<PAGE>

                             MASTER ADMINISTRATOR REPORT

              ---------------------------------------------------------
                                NAFCO AUTO TRUST - 3

                      For the August 20, 1998 Distribution Date

                       For the period beginning on July 1, 1998
                    and ending on July 31, 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 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 August 17, 1998.

     5.   POOL FACTOR.

          (a)  The Pool Factor with respect to
               July 1, 1998 was. . . . . . . . . . . . . . . . . .  .27185883
                                                                   ----------

          (b)  The Pool Factor with respect to
               July 31, 1998 was . . . . . . . . . . . . . . . . .  .25530889
                                                                   ----------

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

          (a)  The Investor Certificate Principal
               Balance as of July 1, 1998
               (after giving effect to the disbursements
               in reduction of principal, if any,
               on the immediately preceding
               Distribution Date) was. . . . . . . . . . . . . $ 8,976,778.69
                                                               --------------
          (b)  The Seller Certificate Principal


                                          1
<PAGE>

               Balance as of July 1, 1998 (after
               giving effect to the disbursements
               in reduction of principal, if any, on
               the immediately preceding Distribution
               Date) was . . . . . . . . . . . . . . . . . . . $ 1,064,258.23


                                                               --------------
     7.   OCCURRENCE OF A REQUIRED RESERVE EVENT

     (a)  The Delinquency Ratio is . . . . . . . . . . . . . . *       17.46%
                                                               --------------

     (b)  The Three Month Deliquency Ratio is. . . . . . . . . *       18.20%
                                                               --------------

     (c)  The Gross Loss Ratio is. . . . . . . . . . . . . . . *       21.85%
                                                               --------------

     (d)  The Three Month Gross Loss Ratio is. . . . . . . . . *       19.34%
                                                               --------------

     (e)  The percentage of eligible claims on the
          ALPI policy not paid in a timely manner
          is(*). . . . . . . . . . . . . . . . . . . . . . . .        *53.08%
                                                               --------------

     (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 $474,293.08 of claims which are currently in dispute.  Such disputed
claims represent 21.61% 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  . . . . . . . . . . . . . $    55,736.18
                                                               --------------

          (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 . . . . . . . . . . $    55,736.18
                                                               --------------



                                          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 . . . . . . $    15,145.71
                                                               --------------

          (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. . . . . $    15,145.71
                                                               --------------

     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. . . . $   258,936.39
                                                               --------------

               (ii)  The aggregate Insurance Deductible
                     deposited by the Seller into the
                     Cash Reserve Account with respect
                     to Auto Loans acquired. . . . . . . . . . $         0.00
                                                               --------------

               (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. . . . $    13,385.80
                                                               --------------


                                          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. . . . . . . . . . . . . . . . . . . . $   245,550.59
                                                               --------------

          (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. . . . . . $   897,677.87
                                                               --------------

               (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. . . . . . $   963,777.09
                                                               --------------

               (iii) The amount to be deposited to
                     (withdrawn from) the Available Cash
                     Reserve Amount with respect to the
                     current Distribution Date is. . . . . . . $   (66,099.22)
                                                               --------------

               (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. . . . . . $   897,677.87
                                                               --------------

          (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 . . . . . . . . . . . . . . . . . $ 1,143,228.46
                                                               --------------


                                          4
<PAGE>

     12.  AVAILABLE FUNDS.

          (a)  The amount of Available Funds with
               respect to the related Due Period was . . . . . $   794,042.66
                                                               --------------

          (b)  The amount of Available Funds with
               respect to the immediately preceding
               Due Period that were retained in the
               Collection Account was. . . . . . . . . . . . . $    63,302.66
                                                               --------------
          (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  . . . . . . . . . . . . . . . $    10,162.28
                                                               --------------

          (d)  Total distributable funds with respect
               to the related Due Period [a+b+c] was . . . . . $   867,507.60
                                                               --------------

          (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. . . . . . . $   867,507.60
                                                               --------------

     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. . . . . . . . . . $    55,736.18
                                                               --------------

          (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. . . . . . . . . . $    15,145.71
                                                               --------------


                                          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 . . . . $    48,624.22
                                                               --------------

          (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 . . . . . . . . $   546,479.29
                                                               --------------

          (f)  The total amount of the distribution
               to be made on such Distribution Date
               to the Investor Certificateholders [d+e] is . . $   595,103.51
                                                               --------------

          (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. . . . . $     5,764.73
                                                               --------------

          (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 . . . $   127,558.30
                                                               --------------

          (i)  The amount to be deposited (withdrawn)in
               the Cash Reserve Account is . . . . . . . . . . $   (66,099.22)
                                                               --------------

          (j)  The amount to be retained in the
               Collection Account with respect to
               the Reinvestment Amount and the
               Partial Payment Amount is . . . . . . . . . . . $    63,754.54
                                                               --------------

          (k)  The amount to be disbursed to the
               Seller Certificateholder (other than the
               amounts referred to in (g) and (h) is . . . . . $    70,543.85
                                                               --------------

          (l)  The total amount of the
               distribution to be made to the
               Seller Certificateholders [g+h+k] is. . . . . . $   203,866.88
                                                               --------------


                                          6
<PAGE>

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

          (a)  The Investor Certificate Principal Balance
               as of July 31, 1998 (after giving
               effect to the disbursements in reduction
               of principal, if any, on the immediately
               preceding Distribution Date) was. . . . . . . . $ 8,430,299.40
                                                               --------------

          (b)  The Seller Certificate Principal
               Balance as of July 31, 1998 (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. . . . . . $   936,699.93
                                                               --------------

     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 17th day of August 1998.


                              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 August 17, 1998


                     EVENT OF MASTER ADMINISTRATOR TERMINATION

                                         None


                                          9
<PAGE>

                                       ANNEX B
                                          TO
                             MASTER ADMINISTRATOR REPORT
                                DATED August 17, 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 July 31, 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)              1027        $           6,848,529
                    30 - 59                   80                      567,574
                    60 - 89                   24                      175,837
                    90 - 120                  26                      190,218
                    over 120                 787                    4,430,576
                                   -------------        ---------------------
               Totals:                     1,944        $          12,212,734
                                   -------------
                                   -------------
</TABLE>

        Aggregate Principal Balance of Defaulted
        Auto Loans at July 31, 1998                                (2,845,735)
                                                               --------------

          Aggregate Principal Balance allocable
          to Certificateholders                                $    9,366,999
                                                               --------------

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 . . . $   604,764.32
                                                               --------------

          (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 . . . $   175,440.66
                                                               --------------

          (c)  The total amounts collected on the Auto
               Loans and deposited into the Collection
               Account for the Due Period was [a+b]. . . . . . $   780,204.98
                                                               --------------


                                          10
<PAGE>

     3.   DEFAULTED AUTO LOANS.

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

<TABLE>
<CAPTION>

               Number of        Aggregate Principal
               Auto Loans     Balance of Auto Loans
               ----------     ---------------------
               <S>            <C>
                   20               $175,003.87
</TABLE>

     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. . . . . . . $     1.472569
                                                               --------------

         (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 . . $    16.549948
                                                               --------------

         (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 . . . . . . . . . . $    18.022517
                                                               --------------


                                          11
<PAGE>

                                      ANNEX C
                                         TO
                            MASTER ADMINISTRATOR REPORT
                               DATED August 17, 1998

          Calculation of Required Cash Reserve Amount as of the August 20, 1998
Distribution Date.

          (i)    The Investor Certificate Principal Balance equals $8,976,778.69

          (ii)   Required Reserve Percentage equals 10%.

          (iii)  The Required Cash Reserve Amount equals (the product of (i) and
                 (ii))  $897,677.87

          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

<TABLE>
<CAPTION>
                                                                                              Ratios
1.   DELINQUENCY RATIO:                                                                       ------
<S>                                                              <C>                          <C>
        July Principal Balance 60 + days (net)         =              2,132,811.10   =         17.46%
     ---------------------------------------------               ------------------
           July Aggregate Principal Balance                          12,212,734.42


2.   THREE MONTH DELIQUENCY RATIO:

        Sum of May - July Principal Balances
                   60 + days (net)                     =              7,044,107.50   =         18.20%
     ---------------------------------------------               ------------------
        Sum of May - July Principal Balances                         38,695,582.66


3.   GROSS LOSS RATIO:

     Twelve times the:
        July Principal Balance of Defaulted
               Auto Loans repossessed                  =                222,347.97   =         21.85%
     ---------------------------------------------               ------------------
        July Aggregate Principal Balance                            12,212,734.412


4.   THREE MONTH GROSS LOSS RATIO:

     Twelve times the:
        Sume of May - July Principal Balances
        of Defaulted Auto Loans repossessed            =                623,498.26   =         19.34%
     ---------------------------------------------               ------------------
        Sum of May - July Principal Balances                         38,695,582.66


5.   ALPI CLAIMS PAYMENT TEST:

        Aggregate Principal Balance of
     ALPI Claims not paid within timeframe             =              1,164,688.50   =         53.08%
     ---------------------------------------------               ------------------
        Principal Balance of Eligible Claims                          2,194,336.68
</TABLE>
<PAGE>

                             MASTER ADMINISTRATOR REPORT

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

                                NAFCO AUTO TRUST - 3

                     For the September 21, 1998 Distribution Date

                      For the period beginning on August 1, 1998
                   and ending on August 31, 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 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 September 17, 1998.

     5.   POOL FACTOR.

          (a)  The Pool Factor with respect to
               August 1, 1998 was. . . . . . . . . . . . . . .      .25530889
                                                               --------------

          (b)  The Pool Factor with respect to
                      August 31, 1998 was  . . . . . . . . . .      .23048257
                                                               --------------

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

          (a)  The Investor Certificate Principal
               Balance as of August 1, 1998
               (after giving effect to the disbursements
               in reduction of principal, if any,
               on the immediately preceding
               Distribution Date) was. . . . . . . . . . . . . $ 8,430,299.40
                                                               --------------

          (b)  The Seller Certificate Principal


                                          1
<PAGE>

               Balance as of August 1, 1998 (after
               giving effect to the disbursements
               in reduction of principal, if any, on
               the immediately preceding Distribution
               Date) was . . . . . . . . . . . . . . . . . . . $   936,699.93
                                                               --------------

     7.   OCCURRENCE OF A REQUIRED RESERVE EVENT

     (a)  The Delinquency Ratio is . . . . . . . . . . . . . .        *18.55%
                                                               --------------

     (b)  The Three Month Deliquency Ratio is. . . . . . . . .        *17.69%
                                                               --------------

     (c)  The Gross Loss Ratio is. . . . . . . . . . . . . . .         *7.03%
                                                               --------------

     (d)  The Three Month Gross Loss Ratio is. . . . . . . . .        *16.88%
                                                               --------------

     (e)  The percentage of eligible claims on the
          ALPI policy not paid in a timely manner
          is(*). . . . . . . . . . . . . . . . . . . . . . . .        *46.34%
                                                               --------------

     (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 $374,672.95 of claims which are currently in dispute.  Such disputed
claims represent 17.05% 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  . . . . . . . . . . . . . $    50,336.69
                                                               --------------

          (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 . . . . . . . . . . $    50,336.69
                                                               --------------


                                          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 . . . . . . $    14,239.83
                                                               --------------

          (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  . . . . $    14,239.83
                                                               --------------

     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. . . . $   245,550.59
                                                               --------------
               (ii)  The aggregate Insurance Deductible
                     deposited by the Seller into the
                     Cash Reserve Account with respect
                     to Auto Loans acquired. . . . . . . . . . $         0.00
                                                               --------------

               (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. . . . $    23,695.14
                                                               --------------


                                          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. . . . . . . . . . . . . . . . . . . . $   221,855.45
                                                               --------------

          (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. . . . . . $   843,029.94
                                                               --------------

               (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. . . . . . $   897,677.87
                                                               --------------

               (iii) The amount to be deposited to
                     (withdrawn from) the Available Cash
                     Reserve Amount with respect to the
                     current Distribution Date is. . . . . . . $   (54,647.93)
                                                               --------------

               (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. . . . . . $   843,029.94
                                                               --------------

          (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 . . . . . . . . . . . . . . . . . $ 1,064,885.39
                                                               --------------


                                          4
<PAGE>

     12.  AVAILABLE FUNDS.

          (a)  The amount of Available Funds with
               respect to the related Due Period was . . . . . $ 1,040,658.97
                                                               --------------

          (b)  The amount of Available Funds with
               respect to the immediately preceding
               Due Period that were retained in the
               Collection Account was. . . . . . . . . . . . . $    63,754.54
                                                               --------------

          (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  . . . . . . . . . . . . . . . $     9,381.36
                                                               --------------

          (d)  Total distributable funds with respect
               to the related Due Period [a+b+c] was . . . . . $ 1,113,794.87
                                                               --------------

          (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. . . . . . . $ 1,113,794.87
                                                               --------------

     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. . . . . . . . . . $    50,336.69
                                                               --------------

          (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. . . . . . . . . . $    14,239.83
                                                               --------------


                                          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 . . . . $    45,664.12
                                                               --------------

          (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 . . . . . . . . $   641,336.69
                                                               --------------

          (e)(1)The amount of the aggregate distribution
                to be made on the Distribution Date
                which constitutes Turbo Payments . . . . . . . $   178,428.33
                                                               --------------

          (f)  The total amount of the distribution
               to be made on such Distribution Date
               to the Investor Certificateholders
               [d+e+e(1)] is . . . . . . . . . . . . . . . . . $   865,429.14
                                                               --------------

          (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. . . . . $     5,073.79
                                                               --------------

          (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 . . . $    56,520.92
                                                               --------------

          (i)  The amount to be deposited (withdrawn)in
               the Cash Reserve Account is . . . . . . . . . . $   (54,647.93)
                                                               --------------

          (j)  The amount to be retained in the
               Collection Account with respect to
               the Reinvestment Amount and the
               Partial Payment Amount is . . . . . . . . . . . $    57,890.21
                                                               --------------

          (k)  The amount to be disbursed to the
               Seller Certificateholder (other than the
               amounts referred to in (g) and (h) is . . . . . $   118,952.22
                                                               --------------

          (l)  The total amount of the
               distribution to be made to the
               Seller Certificateholders [g+h+k] is. . . . . . $   180,546.93
                                                               --------------


                                          6
<PAGE>

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

          (a)  The Investor Certificate Principal Balance
               as of August 31, 1998 (after giving
               effect to the disbursements in reduction
               of principal, if any, on the immediately
               preceding Distribution Date) was. . . . . . . . $ 7,610,534.38
                                                               --------------

          (b)  The Seller Certificate Principal
               Balance as of August 31, 1998 (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. . . . . . $   880,179.01
                                                               --------------

     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 17th day of September 1998.


                              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 September 17, 1998


                     EVENT OF MASTER ADMINISTRATOR TERMINATION

                                        None


                                          9
<PAGE>

                                       ANNEX B
                                          TO
                             MASTER ADMINISTRATOR REPORT
                               DATED September 17, 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 August 31, 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)             966          $          6,207,314
                    30 - 59                  94                       669,224
                    60 - 89                  27                       168,293
                    90 - 120                 24                       179,183
                    over 120                795                     4,436,129
                                   ------------          --------------------
               Totals:                    1,906          $         11,660,143
                                   ------------
                                   ------------
</TABLE>

          Aggregate Principal Balance of Defaulted
          Auto Loans at August 31, 1998                            (2,858,353)
                                                               --------------

          Aggregate Principal Balance allocable
          to Certificateholders                                $    8,801,790
                                                               --------------
                                                               --------------

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 . . . $   904,494.42
                                                               --------------

          (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 . . . $   118,333.74
                                                               --------------

          (c)  The total amounts collected on the Auto
               Loans and deposited into the Collection
               Account for the Due Period was [a+b]. . . . . . $ 1,022,828.16
                                                               --------------


                                          10
<PAGE>

     3.   DEFAULTED AUTO LOANS.

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

<TABLE>
<CAPTION>
               Number of            Aggregate Principal
               Auto Loans          Balance of Auto Loans
               ----------          ---------------------
               <S>                 <C>
                  20                   $147,480.57
</TABLE>

     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  . . . . . . $     1.382923
                                                               --------------

         (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 . . $    24.826318
                                                               --------------

         (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 . . . . . . . . . . $    26.209241
                                                               --------------


                                          11
<PAGE>

                                      ANNEX C
                                         TO
                            MASTER ADMINISTRATOR REPORT
                              DATED September 17, 1998

          Calculation of Required Cash Reserve Amount as of the September 21,
1998 Distribution Date.

          (i)   The Investor Certificate Principal Balance equals $8,430,299.40

          (ii)  Required Reserve Percentage equals 10%.

          (iii) The Required Cash Reserve Amount equals (the product of (i) and
               (ii)) $843,029.94

          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

<TABLE>
<CAPTION>
                                                                                               Ratios
1.   DELINQUENCY RATIO:                                                                        ------
<S>                                                              <C>                           <C>
        August Principal Balance 60 + days (net)       =              2,163,296.76   =         18.55%
     ---------------------------------------------               ------------------
         August Aggregate Principal Balance                          11,660,143.05


2.   THREE MONTH DELINQUENCY RATIO:

     Sum of June - August Principal Balances
                 60 + days (net)                       =              6,494,405.69   =         17.69%
     ------------------------------------------------             ------------------
     Sum of June - August Aggregate Principal Balance                36,702,072.99


3.   GROSS LOSS RATIO:

     Twelve times the:
       August Principal Balance of Defaulted
             Auto Loans repossessed                    =                 68,293.34   =          7.03%
     ---------------------------------------------               ------------------
       August Aggregate Principal Balance                            11,660,143.05


4.   THREE MONTH GROSS LOSS RATIO:

     Twelve times the:
     Sum of June - August Principal Balances
          of Defaulted Auto Loans repossessed          =                516,315.83   =         16.88%
     ---------------------------------------------               ------------------
     Sum of June - August Principal Balances                         36,702,072.99


5.   ALPI CLAIMS PAYMENT TEST:

            Aggregate Principal Balance of
        ALPI Claims not paid within timeframe          =              1,018,057.66   =         46.34%
     ---------------------------------------------               ------------------
        Principal Balance of Eligible Claims                          2,196,755.09
</TABLE>

<PAGE>

                             MASTER ADMINISTRATOR REPORT

              ---------------------------------------------------------
                                NAFCO AUTO TRUST - 3

                      For the October 20, 1998 Distribution Date

                    For the period beginning on September 1, 1998
                 and ending on September 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 October 1, 1995, by and among Auto Funding II,
L.P., as Seller, the Master Administrator, American Lenders Facilties Inc.,  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 October 16, 1998.


     5.   POOL FACTOR.

          (a)  The Pool Factor with respect to
               September 1, 1998 was . . . . . . . . . . . . .      .23048257
                                                               --------------

          (b)  The Pool Factor with respect to
               September 30, 1998 was  . . . . . . . . . . . .      .21614178
                                                               --------------

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

          (a)  The Investor Certificate Principal
               Balance as of September 1, 1998
               (after giving effect to the disbursements
               in reduction of principal, if any,
               on the immediately preceding
               Distribution Date) was. . . . . . . . . . . . . $ 7,610,534.38
                                                               --------------

          (b)  The Seller Certificate Principal


                                          1
<PAGE>

               Balance as of September 1, 1998 (after
               giving effect to the disbursements
               in reduction of principal, if any, on
               the immediately preceding Distribution
               Date) was . . . . . . . . . . . . . . . . . . . $   880,179.01
                                                               --------------

     7.   OCCURRENCE OF A REQUIRED RESERVE EVENT

     (a)  The Delinquency Ratio is . . . . . . . . . . . . . .        *20.80%
                                                               --------------
     (b)  The Three Month Deliquency Ratio is. . . . . . . . .        *18.88%
                                                               --------------

     (c)  The Gross Loss Ratio is. . . . . . . . . . . . . . .         11.76%
                                                               --------------

     (d)  The Three Month Gross Loss Ratio is. . . . . . . . .         13.71%
                                                               --------------

     (e)  The percentage of eligible claims on the
          ALPI policy not paid in a timely manner
          is(*). . . . . . . . . . . . . . . . . . . . . . . .        *46.78%
                                                               --------------

     (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 $374,672.95 of claims which are currently in dispute.  Such disputed
claims represent 17.05% 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  . . . . . . . . . . . . . $    41,276.00
                                                               --------------

          (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 . . . . . . . . . . $    41,276.00
                                                               --------------


                                          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 . . . . . . $     9,050.85
                                                               --------------

          (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  . . . . $     9,050.85
                                                               --------------

     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. . . . $   221,855.45
                                                               --------------

               (ii)  The aggregate Insurance Deductible
                     deposited by the Seller into the
                     Cash Reserve Account with respect
                     to 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. . . . $       -0-
                                                               --------------


                                          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. . . . . . . . . . . . . . . . . . . . $   221,855.45
                                                               --------------

          (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. . . . . . $   761,053.44
                                                               --------------

               (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. . . . . . $   843,029.94
                                                               --------------

               (iii) The amount to be deposited to
                     (withdrawn from) the Available Cash
                     Reserve Amount with respect to the
                     current Distribution Date is. . . . . . . $   (81,976.50)
                                                               --------------

               (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. . . . . . $   761,053.44
                                                               --------------

          (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 . . . . . . . . . . . . . . . . . $   982,908.89
                                                               --------------


                                          4
<PAGE>

     12.  AVAILABLE FUNDS.

          (a)  The amount of Available Funds with
               respect to the related Due Period was . . . . . $   538,397.89
                                                               --------------

          (b)  The amount of Available Funds with
               respect to the immediately preceding
               Due Period that were retained in the
               Collection Account was. . . . . . . . . . . . . $    57,890.21
                                                               --------------

          (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  . . . . . . . . . . . . . . . $     9,050.85
                                                               --------------

          (d)  Total distributable funds with respect
               to the related Due Period [a+b+c] was.. . . . . $   605,338.95
                                                               --------------

          (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. . . . . . . $   605,338.95
                                                               --------------

     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. . . . . . . . . . $    41,276.00
                                                               --------------

          (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. . . . . . . . . . $     9,050.85
                                                               --------------


                                          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 . . . . $    41,223.73
                                                               --------------

          (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 . . . . . . . . $   419,019.12
                                                               --------------

          (e)(1) The amount of the aggregate distribution
                to be made on the Distribution Date
                which constitutes Turbo Payments . . . . . . . $    54,513.81
                                                               --------------

          (f)  The total amount of the distribution
               to be made on such Distribution Date
               to the Investor Certificateholders
               [d+e+e(1)] is . . . . . . . . . . . . . . . . . $   514,756.66
                                                               --------------

          (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. . . . . $     4,767.64
                                                               --------------

          (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 . . . $    81,121.76
                                                               --------------

          (i)  The amount to be deposited (withdrawn) in
               the Cash Reserve Account is . . . . . . . . . . $   (81,976.50)
                                                               --------------

          (j)  The amount to be retained in the
               Collection Account with respect to
               the Reinvestment Amount and the
               Partial Payment Amount is . . . . . . . . . . . $       -0-
                                                               --------------

          (k)  The amount to be disbursed to the
               Seller Certificateholder (other than the
               amounts referred to in (g) and (h) is . . . . . $    36,342.54
                                                               --------------

          (l)  The total amount of the
               distribution to be made to the
               Seller Certificateholders [g+h+k] is. . . . . . $   122,231.94
                                                               --------------


                                          6
<PAGE>

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

          (a)  The Investor Certificate Principal Balance
               as of September 30, 1998 (after giving
               effect to the disbursements in reduction
               of principal, if any, on the immediately
               preceding Distribution Date) was. . . . . . . . $ 7,137,001.45
                                                               --------------

          (b)  The Seller Certificate Principal
               Balance as of September 30, 1998 (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. . . . . . $   799,057.25
                                                               --------------

     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 October 1998.


                              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 October 16, 1998


                     EVENT OF MASTER ADMINISTRATOR TERMINATION

                                        None


                                          9
<PAGE>

                                       ANNEX B
                                          TO
                             MASTER ADMINISTRATOR REPORT
                                DATED October 16, 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 PERFORMING ACTIVE LOANS.

          As of September 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 (0-9)               850         $          4,785,202
                    10 - 29                  174                    1,130,715
                    30 - 59                   69                      512,467
                    60 - 89                   25                      165,080
                    90 - 119                  17                      120,289
                   120 - 179                  15                      158,687
                   180 and over              119                    1,118,133
                                   -------------         --------------------
                  Totals:                  1,269         $          7,990,573
                                   -------------
                                   -------------
</TABLE>


             Aggregate Principal Balance of Defaulted
             Auto Loans at September 30, 1998                       3,043,183
                                                               --------------

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 . . . $   535,619.84
                                                               --------------

          (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 . . . $    60,668.26
                                                               --------------

          (c)  The total amounts collected on the Auto
               Loans and deposited into the Collection
               Account for the Due Period was [a+b]. . . . . . $   596,288.10
                                                               --------------
                                                               --------------


                                          10
<PAGE>

     3.   DEFAULTED AUTO LOANS.

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

<TABLE>
<CAPTION>

               Number of            Aggregate Principal
               Auto Loans          Balance of Auto Loans
               ----------          ---------------------
               <S>                 <C>
                    39                   $412,183.33
</TABLE>

     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. . . . . . . $     1.248447
                                                               --------------

         (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
               Certificate on. . . . . . . . . . . . . . . . . $    14.340791
                                                               --------------

         (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 . . . . . . . . . . $    15.589238
                                                               --------------


                                          11
<PAGE>

                                      ANNEX C
                                         TO
                            MASTER ADMINISTRATOR REPORT
                               DATED October 16, 1998

          Calculation of Required Cash Reserve Amount as of the October 20, 1998
Distribution Date.

          (i)     The Investor Certificate Principal Balance equals
                  $7,610,534.38

          (ii)    Required Reserve Percentage equals 10%.

          (iii)   The Required Cash Reserve Amount equals (the product of (i)
                  and (ii)) $761,053.44

          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

<TABLE>
<CAPTION>

                                                                                               Ratios
1.   DELINQUENCY RATIO:                                                                        ------
<S>                                                        <C>                                 <C>
     September  Principal Balance 60 + days (net)      =        2,295,118.55         =         20.80%
     ---------------------------------------------         ------------------
       September Aggregate Principal Balance                   11,033,755.44
 

2.   THREE MONTH DELIQUENCY RATIO:

     Sum of July - September Principal Balances
                   60 + day (net)                      =        6,591,226.41         =         18.88%
     ---------------------------------------------         ------------------
     Sum of July - September Principal Balances                34,906,632.91


3.   GROSS LOSS RATIO:

     Twelve times the:
        September Principal Balance of Defaulted
               Auto Loans repossessed                  =          108,085.00         =         11.76%
     --------------------------------------------          ------------------
        September Aggregate Principal Balance                  11,033,755.44


4.   THREE MONTH GROSS LOSS RATIO:

     Twelve times the:
       Sum of July - September Principal Balances
           of Defaulted Auto Loans repossessed         =          398,726.31         =         13.71%
     ---------------------------------------------         ------------------
       Sum of July - September Principal Balances              34,906,632.91


5.   ALPI CLAIMS PAYMENT TEST:

             Aggregate Principal Balance of
         ALPI Claims not paid within timeframe         =        1,027,676.39         =         46.78%
     ---------------------------------------------         ------------------
          Principal Balance of Eligible Claims                  2,196,755.09
</TABLE>