<PAGE>

                             MASTER ADMINISTRATOR REPORT

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


                                NAFCO AUTO TRUST - 3

                        For the May 20, 1997 Distribution Date

                      For the period beginning on April 1, 1997
                   and ending on April 30, 1997 (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 October 1, 1995, 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.

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

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

    4.        The date of this Report is May 16, 1997.

    5.   POOL FACTOR.

         (a)  The Pool Factor with respect to
              April 1, 1997 was. . . . . . . . . . . . . . . . . .   .63305675
                                                                     ---------

         (b)  The Pool Factor with respect to
              April 30, 1997 was. . . . . . . . . . . . . . . . .    .60277139
                                                                     ---------

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

         (a)  The Investor Certificate Principal
              Balance as of  April 1, 1997
              (after giving effect to the disbursements
              in reduction of principal, if any,
              on the immediately preceding
              Distribution Date) was . . . . . . . . . . . . . . $20,903,533.88
                                                                  -------------


                                       1
<PAGE>

         (b)  The Seller Certificate Principal
              Balance as of April 1, 1997 (after
              giving effect to the disbursements
              in reduction of principal, if any, on
              the immediately preceding Distribution
              Date) was. . . . . . . . . . . . . . . . . . . . . $2,383,003.39
                                                                  -------------

    7.   OCCURRENCE OF A REQUIRED RESERVE EVENT

    (a)  The Delinquency Ratio is. . . . . . . . . . . . . . . . . . . * 8.54%
                                                                       -------

    (b)  The Three Month Deliquency Ratio is . . . . . . . . . . . . . * 8.46%
                                                                       -------

    (c)  The Gross Loss Ratio is . . . . . . . . . . . . . . . . . . . *23.36%
                                                                       -------

    (d)  The Three Month Gross Loss Ratio is . . . . . . . . . . . . . *18.89%
                                                                       -------

    (e)  The percentage of eligible claims on the
         ALPI policy not paid in a timely manner
         is(*) . . . . . . . . . . . . . . . . . . . . . . . . . . . . *37.31%
                                                                       -------

    (f)  The Required Reserve Percentage is. . . . . . . . . . . . . .  10.00%
                                                                       -------

    (g)  * Indicates which Required Reserve Event has occurred.

(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $  0  of claims which are currently in dispute.  Such disputed claims
represent  n/a     % of all eligible claims
 .
         SEE ANNEX C.1 FOR RATIO CALCULATIONS.

    8.   AGGREGATE MONTHLY SERVICING FEE.

         (a)  The Monthly Servicing Fee owing
              to the Servicer on the related
              Distribution Date is . . . . . . . . . . . . . . . $   74,841.94
                                                                  ------------

         (b)  The amount of accrued and unpaid
              Monthly Servicing Fees in respect of
              prior Due Periods is . . . . . . . . . . . . . . . $     -0-
                                                                  ------------

         (c)  The total Monthly Servicing Fee paid
              or payable to the Servicer in respect
              of such Due Period [a+b] is. . . . . . . . . . . . $   74,841.94
                                                                  ------------


                                       2
<PAGE>

    9.   AGGREGATE MONTHLY SUBROGATION AMOUNT.

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

         (b)  The amount of accrued and unpaid Monthly
              Subrogation Amount in respect of prior
              Due Periods 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-
                                                                  ------------
    10.  AGGREGATE MONTHLY ADMINISTRATOR FEE.

         (a)  The Monthly Administrator Fee owing
              on the related Distribution Date is. . . . . . . . $   26,844.68
                                                                  ------------

         (b)  The amount of accrued and unpaid
              Monthly Administrator Fees in respect
              of prior Due Periods is. . . . . . . . . . . . . . $     -0-
                                                                  ------------

         (c)  The total Monthly Administrator Fee
              paid or payable to the Master Administrator
              in respect of such Due Period [a+b] is . . . . . . $   26,844.68
                                                                  ------------

    11.  THE CASH RESERVE ACCOUNT.

         (a)  The Insurance Reserve Amount/The Insurance
              Deductible

              (i)  The Insurance Reserve Amount as
                   of the first day of the Due Period. . . . . . $  863,680.06
                                                                  ------------

              (ii) The aggregate Insurance Deductible
                   to be deposited by the Seller into the
                   Cash Reserve Account on the Deposit
                   Date with respect to additional Auto
                   Loans acquired. . . . . . . . . . . . . . . . $     -0-
                                                                  ------------

            (iii)  The aggregate amount to be withdrawn
                   from the Insurance Reserve Amount,
                   deposited into the Collection Account
                   and applied against the aggregate
                   amount of the Insurance Deductible. . . . . . $  193,188.62
                                                                  ------------


                                       3
<PAGE>

              (iv) The aggregate amount of Monthly
                   Subrogation Amount to be deposited
                   into the Insurance Reserve Amount
                   on the related Deposit Date . . . . . . . . . $     -0-
                                                                  ------------

              (v)  The Insurance Reserve Amount as of
                   the end of the Due Period
                   is. . . . . . . . . . . . . . . . . . . . . . $  670,491.44
                                                                  ------------
         (b)  The Available Cash Reserve Amount


              (i)  The Required Cash Reserve Amount
                   (assuming all withdrawals or deposits to
                   be made with respect to the current
                   Distribution Date are made) is. . . . . . . . $2,090,353.39
                                                                  ------------

              (ii) 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. . . . . . . . $1,916,409.44
                                                                  ------------

             (iii) The amount to be deposited to
                   (withdrawn from) the Available Cash
                   Reserve Amount with respect to the
                   current Distribution Date is. . . . . . . . . $  100,400.87
                                                                  ------------

              (iv) 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. . . . . . . . $2,016,810.31
                                                                  ------------

         (c)  The total Cash Reserve Account as of the
              end of the Due Period (after giving effect
              to the deposits and withdrawals in (a) and
              (b) above) is. . . . . . . . . . . . . . . . . . . $2,687,301.75
                                                                  ------------


                                       4
<PAGE>

    12.  AVAILABLE FUNDS.

         (a)  The amount of Available Funds with
              respect to the related Due Period was. . . . . . . $1,480,090.61
                                                                  ------------

         (b)  The amount of Available Funds with
              respect to the immediately preceding
              Due Period that were retained in the
              Collection Account was . . . . . . . . . . . . . . $   72,971.09
                                                                  ------------

         (c)  Interest earned on and retained in the
              Collection Account and interest earned
              on the Cash Reserve Account and
              transferred into the Collection Account
              for the Due Period on the related
              Deposit Date was . . . . . . . . . . . . . . . . . $   18,773.10
                                                                  ------------

         (d)  Total distributable funds with respect
              to the related Due Period [a+b+c] was. . . . . . . $1,571,834.80
                                                                  ------------

         (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 remaining after the purchase
              of additional Auto Loans with respect
              to the related Due Period [d-e] is . . . . . . . . $1,571,834.80
                                                                  ------------

    13.  DISBURSEMENTS TO BE MADE ON THE RELATED DISTRIBUTION DATE.
              The Certificate Rate is 6.50%.

         (a)  The amount of the aggregate Monthly
              Servicing Fee to be paid to the Servicer
              on such Distribution Date is . . . . . . . . . . . $   74,841.94
                                                                  ------------

         (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 . . . . . . . . . . . $   26,844.68
                                                                  ------------


                                       5
<PAGE>

         (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. . . . . . $  113,227.48
                                                                  ------------

         (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. . . . . . . . . . $1,000,022.47
                                                                  ------------

         (f)  The total amount of the distribution
              to be made on such Distribution Date
              to the Investor Certificateholders [d+e] is. . . . $1,113,249.95
                                                                  ------------

         (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 . . . . . . $   12,907.94
                                                                  ------------

         (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. . . . . $  171,502.12
                                                                  ------------

         (i)  The amount to be deposited in
              the Cash Reserve Account is. . . . . . . . . . . . $  100,407.87
                                                                  ------------

         (j)  The amount to be retained in the
              Collection Account with respect to
              the Reinvestment Amount and the
              Partial Payment Amount is. . . . . . . . . . . . . $   72,087.30
                                                                  ------------

         (k)  The amount to be disbursed to the
              Seller Certificateholder (other than the
              amounts referred to in (g) and (h) is. . . . . . . $     -0-
                                                                  ------------

         (l)  The total amount of the
              distribution to be made to the
              Seller Certificateholders [g+h+k] is . . . . . . . $  184,410.06
                                                                  ------------


                                       6
<PAGE>

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

         (a)  The Investor Certificate Principal Balance
              as of  April 30, 1997 (after giving
              effect to the disbursements in reduction
              of principal, if any, on the immediately
              preceding Distribution Date) was . . . . . . . . . $19,903,511.41
                                                                  ------------

         (b)  The Seller Certificate Principal
              Balance as of April 30, 1997 (after
              giving effect to the disbursements in
              reduction of principal, if any, on the
              immediately preceding Distribution
              Date or the effect of the computation
              of the Individual Sold Balance relating
              to the purchase of additional Auto
              Loans during the Interest-Only Period
              in accordance with the terms of the
              Pooling and Servicing Agreement) was . . . . . . . $2,211,501.27
                                                                  ------------

    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].


                                       7
<PAGE>

         IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this certificate this 16th day of May 1997.


                             NYLIFE SFD Holding INC.
                               as Master Administrator



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


                                       8
<PAGE>

                                       ANNEX A
                                          TO
                             MASTER ADMINISTRATOR REPORT
                                  DATED May 16, 1997


                      EVENT OF MASTER ADMINISTRATOR TERMINATION

                                         None


                                       9
<PAGE>

                                       ANNEX B
                                          TO
                             MASTER ADMINISTRATOR REPORT
                                  DATED May 16, 1997


         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, 1997 [the close of business on the last day of the Due
       Period]

              Number of Days         Number of         Aggregate Principal
                  DELINQUENT         AUTO LOANS       BALANCE OF AUTO LOANS
              ------------------  -------------       ---------------------

              current (0-29)               1586                 $15,679,113
                    30 - 59                 255                   2,695,943
                    60 - 89                  63                     635,035
                   90 - 120                  34                     351,299
                   over 120                 591                   4,725,403
                                  -------------            ----------------
              Totals:                     2,529                 $24,086,793
                                  -------------
                                  -------------

              Aggregate Principal Balance of Defaulted
              Auto Loans at April 30, 1997                       (1,971,779)
                                                                 -----------

              Aggregate Principal Balance allocable
                to Certificateholders                           $22,115,014
                                                                 ----------
                                                                 ----------

2.       TOTAL AMOUNTS COLLECTED DURING 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. . . .  $ 1,096,234.72
                                                                  ------------

         (b)  The total amount of Recoveries on
              Defaulted Auto Loans collected on the
              Auto Loans and deposited into the
              Collection Account for the Due Period was. . . .  $   191,551.06
                                                                  ------------

         (c)  The total amounts collected on the Auto
              Loans and deposited into the Collection
              Account for the Due Period was [a+b] . . . . . .  $ 1,287,785.78
                                                                  ------------


                                       10
<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
              ----------     ---------------------

                 34               $370,364.00

    4.   THE INFORMATION SPECIFIED IN ITEM 13(D) THROUGH (F)
         STATED ON THE BASIS OF $1,000 INITIAL PRINCIPAL AMOUNT.
              The Certificate Rate is 6.5%

        (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 . . . . . . . . $    3.429058
                                                                  ------------

        (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. . . . $   30.285356
                                                                  ------------

        (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. . . . . . . . . . . . $   33.714414
                                                                  ------------


                                       11
<PAGE>

                                       ANNEX C
                                          TO
                             MASTER ADMINISTRATOR REPORT
                                  DATED May 16, 1997

         Calculation of Required Cash Reserve Amount as of the May 20, 1997
Distribution Date.

         (i)       The Investor Certificate Principal Balance equals
                   $20,903,533.88

         (ii)      Required Reserve Percentage equals 10%.

         (iii)     The Required Cash Reserve Amount equals (the product of (i)
                   and (ii)) $2,090,353.39

         For purposes of this Annex C, the following term shall have the
following meaning:


    "REQUIRED RESERVE PERCENTAGE" MEANS:

         (a)       for any Payment Date on which there is not an uncured
                   Reserve Requirement Event, 5%;

         (b)       if the Three-Month Delinquency Ratio for any Due Period
                   exceeds 4% (a "Three Month Delinquency Test"), the Required
                   Reserve Percentage on each succeeding Payment Date shall be
                   10%; provided, however, that if, for any Due Period
                   following the third Due Period following the occurrence of a
                   Three Month Delinquency Test, the Three Month Delinquency
                   Ratio is less than 4% (a "Three Month Delinquency Cure"),
                   the provisions of this clause (b) shall no longer apply
                   until another Three Month Delinquency Test occurs;

         (c)       if the Delinquency Ratio for any Due Period exceeds 6% (a
                   "Delinquency Test"), the Required Reserve Percentage on each
                   succeeding Payment Date shall be 10%; provided, however,
                   that if, for any Due Period following the third Due Period
                   following the occurrence of the less than 6% (a "Delinquency
                   Cure"), the provisions of this clause (c) shall no longer
                   apply until another Delinquency Test occurs;

         (d)       if the Gross Loss Ratio for any Due Period exceeds 18% (a
                   "Loss Test"), the Required Reserve Percentage on each
                   succeeding Payment Date shall be 10%; provided, however,
                   that if, for any Due Period following the third Due Period
                   following the occurrence of the Loss Test, the Three Month
                   Gross Ratio is less than 18% (a "Loss Cure"), the provisions
                   of this clause (d) shall no longer apply until another Test
                   occurs;


                                       12
<PAGE>

         (e)       if the Three-Month Gross Loss Ratio for any Due Period
                   exceeds 14.5% (a "Three Month Loss Test"), the Required
                   Reserve Percentage on each succeeding Payment Date shall be
                   10%; provided however, that if, for any Due Period following
                   the occurrence of a Three Month Loss Test, the Three Month
                   Gross Loss Ratio is less than 14.5% (a "Three Month Loss
                   Cure"), the provisions of this clause (e) shall no longer
                   apply until another Three Month Loss Test  occurs.

         (f)       if 20% of more of eligible claims of the Auto Loans
                   Protection Policy are not paid by the Insurance Companies
                   within the time specified therein, the Required Reserve
                   Percentage on each succeeding Payment Date shall be 10% as
                   of the close of business on the last day of the preceding
                   Due Period;


                                       13
<PAGE>

                                      ANNEX C.1

                                                                     Ratios
                                                                     ------
1.  DELINQUENCY RATIO:

    April Principal Balance 60+ days (net)    =     2,056,016.66  =   8.54%
    -----------------------------------------     ---------------
      April Aggregate Principal Balance            24,086,791.96

2.  THREE MONTH DELINQUENCY RATIO:

     Sum of Feb. - Apr. Principal Balances
              60+ days (net)                  =     6,388,289.11  =   8.46%
    -----------------------------------------     ---------------
     Sum of Feb.- Apr. Principal Balances          75,547,305.89

3.  GROSS LOSS RATIO:

    Twelve times the:
      April Principal Balance of Defaulted
         Auto Loans repossessed               =       468,845.49  =  23.36%
    -----------------------------------------     ---------------
      April Aggregate Principal Balance            24,086,791.96

4.  THREE MONTH GROSS LOSS RATIO:

    Twelve times the:
      Sum of Feb. - Apr. Principal Balances
      of Defaulted Auto Loans repossessed     =     1,188,956.40  =  18.89%
    -----------------------------------------     ---------------
      Sum of Feb. - Apr. Principal Balances        75,547,305.89

5.  ALPI CLAIMS PAYMENT TEST:

         Aggregate Principal Balance of
    ALPI Claims not paid within timeframe     =     1,078,259,88  =  37.31%
    -----------------------------------------     ---------------
      Principal Balance of Eligible Claims          2,890,169.25

<PAGE>

                             MASTER ADMINISTRATOR REPORT

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

                                NAFCO AUTO TRUST - 3 

                       For the June 20, 1997 Distribution Date

                       For the period beginning on May 1, 1997
                    and ending on May 31, 1997 (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 October 1, 1995, 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.

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

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

    4.        The date of this Report is June 16, 1997.

    5.   POOL FACTOR.

         (a)  The Pool Factor with respect to
              May 1, 1997 was. . . . . . . . . . . . . . . . . .      .60277139
                                                                      ---------

         (b)  The Pool Factor with respect to
              May 31, 1997 was . . . . . . . . . . . . . . . . .      .57311153
                                                                      ---------

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

         (a)  The Investor Certificate Principal 
              Balance as of May 1, 1997 
              (after giving effect to the disbursements
              in reduction of principal, if any,
              on the immediately preceding
              Distribution Date) was . . . . . . . . . . . . . . $19,903,511.41
                                                                 --------------


                                       1
<PAGE>

         (b)  The Seller Certificate Principal
              Balance as of May 1, 1997 (after
              giving effect to the disbursements
              in reduction of principal, if any, on
              the immediately preceding Distribution 
              Date) was. . . . . . . . . . . . . . . . . . . . .  $2,211,501.27
                                                                  -------------

    7.   OCCURRENCE OF A REQUIRED RESERVE EVENT

    (a)  The Delinquency Ratio is. . . . . . . . . . . . . . . .         * 9.63%
                                                                         ------

    (b)  The Three Month Deliquency Ratio is . . . . . . . . . .         * 9.03%
                                                                         ------

    (c)  The Gross Loss Ratio is . . . . . . . . . . . . . . . .         *22.16%
                                                                         ------

    (d)  The Three Month Gross Loss Ratio is . . . . . . . . . .         *20.98%
                                                                         ------

    (e)  The percentage of eligible claims on the
         ALPI policy not paid in a timely manner
         is(*) . . . . . . . . . . . . . . . . . . . . . . . . .        * 46.52%
                                                                         ------

    (f)  The Required Reserve Percentage is. . . . . . . . . . .          10.00%
                                                                         ------

    (g)  * Indicates which Required Reserve Event has occurred.

(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $    0      of claims which are currently in dispute.  Such disputed
claims represent     n/a         % of all eligible claims.

         SEE ANNEX C.1 FOR RATIO CALCULATIONS.

    8.   AGGREGATE MONTHLY SERVICING FEE.

         (a)  The Monthly Servicing Fee owing
              to the Servicer on the related
              Distribution Date is . . . . . . . . . . . . . . .   $  94,133.74
                                                                    -----------

         (b)  The amount of accrued and unpaid
              Monthly Servicing Fees in respect of
              prior Due Periods is . . . . . . . . . . . . . . .   $    -0-    
                                                                   ------------

         (c)  The total Monthly Servicing Fee paid
              or payable to the Servicer in respect
              of such Due Period [a+b] is. . . . . . . . . . . .   $  94,133.74
                                                                   ------------


                                       2
<PAGE>

    9.   AGGREGATE MONTHLY SUBROGATION AMOUNT.

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

         (b)  The amount of accrued and unpaid Monthly
              Subrogation Amount in respect of prior
                     Due Periods 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-
                                                                   ------------

    10.  AGGREGATE MONTHLY ADMINISTRATOR FEE.

         (a)  The Monthly Administrator Fee owing
                     on the related Distribution Date is . . . .   $  24,893.21
                                                                   ------------

         (b)  The amount of accrued and unpaid
              Monthly Administrator Fees in respect
              of prior Due Periods is. . . . . . . . . . . . . .   $    -0-
                                                                   ------------

         (c)  The total Monthly Administrator Fee
              paid or payable to the Master Administrator
                     in respect of such Due Period [a+b] is. . .   $  24,893.21
                                                                   ------------

    11.  THE CASH RESERVE ACCOUNT.

         (a)  The Insurance Reserve Amount/The Insurance
              Deductible

              (i)   The Insurance Reserve Amount as
                    of the first day of the Due 
                    Period . . . . . . . . . . . . . . . . . . .   $ 670,491.44
                                                                   ------------

              (ii)  The aggregate Insurance Deductible
                    to be deposited by the Seller into the
                    Cash Reserve Account on the Deposit
                    Date with respect to additional Auto
                    Loans acquired . . . . . . . . . . . . . . .   $    -0-    
                                                                   ------------

              (iii) The aggregate amount to be withdrawn
                    from the Insurance Reserve Amount,
                    deposited into the Collection Account
                    and applied against the aggregate
                    amount of the Insurance Deductible . . . . .   $  39,309.49
                                                                   ------------


                                       3
<PAGE>

              (iv)  The aggregate amount of Monthly
                    Subrogation Amount to be deposited
                    into the Insurance Reserve Amount
                    on the related Deposit Date. . . . . . . . .   $    -0 
                                                                   ------------

              (v)   The Insurance Reserve Amount as of
                    the end of the Due Period 
                    is . . . . . . . . . . . . . . . . . . . . .   $ 631,181.95
                                                                   ------------

         (b)  The Available Cash Reserve Amount

              (i)   The Required Cash Reserve Amount
                    (assuming all withdrawals or deposits to
                    be made with respect to the current
                    Distribution Date are made) is . . . . . . .  $1,990,351.14
                                                                  -------------

              (ii)  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 . . . . . . .  $2,016,810.31
                                                                  -------------

              (iii) The amount to be deposited to 
                    (withdrawn from) the Available Cash
                    Reserve Amount with respect to the
                    current Distribution Date is . . . . . . . .   $ (26,459.17)
                                                                   ------------

              (iv)  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 . . . . . . .  $1,990,351.14
                                                                  -------------

         (c)  The total Cash Reserve Account as of the
              end of the Due Period (after giving effect
              to the deposits and withdrawals in (a) and
              (b) above) is . . . . . . . . . . . . . . . . . .   $2,621,533.09
                                                                  -------------


                                       4
<PAGE>

    12.  AVAILABLE FUNDS.

         (a)  The amount of Available Funds with 
              respect to the related Due Period was . . . . . .   $1,233,037.71
                                                                  -------------

         (b)  The amount of Available Funds with
              respect to the immediately preceding
              Due Period that were retained in the
              Collection Account was . . . . . . . . . . . . . .   $  72,087.30
                                                                   ------------

         (c)  Interest earned on and retained in the
              Collection Account and interest earned 
              on the Cash Reserve Account and 
              transferred into the Collection Account
              for the Due Period on the related  
              Deposit Date was . . . . . . . . . . . . . . . . .   $  18,427.75
                                                                   ------------

         (d)  Total distributable funds with respect
              to the related Due Period [a+b+c] was. . . . . . .  $1,323,552.76
                                                                  -------------

         (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 remaining after the purchase
              of additional Auto Loans with respect
                     to the related Due Period [d-e] is. . . . .  $1,323,552.76
                                                                  -------------

    13.  DISBURSEMENTS TO BE MADE ON THE RELATED DISTRIBUTION DATE.
              The Certificate Rate is 6.50%.

         (a)  The amount of the aggregate Monthly
              Servicing Fee to be paid to the Servicer
              on such Distribution Date is . . . . . . . . . . .   $  94,133.74
                                                                   ------------

         (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 . . . . . . . . . . .   $  24,893.21
                                                                  -------------


                                       5
<PAGE>

         (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. . . . . .   $ 107,810.69
                                                                   ------------

         (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  . . . . . . . . .   $ 979,368.74
                                                                  -------------

         (f)  The total amount of the distribution
              to be made on such Distribution Date
              to the Investor Certificateholders [d+e] is. . . .  $1,087,179.43
                                                                  -------------

         (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 . . . . . .   $  11,978.97
                                                                   ------------

         (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. . . . .   $  46,223.93
                                                                   ------------

         (i)  The amount to be deposited (withdrawn)in 
              the Cash Reserve Account is. . . . . . . . . . . .   $ (26,459.17)
                                                                   -------------

         (j)  The amount to be retained in the
              Collection Account with respect to
              the Reinvestment Amount and the 
              Partial Payment Amount is. . . . . . . . . . . . .   $  59,143.48
                                                                   -------------

         (k)  The amount to be disbursed to the
              Seller Certificateholder (other than the
              amounts referred to in (g) and (h) is. . . . . . .   $  26,459.17
                                                                   ------------

         (l)  The total amount of the
              distribution to be made to the
              Seller Certificateholders [g+h+k] is . . . . . . .   $  84,662.07
                                                                   ------------


                                       6
<PAGE>

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

         (a)  The Investor Certificate Principal Balance
              as of May 31, 1997 (after giving
              effect to the disbursements in reduction
              of principal, if any, on the immediately
              preceding Distribution Date) was . . . . . . . . . $18,924,142.67
                                                                 --------------

         (b)  The Seller Certificate Principal
              Balance as of May 31, 1997 (after
              giving effect to the disbursements in
              reduction of principal, if any, on the
              immediately preceding Distribution 
              Date or the effect of the computation
              of the Individual Sold Balance relating
              to the purchase of additional Auto 
              Loans during the Interest-Only Period
              in accordance with the terms of the
              Pooling and Servicing Agreement) was . . . . . . .  $2,165,277.34
                                                                  -------------

    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].


                                       7
<PAGE>

         IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this certificate this 16th day of June 1997.


                                            NYLIFE SFD Holding INC.
                                            as Master Administrator



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


                                       8
<PAGE>

                                       ANNEX A
                                          TO
                             MASTER ADMINISTRATOR REPORT
                                 DATED June 16, 1997


                      EVENT OF MASTER ADMINISTRATOR TERMINATION

                                         None


                                       9
<PAGE>

                                       ANNEX B
                                          TO
                             MASTER ADMINISTRATOR REPORT
                                 DATED June 16, 1997


         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 May 31, 1997 [the close of business on the last day of the Due   
        Period]

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

         current (0-29)                 1541                   $14,826,104
           30 - 59                       227                     2,473,658
           60 - 89                        84                       845,260
           90 - 120                       37                       373,331
           over 120                      599                     4,638,708
                                       -----                   -----------
         Totals:                       2,488                   $23,157,061
                                       -----                   -----------

              Aggregate Principal Balance of Defaulted
              Auto Loans at May 31, 1997                        (2,130,236)
                                                               ------------
         
              Aggregate Principal Balance allocable
                to Certificateholders                           $21,026,825
                                                               ------------
    2.        TOTAL AMOUNTS COLLECTED DURING 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. . . . .   $ 926,379.13
                                                                   ------------

         (b)  The total amount of Recoveries on
              Defaulted Auto Loans collected on the
              Auto Loans and deposited into the
              Collection Account for the Due Period was. . . . .   $ 280,292.91
                                                                   ------------

         (c)  The total amounts collected on the Auto
              Loans and deposited into the Collection
              Account for the Due Period was [a+b] . . . . . . .  $1,206,672.04
                                                                  -------------


                                       10
<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
              ----------          ---------------------

                43                     $504,669.08

    4.   THE INFORMATION SPECIFIED IN ITEM 13(D) THROUGH (F)
         STATED ON THE BASIS OF $1,000 INITIAL PRINCIPAL AMOUNT.
              The Certificate Rate is 6.5%

         (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 . . . . . . . .   $   3.265012
                                                                   ------------

         (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. . . .   $  29.659865
                                                                   ------------

         (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. . . . . . . . . . . .   $  32.924877
                                                                   ------------


                                       11
<PAGE>

                                       ANNEX C
                                          TO
                             MASTER ADMINISTRATOR REPORT
                                 DATED June 16, 1997

         Calculation of Required Cash Reserve Amount as of the June 20, 1997
Distribution Date.

         (i)       The Investor Certificate Principal Balance equals
                   $19,903,511.41

         (ii)      Required Reserve Percentage equals 10%.

         (iii)     The Required Cash Reserve Amount equals (the product of (i)
                   and (ii)) $1,990,351.14

         For purposes of this Annex C, the following term shall have the
following meaning:


    "REQUIRED RESERVE PERCENTAGE" MEANS:

         (a)  for any Payment Date on which there is not an uncured
              Reserve Requirement Event, 5%;

         (b)  if the Three-Month Delinquency Ratio for any Due Period
              exceeds 4% (a "Three Month Delinquency Test"), the
              Required Reserve Percentage on each succeeding Payment
              Date shall be 10%; provided, however, that if, for any Due
              Period following the third Due Period following the
              occurrence of a Three Month Delinquency Test, the Three
              Month Delinquency Ratio is less than 4% (a "Three Month
              Delinquency Cure"), the provisions of this clause (b) shall
              no longer apply until another Three Month Delinquency Test
              occurs;

         (c)  if the Delinquency Ratio for any Due Period exceeds 6% (a
              "Delinquency Test"), the Required Reserve Percentage on each
              succeeding Payment Date shall be 10%; provided, however, that
              if, for any Due Period following the third Due Period following
              the occurrence of the less than 6% (a "Delinquency Cure"), the
              provisions of this clause (c) shall no longer apply until another
              Delinquency Test occurs;

         (d)  if the Gross Loss Ratio for any Due Period exceeds 18%
              (a "Loss Test"), the Required Reserve Percentage on each
              succeeding Payment Date shall be 10%; provided, however,
              that if, for any Due Period following the third Due Period
              following the occurrence of the Loss Test, the Three Month
              Gross Ratio is less than 18% (a "Loss Cure"), the provisions
              of this clause (d) shall no longer apply until another Test 
              occurs;


                                       12
<PAGE>

         (e)  if the Three-Month Gross Loss Ratio for any Due Period exceeds
              14.5% (a "Three Month Loss Test"), the Required Reserve
              Percentage on each succeeding Payment Date shall be 10%;
              provided however, that if, for any Due Period following the
              occurrence of a Three Month Loss Test, the Three Month
              Gross Loss Ratio is less than 14.5% (a "Three Month
              Loss Cure"), the provisions of this clause (e) shall no
              longer apply until another Three Month Loss Test 
              occurs.

         (f)  if 20% of more of eligible claims of the Auto Loans
              Protection Policy are not paid by the Insurance Companies
              within the time specified therein, the Required Reserve
              Percentage on each succeeding Payment Date shall
              be 10% as of the close of business on the last day
              of the preceding Due Period;


                                       13
<PAGE>

                                      ANNEX C.1

                                                                          Ratios
                                                                          ------
1.    DELINQUENCY RATIO:

      May Principal Balance 60+ days (net)      =        2,229,651.18  =   9.63%
      -----------------------------------------       ---------------
       May Aggregate Principal Balance                  23,157,060.40

2.    THREE MONTH DELINQUENCY RATIO:

      Sum of Mar. - May  Principal Balances
              60+ days (net)                    =       6,536,198.59   =   9.03%
      -----------------------------------------      ---------------
       Sum of Mar.- May  Principal Balances            72,422,019.03

3.    GROSS LOSS RATIO:

      Twelve times the:
      May Principal Balance of Defaulted
              Auto Loans repossessed            =         427,627.89   =  22.16%
      -----------------------------------------      ---------------
       May Aggregate Principal Balance                 23,157,060.40

4.    THREE MONTH GROSS LOSS RATIO:

      Twelve times the: 
      Sum of Mar. - May  Principal Balances
      of Defaulted Auto Loans repossessed       =       1,266,444.57   =  20.98%
      -----------------------------------------      ---------------
       Sum of Mar. - May  Principal Balances           72,422,019.03

5.    ALPI CLAIMS PAYMENT TEST:

      Aggregate Principal Balance of
      ALPI Claims not paid within timeframe     =       1,096,139.16   =  46.52%
      -----------------------------------------      ---------------
       Principal Balance of Eligible Claims             2,356,320.68
<PAGE>

                           MASTER ADMINISTRATOR REPORT

            _________________________________________________________

                              NAFCO AUTO TRUST - 3

                     For the July 21, 1997 Distribution Date

                    For the period beginning on June 1, 1997
                 and ending on June 30, 1997 (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 October 1, 1995, 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.

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

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

     4.        The date of this Report is July 16, 1997.

     5.   POOL FACTOR.

          (a)  The Pool Factor with respect to
               June 1, 1997 was. . . . . . . . . . . . . . . . . . .   .57311153
                                                                     -----------

          (b)  The Pool Factor with respect to
               June 30, 1997 was . . . . . . . . . . . . . . . . . .   .54838905
                                                                     -----------

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

          (a)  The Investor Certificate Principal
               Balance as of June 1, 1997
               (after giving effect to the disbursements
               in reduction of principal, if any,
               on the immediately preceding
               Distribution Date) was. . . . . . . . . . . . . .  $18,924,142.67
                                                                  --------------


                                       1
<PAGE>

          (b)  The Seller Certificate Principal
               Balance as of June 1, 1997 (after
               giving effect to the disbursements
               in reduction of principal, if any, on
               the immediately preceding Distribution
               Date) was . . . . . . . . . . . . . . . . . . . .  $ 2,165,277.34
                                                                  --------------

     7.   OCCURRENCE OF A REQUIRED RESERVE EVENT

     (a)  The Delinquency Ratio is . . . . . . . . . . . . .             * 9.17%
                                                                         -------

     (b)  The Three Month Deliquency Ratio is. . . . . . . .             * 9.10%
                                                                          ------

     (c)  The Gross Loss Ratio is. . . . . . . . . . . .                 *16.50%
                                                                          ------

     (d)  The Three Month Gross Loss Ratio is. . . . . .                 *20.76%
                                                                          ------

     (e)  The percentage of eligible claims on the
          ALPI policy not paid in a timely manner
          is(*). . . . . . . . . . . . . . . . . . . . .                 *49.19%
                                                                          ------

     (f)  The Required Reserve Percentage is . . . . . . . .              10.00%
                                                                          ------

     (g)  * Indicates which Required Reserve Event has occurred.

(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $    0      of claims which are currently in dispute.  Such disputed
claims represent     n/a         % of all eligible claims.

          SEE ANNEX C.1 FOR RATIO CALCULATIONS.

     8.   AGGREGATE MONTHLY SERVICING FEE.

          (a)  The Monthly Servicing Fee owing
               to the Servicer on the related
               Distribution Date is  . . . . . . . . . . . . . . .  $ 105,490.80
                                                                    ------------

          (b)  The amount of accrued and unpaid
               Monthly Servicing Fees in respect of
               prior Due Periods is. . . . . . . . . . . . .        $    -0-
                                                                    ------------

          (c)  The total Monthly Servicing Fee paid
               or payable to the Servicer in respect
               of such Due Period [a+b] is . . . . . . . . . . . .  $ 105,490.80
                                                                    ------------


                                       2
<PAGE>

     9.   AGGREGATE MONTHLY SUBROGATION AMOUNT.

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

          (b)  The amount of accrued and unpaid Monthly
               Subrogation Amount in respect of prior
                      Due Periods 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-
                                                                 ------------

     10.  AGGREGATE MONTHLY ADMINISTRATOR FEE.

          (a)  The Monthly Administrator Fee owing
               on the related Distribution Date is . . . . .     $ 22,328.91
                                                                 ------------
          (b)  The amount of accrued and unpaid
               Monthly Administrator Fees in respect
               of prior Due Periods is . . . . . . . . . . .     $    -0-
                                                                 ------------

          (c)  The total Monthly Administrator Fee
               paid or payable to the Master Administrator
               in respect of such Due Period [a+b] is. . . .     $ 22,328.91
                                                                 ------------

     11.  THE CASH RESERVE ACCOUNT.

          (a)  The Insurance Reserve Amount/The Insurance
               Deductible

               (i)  The Insurance Reserve Amount as
                    of the first day of the Due Period . . .    $ 631,181.95
                                                                ------------
               (ii) The aggregate Insurance Deductible
                    to be deposited by the Seller into the
                    Cash Reserve Account on the Deposit
                    Date with respect to additional Auto
                    Loans acquired . . . . . . . . . . . . .    $   -0-
                                                                ------------
              (iii) The aggregate amount to be withdrawn
                    from the Insurance Reserve Amount,
                    deposited into the Collection Account
                    and applied against the aggregate
                    amount of the Insurance Deductible . . .    $ 170,929.75
                                                                ------------


                                       3
<PAGE>

               (iv) The aggregate amount of Monthly
                    Subrogation Amount to be deposited
                    into the Insurance Reserve Amount
                    on the related Deposit Date. . . . . . .    $    -0-
                                                                ------------
               (v)  The Insurance Reserve Amount as of
                    the end of the Due Period is . . . . . .   $  460,252.20
                                                               -------------

          (b)  The Available Cash Reserve Amount

               (i)  The Required Cash Reserve Amount
                    (assuming all withdrawals or deposits to
                    be made with respect to the current
                    Distribution Date are made) is . . . . .  $ 1,892,414.27
                                                              --------------
               (ii) 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. . . . . .  $ 1,990,351.14
                                                              --------------

              (iii) The amount to be deposited to
                    (withdrawn from) the Available Cash
                    Reserve Amount with respect to the
                    current Distribution Date is . . . . . .  $   (97,936.87)
                                                              --------------

               (iv) 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 . . . . .  $ 1,892,414.27
                                                              --------------

          (c)  The total Cash Reserve Account as of the
               end of the Due Period (after giving effect
               to the deposits and withdrawals in (a) and
               (b) above) is . . . . . . . . . . . . . . . .  $ 2,352,666.47
                                                              --------------


                                       4
<PAGE>

     12.  AVAILABLE FUNDS.

          (a)  The amount of Available Funds with
               respect to the related Due Period was . . . .  $ 1,152,906.42
                                                              --------------

          (b)  The amount of Available Funds with
               respect to the immediately preceding
               Due Period that were retained in the
               Collection Account was. . . . . . . . . . . .  $    59,143.48
                                                              --------------

          (c)  Interest earned on and retained in the
               Collection Account and interest earned
               on the Cash Reserve Account and
               transferred into the Collection Account
               for the Due Period on the related
               Deposit Date was. . . . . . . . . . . . . . .  $    16,981.60
                                                              --------------

          (d)  Total distributable funds with respect
               to the related Due Period [a+b+c] was . . . .  $ 1,229,031.50
                                                              --------------

          (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 remaining after the purchase
               of additional Auto Loans with respect
               to the related Due Period [d-e] is. . . . . .  $ 1,229,031.50
                                                              --------------

     13.  DISBURSEMENTS TO BE MADE ON THE RELATED DISTRIBUTION DATE.
               The Certificate Rate is 6.50%.

          (a)  The amount of the aggregate Monthly
               Servicing Fee to be paid to the Servicer
               on such Distribution Date is. . . . . . . . .  $   105,490.80
                                                              --------------

          (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. . . . . . . . .  $    22,328.91
                                                              --------------


                                       5
<PAGE>

          (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 . . .  $   102,505.77
                                                              --------------

          (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 . . . . . . .  $   816,336.24
                                                              --------------

          (f)  The total amount of the distribution
               to be made on such Distribution Date
               to the Investor Certificateholders
               [d+e] is. . . . . . . . . . . . . . . . . . .  $   918,842.01
                                                              --------------

          (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 . . . . . . . . . . . . . . . . . . .  $    11,728.59
                                                              --------------

          (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 . .  $   117,749.88
                                                              --------------

          (i)  The amount to be deposited (withdrawn)in
               the Cash Reserve Account is . . . . . . . . .  $   (97,936.87)
                                                              --------------

          (j)  The amount to be retained in the
               Collection Account with respect to
               the Reinvestment Amount and the
               Partial Payment Amount is . . . . . . . . . .  $    52,891.31
                                                              --------------

          (k)  The amount to be disbursed to the
               Seller Certificateholder (other than the
               amounts referred to in (g) and (h) is . . . .  $    97,936.87
                                                              --------------

          (l)  The total amount of the
               distribution to be made to the
               Seller Certificateholders [g+h+k] is. . . . .  $   227,415.34
                                                              --------------


                                       6
<PAGE>

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

          (a)  The Investor Certificate Principal Balance
               as of June 30, 1997 (after giving
               effect to the disbursements in reduction
               of principal, if any, on the immediately
               preceding Distribution Date) was. . . . . . .  $18,107,806.43
                                                              --------------

          (b)  The Seller Certificate Principal
               Balance as of June 30, 1997 (after
               giving effect to the disbursements in
               reduction of principal, if any, on the
               immediately preceding Distribution
               Date or the effect of the computation
               of the Individual Sold Balance relating
               to the purchase of additional Auto
               Loans during the Interest-Only Period
               in accordance with the terms of the
               Pooling and Servicing Agreement) was. . . . .  $ 2,047,527.46
                                                              --------------

     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].


                                       7
<PAGE>

          IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this certificate this 16th day of July 1997.


                              NYLIFE SFD Holding INC.
                                as Master Administrator



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


                                       8
<PAGE>

                                     ANNEX A
                                       TO
                           MASTER ADMINISTRATOR REPORT
                               DATED July 16, 1997


                    EVENT OF MASTER ADMINISTRATOR TERMINATION

                                      None


                                       9
<PAGE>

                                     ANNEX B
                                       TO
                           MASTER ADMINISTRATOR REPORT
                               DATED July 16, 1997


          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 June 30, 1997 [the close of business on the last day
          of the Due            Period]

               Number of Days        Number of           Aggregate Principal
                 Delinquent          Auto Loans         Balance of Auto Loans
              -----------------    ---------------     ---------------------
                current (0-29)           1435                 $ 13,580,539
                    30 - 59               285                    2,884,965
                    60 - 89                72                      752,818
                    90 - 120               50                      495,910
                    over 120              612                     4,593,564
                                   ----------               ---------------
               Totals:                  2,454                 $ 23,307,796
                                   ----------
                                   ----------

               Aggregate Principal Balance of Defaulted
               Auto Loans at June 30, 1997                      (2,188,011)
                                                            ---------------
               Aggregate Principal Balance allocable
                 to Certificateholders                      $    20,119,785
                                                            ---------------
                                                            ---------------

     2.   TOTAL AMOUNTS COLLECTED DURING 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 . . . . .  $ 774,628.72
                                                                    ------------
          (b)  The total amount of Recoveries on
               Defaulted Auto Loans collected on the
               Auto Loans and deposited into the
               Collection Account for the Due Period was . . . . .  $ 213,600.12
                                                                    ------------

          (c)  The total amounts collected on the Auto
               Loans and deposited into the Collection
               Account for the Due Period was [a+b]. . . . . . . .  $ 988,228.84
                                                                    ------------


                                       10
<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
               ----------                      ---------------------
                   41                              $421,742.66

     4.   THE INFORMATION SPECIFIED IN ITEM 13(D) THROUGH (F)
          STATED ON THE BASIS OF $1,000 INITIAL PRINCIPAL AMOUNT.

               The Certificate Rate is 6.5%

         (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. . . . . . . . .  $   3.104354
                                                                    ------------

         (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 . . . .  $  24.722478
                                                                    ------------

        (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 . . . . . . . . . . . .  $  27.826832
                                                                    ------------


                                       11
<PAGE>

                                     ANNEX C
                                       TO
                           MASTER ADMINISTRATOR REPORT
                               DATED July 16, 1997

          Calculation of Required Cash Reserve Amount as of the July 21, 1997
Distribution Date.

          (i)  The Investor Certificate Principal Balance equals $18,924,142.67

          (ii) Required Reserve Percentage equals 10%.

         (iii) The Required Cash Reserve Amount equals (the product of (i) and
               (ii)) $1,892,414.27

          For purposes of this Annex C, the following term shall have the
following meaning:


     "REQUIRED RESERVE PERCENTAGE" MEANS:

          (a)  for any Payment Date on which there is not an uncured
               Reserve Requirement Event, 5%;

          (b)  if the Three-Month Delinquency Ratio for any Due Period
               exceeds 4% (a "Three Month Delinquency Test"), the
               Required Reserve Percentage on each succeeding Payment
               Date shall be 10%; provided, however, that if, for any Due
               Period following the third Due Period following the
               occurrence of a Three Month Delinquency Test, the Three
               Month Delinquency Ratio is less than 4% (a "Three Month
               Delinquency Cure"), the provisions of this clause (b) shall
               no longer apply until another Three Month Delinquency Test
               occurs;

          (c)  if the Delinquency Ratio for any Due Period exceeds 6% (a
               "Delinquency Test"), the Required Reserve Percentage on each
               succeeding Payment Date shall be 10%; provided, however, that
               if, for any Due Period following the third Due Period following
               the occurrence of the less than 6% (a "Delinquency Cure"), the
               provisions of this clause (c) shall no longer apply until another
               Delinquency Test occurs;

          (d)  if the Gross Loss Ratio for any Due Period exceeds 18%
               (a "Loss Test"), the Required Reserve Percentage on each
               succeeding Payment Date shall be 10%; provided, however,
               that if, for any Due Period following the third Due Period
               following the occurrence of the Loss Test, the Three Month
               Gross Ratio is less than 18% (a "Loss Cure"), the provisions
               of this clause (d) shall no longer apply until another Test
               occurs;


                                       12
<PAGE>

          (e)  if the Three-Month Gross Loss Ratio for any Due Period exceeds
               14.5% (a "Three Month Loss Test"), the Required Reserve
               Percentage on each succeeding Payment Date shall be 10%;
               provided however, that if, for any Due Period following the
               occurrence of a Three Month Loss Test, the Three Month
               Gross Loss Ratio is less than 14.5% (a "Three Month
               Loss Cure"), the provisions of this clause (e) shall no
               longer apply until another Three Month Loss Test
               occurs.

          (f)  if 20% of more of eligible claims of the Auto Loans
               Protection Policy are not paid by the Insurance Companies
               within the time specified therein, the Required Reserve
               Percentage on each succeeding Payment Date shall
               be 10% as of the close of business on the last day
               of the preceding Due Period;


                                       13
<PAGE>

                                    ANNEX C.1

                                                                         Ratios
                                                                         ------
1.    DELINQUENCY RATIO:

          June Principal Balance 60+ days (net) =     2,046,711.67    =    9.17%
      -----------------------------------------    ---------------
           June Aggregate Principal Balance          22,307,795.84

2.    THREE MONTH DELINQUENCY RATIO:

         Sum of Apr. - June  Principal Balances
             Balances 60+ days (net)            =     6,332,379.51    =    9.10%
      -----------------------------------------    ---------------
         Sum of Apr.- June  Principal Balances       69,551,648.20

3.    GROSS LOSS RATIO:

      Twelve times the:
        June Principal Balance of Defaulted
                Auto Loans repossessed          =      306,781.07     =   16.50%
      -----------------------------------------    ---------------
           June Aggregate Principal Balance         22,307,795.84

4.    THREE MONTH GROSS LOSS RATIO:

      Twelve times the:
       Sum of Apr. - June  Principal Balances
         of Defaulted Auto Loans repossessed    =     1,203,254.45    =   20.76%
      -----------------------------------------    ---------------
         Sum of Apr. - June  Principal Balances      69,551,648.20

5.    ALPI CLAIMS PAYMENT TEST:

        Aggregate Principal Balance of
      ALPI Claims not paid within timeframe     =     1,249,166.41    =   49.19%
      -----------------------------------------    ---------------
       Principal Balance of Eligible Claims           2,539,656.63