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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 (Date of earliest event reported)
August 14, 1997
AmeriCredit Automobile Receivables Trust 1997-C
-----------------------------------------------
(Exact name of registrant as specified in its charter)
United States 333-17981 88-0359494
- ---------------------------- ------------ -------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o AmeriCredit Financial 76107
Services, Inc. ----------
Attention: Chris A. Choate (Zip Code)
200 Bailey Avenue
Fort Worth, Texas
- ----------------------------
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code (817) 882-7000
---------------
- --------------------------------------------------------------------------------
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
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Item 5. Other Events
------------
In connection with the offering of AmeriCredit Automobile Receivables
Trust 1997-C Asset-Backed Notes, certain "Computational Materials" within the
meanings of the May 20, 1994 Kidder, Peabody No-Action Letter and the February
17, 1995 Public Securities Association No-Action Letter were furnished to
certain prospective investors (the "Related Computational Materials").
Item 7. Financial Statements, Pro Forma Financial Information and
---------------
Exhibits.
---------------------------------------------------------
(a) Not applicable
(b) Not applicable
(c) Exhibits 99.1 and 99.2 Related Computational Materials (as
defined in Item 5 above).
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SIGNATURES
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 hereunto duly authorized.
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1997-C
By: AmeriCredit Financial Services, Inc., as Servicer
By:/s/ Daniel Berce
---------------------------------
Name: Daniel Berce
Title: Vice Chairman and
Chief Financial Officer
Dated: August 14, 1997
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EXHIBIT INDEX
-------------
Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials (as defined in Item 5 above)
distributed by Credit Suisse First Boston Corporation.
99.2 Related Computational Materials (as defined in Item 5 above)
distributed by Bear Stearns & Co. Inc.
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EXHIBIT 99.1
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AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1997-C
SUBJECT TO REVISION
TERM SHEET
Issuer............. AmeriCredit Automobile Receivables Trust 1997-C (the
"Trust" or the "Issuer"), a Delaware business trust to be
formed pursuant to a Trust Agreement, dated as of August
12, 1997 (the "Trust Agreement"), among the Seller and the
Owner Trustee.
Seller............. AFS Funding Corp. (the "Seller"), a special purpose
financing subsidiary of AmeriCredit.
Servicer........... AmeriCredit Financial Services, Inc. (in its individual
capacity, "AmeriCredit" and, as servicer, the "Servicer"),
a Delaware corporation.
Insurer............ Financial Security Assurance Inc. (the "Insurer"), a New
York financial guaranty insurance company.
Indenture Trustee.. LaSalle National Bank (the "Indenture Trustee").
Owner Trustee...... Bankers Trust (Delaware) (the "Owner Trustee").
Statistical
Calculation Date.. August 1, 1997.
Initial Cutoff Date August 12, 1997.
Closing Date....... August 19, 1997.
The Notes.......... The Trust will issue Class A-1 % Asset Backed Notes (the
"Class A-1 Notes") in the aggregate original principal
amount of $83,000,000, Class A-2 Floating Rate Asset Backed
Notes (the "Class A-2 Notes") in the aggregate original
principal amount of $135,000,000, and Class A-3 % Asset
Backed Notes (the "Class A-3 Notes") in the aggregate
original principal amount of $107,000,000. The Class A-1
Notes, the Class A-2 Notes and the Class A-3 Notes
(collectively, the "Notes") will be issued pursuant to an
Indenture, dated as of August 12, 1997, among the Issuer
and LaSalle National Bank, as Indenture Trustee and as
Trust Collateral Agent (the "Trust Collateral Agent"). The
Notes will be offered for purchase in denominations of
$1,000 and integral multiples thereof in book-entry form
only. Persons acquiring beneficial interests in the Notes
will hold their interests through DTC in the United States
or Cedel Bank, societe anonyme ("Cedel") or the Euroclear
System ("Euroclear") in Europe.
<PAGE>
The Notes will be secured by the assets of the Trust
pursuant to the Indenture.
The Certificates... The Trust will issue Asset Backed Certificates (the
"Certificates") which represent the equity ownership in the
Trust, and are subordinate in right of payment to the
Notes. The Certificates do not have a principal balance.
The Certificates will be issued pursuant to the Trust
Agreement. The Certificates are not being offered hereby.
Trust Property..... Each Note will represent an obligation of the Trust. The
Trust's assets (the "Trust Property") will include, among
other things, certain motor vehicle retail installment sale
contracts (the "Initial Receivables"), secured by new and
used automobiles, light duty trucks and vans (the "Initial
Financed Vehicles"), certain monies received thereunder
after the Initial Cutoff Date, an assignment of the
security interests in the Initial Financed Vehicles
securing the Initial Receivables, the related Receivables
Files, all rights to proceeds from claims on certain
physical damage, credit life and disability insurance
policies covering the Initial Financed Vehicles or the
Obligers, as the case may be, all rights to liquidation
proceeds with respect to the Initial Receivables, an
assignment of the right of the Seller against Dealers under
agreements between AmeriCredit and such Dealers, certain
bank accounts, all proceeds of the foregoing, and certain
rights under the Trust Documents. The Trust Property also
will include an assignment of the Seller's rights against
AmeriCredit under the Purchase Agreement upon the
occurrence of certain breaches of representations and
warranties. The Initial Receivables will be purchased by
the Seller from AmeriCredit pursuant to a purchase
agreement (the "Purchase Agreement") between the Seller and
AmeriCredit on or prior to the date of issuance of the
Notes.
Additional motor vehicle retail installment sale contracts
(the "Subsequent Receivables") secured by new or used
automobiles, light duty trucks and vans (the "Subsequent
Financed Vehicles") and related property are intended to be
purchased by the Trust from the Seller from time to time on
or before October 31, 1997, from funds on deposit in the
Pre-Funding Account. The Subsequent Receivables will be
purchased by the Seller from AmeriCredit pursuant to one or
more subsequent purchase agreements (each, a "Subsequent
Purchase Agreement") between the Seller and AmeriCredit.
The purchase by the Trust of the Subsequent Receivables is
subject to the satisfaction of certain conditions. The
Initial Receivables and the Subsequent Receivables are
hereinafter referred to as the "Receivables," and the
Initial Financed Vehicles and the Subsequent Financed
Vehicles are hereinafter referred to as the "Financed
Vehicles."
Receivables........ The Receivables consist of motor vehicle retail installment
sale contracts originated by Dealers and then acquired by
AmeriCredit pursuant to its Contract Acquisition Program.
The motor vehicle retail installment sale contracts consist
primarily of contracts with
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individuals with less than perfect credit due to various
factors, including, among other things, the manner in which
such individuals have handled previous credit, the limited
extent of their prior credit history and/or their limited
financial resources.
The statistical information presented herein is based on
the Initial Receivables as of the Statistical Calculation
Date. The Initial Receivables have an aggregate Principal
Balance of $274,421,724.32 as of the Statistical
Calculation Date. AmeriCredit expects that the Initial
Receivables will have an aggregate Principal Balance of
approximately $300,000,050.95 as of the Initial Cutoff
Date. The additional Receivables will represent
Receivables acquired or to be acquired by AmeriCredit prior
to the Initial Cutoff Date. In addition, as of the
Statistical Calculation Date as to which statistical
information is presented herein, some amortization will
occur prior to the Initial Cutoff Date. In addition,
certain Receivables included as of the Statistical
Calculation Date may prepay in full, or may be determined
not to meet the eligibility requirements and may not be
included. As a result of the foregoing, the statistical
distribution of characteristics as of the Initial Cutoff
Date will vary somewhat from the statistical distribution
of such characteristics as of the Statistical Calculation
Date as presented herein, although such variance will not
be material.
The Initial Receivables have, as of the Statistical
Calculation Date, a weighted average annual percentage rate
("APR") of approximately 19.71%, a weighted average
original maturity of 56 months and a weighted average
remaining maturity of 55 months. Each of the Initial
Receivables also will have a remaining term of not more
than 60 months and not less than 4 months as of the
Statistical Calculation Date.
Following the Closing Date, the Trust will be obligated to
purchase from time to time on or before the end of the
Funding Period (as defined below), subject to the
availability thereof, Subsequent Receivables consisting of
retail automobile installment sale contracts acquired by
the Seller from AmeriCredit. The aggregate Principal
Balance of the Subsequent Receivables is anticipated by
AmeriCredit to equal approximately $24,999,949.05. In
connection with each purchase of Subsequent Receivables,
the Trust will be required to pay to the Seller a cash
purchase price equal to the principal amount thereof from
the Pre-Funding Account. AmeriCredit will designate as a
cutoff date (each, a "Subsequent Cutoff Date") (i) the last
day of the month preceding the month in which Subsequent
Receivables are conveyed to the Seller by AmeriCredit and
reconveyed by the Seller to the Trust or (ii) if any such
Subsequent Receivable is originated in the month of
conveyance, the date of origination. Subsequent
Receivables will be conveyed to the Seller and then
reconveyed by the Seller to the Trust on designated dates
(each, a "Subsequent Transfer Date") occurring during the
Funding Period. The Trust may purchase the Subsequent
Receivables only from the Seller and not
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from any other person, and the Seller may purchase the
Subsequent Receivables only from AmeriCredit. The
Subsequent Receivables must satisfy certain eligibility
criteria.
The Policy......... On the Closing Date, the Insurer will issue to the Trust
Collateral Agent (i) as agent for the Indenture Trustee, a
financial guaranty insurance policy (the "Policy").
Pursuant to the Policy, the Insurer will unconditionally
and irrevocably guarantee to the Noteholders payment of the
scheduled payments for each Insured Distribution Date.
The "Insured Distribution Date" will be the twelfth day of
each month, or, if such twelfth day is not a Business Day,
the next following Business Day. In the event that, on any
Distribution Date, the Noteholders did not receive the full
amount of the scheduled payment then due to them, such
shortfall (together with, in the case of an interest
shortfall, interest thereon at the related Interest Rate)
shall be due and payable and shall be funded on the Insured
Distribution Date either from the Spread Account or from
the proceeds of a drawing under the Policy. The Record
Date applicable to an Insured Distribution Date shall be
the Record Date applicable to the related Distribution
Date.
Terms of the Notes. The principal terms of the Notes will be as described
below:
A. Distribution
Dates........... For so long as AmeriCredit is the Servicer, payments of
interest and principal on the Notes will be made on the
fifth day of each month (or, if such fifth day is not a
Business Day, on the next following Business Day; provided,
that such day for payment shall in no event be earlier than
the second Business Day of the month)(each, a "Distribution
Date") commencing September 5, 1997. Payments will be made
to holders of record of the Notes (the "Noteholders") as of
the close of business on the Business Day immediately
preceding such Distribution Date (a "Record Date"). A
"Business Day" is a day other than a Saturday, Sunday or
other day on which commercial banks located in the states
of Texas, Delaware, Illinois or New York are authorized or
obligated to be closed.
If the backup servicer or another successor servicer
becomes the Servicer, the "Distribution Date" will
thereafter become the twelfth day of each month, or if such
twelfth day is not a Business Day, the next following
Business Day (i.e., the "Distribution Date" and the
"Insured Distribution Date" will thereafter be the same
date).
The Insurer will only make payment of any unpaid interest
and principal on the Notes on the Insured Distribution
Date, which will be the twelfth day of each month, or if
such twelfth day is not a Business Day, the next following
Business Day. An "Event of Default" with respect to the
Notes will only occur if the full amount of the required
monthly payment has not been distributed on or prior to the
related Insured Distribution Date.
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B. Final Scheduled
Distribution
Dates.......... For the Class A-1 Notes, __________________; for the
Class A-2 Notes, _________________; and for the Class A-3
Notes, _______________.
C. Interest Rates. The Class A-1 Notes and the Class A-3 Notes will bear
interest at the respective fixed per annum rates set forth
on the cover page hereof. The Class A-2 Notes will bear
interest at a floating rate equal to the London interbank
offered rates for one-month U.S. dollar deposits ("LIBOR")
plus ___%, subject to a maximum rate equal to ___% per
annum. Each such interest rate for a Class of Notes is
referred to as the "Interest Rate."
D. Interest....... Interest on the Notes of each Class will accrue at the
applicable Interest Rate from and including the most recent
Distribution Date on which interest has been paid (or, in
the case of the first Distribution Date, from and including
the Closing Date) to, but excluding, the following
Distribution Date (each, an "Interest Period"). The
interest which accrues during an Interest Period shall
accrue on the principal amount of the Notes of each Class
outstanding as of the end of the prior Distribution Date
(or, in the case of the first Distribution Date, as of the
Closing Date); provided, that if such principal balance is
further reduced by a payment of principal on the Insured
Distribution Date which immediately follows such prior
Distribution Date, then such interest shall accrue (i) from
and including such prior Distribution Date to, but
excluding, such related Insured Distribution Date, on the
principal balance outstanding as of the end of the prior
Distribution Date (or, in the case of the first
Distribution Date, as of the Closing Date) and (ii) from
and including such Insured Distribution Date, to, but
excluding, the following Distribution Date, on the
principal balance outstanding as of the end of such Insured
Distribution Date. Interest on the Notes for any
Distribution Date due but not paid on such Distribution
Date will be due on the next Insured Distribution Date
together with, to the extent permitted by law, interest on
such amount at the applicable Interest Rate. The amount of
interest distributable on the Notes on each Distribution
Date will equal interest accrued during the related
Interest Period, plus any shortfall amount carried-forward.
Interest on the Class A-1 Notes will be calculated on the
basis of a 360-day year and the actual number of days
elapsed in the applicable Interest Period. Interest on the
Class A-2 Notes and the Class A-3 Notes will be calculated
on the basis of a 360-day year consisting of twelve 30-day
months.
E. Principal...... Principal of the Notes will be payable on each Distribution
Date in an amount equal to the Noteholders' Principal
Distributable Amount and the Noteholders' Accelerated
Principal Amount, if any, for the calendar month (the
"Monthly Period") preceding such Distribution Date. The
Noteholders' Principal Distributable Amount will equal the
sum of (x) the Noteholders' Percentage of the Principal
Distributable Amount and (y) any unpaid portion of the
amount described in clause (x) with respect to a prior
Distribution Date. The
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"Principal Distributable Amount" with respect to any
Distribution Date will be an amount equal to the sum of the
following amounts with respect to the related Monthly
Period, computed in accordance with the simple interest
method: (i) collections on Receivables (other than
Liquidated and Purchased Receivables) allocable to
principal, including full and partial principal
prepayments, (ii) the Principal Balance of each Receivable
(other than Purchased Receivables) that became a Liquidated
Receivable during the related Monthly Period, (iii) (A) the
portion of the Purchase Amount allocable to principal of
all Receivables that became Purchased Receivables as of the
immediately preceding Record Date and (B) at the option of
the Insurer, the outstanding Principal Balances of those
Receivables that were required to be repurchased by the
Seller and/or AmeriCredit during such Monthly Period but
were not so repurchased, and (iv) the aggregate amount of
Cram Down Losses during such Monthly Period.
Any amount of principal due on the Notes on a Distribution
Date and not paid on such Distribution Date shall be due
and payable on the following Insured Distribution Date.
The Noteholders' Percentage will be 100% until the Class A-
3 Notes have been paid in full and thereafter will be zero.
No principal will be paid on a Class of Notes until the
principal of all Classes of Notes having a lower numerical
Class designation has been paid in full. In addition, the
outstanding principal amount of the Notes of any Class, to
the extent not previously paid, will be payable on the
respective Final Scheduled Distribution Date for such Class
(and, if not paid in full on such date, will be paid on the
Insured Distribution Date immediately following such Final
Scheduled Distribution Date).
F. Optional
Redemption..... The Class A-3 Notes, to the extent still outstanding,
may be redeemed in whole, but not in part, on any
Distribution Date on which the Servicer exercises its
option to purchase the Receivables, which, subject to
certain requirements can occur after the Pool Balance
declines to 10% or less of the Original Pool Balance, at a
redemption price equal to the unpaid principal amount of
the Notes of such Class plus accrued and unpaid interest
thereon. The Original Pool Balance will equal the sum of
(i) the aggregate Principal Balance of the Initial
Receivables as of the Initial Cutoff Date plus (ii) the
aggregate Principal Balances of all Subsequent Receivables
added to the Trust as of their respective Subsequent Cutoff
Dates (the "Original Pool Balance").
G. Mandatory
Redemption...... Each Class of Notes will be redeemed in part on the
Mandatory Redemption Date (as defined under "Pre-Funding
Account" below) in the event that any portion of the Pre-
Funded Amount remains on deposit in the Pre-Funding Account
at the end of the Funding Period. The aggregate principal
amount of each Class of Notes to be redeemed will be an
amount equal to such Class's pro rata share (based on the
respective current principal amount of each Class of Notes)
of the Pre-Funded Amount at the end of the Funding Period
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(such Class's "Note Prepayment Amount"); provided, that if
the aggregate remaining amount in the Pre-Funding Account
is $100,000 or less, such amount will be applied
exclusively to reduce the outstanding principal balance of
the Class of Notes then entitled to receive distributions
of principal.
The Notes may be accelerated and subject to immediate
payment at par upon the occurrence of an Event of Default
under the Indenture. So long as no Insurer Default shall
have occurred and be continuing, an Event of Default under
the Indenture will occur only upon delivery by the Insurer
to the Indenture Trustee of notice of the occurrence of
certain events of default under the Insurance and Indemnity
Agreement, dated as of August 12, 1997 (the "Insurance
Agreement"), among the Insurer, the Trust, AmeriCredit,
AmeriCredit Corp. and the Seller. In the case of such an
Event of Default, the Notes will automatically be
accelerated and subject to immediate payment at par. The
Policy does not guarantee payment of any amounts that
become due on an accelerated basis, unless the Insurer
elects, in its sole discretion, to pay such amounts in
whole or in part.
Pre-Funding Account On the Closing Date, a cash amount equal to approximately
$ (the "Initial Pre-Funded Amount") will be
deposited in an account (the "Pre-Funding Account") which
will be established with the Trust Collateral Agent. The
"Funding Period" is the period from the Closing Date until
the earliest of the date on which (i) the amount on deposit
in the Pre-Funding Account is less than $100,000, (ii) a
Servicer Termination Event occurs under the Sale and
Servicing Agreement, or (iii) October 31, 1997. The
Initial Pre-Funded Amount as reduced from time to time
during the Funding Period by the amount thereof used to
purchase Subsequent Receivables in accordance with the Sale
and Servicing Agreement is referred to herein as the "Pre-
Funded Amount." The Seller expects that the Pre-Funded
Amount will be reduced to less than $100,000 on or before
the end of the Funding Period. Any Pre-Funded Amount
remaining at the end of the Funding Period will be payable
to the Noteholders on the Mandatory Redemption Date as
described herein. The "Mandatory Redemption Date" is the
earlier of (i) the Distribution Date in November 1997 or
(ii) if the last day of the Funding Period occurs on or
prior to the Calculation Date (as defined below) occurring
in September or October 1997, the Distribution Date
relating to such Calculation Date.
The "Calculation Date" is the close of business on the last
day of each Collection Period.
Capitalized
Interest Account... On the Closing Date, a cash amount shall be deposited in an
account (the "Capitalized Interest Account") which will be
established with the Trust Collateral Agent. The amount,
if any, deposited in the Capitalized Interest Account will
be applied on the Distribution Dates occurring in
September, October and November 1997 to fund an
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amount (the "Monthly Capitalized Interest Amount") equal to
the amount of interest accrued for each such Distribution
Date at the weighted average Interest Rates on the portion
of the Notes having a principal balance in excess of the
Principal Balances of the Initial Receivables (which
portion will equal the Pre-Funded Amount). Any amounts
remaining in the Capitalized Interest Account on the
Mandatory Redemption Date and not used for such purposes
are required to be paid directly to the Seller on such
date.
Ratings............ It is a condition to issuance that the Class A-l Notes be
rated A-1+ by Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc. ("S&P"), and P-
1 by Moody's Investors Service, Inc. ("Moody's" and
together with S&P, the "Rating Agencies"), and that the
Class A-2 Notes and the Class A-3 Notes be rated AAA by S&P
and Aaa by Moody's. The ratings by the Rating Agencies of
the Notes will be (i) with respect to the Class A-1 Notes,
without regard to the Policy in the case of S&P and
substantially based on the Policy in the case of Moody's
and (ii) with respect to all other Classes of Notes, based
on the Policy. To the extent that such ratings are based on
the Policy, such ratings apply to distributions due on the
Insured Distribution Dates, and not to distributions due on
the Distribution Dates. There is no assurance that the
ratings initially assigned to the Notes will not
subsequently be lowered or withdrawn by the Rating
Agencies.
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The composition and distribution by APR and geographic concentration of the
Initial Receivables Pool as of the Statistical Calculation Date are set forth in
the following tables:
COMPOSITION OF THE INITIAL RECEIVABLES AS OF THE STATISTICAL CALCULATION DATE
<TABLE>
<CAPTION>
New Used Total
----------------------- ----------------------- ------------------------
<S> <C> <C> <C> <C>
Aggregate Principal Balance(1) $44,563,212.05 $229,858,512.27 $274,421,724.32
Number of Receivables 2,933 19,669 22,602
Percent of Aggregate Principal Balance 16.24% 83.76%
Average Principal Balance $ 15,193.73 $11,686.33 $ 12,141.48
Range of Principal Balances ($974.58 to $29,998.43) ($584.41 to $29,745.49)
Weighted Average APR(1) 18.45% 19.96% 19.71%
Range of APRs (14.25% to 25.00%) (14.25% to 30.00%)
Weighted Average Remaining Term 59 months 54 months 55 months
Range of Remaining Terms (34 to 60 months) (4 to 60 months)
Weighted Average Original Term 60 months 55 months 56 months
Range of Original Terms (36 to 60 months) (12 to 60 months)
(1) Aggregate Principal Balance includes some portion of accrued interest. As a result, the Weighted Average APR of the
Receivables may not be equivalent to the Contracts' aggregate yield on the Aggregate Principal Balance.
<CAPTION>
DISTRIBUTION OF THE INITIAL RECEIVABLES BY APR AS OF THE STATISTICAL CALCULATION
DATE
Aggregate % of Aggregate Number of % of Total Number
APR Range Principal Balance(1) Principal Balance(2) Receivables of Receivables(2)
- --------------------------- --------------------- -------------------- --------------------- ---------------------
<S> <C> <C> <C> <C>
14.000% to 14.999% $ 6,501,930.31 2.37% 411 1.82%
15.000 to 15.999 12,536,342.30 4.57 820 3.63
16.000 to 16.999 11,738,214.87 4.28 799 3.54
17.000 to 17.999 30,667,058.78 11.18 2,198 9.73
18.000 to 18.999 52,574,725.32 19.16 4,083 18.07
19.000 to 19.999 28,254,874.04 10.30 2,212 9.79
20.000 to 20.999 40,577,632.08 14.78 3,314 14.66
21.000 to 21.999 45,789,693.12 16.69 4,164 18.43
22.000 to 22.999 16,914,593.11 6.16 1,591 7.04
23.000 to 23.999 14,400,388.57 5.25 1,382 6.12
24.000 to 24.999 8,977,519.30 3.27 931 4.12
25.000 to 25.999 3,564,891.08 1.30 439 1.94
26.000 to 26.999 1,487,584.00 0.54 195 0.86
27.000 to 27.999 230,246.60 0.08 31 0.14
28.000 to 28.999 95,966.63 0.04 15 0.07
29.000 to 29.999 100,469.57 0.04 16 0.07
30.000 to 30.999 9,594.64 0.00 1 0.00
TOTAL $274,421,724.32 100.00% 22,602 100.00%
</TABLE>
(1) Aggregate Principal Balances include some portion of accrued interest.
(2) Percentages may not add to 100% because of rounding.
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DISTRIBUTION OF THE INITIAL RECEIVABLES BY GEOGRAPHIC LOCATION OF OBLIGOR AS OF
THE STATISTICAL CALCULATION DATE
<TABLE>
<CAPTION>
Aggregate % of Aggregate Number of % of Total Number
State Principal Balance(1) Principal Balance(2) Receivables of Receivables(2)
- --------------------- ------------------------- ------------------------- --------------- ---------------------
<S> <C> <C> <C> <C>
California $ 41,670,480.29 15.19% 3,256 14.41%
Texas 29,349,839.85 10.70 2,383 10.54
Illinois 16,797,604.14 6.12 1,409 6.23
Ohio 16,610,941.44 6.05 1,431 6.33
Virginia 15,904,644.51 5.80 1,247 5.52
North Carolina 14,436,893.88 5.26 1,084 4.80
Florida 13,498,385.07 4.92 1,101 4.87
Arizona 11,555,296.90 4.21 948 4.19
Pennsylvania 10,255,829.05 3.74 883 3.91
Washington 9,954,516.85 3.63 840 3.72
Michigan 8,956,729.26 3.26 709 3.14
Georgia 8,357,935.82 3.05 640 2.83
New Jersey 8,252,499.68 3.01 715 3.16
New York 7,062,303.67 2.57 576 2.55
Maryland 5,690,064.15 2.07 449 1.99
Missouri 5,528,269.40 2.02 512 2.27
Tennessee 5,185,682.59 1.89 407 1.80
Nevada 5,063,157.25 1.85 442 1.96
Colorado 4,017,534.63 1.46 372 1.65
Massachusetts 3,890,786.44 1.42 357 1.58
South Carolina 3,640,459.23 1.33 298 1.32
Kentucky 3,445,762.47 1.26 310 1.37
Utah 3,365,994.00 1.23 299 1.32
Oklahoma 2,416,304.91 0.88 230 1.02
Oregon 2,197,399.23 0.80 191 0.85
Connecticut 2,166,704.10 0.79 175 0.77
Wisconsin 1,931,560.00 0.70 172 0.76
Kansas 1,872,419.91 0.68 167 0.74
Indiana 1,760,676.28 0.64 151 0.67
New Mexico 1,702,296.46 0.62 133 0.59
Other(3) 7,882,752.86 2.90 715 3.14
TOTAL $274,421,724.32 100.00% 22,602 100.00%
</TABLE>
- ----------
(1) Aggregate Principal Balances include some portion of accrued interest.
(2) Percentages may not add to 100% because of rounding.
(3) States with Aggregate Principal Balances less than $1,500,000.
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PERCENT OF INITIAL NOTE PRINCIPAL BALANCE AT VARIOUS ABS PERCENTAGES(1)
<TABLE>
<CAPTION>
Class A-1 Notes Class A-2 Notes
-------------------------- --------------------------
Distribution Date 0.0% 1.0% 1.7% 2.5% 0.0% 1.0% 1.7% 2.5%
- ----------------- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Initial 100 100 100 100 100 100 100 100
9/5/97 94 90 88 85 100 100 100 100
10/5/97 85 77 71 65 100 100 100 100
11/5/97 76 64 56 46 100 100 100 100
12/5/97 68 52 41 28 100 100 100 100
1/5/98 59 40 27 11 100 100 100 100
2/5/98 51 29 13 0 100 100 100 97
3/5/98 42 17 0 0 100 100 99 86
4/5/98 34 6 0 0 100 100 91 77
5/5/98 26 0 0 0 100 97 84 70
6/5/98 17 0 0 0 100 92 79 63
7/5/98 8 0 0 0 100 88 73 56
8/5/98 0 0 0 0 100 83 67 49
9/5/98 0 0 0 0 100 79 62 42
10/5/98 0 0 0 0 99 74 56 36
11/5/98 0 0 0 0 96 70 51 29
12/5/98 0 0 0 0 93 66 46 23
1/5/99 0 0 0 0 90 61 41 17
2/5/99 0 0 0 0 87 57 35 11
3/5/99 0 0 0 0 84 52 30 5
4/5/99 0 0 0 0 80 48 25 0
5/5/99 0 0 0 0 77 44 20 0
6/5/99 0 0 0 0 73 40 16 0
7/5/99 0 0 0 0 70 35 11 0
8/5/99 0 0 0 0 66 31 6 0
9/5/99 0 0 0 0 63 27 2 0
10/5/99 0 0 0 0 59 23 0 0
11/5/99 0 0 0 0 55 19 0 0
12/5/99 0 0 0 0 51 15 0 0
1/5/00 0 0 0 0 48 11 0 0
2/5/00 0 0 0 0 44 7 0 0
3/5/00 0 0 0 0 40 3 0 0
4/5/00 0 0 0 0 36 0 0 0
5/5/00 0 0 0 0 32 0 0 0
6/5/00 0 0 0 0 27 0 0 0
7/5/00 0 0 0 0 23 0 0 0
8/5/00 0 0 0 0 19 0 0 0
9/5/00 0 0 0 0 14 0 0 0
10/5/00 0 0 0 0 10 0 0 0
11/5/00 0 0 0 0 5 0 0 0
12/5/00 0 0 0 0 1 0 0 0
1/5/01 0 0 0 0 0 0 0 0
2/5/01 0 0 0 0 0 0 0 0
3/5/01 0 0 0 0 0 0 0 0
4/5/01 0 0 0 0 0 0 0 0
5/5/01 0 0 0 0 0 0 0 0
6/5/01 0 0 0 0 0 0 0 0
7/5/01 0 0 0 0 0 0 0 0
8/5/01 0 0 0 0 0 0 0 0
9/5/01 0 0 0 0 0 0 0 0
10/5/01 0 0 0 0 0 0 0 0
11/5/01 0 0 0 0 0 0 0 0
Weighted Average 0.51 0.36 0.29 0.24 2.33 1.64 1.29 1.01
Life in Years(2)
</TABLE>
- ----------
(1) The percentages in this table have been rounded to nearest whole number.
(2) The weighted average life of a Note is determined by (i) multiplying the
amount of each principal payment on a Note by the number of years from the
date of the issuance of the Note to the related Distribution Date, (ii)
adding the results and (iii) dividing the sum by the related initial
principal amount of the Note.
11
<PAGE>
PERCENT OF INITIAL NOTE PRINCIPAL BALANCE AT VARIOUS ABS PERCENTAGES(1)
Class A-3 Notes
--------------------------
Distribution Date 0.0% 1.0% 1.7% 2.5%
- ------------------- ---- ---- ---- ----
Initial 100 100 100 100
9/5/97 100 100 100 100
10/5/97 100 100 100 100
11/5/97 100 100 100 100
12/5/97 100 100 100 100
1/5/98 100 100 100 100
2/5/98 100 100 100 100
3/5/98 100 100 100 100
4/5/98 100 100 100 100
5/5/98 100 100 100 100
6/5/98 100 100 100 100
7/5/98 100 100 100 100
8/5/98 100 100 100 100
9/5/98 100 100 100 100
10/5/98 100 100 100 100
11/5/98 100 100 100 100
12/5/98 100 100 100 100
1/5/99 100 100 100 100
2/5/98 100 100 100 100
3/5/98 100 100 100 100
4/5/99 100 100 100 99
5/5/99 100 100 100 91
6/5/99 100 100 100 85
7/5/99 100 100 100 78
8/5/99 100 100 100 71
9/5/99 100 100 100 65
10/5/99 100 100 96 59
11/5/99 100 100 91 53
12/5/99 100 100 85 47
1/5/00 100 100 80 42
2/5/00 100 100 75 36
3/5/00 100 100 70 31
4/5/00 100 98 65 0
5/5/00 100 93 60 0
6/5/00 100 88 56 0
7/5/00 100 84 51 0
8/5/00 100 79 47 0
9/5/00 100 74 43 0
10/5/00 100 69 39 0
11/5/00 100 65 35 0
12/5/00 100 60 31 0
1/5/01 95 56 28 0
2/5/01 89 51 0 0
3/5/01 83 47 0 0
4/5/01 77 43 0 0
5/5/01 70 38 0 0
6/5/01 64 34 0 0
7/5/01 57 30 0 0
8/5/01 51 0 0 0
9/5/01 44 0 0 0
10/5/01 37 0 0 0
11/5/01 30 0 0 0
Weighted Average 3.96 3.47 2.92 2.26
Life in Years(2)
- ----------
(1) The percentages in this table have been rounded to nearest whole number.
(2) The weighted average life of a Note is determined by (i) multiplying the
amount of each principal payment on a Note by the number of years from the
date of the issuance of the Note to the related Distribution Date, (ii)
adding the results and (iii) dividing the sum by the related initial
principal amount of the Note.
12
<PAGE>
DELINQUENCY AND LOAN LOSS INFORMATION
The following tables set forth information relating to AmeriCredit's
delinquency and loan loss experience for each period indicated with respect to
all Receivables it has purchased and serviced. This information includes the
experience with respect to all Receivables in AmeriCredit's portfolio of
Receivables serviced during each such period, including Receivables which do not
meet the criteria for selection as a Receivable.
DELINQUENCY EXPERIENCE
Financed Vehicles which have been repossessed but not yet liquidated
and bankrupt accounts which have not yet been charged off are both
included as delinquent accounts in the table below.
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
At June 30,
-----------------------------------------------------------------------------------------------
1997 1996 1995
---- ---- ----
Number of Number of Number of
Contracts Amount Contracts Amount Contracts Amount
--------- ------ --------- ------ --------- ------
<S> <C> <C> <C> <C> <C> <C>
Portfolio at end of
period(1) 112,847 $1,138,255 59,913 $523,981 30,941 $240,491
Period of Delinquency(2)
31-60 days(3) 7,761 $ 73,956 3,886 $ 31,723 1,276 $ 9,692
61-90 days 2,164 $ 20,213 1,215 $ 9,959 452 $ 3,391
91 days or more 3,467 $ 31,012 1,696 $ 13,631 528 $ 3,271
------- ---------- ---------- ------------- ---------- ----------
Total Delinquencies(4) 13,392 $ 125,181 6,797 $ 55,313 2,256 $ 16,354
Total Delinquencies as a 11.9% 11.0% 11.3% 10.6% 7.3% 6.8%
Percent of the Portfolio
</TABLE>
- ----------
(1) All amounts and percentages are based on the Principal Balances of the
Receivables. Principal Balances include some portion of accrued interest.
All dollar amounts are in thousands of dollars.
(2) AmeriCredit considers a loan delinquent when an Obligor fails to make a
contractual payment by the due date. The period of delinquency is based on
the number of days payments are contractually past due.
(3) Amounts shown do not include loans which are less than 31 days delinquent.
(4) Financed Vehicles which have been repossessed but not yet liquidated are
considered delinquent accounts in the table above.
13
<PAGE>
CREDIT LOSS EXPERIENCE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fiscal Year Ended June 30,
----------------------------------
1997 1996 1995
---------- --------- ---------
<S> <C> <C> <C>
Period-End Principal Outstanding(1) $1,138,255 $523,981 $240,491
Average Month-End Amount Outstanding
During the Period(1)............................ 792,155 357,966 141,526
Net Charge-Offs(2)............................... 43,231 19,974 6,409
Net Charge-Offs as a Percentage of Period-End
Principal Outstanding........................... 3.8% 3.8% 2.7%
Net Charge-Offs as a Percent of Average
Month-End Amount Outstanding.................... 5.5% 5.6% 4.5%
</TABLE>
- ----------
(1) All amounts and percentages are based on the Principal Balances of the
Receivables. Principal Balances include some portion of accrued interest.
All dollar amounts are in thousands of dollars.
(2) Net Charge-Offs equal Gross Charge-Offs minus Recoveries. Gross Charge-Offs
do not include unearned finance charges and other fees. Recoveries include
repossession proceeds received from the sale of repossessed Financed
Vehicles net of repossession expenses, refunds of unearned premiums from
credit life and credit accident and health insurance and extended service
contract costs obtained and financed in connection with the vehicle
financing and recoveries from Obligors on deficiency balances.
14
<PAGE>
EXHIBIT 99.2
------------
6
<PAGE>
$325,000,000
AmeriCredit Automobile Receivables Trust 1997-C
$83,000,000 Class A-1 ____% Asset Backed Notes
$135,000,000 Class A-2 ____% Asset Backed Notes
$107,000,000 Class A-3 ____% Asset Backed Notes
AFS Funding Corp.
Seller
AmeriCredit Financial Services, Inc.
Servicer
COMPUTATIONAL MATERIALS
THE INFORMATION SHOULD BE CONSIDERED ONLY AFTER READING
BEAR STEARNS' STATEMENT REGARDING ASSUMPTIONS AS TO
SECURITIES, PRICING ESTIMATES AND OTHER INFORMATION
(THE "STATEMENT"), WHICH SHOULD BE ATTACHED. DO
NOT USE OR RELY ON THIS INFORMATION IF YOU HAVE
NOT RECEIVED AND REVIEWED THIS STATEMENT.
YOU MAY OBTAIN A COPY OF THE STATEMENT
FROM YOUR SALES REPRESENTATIVE.
BEAR STEARNS
<PAGE>
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1997-C
SUBJECT TO REVISION
TERM SHEET
Issuer............. AmeriCredit Automobile Receivables Trust 1997-C (the
"Trust" or the "Issuer"), a Delaware business trust to be
formed pursuant to a Trust Agreement, dated as of August
12, 1997 (the "Trust Agreement"), among the Seller and the
Owner Trustee.
Seller............. AFS Funding Corp. (the "Seller"), a special purpose
financing subsidiary of AmeriCredit.
Servicer........... AmeriCredit Financial Services, Inc. (in its individual
capacity, "AmeriCredit" and, as servicer, the "Servicer"),
a Delaware corporation.
Insurer............ Financial Security Assurance Inc. (the "Insurer"), a New
York financial guaranty insurance company.
Indenture Trustee.. LaSalle National Bank (the "Indenture Trustee").
Owner Trustee...... Bankers Trust (Delaware) (the "Owner Trustee").
Statistical
Calculation Date... August 1, 1997.
Initial Cutoff Date August 12, 1997.
Closing Date....... August 19, 1997.
The Notes.......... The Trust will issue Class A-1 % Asset Backed Notes (the
"Class A-1 Notes") in the aggregate original principal
amount of $83,000,000, Class A-2 Floating Rate Asset Backed
Notes (the "Class A-2 Notes") in the aggregate original
principal amount of $135,000,000, and Class A-3 % Asset
Backed Notes (the "Class A-3 Notes") in the aggregate
original principal amount of $107,000,000. The Class A-1
Notes, the Class A-2 Notes and the Class A-3 Notes
(collectively, the "Notes") will be issued pursuant to an
Indenture, dated as of August 12, 1997, among the Issuer
and LaSalle National Bank, as Indenture Trustee and as
Trust Collateral Agent (the "Trust Collateral Agent"). The
Notes will be offered for purchase in denominations of
$1,000 and integral multiples thereof in book-entry form
only. Persons acquiring beneficial interests in the Notes
will hold their interests through DTC in the United States
or Cedel Bank,
2
The information should be considered only after reading Bear Stearns' statement
regarding assumptions as to securities, pricing estimates and other information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this statement. You may obtain
a copy of the statement from your sales representative.
<PAGE>
societe anonyme ("Cedel") or the Euroclear System
("Euroclear") in Europe.
The Notes will be secured by the assets of the Trust
pursuant to the Indenture.
The Certificates... The Trust will issue Asset Backed Certificates (the
"Certificates") which represent the equity ownership in the
Trust, and are subordinate in right of payment to the
Notes. The Certificates do not have a principal balance.
The Certificates will be issued pursuant to the Trust
Agreement. The Certificates are not being offered hereby.
Trust Property..... Each Note will represent an obligation of the Trust. The
Trust's assets (the "Trust Property") will include, among
other things, certain motor vehicle retail installment sale
contracts (the "Initial Receivables"), secured by new and
used automobiles, light duty trucks and vans (the "Initial
Financed Vehicles"), certain monies received thereunder
after the Initial Cutoff Date, an assignment of the
security interests in the Initial Financed Vehicles
securing the Initial Receivables, the related Receivables
Files, all rights to proceeds from claims on certain
physical damage, credit life and disability insurance
policies covering the Initial Financed Vehicles or the
Obligers, as the case may be, all rights to liquidation
proceeds with respect to the Initial Receivables, an
assignment of the right of the Seller against Dealers under
agreements between AmeriCredit and such Dealers, certain
bank accounts, all proceeds of the foregoing, and certain
rights under the Trust Documents. The Trust Property also
will include an assignment of the Seller's rights against
AmeriCredit under the Purchase Agreement upon the
occurrence of certain breaches of representations and
warranties. The Initial Receivables will be purchased by
the Seller from AmeriCredit pursuant to a purchase
agreement (the "Purchase Agreement") between the Seller and
AmeriCredit on or prior to the date of issuance of the
Notes.
Additional motor vehicle retail installment sale contracts
(the "Subsequent Receivables") secured by new or used
automobiles, light duty trucks and vans (the "Subsequent
Financed Vehicles") and related property are intended to be
purchased by the Trust from the Seller from time to time on
or before October 31, 1997, from funds on deposit in the
Pre-Funding Account. The Subsequent Receivables will be
purchased by the Seller from AmeriCredit pursuant to one or
more subsequent purchase agreements (each, a "Subsequent
Purchase Agreement") between the Seller and AmeriCredit.
The purchase by the Trust of the Subsequent Receivables is
subject to the satisfaction of certain conditions. The
Initial Receivables and the Subsequent Receivables are
hereinafter referred to as the "Receivables," and the
Initial Financed Vehicles and the Subsequent Financed
Vehicles are hereinafter referred to as the "Financed
Vehicles."
3
The information should be considered only after reading Bear Stearns' statement
regarding assumptions as to securities, pricing estimates and other information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this statement. You may obtain
a copy of the statement from your sales representative.
<PAGE>
Receivables........ The Receivables consist of motor vehicle retail installment
sale contracts originated by Dealers and then acquired by
AmeriCredit pursuant to its Contract Acquisition Program.
The motor vehicle retail installment sale contracts consist
primarily of contracts with individuals with less than
perfect credit due to various factors, including, among
other things, the manner in which such individuals have
handled previous credit, the limited extent of their prior
credit history and/or their limited financial resources.
The statistical information presented herein is based on
the Initial Receivables as of the Statistical Calculation
Date. The Initial Receivables have an aggregate Principal
Balance of $274,421,724.32 as of the Statistical
Calculation Date. AmeriCredit expects that the Initial
Receivables will have an aggregate Principal Balance of
approximately $300,000,050.95 as of the Initial Cutoff
Date. The additional Receivables will represent
Receivables acquired or to be acquired by AmeriCredit prior
to the Initial Cutoff Date. In addition, as of the
Statistical Calculation Date as to which statistical
information is presented herein, some amortization will
occur prior to the Initial Cutoff Date. In addition,
certain Receivables included as of the Statistical
Calculation Date may prepay in full, or may be determined
not to meet the eligibility requirements and may not be
included. As a result of the foregoing, the statistical
distribution of characteristics as of the Initial Cutoff
Date will vary somewhat from the statistical distribution
of such characteristics as of the Statistical Calculation
Date as presented herein, although such variance will not
be material.
The Initial Receivables have, as of the Statistical
Calculation Date, a weighted average annual percentage rate
("APR") of approximately 19.71%, a weighted average
original maturity of 56 months and a weighted average
remaining maturity of 55 months. Each of the Initial
Receivables also will have a remaining term of not more
than 60 months and not less than 4 months as of the
Statistical Calculation Date.
Following the Closing Date, the Trust will be obligated to
purchase from time to time on or before the end of the
Funding Period (as defined below), subject to the
availability thereof, Subsequent Receivables consisting of
retail automobile installment sale contracts acquired by
the Seller from AmeriCredit. The aggregate Principal
Balance of the Subsequent Receivables is anticipated by
AmeriCredit to equal approximately $24,999,949.05. In
connection with each purchase of Subsequent Receivables,
the Trust will be required to pay to the Seller a cash
purchase price equal to the principal amount thereof from
the Pre-Funding Account. AmeriCredit will designate as a
cutoff date (each, a "Subsequent Cutoff Date") (i) the last
day of
4
The information should be considered only after reading Bear Stearns' statement
regarding assumptions as to securities, pricing estimates and other information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this statement. You may obtain
a copy of the statement from your sales representative.
<PAGE>
the month preceding the month in which Subsequent
Receivables are conveyed to the Seller by AmeriCredit and
reconveyed by the Seller to the Trust or (ii) if any such
Subsequent Receivable is originated in the month of
conveyance, the date of origination. Subsequent
Receivables will be conveyed to the Seller and then
reconveyed by the Seller to the Trust on designated dates
(each, a "Subsequent Transfer Date") occurring during the
Funding Period. The Trust may purchase the Subsequent
Receivables only from the Seller and not from any other
person, and the Seller may purchase the Subsequent
Receivables only from AmeriCredit. The Subsequent
Receivables must satisfy certain eligibility criteria.
The Policy......... On the Closing Date, the Insurer will issue to the Trust
Collateral Agent (i) as agent for the Indenture Trustee, a
financial guaranty insurance policy (the "Policy").
Pursuant to the Policy, the Insurer will unconditionally
and irrevocably guarantee to the Noteholders payment of the
scheduled payments for each Insured Distribution Date.
The "Insured Distribution Date" will be the twelfth day of
each month, or, if such twelfth day is not a Business Day,
the next following Business Day. In the event that, on any
Distribution Date, the Noteholders did not receive the full
amount of the scheduled payment then due to them, such
shortfall (together with, in the case of an interest
shortfall, interest thereon at the related Interest Rate)
shall be due and payable and shall be funded on the Insured
Distribution Date either from the Spread Account or from
the proceeds of a drawing under the Policy. The Record
Date applicable to an Insured Distribution Date shall be
the Record Date applicable to the related Distribution
Date.
Terms of the Notes. The principal terms of the Notes will be as described
below:
A. Distribution
Dates.......... For so long as AmeriCredit is the Servicer, payments of
interest and principal on the Notes will be made on the
fifth day of each month (or, if such fifth day is not a
Business Day, on the next following Business Day; provided,
that such day for payment shall in no event be earlier than
the second Business Day of the month)(each, a "Distribution
Date") commencing September 5, 1997. Payments will be made
to holders of record of the Notes (the "Noteholders") as of
the close of business on the Business Day immediately
preceding such Distribution Date (a "Record Date"). A
"Business Day" is a day other than a Saturday, Sunday or
other day on which commercial banks located in the states
of Texas, Delaware, Illinois or New York are authorized or
obligated to be closed.
If the backup servicer or another successor servicer
becomes the Servicer, the "Distribution Date" will
thereafter become the twelfth
5
The information should be considered only after reading Bear Stearns' statement
regarding assumptions as to securities, pricing estimates and other information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this statement. You may obtain
a copy of the statement from your sales representative.
<PAGE>
day of each month, or if such twelfth day is not a Business
Day, the next following Business Day (i.e., the
"Distribution Date" and the "Insured Distribution Date"
will thereafter be the same date).
The Insurer will only make payment of any unpaid interest
and principal on the Notes on the Insured Distribution
Date, which will be the twelfth day of each month, or if
such twelfth day is not a Business Day, the next following
Business Day. An "Event of Default" with respect to the
Notes will only occur if the full amount of the required
monthly payment has not been distributed on or prior to the
related Insured Distribution Date.
B. Final Scheduled
Distribution
Dates.......... For the Class A-1 Notes, __________________; for the
Class A-2 Notes, _________________; and for the Class A-3
Notes, _______________.
C. Interest Rates. The Class A-1 Notes and the Class A-3 Notes will bear
interest at the respective fixed per annum rates set forth
on the cover page hereof. The Class A-2 Notes will bear
interest at a floating rate equal to the London interbank
offered rates for one-month U.S. dollar deposits ("LIBOR")
plus ___%, subject to a maximum rate equal to ___% per
annum. Each such interest rate for a Class of Notes is
referred to as the "Interest Rate."
D. Interest....... Interest on the Notes of each Class will accrue at the
applicable Interest Rate from and including the most recent
Distribution Date on which interest has been paid (or, in
the case of the first Distribution Date, from and including
the Closing Date) to, but excluding, the following
Distribution Date (each, an "Interest Period"). The
interest which accrues during an Interest Period shall
accrue on the principal amount of the Notes of each Class
outstanding as of the end of the prior Distribution Date
(or, in the case of the first Distribution Date, as of the
Closing Date); provided, that if such principal balance is
further reduced by a payment of principal on the Insured
Distribution Date which immediately follows such prior
Distribution Date, then such interest shall accrue (i) from
and including such prior Distribution Date to, but
excluding, such related Insured Distribution Date, on the
principal balance outstanding as of the end of the prior
Distribution Date (or, in the case of the first
Distribution Date, as of the Closing Date) and (ii) from
and including such Insured Distribution Date, to, but
excluding, the following Distribution Date, on the
principal balance outstanding as of the end of such Insured
Distribution Date. Interest on the Notes for any
Distribution Date due but not paid on such Distribution
Date will be due on the next Insured Distribution Date
together with, to the extent permitted by law, interest on
such amount at the applicable Interest Rate. The amount of
interest distributable on the Notes on each Distribution
6
The information should be considered only after reading Bear Stearns' statement
regarding assumptions as to securities, pricing estimates and other information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this statement. You may obtain
a copy of the statement from your sales representative.
<PAGE>
Date will equal interest accrued during the related
Interest Period, plus any shortfall amount carried-forward.
Interest on the Class A-1 Notes will be calculated on the
basis of a 360-day year and the actual number of days
elapsed in the applicable Interest Period. Interest on the
Class A-2 Notes and the Class A-3 Notes will be calculated
on the basis of a 360-day year consisting of twelve 30-day
months.
E. Principal...... Principal of the Notes will be payable on each Distribution
Date in an amount equal to the Noteholders' Principal
Distributable Amount and the Noteholders' Accelerated
Principal Amount, if any, for the calendar month (the
"Monthly Period") preceding such Distribution Date. The
Noteholders' Principal Distributable Amount will equal the
sum of (x) the Noteholders' Percentage of the Principal
Distributable Amount and (y) any unpaid portion of the
amount described in clause (x) with respect to a prior
Distribution Date. The "Principal Distributable Amount"
with respect to any Distribution Date will be an amount
equal to the sum of the following amounts with respect to
the related Monthly Period, computed in accordance with the
simple interest method: (i) collections on Receivables
(other than Liquidated and Purchased Receivables) allocable
to principal, including full and partial principal
prepayments, (ii) the Principal Balance of each Receivable
(other than Purchased Receivables) that became a Liquidated
Receivable during the related Monthly Period, (iii) (A) the
portion of the Purchase Amount allocable to principal of
all Receivables that became Purchased Receivables as of the
immediately preceding Record Date and (B) at the option of
the Insurer, the outstanding Principal Balances of those
Receivables that were required to be repurchased by the
Seller and/or AmeriCredit during such Monthly Period but
were not so repurchased, and (iv) the aggregate amount of
Cram Down Losses during such Monthly Period.
Any amount of principal due on the Notes on a Distribution
Date and not paid on such Distribution Date shall be due
and payable on the following Insured Distribution Date.
The Noteholders' Percentage will be 100% until the Class A-
3 Notes have been paid in full and thereafter will be zero.
No principal will be paid on a Class of Notes until the
principal of all Classes of Notes having a lower numerical
Class designation has been paid in full. In addition, the
outstanding principal amount of the Notes of any Class, to
the extent not previously paid, will be payable on the
respective Final Scheduled Distribution Date for such Class
(and, if not paid in full on such date, will be paid on the
Insured Distribution Date immediately following such Final
Scheduled Distribution Date).
F. Optional
Redemption..... The Class A-3 Notes, to the extent still outstanding,
may be redeemed in whole, but not in part, on any
Distribution Date on which the Servicer exercises its
option to purchase the Receivables, which,
7
The information should be considered only after reading Bear Stearns' statement
regarding assumptions as to securities, pricing estimates and other information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this statement. You may obtain
a copy of the statement from your sales representative.
<PAGE>
subject to certain requirements can occur after the Pool
Balance declines to 10% or less of the Original Pool
Balance, at a redemption price equal to the unpaid
principal amount of the Notes of such Class plus accrued
and unpaid interest thereon. The Original Pool Balance
will equal the sum of (i) the aggregate Principal Balance
of the Initial Receivables as of the Initial Cutoff Date
plus (ii) the aggregate Principal Balances of all
Subsequent Receivables added to the Trust as of their
respective Subsequent Cutoff Dates (the "Original Pool
Balance").
G. Mandatory
Redemption..... Each Class of Notes will be redeemed in part on the
Mandatory Redemption Date (as defined under "Pre-Funding
Account" below) in the event that any portion of the Pre-
Funded Amount remains on deposit in the Pre-Funding Account
at the end of the Funding Period. The aggregate principal
amount of each Class of Notes to be redeemed will be an
amount equal to such Class's pro rata share (based on the
respective current principal amount of each Class of Notes)
of the Pre-Funded Amount at the end of the Funding Period
(such Class's "Note Prepayment Amount"); provided, that if
the aggregate remaining amount in the Pre-Funding Account
is $100,000 or less, such amount will be applied
exclusively to reduce the outstanding principal balance of
the Class of Notes then entitled to receive distributions
of principal.
The Notes may be accelerated and subject to immediate
payment at par upon the occurrence of an Event of Default
under the Indenture. So long as no Insurer Default shall
have occurred and be continuing, an Event of Default under
the Indenture will occur only upon delivery by the Insurer
to the Indenture Trustee of notice of the occurrence of
certain events of default under the Insurance and Indemnity
Agreement, dated as of August 12, 1997 (the "Insurance
Agreement"), among the Insurer, the Trust, AmeriCredit,
AmeriCredit Corp. and the Seller. In the case of such an
Event of Default, the Notes will automatically be
accelerated and subject to immediate payment at par. The
Policy does not guarantee payment of any amounts that
become due on an accelerated basis, unless the Insurer
elects, in its sole discretion, to pay such amounts in
whole or in part.
Pre-Funding
Account.......... On the Closing Date, a cash amount equal to approximately
$ (the "Initial Pre-Funded Amount") will be
deposited in an account (the "Pre-Funding Account") which
will be established with the Trust Collateral Agent. The
"Funding Period" is the period from the Closing Date until
the earliest of the date on which (i) the amount on deposit
in the Pre-Funding Account is less than $100,000, (ii) a
Servicer Termination Event occurs under the Sale and
Servicing Agreement, or (iii) October 31, 1997. The
Initial Pre-Funded Amount as reduced from time to time
during the Funding Period by the amount thereof used to
purchase Subsequent Receivables in
8
The information should be considered only after reading Bear Stearns' statement
regarding assumptions as to securities, pricing estimates and other information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this statement. You may obtain
a copy of the statement from your sales representative.
<PAGE>
accordance with the Sale and Servicing Agreement is
referred to herein as the "Pre-Funded Amount." The Seller
expects that the Pre-Funded Amount will be reduced to less
than $100,000 on or before the end of the Funding Period.
Any Pre-Funded Amount remaining at the end of the Funding
Period will be payable to the Noteholders on the Mandatory
Redemption Date as described herein. The "Mandatory
Redemption Date" is the earlier of (i) the Distribution
Date in November 1997 or (ii) if the last day of the
Funding Period occurs on or prior to the Calculation Date
(as defined below) occurring in September or October 1997,
the Distribution Date relating to such Calculation Date.
The "Calculation Date" is the close of business on the last
day of each Collection Period.
Capitalized Interest
Account.......... On the Closing Date, a cash amount shall be deposited in an
account (the "Capitalized Interest Account") which will be
established with the Trust Collateral Agent. The amount,
if any, deposited in the Capitalized Interest Account will
be applied on the Distribution Dates occurring in
September, October and November 1997 to fund an amount (the
"Monthly Capitalized Interest Amount") equal to the amount
of interest accrued for each such Distribution Date at the
weighted average Interest Rates on the portion of the Notes
having a principal balance in excess of the Principal
Balances of the Initial Receivables (which portion will
equal the Pre-Funded Amount). Any amounts remaining in the
Capitalized Interest Account on the Mandatory Redemption
Date and not used for such purposes are required to be paid
directly to the Seller on such date.
Ratings........... It is a condition to issuance that the Class A-l Notes be
rated A-1+ by Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc. ("S&P"), and P-
1 by Moody's Investors Service, Inc. ("Moody's" and
together with S&P, the "Rating Agencies"), and that the
Class A-2 Notes and the Class A-3 Notes be rated AAA by S&P
and Aaa by Moody's. The ratings by the Rating Agencies of
the Notes will be (i) with respect to the Class A-1 Notes,
without regard to the Policy in the case of S&P and
substantially based on the Policy in the case of Moody's
and (ii) with respect to all other Classes of Notes, based
on the Policy. To the extent that such ratings are based on
the Policy, such ratings apply to distributions due on the
Insured Distribution Dates, and not to distributions due on
the Distribution Dates. There is no assurance that the
ratings initially assigned to the Notes will not
subsequently be lowered or withdrawn by the Rating
Agencies.
9
The information should be considered only after reading Bear Stearns' statement
regarding assumptions as to securities, pricing estimates and other information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this statement. You may obtain
a copy of the statement from your sales representative.
<PAGE>
The composition and distribution by APR and geographic concentration of the
Initial Receivables Pool as of the Statistical Calculation Date are set forth in
the following tables:
COMPOSITION OF THE INITIAL RECEIVABLES AS OF THE STATISTICAL CALCULATION DATE
<TABLE>
<CAPTION>
New Used Total
-------------------- --------------------- --------------------
<S> <C> <C> <C>
Aggregate Principal Balance(1) $44,563,212.05 $229,858,512.27 $274,421,724.32
Number of Receivables 2,933 19,669 22,602
Percent of Aggregate Principal Balance 16.24% 83.76%
Average Principal Balance $ 15,193.73 $11,686.33 $ 12,141.48
Range of Principal Balances ($974.58 to $29,998.43) ($584.41 to $29,745.49)
Weighted Average APR(1) 18.45% 19.96% 19.71%
Range of APRs (14.25% to 25.00%) (14.25% to 30.00%)
Weighted Average Remaining Term 59 months 54 months 55 months
Range of Remaining Terms (34 to 60 months) (4 to 60 months)
Weighted Average Original Term 60 months 55 months 56 months
Range of Original Terms (36 to 60 months) (12 to 60 months)
</TABLE>
(1) Aggregate Principal Balance includes some portion of accrued interest. As a
result, the Weighted Average APR of the Receivables may not be equivalent to the
Contracts' aggregate yield on the Aggregate Principal Balance.
10
The information should be considered only after reading Bear Stearns' statement
regarding assumptions as to securities, pricing estimates and other information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this statement. You may obtain
a copy of the statement from your sales representative.
<PAGE>
DISTRIBUTION OF THE INITIAL RECEIVABLES BY APR AS OF THE STATISTICAL CALCULATION
DATE
<TABLE>
<CAPTION>
Aggregate % of Aggregate Number of % of Total Number
APR Range Principal Balance(1) Principal Balance(2) Receivables of Receivables(2)
--------- -------------------- ------------------- ----------- -----------------
<S> <C> <C> <C> <C>
14.000% to 14.999% $ 6,501,930.31 2.37% 411 1.82%
15.000 to 15.999 12,536,342.30 4.57 820 3.63
16.000 to 16.999 11,738,214.87 4.28 799 3.54
17.000 to 17.999 30,667,058.78 11.18 2,198 9.73
18.000 to 18.999 52,574,725.32 19.16 4,083 18.07
19.000 to 19.999 28,254,874.04 10.30 2,212 9.79
20.000 to 20.999 40,577,632.08 14.78 3,314 14.66
21.000 to 21.999 45,789,693.12 16.69 4,164 18.43
22.000 to 22.999 16,914,593.11 6.16 1,591 7.04
23.000 to 23.999 14,400,388.57 5.25 1,382 6.12
24.000 to 24.999 8,977,519.30 3.27 931 4.12
25.000 to 25.999 3,564,891.08 1.30 439 1.94
26.000 to 26.999 1,487,584.00 0.54 195 0.86
27.000 to 27.999 230,246.60 0.08 31 0.14
28.000 to 28.999 95,966.63 0.04 15 0.07
29.000 to 29.999 100,469.57 0.04 16 0.07
30.000 to 30.999 9,594.64 0.00 1 0.00
TOTAL $274,421,724.32 100.00% 22,602 100.00%
</TABLE>
(1) Aggregate Principal Balances include some portion of accrued interest.
(2) Percentages may not add to 100% because of rounding.
11
The information should be considered only after reading Bear Stearns' statement
regarding assumptions as to securities, pricing estimates and other information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this statement. You may obtain
a copy of the statement from your sales representative.
<PAGE>
DISTRIBUTION OF THE INITIAL RECEIVABLES BY GEOGRAPHIC LOCATION OF OBLIGOR AS OF
THE STATISTICAL CALCULATION DATE
<TABLE>
<CAPTION>
Aggregate % of Aggregate Number of % of Total Number
State Principal Balance(1) Principal Balance(2) Receivables of Receivables(2)
- --------------------- -------------------- -------------------- ----------- -----------------
<S> <C> <C> <C> <C>
California $ 41,670,480.29 15.19% 3,256 14.41%
Texas 29,349,839.85 10.70 2,383 10.54
Illinois 16,797,604.14 6.12 1,409 6.23
Ohio 16,610,941.44 6.05 1,431 6.33
Virginia 15,904,644.51 5.80 1,247 5.52
North Carolina 14,436,893.88 5.26 1,084 4.80
Florida 13,498,385.07 4.92 1,101 4.87
Arizona 11,555,296.90 4.21 948 4.19
Pennsylvania 10,255,829.05 3.74 883 3.91
Washington 9,954,516.85 3.63 840 3.72
Michigan 8,956,729.26 3.26 709 3.14
Georgia 8,357,935.82 3.05 640 2.83
New Jersey 8,252,499.68 3.01 715 3.16
New York 7,062,303.67 2.57 576 2.55
Maryland 5,690,064.15 2.07 449 1.99
Missouri 5,528,269.40 2.02 512 2.27
Tennessee 5,185,682.59 1.89 407 1.80
Nevada 5,063,157.25 1.85 442 1.96
Colorado 4,017,534.63 1.46 372 1.65
Massachusetts 3,890,786.44 1.42 357 1.58
South Carolina 3,640,459.23 1.33 298 1.32
Kentucky 3,445,762.47 1.26 310 1.37
Utah 3,365,994.00 1.23 299 1.32
Oklahoma 2,416,304.91 0.88 230 1.02
Oregon 2,197,399.23 0.80 191 0.85
Connecticut 2,166,704.10 0.79 175 0.77
Wisconsin 1,931,560.00 0.70 172 0.76
Kansas 1,872,419.91 0.68 167 0.74
Indiana 1,760,676.28 0.64 151 0.67
New Mexico 1,702,296.46 0.62 133 0.59
Other(3) 7,882,752.86 2.90 715 3.14
TOTAL $274,421,724.32 100.00% 22,602 100.00%
</TABLE>
- ----------
(1) Aggregate Principal Balances include some portion of accrued interest.
(2) Percentages may not add to 100% because of rounding.
(3) States with Aggregate Principal Balances less than $1,500,000.
12
The information should be considered only after reading Bear Stearns' statement
regarding assumptions as to securities, pricing estimates and other information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this statement. You may obtain
a copy of the statement from your sales representative.
<PAGE>
PERCENT OF INITIAL NOTE PRINCIPAL BALANCE AT VARIOUS ABS PERCENTAGES(1)
<TABLE>
<CAPTION>
Class A-1 Notes Class A-2 Notes
-------------------------- --------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Distribution Date 0.0% 1.0% 1.7% 2.5% 0.0% 1.0% 1.7% 2.5%
- ----------------- ---- ---- ---- ---- ---- ---- ---- ----
Initial 100 100 100 100 100 100 100 100
9/5/97 94 90 88 85 100 100 100 100
10/5/97 85 77 71 65 100 100 100 100
11/5/97 76 64 56 46 100 100 100 100
12/5/97 68 52 41 28 100 100 100 100
1/5/98 59 40 27 11 100 100 100 100
2/5/98 51 29 13 0 100 100 100 97
3/5/98 42 17 0 0 100 100 99 86
4/5/98 34 6 0 0 100 100 91 77
5/5/98 26 0 0 0 100 97 84 70
6/5/98 17 0 0 0 100 92 79 63
7/5/98 8 0 0 0 100 88 73 56
8/5/98 0 0 0 0 100 83 67 49
9/5/98 0 0 0 0 100 79 62 42
10/5/98 0 0 0 0 99 74 56 36
11/5/98 0 0 0 0 96 70 51 29
12/5/98 0 0 0 0 93 66 46 23
1/5/99 0 0 0 0 90 61 41 17
2/5/99 0 0 0 0 87 57 35 11
3/5/99 0 0 0 0 84 52 30 5
4/5/99 0 0 0 0 80 48 25 0
5/5/99 0 0 0 0 77 44 20 0
6/5/99 0 0 0 0 73 40 16 0
7/5/99 0 0 0 0 70 35 11 0
8/5/99 0 0 0 0 66 31 6 0
9/5/99 0 0 0 0 63 27 2 0
10/5/99 0 0 0 0 59 23 0 0
11/5/99 0 0 0 0 55 19 0 0
12/5/99 0 0 0 0 51 15 0 0
1/5/00 0 0 0 0 48 11 0 0
2/5/00 0 0 0 0 44 7 0 0
3/5/00 0 0 0 0 40 3 0 0
4/5/00 0 0 0 0 36 0 0 0
5/5/00 0 0 0 0 32 0 0 0
6/5/00 0 0 0 0 27 0 0 0
7/5/00 0 0 0 0 23 0 0 0
8/5/00 0 0 0 0 19 0 0 0
9/5/00 0 0 0 0 14 0 0 0
10/5/00 0 0 0 0 10 0 0 0
11/5/00 0 0 0 0 5 0 0 0
12/5/00 0 0 0 0 1 0 0 0
1/5/01 0 0 0 0 0 0 0 0
2/5/01 0 0 0 0 0 0 0 0
3/5/01 0 0 0 0 0 0 0 0
4/5/01 0 0 0 0 0 0 0 0
5/5/01 0 0 0 0 0 0 0 0
6/5/01 0 0 0 0 0 0 0 0
7/5/01 0 0 0 0 0 0 0 0
8/5/01 0 0 0 0 0 0 0 0
9/5/01 0 0 0 0 0 0 0 0
10/5/01 0 0 0 0 0 0 0 0
11/5/01 0 0 0 0 0 0 0 0
Weighted Average 0.51 0.36 0.29 0.24 2.33 1.64 1.29 1.01
Life in Years(2)
</TABLE>
- ----------
(1) The percentages in this table have been rounded to nearest whole number.
(2) The weighted average life of a Note is determined by (i) multiplying the
amount of each principal payment on a Note by the number of years from the
date of the issuance of the Note to the related Distribution Date, (ii)
adding the results and (iii) dividing the sum by the related initial
principal amount of the Note.
13
The information should be considered only after reading Bear Stearns' statement
regarding assumptions as to securities, pricing estimates and other information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this statement. You may obtain
a copy of the statement from your sales representative.
<PAGE>
PERCENT OF INITIAL NOTE PRINCIPAL BALANCE AT VARIOUS ABS PERCENTAGES(1)
Class A-3 Notes
--------------------------
Distribution Date 0.0% 1.0% 1.7% 2.5%
- ----------------- ---- ---- ---- ----
Initial 100 100 100 100
9/5/97 100 100 100 100
10/5/97 100 100 100 100
11/5/97 100 100 100 100
12/5/97 100 100 100 100
1/5/98 100 100 100 100
2/5/98 100 100 100 100
3/5/98 100 100 100 100
4/5/98 100 100 100 100
5/5/98 100 100 100 100
6/5/98 100 100 100 100
7/5/98 100 100 100 100
8/5/98 100 100 100 100
9/5/98 100 100 100 100
10/5/98 100 100 100 100
11/5/98 100 100 100 100
12/5/98 100 100 100 100
1/5/99 100 100 100 100
2/5/98 100 100 100 100
3/5/98 100 100 100 100
4/5/99 100 100 100 99
5/5/99 100 100 100 91
6/5/99 100 100 100 85
7/5/99 100 100 100 78
8/5/99 100 100 100 71
9/5/99 100 100 100 65
10/5/99 100 100 96 59
11/5/99 100 100 91 53
12/5/99 100 100 85 47
1/5/00 100 100 80 42
2/5/00 100 100 75 36
3/5/00 100 100 70 31
4/5/00 100 98 65 0
5/5/00 100 93 60 0
6/5/00 100 88 56 0
7/5/00 100 84 51 0
8/5/00 100 79 47 0
9/5/00 100 74 43 0
10/5/00 100 69 39 0
11/5/00 100 65 35 0
12/5/00 100 60 31 0
1/5/01 95 56 28 0
2/5/01 89 51 0 0
3/5/01 83 47 0 0
4/5/01 77 43 0 0
5/5/01 70 38 0 0
6/5/01 64 34 0 0
7/5/01 57 30 0 0
8/5/01 51 0 0 0
9/5/01 44 0 0 0
10/5/01 37 0 0 0
11/5/01 30 0 0 0
Weighted Average 3.96 3.47 2.92 2.26
Life in Years(2)
- ----------
(1) The percentages in this table have been rounded to nearest whole number.
(2) The weighted average life of a Note is determined by (i) multiplying the
amount of each principal payment on a Note by the number of years from the
date of the issuance of the Note to the related Distribution Date, (ii)
adding the results and (iii) dividing the sum by the related initial
principal amount of the Note.
14
The information should be considered only after reading Bear Stearns' statement
regarding assumptions as to securities, pricing estimates and other information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this statement. You may obtain
a copy of the statement from your sales representative.
<PAGE>
DELINQUENCY AND LOAN LOSS INFORMATION
The following tables set forth information relating to AmeriCredit's
delinquency and loan loss experience for each period indicated with respect to
all Receivables it has purchased and serviced. This information includes the
experience with respect to all Receivables in AmeriCredit's portfolio of
Receivables serviced during each such period, including Receivables which do not
meet the criteria for selection as a Receivable.
DELINQUENCY EXPERIENCE
Financed Vehicles which have been repossessed but not yet liquidated
and bankrupt accounts which have not yet been charged off are both
included as delinquent accounts in the table below.
- -------------------------------------------------------------------------------
<TABLE>
<CAPTION>
At June 30,
---------------------------------------------------------------------------------------------
1997 1996 1995
---- ---- ----
Number of Number of Number of
Contracts Amount Contracts Amount Contracts Amount
--------- ------ --------- ------ --------- ------
<S> <C> <C> <C> <C> <C> <C>
Portfolio at end of
period(1) 112,847 $1,138,255 59,913 $523,981 30,941 $240,491
Period of Delinquency(2)
31-60 days(3) 7,761 $ 73,956 3,886 $ 31,723 1,276 $ 9,692
61-90 days 2,164 $ 20,213 1,215 $ 9,959 452 $ 3,391
91 days or more 3,467 $ 31,012 1,696 $ 13,631 528 $ 3,271
------- ---------- ---------- ------------- ---------- ---------
Total Delinquencies(4) 13,392 $ 125,181 6,797 $ 55,313 2,256 $ 16,354
Total Delinquencies as a
Percent of the Portfolio 11.9% 11.0% 11.3% 10.6% 7.3% 6.8%
</TABLE>
- ----------
(1) All amounts and percentages are based on the Principal Balances of the
Receivables. Principal Balances include some portion of accrued interest.
All dollar amounts are in thousands of dollars.
(2) AmeriCredit considers a loan delinquent when an Obligor fails to make a
contractual payment by the due date. The period of delinquency is based on
the number of days payments are contractually past due.
(3) Amounts shown do not include loans which are less than 31 days delinquent.
(4) Financed Vehicles which have been repossessed but not yet liquidated are
considered delinquent accounts in the table above.
15
The information should be considered only after reading Bear Stearns' statement
regarding assumptions as to securities, pricing estimates and other information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this statement. You may obtain
a copy of the statement from your sales representative.
<PAGE>
CREDIT LOSS EXPERIENCE
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fiscal Year Ended June 30,
----------------------------------
1997 1996 1995
---------- --------- ---------
<S> <C> <C> <C>
Period-End Principal Outstanding(1)........... $1,138,255 $523,981 $240,491
Average Month-End Amount Outstanding
During the Period(1)......................... 792,155 357,966 141,526
Net Charge-Offs(2)............................ 43,231 19,974 6,409
Net Charge-Offs as a Percentage of Period-End
Principal Outstanding........................ 3.8% 3.8% 2.7%
Net Charge-Offs as a Percent of Average
Month-End Amount Outstanding................. 5.5% 5.6% 4.5%
</TABLE>
- ----------
(1) All amounts and percentages are based on the Principal Balances of the
Receivables. Principal Balances include some portion of accrued interest.
All dollar amounts are in thousands of dollars.
(2) Net Charge-Offs equal Gross Charge-Offs minus Recoveries. Gross Charge-Offs
do not include unearned finance charges and other fees. Recoveries include
repossession proceeds received from the sale of repossessed Financed
Vehicles net of repossession expenses, refunds of unearned premiums from
credit life and credit accident and health insurance and extended service
contract costs obtained and financed in connection with the vehicle
financing and recoveries from Obligors on deficiency balances.
16
The information should be considered only after reading Bear Stearns' statement
regarding assumptions as to securities, pricing estimates and other information
(the "Statement"), which should be attached. Do not use or rely on this
information if you have not received and reviewed this statement. You may obtain
a copy of the statement from your sales representative.
