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Previous: MILLENNIUM PHARMACEUTICALS INC, SC 13G, 1997-02-12 |
Next: AMERICREDIT FINANCIAL SERVICES INC, 8-K, 1997-02-12 |
<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: February 12, 1997
AmeriCredit Automobile Receivables Trust 1996-C
(Exact Name of Registrant as specified in its charter)
United States 33-98620 88-0359494
------------- -------- ----------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification Number)
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 Note and Certificate holders
for the January, 1997, Collection Period of the Registrant in respect
of the Class A-1 Money Market Asset Backed Notes, Class A-2 Floating
Rate Asset Backed Notes, Class A-3 Asset Backed Notes (collectively,
the "Notes") and 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 Notes and the Certificates, is contained in the Servicer's
Certificate for the referenced Collection Period provided to Note and
Certificate holders pursuant to the Sale and Servicing Agreement
dated as of August 1, 1996 between the Registrant, AFS Funding Corp.,
as Seller, AmeriCredit Financial Services, Inc., as Servicer, and
LaSalle National Bank, as Backup Servicer and Trust Collateral Agent
(the "Agreement").
Item 7. Financial Statements, Exhibits
Exhibit No. Exhibit
----------- -------
1. Servicer's Certificate for the January, 1997
Collection Period relating to the Notes and the
Certificates issued by the Registrant pursuant
to the Agreement.
<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-C
By: AmeriCredit Financial Services, Inc., as Servicer
/s/ Daniel E. Berce
Daniel E. Berce
Executive Vice President,
Chief Financial Officer
and Treasurer
February 12, 1997
<PAGE>
EXHIBIT INDEX
Exhibit
- -------
1. Servicer's Certificate for the January, 1997
Collection Period relating to the Notes and
Certificates issued by the Registrant.
<PAGE>
AmeriCredit Automobile Receivables Trust 1996-C
Class A-1 5.574% Money Market Asset Backed Notes
Class A-2 Floating Rate Asset Backed Notes
Class A-3 6.40% Asset Backed Notes
6.65% Asset Backed Certificates
Servicer's Certificate
This Servicer's Certificate has been prepared pursuant to Section 4.9 of the
Sale and Servicing Agreement among AmeriCredit Automobile Receivables Trust
1996-C, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS
Funding Corp., as Seller, and LaSalle National Bank, as Backup Servicer and
Trust Collateral Agent, dated as of August 1, 1996. Defined terms have the
meanings assigned to them in the Sale 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 knowlege of the Servicer, no
Insurance Agreement Event of Default has occurred.
Monthly Period Beginning: 01/01/97
Monthly Period Ending: 01/31/97
<TABLE>
<S> <S> <S> <S> <S>
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
A. Beginning of period Aggregate Principal Balance $156,124,295
------------
B. Purchase of Subsequent Receivables 0
------------
C. Monthly Principal Amounts
(1) Collections on Receivables outstanding
at end of period 4,599,120
-----------
(2) Collections on Receivables paid off
during period 1,125,113
-----------
(3) Receivables becoming Liquidated Receivables
during period 1,758,285
-----------
(4) Receivables becoming Purchased Receivables
during period
-----------
(5) Cram Down Losses occurring during period
-----------
(6) Other Receivables adjustments 9,037
-----------
(7) Less amounts allocable to Interest (2,350,804)
-----------
Total Monthly Principal Amounts 5,140,751
------------
D. End of period Aggregate Principal Balance $150,983,544
------------
E. Pool Factor 86.276624%
------------
II. MONTHLY PERIOD NOTE BALANCE CALCULATION:
Class A-1 Class A-2 Class A-3 TOTAL
--------- --------- --------- -----
A. Beginning of period Note Balance $21,359,266 $79,999,680 $40,874,837 $142,233,783
------------------------------------------------
B. Noteholders' Principal Distributable Amount 5,140,751 0 0 5,140,751
C. Noteholders' Accelerated Principal Amount 179,269 0 0 179,269
D. Accelerated Payment Amount Shortfall 921,457 0 0 921,457
E. Note Prepayment Amount 0 0 0 0
------------------------------------------------
F. End of period Note Balance $15,117,788 $79,999,680 $40,874,837 $135,992,305
------------------------------------------------
------------------------------------------------
G. Note Pool Factors 31.495393% 99.999600% 99.999600% 80.528382%
------------------------------------------------
------------------------------------------------
1
<PAGE>
III. MONTHLY PERIOD CERTIFICATE BALANCE CALCULATION:
A. Beginning of period Certificate Balance $6,124,975
------------
B. Certificateholders' Principal Distributable Amount 0
C. Certificateholders' Accelerated Principal Amount 0
D. Certificate Prepayment Amount 0
------------
E. End of period Certificate Balance $6,124,975
------------
------------
F. Certificate Pool Factor 99.999600%
------------
------------
IV. RECONCILIATION OF PRE-FUNDING ACCOUNT:
A. Beginning of period Pre-Funding Account balance $0
------------
B. Purchase of Subsequent Receivables 0
-----------
C. Investment Earnings 0
-----------
D. Investment Earnings Transfer to Collections Account 0
-----------
E. Payment of Mandatory Prepayment Amount 0
-----------
0
------------
F. End of period Pre-Funding Account balance $0
------------
------------
V. RECONCILIATION OF CAPITALIZED INTEREST ACCOUNT:
A. Beginning of period Capitalized Interest Account balance $0
------------
B. Monthly Capitalized Interest Amount 0
-----------
C. Investment Earnings 0
-----------
D. Investment Earnings Transfer to Collections Account 0
-----------
E. Payment of Overfunded Capitalized Interest Account 0
-----------
F. Payment of Remaining Capitalized Interest Account
-----------
0
------------
G. End of period Capitalized Interest Account balance $0
------------
------------
VI. RECONCILIATION OF COLLECTION ACCOUNT:
A. Available Funds:
(1) Collections on Receivables during period
(net of Liquidation Proceeds) $5,724,233
-----------
(2) Liquidation Proceeds collected
during period 637,444
-----------
(3) Purchase Amounts deposited in Collection
Account
-----------
(4)(a) Investment Earnings - Collection Account 20,094
-----------
(b) Investment Earnings - Transfer From Prefunding Account 0
-----------
(c) Investment Earnings - Transfer From Capitalized Interest Account 0
-----------
(5) Collection of Supplemental Servicing Fees 98,302
-----------
(6) Monthly Capitalized Interest Amount 0
-----------
(7) Mandatory Prepayment Amount
-----------
Total Available Funds 6,480,073
------------
B. Distributions:
(1) Agent fees 6,408
-----------
(2) Base Servicing Fee and Supplemental Servicing Fees 386,481
-----------
(3) Noteholders' Interest Distributable Amount
(a) Class A - 1 99,214
-----------
(b) Class A - 2 374,291
-----------
(c) Class A - 3 217,999
-----------
(4) Noteholders' Principal Distributable Amount
(a) Class A - 1 5,140,751
-----------
(b) Class A - 2 0
-----------
(c) Class A - 3 0
-----------
(5) Certificateholders' Interest Distributable Amount 33,943
-----------
(6) Certificateholders' Principal Distributable Amount 0
-----------
(7) Security Insurer Premiums 41,717
-----------
Total distributions 6,300,804
------------
C. Excess Available Funds (or Deficiency Claim Amount ) 179,269
------------
2
<PAGE>
D. Noteholders' Accelerated Principal Amount (179,269)
------------
E. Certificateholders' Accelerated Principal Amount
------------
F. Deposit to Spread Account $0
------------
------------
VII. CALCULATION OF ACCELERATED PRINCIPAL AMOUNT
A. Excess Available Funds (VI.C.) $179,269
-----------
B. Pro Forma Security Balance (II.A.-II.B.+III.A.) 143,218,007
-----------
C. Required Pro Forma Security Balance (95% x (I.D.+IV.F.) 143,434,367
-----------
D. Excess of Pro Forma Balance over Required Balance (B. - C.) (216,360)
-----------
E. End of Period Class A-1 Note Balance
(before accel.princ. & accel. princ. shortfall) 16,218,515
-----------
F. Greater of D. or E. 16,218,515
-----------
G. Accelerated Principal Amount (lesser of A. or F.) $179,269
------------
------------
VIII. CALCULATION OF ACCELERATED PAYMENT AMOUNT SHORTFALL
A. Pro Forma Security Balance $143,218,007
-----------
B. Required Pro Forma Security Balance 143,434,367
-----------
C. Excess of Pro Forma Balance over Required Balance (A. - B.) (216,360)
-----------
D. End of Period Class A-1 Note Balance
(before accel.princ. & accel. princ. shortfall) 16,218,515
-----------
E. Greater of C. or D. 16,218,515
-----------
F. Excess Available Funds (VI.C.) 179,269
-----------
G. Investment Earnings on Collection Account 20,094
-----------
H. Accelerated Payment Amount Shortfall (E.- F.+G.) $16,059,340
------------
------------
IX. RECONCILIATION OF SPREAD ACCOUNT:
A. Beginning of period Spread Account balance $14,051,187
------------
B. Additions to Spread Account
(1) Deposits from Collections Account (VI. F.) 0
-----------
(2) Investment Earnings 63,160
-----------
(3) Deposits Related to Subsequent Receivables Purchases 0
-----------
Total Additions 63,160
------------
C. Spread Account balance prior to withdrawals 14,114,347
------------
D. Requisite Amount of Spread Account
(1) Initial Spread Account Deposit 12,043,237
-----------
(2) Subsequent Spread Account Deposits 3,706,707
-----------
(3) Total Initial & Subsequent Spread Account Deposits (1)+(2) 15,749,944
-----------
(4) 9% of end of period Aggregate Principal Balance 13,588,519
-----------
(5) $100,000 100,000
-----------
(6) $3,500,000 3,500,000
-----------
(7) End of period Note and Certificate Balance
(before accel.principal shortfall calc) 143,038,738
-----------
(8) Lesser of (6) or (7) 3,500,000
-----------
(9) Greater of (5) or (8) 3,500,000
-----------
(10) Aggregate Principal Balance 150,983,544
-----------
(11) End of period Note and Certificate Balance
(before accel.principal shortfall calc) 143,038,738
-----------
(12) Line (10) less line (11) 7,944,806
-----------
(13) OC level (12) / (10) , Maximum 11% 5.26%
-----------
(14) 14% less OC level, if OC level is greater than 5% 8.74%
-----------
(15) Percent in (14) x End of period Aggregate Principal Balance 13,192,890
-----------
(16) 15% of end of period Aggregate Principal Balance if Trigger Date
-----------
Requisite Amount of Spread Account (greater
of (1) or (6) or (7) if applicable) 13,192,890
------------
E. Withdrawals from Spread Account
(1) Priority First - Deficiency Claim Amount
-----------
(2) Priority Second through Third
-----------
(3) Priority Fourth - Accelerated Payment Amount Shortfall 16,059,340
-----------
Accelerated Payment Amount Shortfall in Excess of
Requisite Amount 921,457
-----------
(4) Priority Fifth through Sixth
-----------
(5) Priority Seventh - to Servicer 0
-----------
Total withdrawals 921,457
------------
F. End of period Spread Account balance $13,192,890
------------
------------
3
<PAGE>
X. PERFORMANCE TESTS:
A. Delinquency Ratio
(1) Receivables with Scheduled Payment
delinquent more than 30 days
at end of period (XI.) $16,386,365
-----------
(2) Purchased Receivables with Scheduled
Payment delinquent more than 30
days at end of period
-----------
(3) Beginning of period Principal Balance 156,124,295
-----------
(4) Delinquency Ratio (1)+(2) divided by (3) 10.50%
------------
(5) Previous Monthly Period Delinquency Ratio 10.56%
------------
(6) Second previous Monthly Period Delinquency Ratio 9.82%
------------
(7) Average Delinquency Ratio (4)+(5)+(6)
divided by 3 10.29%
------------
(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 $2,180,434
-----------
(2) Purchased Receivables with Scheduled
Payment delinquent more than 30
days at end of period
-----------
(3) Beginning of period Principal Balance 156,124,295
-----------
(4) Default Ratio (1)+(2) x 12 divided by (3) 16.76%
------------
(5) Previous Monthly Period Default Ratio 16.57%
------------
(6) Second previous Monthly Period Default Ratio 13.50%
------------
(7) Average Default Ratio (4)+(5)+(6)
divided by 3 15.61%
------------
(8) Compliance (Default Test Failure is a
Default Ratio equal to or greater than 21%) yes
------------
C. Net Loss Ratio
(1) Receivables becoming Liquidated Receivables
during period $1,758,285
-----------
(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 (637,444)
-----------
(5) Beginning of period Principal Balance 156,124,295
-----------
(6) Net Loss Ratio (1)+(2)+(3)-(4) x 12
divided by (5) 8.61%
------------
(7) Previous Monthly Period Net Loss Ratio 4.88%
------------
(8) Second previous Monthly Period Net Loss Ratio 6.70%
------------
(9) Average Net Loss Ratio (6)+(7)+(8)
divided by 3 6.73%
------------
(10) Compliance (Net Loss Test Failure is a
Net Loss Ratio equal to or greater than 12%) yes
------------
XI. DELINQUENCY:
A. Receivables with Scheduled Payment delinquent
(1) 31-60 days # 1,145 $11,142,543
----------- ------------
(2) 61-90 days 361 3,526,514
----------- ------------
(3) over 90 days 166 1,717,308
----------- ------------
Receivables with Scheduled Payment delinquent
more than 30 days at end of period 1,672 $16,386,365
----------- ------------
XII. MONTHLY PERIOD NUMBER OF RECEIVABLES CALCULATION:
A. Beginning of period number of Receivables 14,901
------------
B. Number of Subsequent Receivables Purchased 0
------------
C. Number of Receivables becoming Liquidated
Receivables during period 126
------------
4
<PAGE>
D. Number of Receivables becoming Purchased
Receivables during period
------------
E. Number of Receivables paid off during period 123
------------
F. End of period number of Receivables 14,652
------------
------------
XIII. STATISTICAL DATA:
A. Weighted Average APR of the Receivables 20.38%
------------
B. Weighted Average Remaining Term of the Receivables 44.39
------------
C. Average Receivable Balance $10,305
------------
D. Aggregate Realized Losses $3,454,257
------------
</TABLE>
AmeriCredit Financial Services, Inc.
By:
--------------------------------
Name: Preston A. Miller
Title: Senior Vice President
and Controller
--------------------------------
Date: February 5, 1997
--------------------------------
5
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