<PAGE>


                             MASTER ADMINISTRATOR REPORT

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

                                NAFCO AUTO TRUST - 2

                     For the November 20, 1997 Distribution Date

                     For the period beginning on October 1, 1997
                  and ending on October 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 June 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 November 18, 1997.

     5.   POOL FACTOR.

          (a)  The Pool Factor with respect to
               October 1, 1997 was . . . . . . . . . . . . . . .      .32091706
                                                                 --------------

          (b)  The Pool Factor with respect to
               October 31, 1997 was. . . . . . . . . . . . . . .      .29771412
                                                                 --------------

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

          (a)  The Investor Certificate Principal
               Balance as of October 1, 1997
               (after giving effect to the disbursements
               in reduction of principal, if any,
               on the immediately preceding
               Distribution Date) was. . . . . . . . . . . . . .$ 11,939,077.43
                                                                ---------------


                                          1

<PAGE>

          (b)  The Seller Certificate Principal
               Balance as of October 1, 1997 (after
               giving effect to the disbursements
               in reduction of principal, if any, on
               the immediately preceding Distribution
               Date) was . . . . . . . . . . . . . . . . . . . .$  1,426,793.47
                                                                ---------------

     7.   OCCURRENCE OF A REQUIRED RESERVE EVENT

          (a)  The Delinquency Ratio is. . . . . . . . . . . . .           4.69%
                                                                ---------------

          (b)  The Three Month Delinquency Ratio is. . . . . . .           2.70%
                                                                ---------------

          (c)  The Gross Loss Ratio is . . . . . . . . . . . . .         *32.28%
                                                                ---------------

          (d)  The Three Month Gross Loss Ratio is . . . . . . .         *26.25%
                                                                ---------------

          (e)  The percentage of eligible claims on the
               ALPI policy not paid in a timely manner
               is(*) . . . . . . . . . . . . . . . . . . . . . .         *44.66%
                                                                ---------------

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

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

          SEE ANNEX C.1 FOR RATIO CALCULATIONS


(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $323,982.16 of claims which are currently in dispute.  Such disputed
claims represent 24.4% of all eligible claims.

     8.   AGGREGATE MONTHLY SERVICING FEE.

          (a)  The Monthly Servicing Fee owing
               to the Servicer on the related
               Distribution Date is. . . . . . . . . . . . . . .$     67,312.34
                                                                ---------------

          (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 . . . . . . . . . . .$     67,312.34
                                                                ---------------


                                          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 . . . . . . .$     19,772.85
                                                                ---------------

          (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. . . . . .$     19,772.85
                                                                ---------------

     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. . . . .$     28,685.38
                                                                ---------------

               (ii)  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. . . . .$      8,879.41
                                                                ---------------

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

               (iv)  The Insurance Reserve Amount as of
                     the end of the Due Period
                     is. . . . . . . . . . . . . . . . . . . . .$     19,805.97
                                                                ---------------


                                          3

<PAGE>
          (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. . . . . . .$  1,193,907.74
                                                                ---------------

               (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. . . . . . .$  1,284,114.21
                                                                ---------------

               (iii) The amount to be deposited to
                     (withdrawn from) the Available Cash
                     Reserve Amount with respect to the
                     current Distribution Date is. . . . . . . .$    (90,206.38)
                                                                ---------------

               (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. . . . . . .$  1,193,907.74
                                                                ---------------

          (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 . . . . . . . . . . . . . . . . . .$  1,213,713.71
                                                                ---------------


     12.  AVAILABLE FUNDS.

          (a)  The amount of Available Funds with
               respect to the related Due Period was . . . . . .$    975,821.27
                                                                ---------------

          (b)  The amount of Available Funds with
               respect to the immediately preceding
               Due Period that were retained in the
               Collection Account was. . . . . . . . . . . . . .$     90,275.13
                                                                ---------------

          (c)  Interest earned on and retained in the
               Collection Account for the Due Period
               and interest earned on the Cash Reserve
               Account and transferred to the Collection
               Account for the Due Period on the
               related Deposit Date was. . . . . . . . . . . . .$     11,853.44
                                                                ---------------


                                          4

<PAGE>

          (d)  Total distributable funds with respect
               to the related Due Period [a+b+c] was . . . . . .$  1,077,949.84
                                                                ---------------

          (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. . . . . . . .$  1,077,949.84
                                                                ---------------

     13.  DISBURSEMENTS TO BE MADE ON THE RELATED DISTRIBUTION DATE.
               The Certificate Rate is 7.00%.

          (a)  The amount of the aggregate Monthly
               Servicing Fee to be paid to the Servicer
               on such Distribution Date is. . . . . . . . . . .$     67,312.34
                                                                ---------------

          (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. . . . . . . . . . .$     19,772.85
                                                                ---------------

          (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 . . . . .$     69,644.62
                                                                ---------------

          (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 . . . . . . . . .$    863,218.92
                                                                ---------------

          (f)  The total amount of the distribution
               to be made on such Distribution Date
               to the Investor Certificateholders [d+e] is . . .$    932,863.54
                                                                ---------------

          (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. . . . . .$         -0-
                                                                ---------------


                                          5

<PAGE>

          (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 . . . .$         -0-
                                                                ---------------

          (i)  The amount to be deposited (withdrawn) to
               the Cash Reserve Account is . . . . . . . . . . .$   (90,206.38)
                                                                ---------------

          (j)  The amount to be retained in the
               Collection Account with respect to
               the Partial Payment Amount is . . . . . . . . . .$     89,759.49
                                                                ---------------

          (k)  The amount to be disbursed to the
               Seller Certificateholder (other than the
               amounts referred to in (g) and (h)) is. . . . . .$     58,448.00
                                                                ---------------

          (l)  The total amount of the
               distribution to be made to the
               Seller Certificateholders [g+h+k] is. . . . . . .$     58,448.00
                                                                ---------------

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

          (a)  The Investor Certificate Principal Balance
               as of October 31, 1997 (after giving
               effect to the disbursements in reduction
               of principal, if any, on the immediately
               preceding Distribution Date) was. . . . . . . . .$ 11,075,858.51
                                                                ---------------

          (b)  The Seller Certificate Principal
               Balance as of October 31, 1997 (after
               giving effect to the disbursements in
               reduction of principal, if any, on the
               related Distribution Date) was. . . . . . . . . .$  1,426,793.47
                                                                ---------------


     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].


                                          6

<PAGE>

          IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this certificate this 18th day of November 1997.


                                       NYLIFE SFD Holding INC.
                                       as Master Administrator



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


                                          7

<PAGE>

                                       ANNEX A
                                          TO
                             MASTER ADMINISTRATOR REPORT
                               DATED November 18, 1997


                     EVENT OF MASTER ADMINISTRATOR TERMINATION

                                        None


                                          8

<PAGE>

                                       ANNEX B
                                          TO
                             MASTER ADMINISTRATOR REPORT
                               DATED November 18, 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 October 31, 1997 [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)           1,285             $  9,740,579
       30 - 59                  186                1,509,894
       60 - 89                   64                  508,271
       90 - 120                  49                  400,307
       over 120                 550                3,453,936
                              -----            -------------
     Totals:                  2,134            $  15,612,987
                              -----
                              -----

     Aggregate Principal Balance of Defaulted
     Auto Loans at October 31, 1997               (3,306,478)
                                               -------------

     Aggregate Principal Balance allocable
     to Certificateholders                     $  12,306,509
                                               -------------
                                               -------------
</TABLE>


     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 . . . .$    814,799.88
                                                                ---------------

          (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 . . . .$    152,657.62
                                                                ---------------

          (c)  The total amounts collected on the Auto
               Loans and deposited into the Collection
               Account for the Due Period was [a+b]. . . . . . .$    967,457.50
                                                                ---------------


                                          9

<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
               ----------                ---------------------
                  51                           $376,684.01

     4.   THE INFORMATION SPECIFIED IN ITEM 13(d) THROUGH (f)
          STATED ON THE BASIS OF $1,000 INITIAL PRINCIPAL AMOUNT.
                  The Certificate Rate is 7%.

          (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
               $1,000 Initial Principal Amount is. . . . . . . .$      1.872016
                                                                ---------------

          (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 $1,000 Initial Principal Amount is . . .$     23.202938
                                                                ---------------

          (c)  The total amount of the distribution to be
               made on such Distribution Date to the Investor
               Certificateholders on the basis of $1,000
               Initial Principal Amount is . . . . . . . . . . .$     25.074954
                                                                ---------------


                                          10

<PAGE>

                                       ANNEX C
                                          TO
                             MASTER ADMINISTRATOR REPORT
                               DATED November 18, 1997

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

          (i)    The Investor Certificate Principal Balance equals
                 $11,939,077.43.

          (ii)   Required Reserve Percentage equals 10%.

          (iii)  The Required Cash Reserve Amount equals (the product of (i) and
                 (ii)) $1,193,907.74.

          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;


                                          11

<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; and

          (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.


                                          12

<PAGE>

                                     ANNEX C.1


<TABLE>
<CAPTION>
<S><C>
                                                                                       RATIOS
                                                                                       ------
1.   DELINQUENCY RATIO:

     October Principal Balance 60+ days (net)  =                732,713.18 =            4.69%
     ------------------------------------------        -------------------
       October Aggregate Principal Balance                   15,612,987.04


2.   THREE MONTH DELINQUENCY RATIO:

     Sum of August-October Principal Balances
              Balances 60+ days (net)          =              1,329,577.07 =            2.70%
     ------------------------------------------        -------------------
       Sum of August-October Principal Balances              49,170,525.20


3.   GROSS LOSS RATIO:

     Twelve times the:
     October Principal Balance of Defaulted
            Auto Loans repossessed             =                420,036.18 =           32.28%
     ------------------------------------------        -------------------
     October Aggregate Principal Balance                     15,612,987.04


4.   THREE MONTH GROSS LOSS RATIO:

     Twelve times the:
     Sum of August-October Principal Balances
       of Defaulted Auto Loans repossessed     =              1,075,675.21 =           26.25%
     ------------------------------------------        -------------------
     Sum of August-October Principal Balances                49,170,525.20


5.   ALPI CLAIMS PAYMENT TEST:

         Aggregate Principal Balance of
      ALPI Claims not paid within timeframe    =              1,505,626.04             44.66%
     ------------------------------------------        -------------------
       Principal Balance of Eligible Claims                   3,371,368.68
</TABLE>


                                      13
<PAGE>

                             MASTER ADMINISTRATOR REPORT

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

                                NAFCO AUTO TRUST - 2

                     For the December 22, 1997 Distribution Date

                     For the period beginning on November 1, 1997
                  and ending on November 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 June 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 December 18, 1997.

     5.   POOL FACTOR.

          (a)  The Pool Factor with respect to
               November 1, 1997 was. . . . . . . . . . . . . . .      .29771412
                                                                 --------------

          (b)  The Pool Factor with respect to
               November 30, 1997 was . . . . . . . . . . . . . .      .28135762
                                                                 --------------

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

          (a)  The Investor Certificate Principal
               Balance as of November 1, 1997
               (after giving effect to the disbursements
               in reduction of principal, if any,
               on the immediately preceding
               Distribution Date) was. . . . . . . . . . . . . . $11,075,858.51
                                                                 --------------


                                          1
<PAGE>

          (b)  The Seller Certificate Principal
               Balance as of November 1, 1997 (after
               giving effect to the disbursements
               in reduction of principal, if any, on
               the immediately preceding Distribution
               Date) was . . . . . . . . . . . . . . . . . . . . $ 1,426,793.47
                                                                 --------------

     7.   OCCURRENCE OF A REQUIRED RESERVE EVENT

          (a)  The Delinquency Ratio is. . . . . . . . . . . . .          3.05%
                                                                 --------------

          (b)  The Three Month Delinquency Ratio is. . . . . . .          2.98%
                                                                 --------------

          (c)  The Gross Loss Ratio is . . . . . . . . . . . . .        *21.72%
                                                                 --------------

          (d)  The Three Month Gross Loss Ratio is . . . . . . .        *29.01%
                                                                 --------------

          (e)  The percentage of eligible claims on the
               ALPI policy not paid in a timely manner
               is(*) . . . . . . . . . . . . . . . . . . . . . .        *42.98%
                                                                 --------------

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

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

          SEE ANNEX C.1 FOR RATIO CALCULATIONS


(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $410,611.16 of claims which are currently in dispute.  Such disputed
claims represent 32.3% of all eligible claims.

     8.   AGGREGATE MONTHLY SERVICING FEE.

          (a)  The Monthly Servicing Fee owing
               to the Servicer on the related
               Distribution Date is. . . . . . . . . . . . . . . $    77,346.85
                                                                 --------------

          (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 . . . . . . . . . . . $    77,346.85
                                                                 --------------


                                          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 . . . . . . . $    15,055.07
                                                                 --------------

          (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. . . . . . $    15,055.07
                                                                 --------------

     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. . . . . $    19,805.97
                                                                  --------------

               (ii)  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. . . . . $     1,975.51
                                                                 --------------

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

               (iv)  The Insurance Reserve Amount as of
                     the end of the Due Period
                     is. . . . . . . . . . . . . . . . . . . . . $    17,830.46
                                                                 --------------


                                          3
<PAGE>

          (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. . . . . . . $ 1,107,585.85
                                                                 --------------

               (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. . . . . . . $ 1,193,907.74
                                                                 --------------

               (iii) The amount to be deposited to
                     (withdrawn from) the Available Cash
                     Reserve Amount with respect to the
                     current Distribution Date is. . . . . . . . $   (86,321.89)
                                                                 --------------

               (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. . . . . . . $ 1,107,585.85
                                                                 --------------

          (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 . . . . . . . . . . . . . . . . . . $ 1,125,416.31
                                                                 --------------


     12.  AVAILABLE FUNDS.

          (a)  The amount of Available Funds with
               respect to the related Due Period was . . . . . . $   822,075.99
                                                                 --------------

          (b)  The amount of Available Funds with
               respect to the immediately preceding
               Due Period that were retained in the
               Collection Account was. . . . . . . . . . . . . . $    89,759.49
                                                                 --------------

          (c)  Interest earned on and retained in the
               Collection Account for the Due Period
               and interest earned on the Cash Reserve
               Account and transferred to the Collection
               Account for the Due Period on the
               related Deposit Date was. . . . . . . . . . . . . $     9,599.67
                                                                 --------------


                                          4
<PAGE>

          (d)  Total distributable funds with respect
               to the related Due Period [a+b+c] was . . . . . . $   921,435.15
                                                                 --------------

          (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. . . . . . . . $   921,435.15
                                                                 --------------

     13.  DISBURSEMENTS TO BE MADE ON THE RELATED DISTRIBUTION DATE.
               The Certificate Rate is 7.00%.

          (a)  The amount of the aggregate Monthly
               Servicing Fee to be paid to the Servicer
               on such Distribution Date is. . . . . . . . . . . $    77,346.85
                                                                 --------------

          (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. . . . . . . . . . . $    15,055.07
                                                                 --------------

          (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 . . . . . $    64,609.17
                                                                 --------------

          (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 . . . . . . . . . $   608,510.92
                                                                 --------------

          (f)  The total amount of the distribution
               to be made on such Distribution Date
               to the Investor Certificateholders [d+e] is . . . $   673,120.09
                                                                 --------------

          (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. . . . . . $     8,322.96
                                                                 --------------


                                          5
<PAGE>

          (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 . . . . $    64,564.42
                                                                 --------------

          (i)  The amount to be deposited (withdrawn) to
               the Cash Reserve Account is . . . . . . . . . . . $   (86,321.89)
                                                                 --------------

          (j)  The amount to be retained in the
               Collection Account with respect to
               the Partial Payment Amount is . . . . . . . . . . $    83,025.76
                                                                 --------------

          (k)  The amount to be disbursed to the
               Seller Certificateholder (other than the
               amounts referred to in (g) and (h)) is. . . . . . $    86,321.89
                                                                 --------------

          (l)  The total amount of the
               distribution to be made to the
               Seller Certificateholders [g+h+k] is. . . . . . . $   159,209.27
                                                                 --------------

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

          (a)  The Investor Certificate Principal Balance
               as of November 30, 1997 (after giving
               effect to the disbursements in reduction
               of principal, if any, on the immediately
               preceding Distribution Date) was. . . . . . . . . $10,467,347.59
                                                                 --------------

          (b)  The Seller Certificate Principal
               Balance as of November 30, 1997 (after
               giving effect to the disbursements in
               reduction of principal, if any, on the
               related Distribution Date) was. . . . . . . . . . $ 1,362,229.05
                                                                 --------------


     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].


                                          6
<PAGE>

          IN WITNESS WHEREOF, the undersigned has duly executed and delivered
this certificate this 18th day of December 1997.


                                        NYLIFE SFD Holding INC.
                                        as Master Administrator



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


                                          7
<PAGE>

                                       ANNEX A
                                          TO
                             MASTER ADMINISTRATOR REPORT
                               DATED December 18, 1997


                     EVENT OF MASTER ADMINISTRATOR TERMINATION

                                        None


                                          8
<PAGE>

                                       ANNEX B
                                          TO
                             MASTER ADMINISTRATOR REPORT
                               DATED December 18, 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 November 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)            1,222                 $  9,022,911
                  30 - 59                  177                    1,432,007
                  60 - 89                   66                      515,928
                  90 - 120                  50                      376,183
                  over 120                 579                    3,607,591
                                        ------                 ------------
               Totals:                   2,094                 $ 14,954,620
                                        ------
                                        ------

          Aggregate Principal Balance of Defaulted
          Auto Loans at November 30, 1997. . . . . . . . . . . .     (3,324,234)
                                                                 --------------

          Aggregate Principal Balance allocable
          to Certificateholders. . . . . . . . . . . . . . . . . $   11,630,386
                                                                 --------------
                                                                 --------------



     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 . . . . $   637,301.62
                                                                 --------------

          (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 . . . . $   189,532.59
                                                                 --------------

          (c)  The total amounts collected on the Auto
               Loans and deposited into the Collection
               Account for the Due Period was [a+b]. . . . . . . $   826,834.21
                                                                 --------------


                                          9
<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
                  ----------                  ---------------------

                      26                           $215,593.28

     4.   THE INFORMATION SPECIFIED IN ITEM 13(d) THROUGH (f)
          STATED ON THE BASIS OF $1,000 INITIAL PRINCIPAL AMOUNT.
          The Certificate Rate is 7%.

         (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. . . . . . . . $     1.736666
                                                                 --------------

         (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 . . . $    16.356501
                                                                 --------------

         (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 . . . . . . . . . . . $    18.093167
                                                                 --------------


                                          10
<PAGE>

                                      ANNEX C
                                         TO
                            MASTER ADMINISTRATOR REPORT
                              DATED December 18, 1997

          Calculation of Required Cash Reserve Amount as of the December 22,
1997 Distribution Date.

          (i)   The Investor Certificate Principal Balance equals
                $11,075,858.51.

          (ii)  Required Reserve Percentage equals 10%.

          (iii) The Required Cash Reserve Amount equals (the product of (i) and
                (ii)) $1,107,585.85.

          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;


                                          11
<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; and

          (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.


                                          12

<PAGE>


                                     ANNEX C.1


<TABLE>
<CAPTION>
<S><C>
                                                                                       RATIOS
                                                                                       ------
1.   DELINQUENCY RATIO:

     November Principal Balance 60+ days (net) =                456,784.94 =            3.05%
     ------------------------------------------        -------------------
       November Aggregate Principal Balance                  15,612,987.04


2.   THREE MONTH DELINQUENCY RATIO:

     Sum of September-November Principal Balances
              Balances 60+ days (net)          =              1,397,454.14 =            2.98%
     ------------------------------------------        -------------------
     Sum of September-November Principal Balances            46,934,139.56


3.   GROSS LOSS RATIO:

     Twelve times the:
     November Principal Balance of Defaulted
            Auto Loans repossessed             =                270,720.31 =           21.72%
     ------------------------------------------        -------------------
     November Aggregate Principal Balance                    14,954,819.89


4.   THREE MONTH GROSS LOSS RATIO:

     Twelve times the:
     Sum of September-November Principal Balances
       of Defaulted Auto Loans repossessed     =              1,134,668.07 =           29.01%
     ------------------------------------------        -------------------
     Sum of September-November Principal Balances            46,934,139.56


5.   ALPI CLAIMS PAYMENT TEST:

         Aggregate Principal Balance of
      ALPI Claims not paid within timeframe    =                546,590.40 =           42.98%
     ------------------------------------------        -------------------
       Principal Balance of Eligible Claims                   1,271,727.59
</TABLE>


                                      13

<PAGE>

                             MASTER ADMINISTRATOR REPORT

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

                                NAFCO AUTO TRUST - 2

                      For the January 20, 1998 Distribution Date

                     For the period beginning on December 1, 1997
                  and ending on December 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 June 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 January 15, 1998.

     5.   POOL FACTOR.

          (a)  The Pool Factor with respect to
               December 1, 1997 was. . . . . . . . . . . . . . .      .28135762
                                                                 --------------

          (b)  The Pool Factor with respect to
               December 31, 1997 was . . . . . . . . . . . . . .      .26485594
                                                                 --------------

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

          (a)  The Investor Certificate Principal
               Balance as of December 1, 1997
               (after giving effect to the disbursements
               in reduction of principal, if any,
               on the immediately preceding
               Distribution Date) was. . . . . . . . . . . . . . $10,467,347.59
                                                                 --------------


                                          1

<PAGE>

          (b)  The Seller Certificate Principal
               Balance as of December 1, 1997 (after
               giving effect to the disbursements
               in reduction of principal, if any, on
               the immediately preceding Distribution
               Date) was.. . . . . . . . . . . . . . . . . . . . $ 1,362,229.05
                                                                 --------------

     7.   OCCURRENCE OF A REQUIRED RESERVE EVENT

          (a)  The Delinquency Ratio is. . . . . . . . . . . . .          2.52%
                                                                 --------------

          (b)  The Three Month Delinquency Ratio is. . . . . . .          3.46%
                                                                 --------------

          (c)  The Gross Loss Ratio is . . . . . . . . . . . . .         16.67%
                                                                 --------------

          (d)  The Three Month Gross Loss Ratio is . . . . . . .        *23.81%
                                                                 --------------

          (e)  The percentage of eligible claims on the
               ALPI policy not paid in a timely manner
               is(*) . . . . . . . . . . . . . . . . . . . . . .        *40.46%
                                                                 --------------

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

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

          SEE ANNEX C.1 FOR RATIO CALCULATIONS


(*) The percentage of claims on the ALPI policy not paid in a timely manner
includes $395,428.26 of claims which are currently in dispute.  Such disputed
claims represent 28.1% of all eligible claims.

     8.   AGGREGATE MONTHLY SERVICING FEE.

          (a)  The Monthly Servicing Fee owing
               to the Servicer on the related
               Distribution Date is. . . . . . . . . . . . . . . $    79,149.52
                                                                 --------------

          (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 . . . . . . . . . . . $    79,149.52
                                                                 --------------


                                          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 . . . . . . . $    16,762.46
                                                                 --------------

          (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. . . . . . $    16,762.46
                                                                 --------------

     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 . . . . $    17,830.46
                                                                 --------------

               (ii)   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 . . . . $     2,028.24
                                                                 --------------

               (iii)  The aggregate Insurance Deductible
                      deposited by the Seller into the Cash
                      Reserve Account with respect to Auto
                      Loans acquired . . . . . . . . . . . . . . $   147,000.00
                                                                 --------------

               (iv)   The Insurance Reserve Amount as of
                      the end of the Due Period
                      is . . . . . . . . . . . . . . . . . . . . $   162,802.22
                                                                 --------------


                                          3

<PAGE>

          (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 . . . . . . $ 1,046,734.76
                                                                 --------------

               (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 . . . . . . $ 1,107,585.85
                                                                 --------------

               (iii)  The amount to be deposited to
                      (withdrawn from) the Available Cash
                      Reserve Amount with respect to the
                      current Distribution Date is . . . . . . . $   (60,851.09)
                                                                 --------------

               (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 . . . . . . $ 1,046,734.76
                                                                 --------------

          (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 . . . . . . . . . . . . . . . . . . $ 1,209,536.98
                                                                 --------------

     12.  AVAILABLE FUNDS.

          (a)  The amount of Available Funds with
               respect to the related Due Period was . . . . . . $ 1,023,891.27
                                                                 --------------

          (b)  The amount of Available Funds with
               respect to the immediately preceding
               Due Period that were retained in the
               Collection Account was. . . . . . . . . . . . . . $    83,025.76
                                                                 --------------

          (c)  Interest earned on and retained in the
               Collection Account for the Due Period
               and interest earned on the Cash Reserve
               Account and transferred to the Collection
               Account for the Due Period on the
               related Deposit Date was. . . . . . . . . . . . . $    11,372.52
                                                                 --------------


                                          4

<PAGE>

          (d)  Total distributable funds with respect
               to the related Due Period [a+b+c] was . . . . . . $ 1,118,289.55
                                                                 --------------

          (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. . . . . . . . $ 1,118,289.55
                                                                 --------------

     13.  DISBURSEMENTS TO BE MADE ON THE RELATED DISTRIBUTION DATE.
               The Certificate Rate is 7.00%.

          (a)  The amount of the aggregate Monthly
               Servicing Fee to be paid to the Servicer
               on such Distribution Date is. . . . . . . . . . . $    79,149.52
                                                                 --------------

          (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. . . . . . . . . . . $    16,762.46
                                                                 --------------

          (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 . . . . . $    61,059.53
                                                                 --------------

          (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 . . . . . . . . . $   613,912.10
                                                                 --------------

          (f)  The total amount of the distribution
               to be made on such Distribution Date
               to the Investor Certificateholders [d+e] is . . . $   674,971.63
                                                                 --------------

          (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. . . . . . $     7,946.34
                                                                 --------------


                                          5
<PAGE>

          (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 . . . . $   257,099.91
                                                                 --------------

          (i)  The amount to be deposited (withdrawn) to
               the Cash Reserve Account is . . . . . . . . . . . $   (60,851.09)
                                                                 --------------

          (j)  The amount to be retained in the
               Collection Account with respect to
               the Partial Payment Amount is . . . . . . . . . . $    82,359.69
                                                                 --------------

          (k)  The amount to be disbursed to the
               Seller Certificateholder (other than the
               amounts referred to in (g) and (h)) is  . . . . . $    60,851.09
                                                                 --------------

          (l)  The total amount of the
               distribution to be made to the
               Seller Certificateholders [g+h+k] is. . . . . . . $   325,897.34
                                                                 --------------

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

          (a)  The Investor Certificate Principal Balance
               as of December 31, 1997 (after giving
               effect to the disbursements in reduction
               of principal, if any, on the immediately
               preceding Distribution Date) was. . . . . . . . . $ 9,853,435.49
                                                                 --------------

          (b)  The Seller Certificate Principal
               Balance as of December 31, 1997 (after
               giving effect to the disbursements in
               reduction of principal, if any, on the
               related Distribution Date) was. . . . . . . . . . $ 1,105,129.14
                                                                 --------------


     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].


                                          6

<PAGE>

     IN WITNESS WHEREOF, the undersigned has duly executed and delivered this
certificate this 15th day of January 1998.


                                        NYLIFE SFD Holding INC.
                                        as Master Administrator



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


                                          7
<PAGE>

                                       ANNEX A
                                          TO
                             MASTER ADMINISTRATOR REPORT
                                DATED January 15, 1998


                     EVENT OF MASTER ADMINISTRATOR TERMINATION

                                        None


                                          8

<PAGE>

                                       ANNEX B
                                          TO
                             MASTER ADMINISTRATOR REPORT
                                DATED January 15, 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 December 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)             1,173                $  8,398,807
                 30 - 59                  177                   1,386,065
                 60 - 89                   47                     365,989
                90 - 120                   40                     325,688
                over 120                  610                   3,657,954
                                       ------               -------------
                  Totals:               2,047               $  14,134,503
                                       ------
                                       ------

          Aggregate Principal Balance of Defaulted
          Auto Loans at December 31, 1997                            (3,186,241)
                                                                ---------------

          Aggregate Principal Balance allocable
          to Certificateholders                                 $    10,948,262
                                                                ---------------
                                                                ---------------


     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 . . . . $    712,251.53
                                                                 ---------------

          (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 . . . . $    310,277.57
                                                                 ---------------

          (c)  The total amounts collected on the Auto
               Loans and deposited into the Collection
               Account for the Due Period was [a+b]. . . . . . . $  1,022,529.10
                                                                 ---------------


                                          9

<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
               ----------         ---------------------

                   19                 $157,308.52

     4.   THE INFORMATION SPECIFIED IN ITEM 13(d) THROUGH (f)
          STATED ON THE BASIS OF $1,000 INITIAL PRINCIPAL AMOUNT.
               The Certificate Rate is 7%.

          (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. . . . . . . . $      1.641253
                                                                 ---------------

         (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 . . . $     16.501683
                                                                 ---------------

         (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 . . . . . . . . . . . $     18.142936
                                                                 ---------------


                                          10

<PAGE>

                                      ANNEX C
                                         TO
                            MASTER ADMINISTRATOR REPORT
                               DATED January 15, 1998

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

          (i)    The Investor Certificate Principal Balance equals
                 $10,467,347.59.

          (ii)   Required Reserve Percentage equals 10%.

          (iii)  The Required Cash Reserve Amount equals (the product of (i) and
                 (ii)) $1,046,734.76.

          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;


                                          11

<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; and

          (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.


                                          12
<PAGE>


                                     ANNEX C.1


<TABLE>
<CAPTION>
<S><C>
                                                                                       RATIOS
                                                                                       ------
1.   DELINQUENCY RATIO:

     December Principal Balance 60+ days (net) =                356,725.53 =            2.52%
     ------------------------------------------        -------------------
       December Aggregate Principal Balance                  14,134,502.77


2.   THREE MONTH DELINQUENCY RATIO:

     Sum of October-December Principal Balances
              Balances 60+ days (net)          =              1,546,223.65 =            3.46%
     ------------------------------------------        -------------------
     Sum of October-December Principal Balances              44,702,109.70


3.   GROSS LOSS RATIO:

     Twelve times the:
     December Principal Balance of Defaulted
            Auto Loans repossessed             =                196,316.67 =           16.67%
     ------------------------------------------        -------------------
     December Aggregate Principal Balance                    14,134.502.77


4.   THREE MONTH GROSS LOSS RATIO:

     Twelve times the:
     Sum of October-December Principal Balances
       of Defaulted Auto Loans repossessed     =                887,073.16 =           23.81%
     ------------------------------------------        -------------------
     Sum of October-December Principal Balances              44,702,109.70


5.   ALPI CLAIMS PAYMENT TEST:

         Aggregate Principal Balance of
      ALPI Claims not paid within timeframe    =                568,641.17 =           40.46%
     ------------------------------------------        -------------------
       Principal Balance of Eligible Claims                   1,405,434.55
</TABLE>


                                      13