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Previous: AMERICREDIT FINANCIAL SERVICES INC, 8-K, 1997-07-11 |
Next: CHILDTIME LEARNING CENTERS INC, DEF 14A, 1997-07-11 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: July 7, 1997
AmeriCredit Automobile Receivables Trust 1996-B
(Exact Name of Registrant as specified in its charter)
United States 33-98620 88-0359494
------------- -------- ----------
(State or Other (Commission File Number) (I.R.S. Employer
Jurisdiction of Identification Number)
Incorporation)
c/o AmeriCredit Financial Services, Inc.
Attention: Daniel E. Berce
200 Bailey Avenue
Fort Worth, TX 76107
(Address of Principal
Executive Office)
(817) 332-7000
Registrant's phone number
<PAGE>
Item 5. Other Events
Information relating to distributions to Certificateholders for the June,
1997, Collection Period of the Registrant in respect of the Asset Backed
Certificates (the "Certificates") issued by the Registrant, and the performance
of the Receivables held by the Registrant, together with certain other
information relating to the Certificates, is contained in the Servicer's
Certificate for the referenced Collection Period provided to Certificateholders
pursuant to the Pooling and Servicing Agreement dated as of April 30, 1996
between AFS Funding Corp., as Seller, AmeriCredit Financial Services, Inc., as
Servicer, and LaSalle National Bank, as Trustee (the "Agreement").
Item 7. Financial Statements, Exhibits
Exhibit No. Exhibit
---------- -------
1. Servicer's Certificate for the June, 1997
Collection Period relating to the Certificates
issued by the Registrant pursuant to the
Agreement.
<PAGE>
EXHIBIT INDEX
Exhibit
- -------
1. Servicer's Certificate for the June, 1997
Collection Period relating to the Certificates
issued by the Registrant.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AmeriCredit Automobile Receivables Trust 1996-B
By: AmeriCredit Financial Services, Inc., as Servicer
/s/ Daniel E. Berce
Daniel E. Berce
Vice Chairman and
Chief Financial Officer
July 7, 1997
<PAGE>
AmeriCredit Automobile Receivables Trust 1996-B
6.50% Automobile Receivables - Backed Certificates
Servicer's Certificate
This Servicer's Certificate has been prepared pursuant to Section 4.9 of the
Pooling and Servicing Agreement, relating to the formation of the AmeriCredit
Automobile Receivables Trust 1996-B, AmeriCredit Financial Services, Inc., as
Servicer, AFS Funding Corp., as Seller, and LaSalle National Bank, as Trustee,
dated as of April 30, 1996. Defined terms have the meanings assigned to them in
the Pooling and Servicing Agreement or in other Transaction Documents.
The undersigned hereby certifies that no Trigger Event has occurred on the
related Determination Date and that, to the knowledge of the Servicer, no
Insurance Agreement Event of Default has occurred.
Monthly Period Beginning: 06/01/97
Monthly Period Ending: 06/30/97
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
A. Beginning of period Principal Balance $79,000,670
--------------
B. Monthly Principal Amounts
(1) Collections on Receivables
outstanding at end of period 2,624,977
------------
(2) Collections on Receivables
paid off during period 1,375,811
------------
(3) Receivables becoming Liquidated
Receivables during period 1,087,113
------------
(4) Receivables becoming Purchased
Receivables during period
------------
(5) Cram Down Losses occurring
during period
------------
(6) Other Receivables adjustments (2,006)
------------
(7) Less amounts allocable to
Interest (1,165,578)
------------
Total Monthly Principal Amounts 3,920,317
--------------
C. End of period Principal Balance $75,080,353
--------------
D. Pool Factor 59.576370%
--------------
II. MONTHLY PERIOD CERTIFICATE BALANCE CALCULATION:
CLASS A CLASS B TOTAL
A. Beginning of period
Certificate Balance $72,680,617 $6,396,534 $79,077,151
--------------------------------------------
B. Certificateholders'
Principal Distributable
Amount 3,606,692 313,625 3,920,317
(92% of I.B. for
Class A and 8% of I.B.
for Class B)
C. Change in Class B
Principal Carryover
Shortfall 0 (79,915) (79,915)
--------------------------------------------
D. End of period
Certificate Balance $69,073,925 $6,162,824 $75,236,749
--------------------------------------------
E. Certificate Factor 59.576371% 61.127620% 59.700471%
--------------------------------------------
<PAGE>
III. RECONCILIATION OF COLLECTION ACCOUNT:
A. Available Funds:
(1) Collections on Receivables
during period (net of
Liquidation Proceeds) $4,000,788
-------------
(2) Liquidation Proceeds collected
during period 439,361
-------------
(3) Purchase Amounts deposited
in Collection Account
(4) Investment income 14,636
-------------
(5) Collection of Supplemental
Servicing Fees 73,711
-------------
Total Available Funds 4,528,496
------------
B. Distributions:
(1) Basic Servicing Fee and
Supplemental Servicing Fees 235,662
-------------
(2) Agent fees 3,950
-------------
(3) Class A Interest Distributable
Amount 393,687
-------------
(4) Class A Principal Distributable
Amount 3,606,692
-------------
(5) Security Insurer Premiums 20,147
-------------
(6) Class B Coupon Interest Amount 34,648
-------------
(7) Class B Principal Distributable
Amount 313,625
-------------
(8) Class B Excess Interest Amount 0
-------------
(9) Change in Class B Principal
Carryover Shortfall (79,915)
-------------
Total distributions 4,528,496
------------
C. Deficiency Claim Amount $0
------------
IV. RECONCILIATION OF CLASS B PRINCIPAL CARRYOVER SHORTFALL:
A. Beginning of Period Class B Principal
Carryover Shortfall $76,481
B. Current Month Change 79,915
C. End of Period Class B Principal
Carryover Shortfall $156,396
V. RECONCILIATION OF SPREAD ACCOUNT:
A. Beginning of period Spread Account balance $4,740,040
B. Additions to Spread Account
(1) Distributions to Class B
Certificateholders 268,358
-------------
(Total of III.B. (6), (7),
(8) and (9))
(2) Investment income 21,682
-------------
Total Additions 290,040
-------------
C. Spread Account balance prior to
withdrawals 5,030,080
-------------
<PAGE>
D. Requisite Amount of Spread Account
(1) 6% of end of period
Principal Balance 4,504,821
------------
(2) $100,000 100,000
------------
(3) 2.5% of Cut-off Date Principal
Balance 3,150,593
------------
(4) End of period Class A Certificate
Balance 69,073,925
------------
(5) Lesser of (3) or (4) 3,150,593
------------
(6) Greater of (2) or (5) 3,150,593
------------
(7) 12% of end of period Principal
Balance if Trigger Date 0
------------
Requisite Amount of Spread Account
(greater of (1) or (6) or (7)
if applicable) 4,504,821
-------------
E. Withdrawals from Spread Account
(1) Priority First - Deficiency
Claim Amount ------------
(2) Priority Second through Sixth
------------
(3) Priority Seventh (C. minus D.) 525,259
------------
Total withdrawals 525,259
-------------
F. End of period Spread Account balance $4,504,821
-------------
VI. PERFORMANCE TESTS:
A. Delinquency Ratio
(1) Receivables with Scheduled Payment
delinquent more than 30 days
at end of period $10,957,459
-------------
(2) Purchased Receivables with Scheduled
Payment delinquent more than 30
days at end of period
-------------
(3) Beginning of period Principal
Balance 79,000,670
-------------
(4) Delinquency Ratio (1)+(2) divided
by (3) 13.87%
-------------
(5) Previous Monthly Period Delinquency
Ratio 13.15%
-------------
(6) Second previous Monthly Period
Delinquency Ratio 11.55%
-------------
(7) Average Delinquency Ratio (4)+(5)+(6)
divided by 3 12.86%
-------------
(8) Compliance (Delinquency Test Failure
is a Delinquency Ratio equal to or
greater than 14%) yes
-------------
B. Default Ratio
(1) Receivables becoming Defaulted
Receivables during period $942,713
-------------
(2) Purchased Receivables with Scheduled
Payment delinquent more than 30
days at end of period
-------------
(3) Beginning of period Principal
Balance 79,000,670
-------------
(4) Default Ratio (1)+(2) x 12 divided
by (3) 14.32%
-------------
(5) Previous Monthly Period Default
Ratio 17.28%
-------------
(6) Second previous Monthly Period
Default Ratio 11.51%
-------------
(7) Average Default Ratio (4)+(5)+(6)
divided by 3 14.37%
-------------
(8) Compliance (Default Test Failure
is a Default Ratio equal to or
greater than 21%) yes
-------------
<PAGE>
C. Net Loss Ratio
(1) Receivables becoming Liquidated
Receivables during period $1,087,113
-------------
(2) Purchased Receivables with
Scheduled Payment delinquent
more than 30 days at end of
period
-------------
(3) Cram Down Losses occurring during
period
-------------
(4) Liquidation Proceeds collected
during period (439,361)
-------------
(5) Beginning of period Principal
Balance 79,000,670
-------------
(6) Net Loss Ratio (1)+(2)+(3)-(4)
x 12 divided by (5) 9.84%
-------------
(7) Previous Monthly Period Net Loss
Ratio 7.61%
-------------
(8) Second previous Monthly Period Net
Loss Ratio 9.07%
-------------
(9) Average Net Loss Ratio (6)+(7)+(8)
divided by 3 8.84%
-------------
(10) Compliance (Net Loss Test Failure
is a Net Loss Ratio equal to or
greater than 12%) yes
-------------
VII. DELINQUENCY:
A. Receivables with Scheduled Payment
delinquent
(1) 31-60 days # 930 $8,425,056
-------------------------
(2) 61-90 days 219 1,853,521
-------------------------
(3) over 90 days 76 678,882
-------------------------
Receivables with Scheduled Payment
delinquent more than 30 days at
end of period 1,225 $10,957,459
-------------------------
VIII. MONTHLY PERIOD NUMBER OF RECEIVABLES CALCULATION:
A. Beginning of period number of Receivables 9,047
------------
B. Number of Receivables becoming Liquidated
Receivables during period 156
------------
C. Number of Receivables becoming Purchased
Receivables during period
-------------
D. Number of Receivables paid off during period 193
-------------
E. End of period number of Receivables 8,698
-------------
IX. STATISTICAL DATA:
A. Weighted Average APR of the Receivables 20.21%
-------------
B. Weighted Average Remaining Term of the
Receivables 36.34
-------------
C. Average Receivable Balance $8,632
-------------
AmeriCredit Financial Services, Inc.
By:
------------------------------------
Name: Daniel E. Berce
---------------
Title: Executive Vice-President
------------------------
Chief Financial Officer & Treasurer
-----------------------------------
Date: July 7, 1997
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