00
                              sale of collateral

            N/A               Proceeds from                         $14,271.70
                              insurance claims

            N/A               Non-Cash insurance                           N/A
                              deductible claims

            N/A               Paid Ahead/Behind                        $463.49

            N/A               Payments/(Reversals)                    ($627.04)

             0                Repurchases
      -------------------                                 ---------------------
      -------------------                                 ---------------------

             5                                                      $22,808.15
</TABLE>

10.  REPOSSESSION INFORMATION

<TABLE>
<CAPTION>
                             Number of        Aggregate Principal Balance
        Action               Auto Loans             of Auto Loans               Aggregate Amount Realized
     ------------            ----------       ---------------------------       -------------------------
     <S>                     <C>              <C>                               <C>
     Repossession                0                                 $0.00

     Disposed of after
     Repossession *              5                                                             $8,700.00

     Repossessions
     Redeemed                    0                                 $0.00
                             ----------       ---------------------------       -------------------------
                             ----------       ---------------------------       -------------------------

     Totals:                      5                                $0.00                          $8,700
</TABLE>
                                        Page 4
<PAGE>

<TABLE>
<CAPTION>

11.   LOSSES
<S>                                                                                            <C>
  a.  The aggregate outstanding Principal Balance of Auto Loans written-off
      during the Reporting Period was. . . . . . . . . . . . . . . . . . . . . . . . . . . .   $        $3,698.12
      [Force Closed = -$0.57]                                                                   -----------------

  b.  The aggregate amount of uninsured claims (without duplication to
      amounts referred to in clause a) during the Reporting Period was . . . . . . . . . . .   $        N/A
                                                                                                -----------------
  c.  The total amount of the losses on the Auto Loans during the Reporting
      Period was . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $        $3,698.12
                                                                                                -----------------
12.   TOTAL AMOUNT OF PAYMENTS COLLECTED DURING THE REPORTING
      PERIOD AND DEPOSITED INTO THE COLLECTION ACCOUNT 

  a.  The aggregate portion of Payments collected on the Auto Loans allocable
      to Scheduled Payments* in Respect of Interest on the Auto Loans during
      the Reporting Period was . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $       $11,229.32
                                                                                                -----------------
  b.  The aggregate portion of Payments collected on the Auto Loans allocable
      to Scheduled Payments in Respect of Principal on the Auto Loans during
      the Auto Loans during the Reporting Period was . . . . . . . . . . . . . . . . . . . .   $       $45,981.69
                                                                                                -----------------
  c.  The aggregate portion of Payments collected on the Auto Loans allocable
      to Prepayments* during the Reporting Period was. . . . . . . . . . . . . . . . . . . .   $       $20,087.54
      [Prin  $18576.47   Int  $1511.07]                                                         -----------------

  d.  Insurance Proceeds received on Active Auto Loans . . . . . . . . . . . . . . . . . . .   $        $1,668.60
      [Prin  $1668.60  Int  $0.00]                                                              -----------------

  e.  The aggregate portion of Payments collected on the Auto Loans allocable
      to Defaulted Auto Loan proceeds during the Reporting Period was. . . . . . . . . . . .   $       $22,808.15
      [Prin..$22883.32  Int..$-75.17]                                                           -----------------

  f.  The total amount of Payments collected on the Auto Loans and the total
      deposited into the Collection Account during the Reporting Period
      (sum of a+b+c+d+e) was . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $      $101,775.30
                                                                                                -----------------

  g.  Total Late charges Recieved. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $        $1,300.25
                                                                                                -----------------

  h.  Extension Fees on Precomputed Auto Loans . . . . . . . . . . . . . . . . . . . . . . .   $           $23.13
                                                                                                -----------------

  i.  Excess Funds on Paid-Off Accounts. . . . . . . . . . . . . . . . . . . . . . . . . . .   $        $3,990.24
      108-901-11-9906-323281  $1399.14; 108-001-11-0105-00043  $414.32                          -----------------
      108-901-11-9935-030814  -$95.56, 108-901-11-9935-010901  $295.00; 108-901-11-9935-010901  $780.00;
      108-902-11-9905-020033  $852.70; 108-901-11-9936-03081  $338.64;

  j.  Insurance Proceeds Excess Funds                                                          $        $6,760.91
      108-901-11-9935-030917  $1884.84; 108-901-11-9906-323042  $1987.84;                       -----------------
      108-002-11 0206-000080  $1521.96; 108-003-11-0305-001312  $1386.27
  k.  Total Cash Recieved. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $      $113,849.83
                                                                                                -----------------
                                                                                                -----------------

  l.  The aggregate portion of Insurance Deductible allocable to Defaulted
      Auto Loan proceeds during the Reporting Periond was. . . . . . . . . . . . . . . . . .   $       ($6,760.91)
      [prin  -$6760.91   int  $0.00]                                                             -----------------
      108-901-11-9935-030917  -$1884.84; 108-901-11-9906-323042  -$1987.84;
      108-002-11-0206-000080  -$1521.96; 108-003-11-0305-001312  -$1366.27

  m.  The aggregate portion of Insurance Deductible allocable to Active
      Auto Loan proceeds during the Reporting Period was . . . . . . . . . . . . . . . . . .   $            $0.00
      [prin  $0.00   int  $0.00]                                                                -----------------
</TABLE>

                                     Page 5
<PAGE>

<TABLE>
<CAPTION>
<S>                                                                                            <C>
13.   AMOUNT AND COMPUTATION OF MONTHLY SERVICING FEE.

  a.  The Reimbursable Servicer Expenses with respect to the calendar month
      immediately preceding the date of this Servicer Report was . . . . . . . . . . . . . .   $        $5,783.08
                                                                                                -----------------

  b.  The Servicer Penalty Payments with respect to the period from and
      including the calendar month immediately preceding the date of this
      Servicer Report was. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $          $650.13
                                                                                                -----------------

  c.  The Servicer Variable Amount with respect to the calendar month
      immediately preceding the date of this Servicer Report was . . . . . . . . . . . . . .   $          $302.12
                                                                                                -----------------

  d.  The Monthly Servicing Fee owing to the Master Servicer with respect to
      the calendar month immediately preceding the date of this Servicer
      Report is [0.15% x the aggregate Principal Balance of the Auto Loans at
      the end of the immediately preceding calendar month] . . . . . . . . . . . . . . . . .   $        $1,715.85
                                                                                                -----------------

  e.  The Monthly Servicing Fee, if any, owing with respect to calendar months
      prior to the immediately preceding calendar month is . . . . . . . . . . . . . . . . .   $            $0.00
                                                                                                -----------------

  f.  The total amount owing to the Master Servicer on the next following
      Monthly Fee Date is. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .   $        $8,451.18
                                                                                                -----------------
</TABLE>


                                     Page 6
<PAGE>

14.   EVENTS OF SERVICING TERMINATION

      No event has occurred and is continuing which constitutes an Event of 
      Servicing Termination or would constitute an Event of Servicing 
      Termination but for the requirement that notice be given or time elapse 
      or both [except as disclosed on the attached Annex A].

15.   ATTACHED SCHEDULES

      Reference is made to the attached schedules that detail Insurance Claims 
      filed and loan balance reports that detail monthly amortization of 
      unearned interest on Actuarial and Precomputed loans and earned interest 
      and interest accruals on Simple interest loans.



To the best of our knowledge all information contained on this Servicer Report 
and the attached schedules is accurate.  In Witness Whereof, the undersigned 
has duly executed and delivered this certificate this day, July 12, 1998.


                             Electronic Data Systems Corporation, FAMS
                             as Servicer



                             By: /s/ P. A. Moppett
                                 -------------------------------------

                             Name: Patricia A. Moppett
                             Senior Manager, Electronic Data Systems Corporation
                             Financial Asset Management Services


                                     Page 7