AMERICREDIT FINANCIAL SERVICES INC
8-K, 1997-06-12
ASSET-BACKED SECURITIES
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<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:  June 4, 1997
                                           
                   AmeriCredit Automobile Receivables Trust 1997-B
                (Exact Name of Registrant as specified in its charter)
                                           

       United States                  333-17981                 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 Noteholders for the May, 
        1997 Collection Period of the Registrant in respect of the Class A-1
        Asset Backed Notes, Class A-2 Asset Backed Notes and the Class A-3 
        Asset Backed Notes (collectively, the "Notes") issued by the 
        Registrant, and the performance of the Receivables held by the 
        Registrant,  together with certain other information relating to the
        Notes, is contained in the Servicer's Certificate for the referenced
        Collection Period provided to Noteholders pursuant to the Sale and 
        Servicing Agreement dated as of May 1, 1997 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 May, 1997 
                              Collection Period relating to the Notes 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 1997-B

By:  AmeriCredit Financial Services, Inc., as Servicer



/s/   Daniel E. Berce
      Daniel E. Berce
      Executive Vice President,
      Chief Financial Officer
      and Treasurer



June 4, 1997





l/formdocs/8k1997b

<PAGE>
                                 EXHIBIT INDEX
                                       

Exhibit  
- -------

   1.            Servicer's Certificate for the May, 1997 Collection Period 
                 relating to the Notes issued by the Registrant.



<PAGE>

                 AmeriCredit Automobile Receivables Trust 1997-B
                       Class A-1 5.790% Asset Backed Notes
                       Class A-2 6.360% Asset Backed Notes
                       Class A-3 6.670% Asset Backed Notes
                            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 
1997-B, 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 May 1, 1997. 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 knowledge of the Servicer, no 
Insurance Agreement Event of Default has occurred.

Monthly Period Beginning:    05/01/97
Monthly Period Ending:       05/31/97

<TABLE>
<S>                                                                                             <C>            <C>
I.   MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:

     A.  Beginning of period Aggregate Principal Balance                                                        $187,499,997
                                                                                                                ------------
     B.  Purchase of Subsequent Receivables                                                                                0
                                                                                                                ------------
     C.  Monthly Principal Amounts

         (1)  Collections on Receivables outstanding
                at end of period                                                                   4,704,040
                                                                                                ------------
         (2)  Collections on Receivables paid off
                during period                                                                        896,859
                                                                                                ------------
         (3)  Receivables becoming Liquidated Receivables
                during period                                                                        233,457
                                                                                                ------------
         (4)  Receivables becoming Purchased Receivables
                during period
                                                                                                ------------
         (5)  Cram Down Losses occurring during period
                                                                                                ------------
         (6)  Other Receivables adjustments                                                            4,359
                                                                                                ------------
         (7)  Less amounts allocable to Interest                                                  (3,074,011)
                                                                                                ------------
         Total Monthly Principal Amounts                                                                           2,764,704
                                                                                                                ------------
     D.  End of period Aggregate Principal Balance                                                              $184,735,293
                                                                                                                ------------
                                                                                                                ------------
     E.  Pool Factor                                                                                               98.525491%
                                                                                                                ------------
                                                                                                                ------------
II.  MONTHLY PERIOD NOTE BALANCE CALCULATION:

                                                                    Class A-1      Class A-2      Class A-3        TOTAL
                                                                    ---------      ---------      ---------        -----
     A.  Beginning of period Note Balance                          $68,000,000    $96,250,000    $85,750,000    $250,000,000
                                                                   ---------------------------------------------------------
     B.  Noteholders' Principal Distributable Amount                 2,764,704              0              0       2,764,704
     C.  Noteholders' Accelerated Principal Amount                   1,705,651              0              0       1,705,651
     D.  Accelerated Payment Amount Shortfall                           19,238              0              0          19,238
     E.  Note Prepayment Amount                                              0              0              0               0
                                                                   ---------------------------------------------------------
     F.  End of period Note Balance                                $63,510,407    $96,250,000    $85,750,000    $245,510,407
                                                                   ---------------------------------------------------------
                                                                   ---------------------------------------------------------
     G.  Note Pool Factors                                           93.397657%    100.000000%    100.000000%      98.204163%
                                                                   ---------------------------------------------------------
                                                                   ---------------------------------------------------------
</TABLE>

                                       1
<PAGE>

<TABLE>
<S>                                                                                                <C>            <C>         
III.  RECONCILIATION OF PRE-FUNDING ACCOUNT:
     
      A.  Beginning of period Pre-Funding Account balance                                                         $62,500,003 
                                                                                                                  ----------- 
      B.  Purchase of Subsequent Receivables                                                                 0
                                                                                                   -----------
      C.  Investment Earnings                                                                           78,388
                                                                                                   -----------
      D.  Investment Earnings Transfer to Collections Account                                          (78,388)
                                                                                                   -----------
      E.  Payment of Mandatory Prepayment Amount                                                             0
                                                                                                   -----------
                                                                                                                            0
                                                                                                                  -----------
      F.  End of period Pre-Funding Account balance                                                               $62,500,003
                                                                                                                  -----------
                                                                                                                  -----------
    
IV.   CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT
    
      A.  Total Monthly Principal Amounts                                                                          $2,764,704
                                                                                                                  -----------
      B.  Required Pro-forma Security Balance                                                      222,511,766
                                                                                                   -----------
      C.  Pro-forma Security Balance (Assuming 100% Paydown of Total Monthly Principal Amounts)    247,235,296
                                                                                                   -----------
      D.  Step-down Amount  (B. - C.)                                                                                       0
                                                                                                                  -----------
      E.  Principal Distributable Amount  (A.- D.)                                                                 $2,764,704
                                                                                                                  -----------
                                                                                                                  -----------
    
    
V.    RECONCILIATION OF CAPITALIZED INTEREST ACCOUNT:
    
      A.  Beginning of period Capitalized Interest Account balance                                                   $383,776
                                                                                                                  -----------
      B.  Monthly Capitalized Interest Amount                                                         (162,668)
                                                                                                   -----------
      C.  Investment Earnings                                                                              492
                                                                                                   -----------
      D.  Investment Earnings Transfer to Collections Account                                             (492)
                                                                                                   -----------
      E.  Payment of Overfunded Capitalized Interest Amount                                                  0
                                                                                                   -----------
      F.  Payment of Remaining Capitalized Interest Account                                                  0
                                                                                                   -----------
                                                                                                                     (162,668)
                                                                                                                  -----------
      G.  End of period Capitalized Interest Account balance                                                         $221,108
                                                                                                                  -----------
                                                                                                                  -----------
    
VI.   RECONCILIATION OF COLLECTION ACCOUNT:
    
      A.  Available Funds:
    
          (1)  Collections on Receivables during period
                 (net of Liquidation Proceeds)                                                      $5,600,899
                                                                                                    ----------
          (2)  Liquidation Proceeds collected
                 during period                                                                          10,300
                                                                                                   -----------
          (3)  Purchase Amounts deposited in Collection
                 Account
                                                                                                   -----------
          (4)  (a)  Investment Earnings - Collection Account                                             5,503
                                                                                                   -----------
               (b)  Investment Earnings - Transfer From Prefunding Account                              78,388
                                                                                                   -----------
               (c)  Investment Earnings - Transfer From Capitalized Interest Account                       492
                                                                                                   -----------
          (5)  Collection of Supplemental Servicing Fees                                                 8,950
                                                                                                   -----------
          (6)  Monthly Capitalized Interest Amount                                                     162,668
                                                                                                   -----------
          (7)  Mandatory Prepayment Amount
                                                                                                   -----------
    
          Total Available Funds                                                                                     5,867,200
                                                                                                                  -----------
    
      B.  Distributions:
    
          (1)  Base Servicing Fee and Supplemental Servicing Fees                                      358,950
                                                                                                   -----------
          (2)  Agent fees                                                                                2,062
                                                                                                   -----------
          (3)  Noteholders' Interest Distributable Amount
               (a)  Class A - 1                                                                        240,607
                                                                                                   -----------
               (b)  Class A - 2                                                                        374,092
                                                                                                   -----------
               (c)  Class A - 3                                                                        349,527
                                                                                                   -----------
    
          (4)  Noteholders' Principal Distributable Amount
               (a)  Class A - 1                                                                      2,764,704
                                                                                                   -----------
               (b)  Class A - 2                                                                              0
                                                                                                   -----------
               (c)  Class A - 3                                                                              0
                                                                                                   -----------
    
          (5)  Security Insurer Premiums                                                                71,607
                                                                                                   -----------
    
          Total distributions                                                                                       4,161,549
                                                                                                                  -----------

    
      C.  Excess Available Funds (or Deficiency Claim Amount)                                                       1,705,651
                                                                                                                  -----------

      D.  Noteholders' Accelerated Principal Amount                                                                (1,705,651)
                                                                                                                  -----------

      E.  Deposit to Spread Account                                                                                        $0
                                                                                                                  -----------
                                                                                                                  -----------
</TABLE>
                                       2 
<PAGE>
<TABLE>
 VII.  CALCULATION OF ACCELERATED PRINCIPAL AMOUNT
<S>                                                                                    <C>          <C>           <C>
       A.  Excess Available Funds  (VI.C.)                                                           $1,705,651
                                                                                                    -----------   
       B.  Pro Forma Security Balance  (II.A.-II.B.)                                                247,235,296
                                                                                                    -----------   
       C.  Required Pro Forma Security Balance   (90% x (I.D.+III.F.)                               222,511,766
                                                                                                    -----------   
       D.  Excess of Pro Forma Balance over Required Balance   (B. - C.)                             24,723,530
                                                                                                    -----------   
       E.  End of Period  Class A-1 Note Balance                                                     65,235,296
                                                                                                    -----------   
       F.  Greater of D. or E.                                                                       65,235,296
                                                                                                    -----------   
       G.  Accelerated Principal Amount  (lesser of  A. or F.)                                                     $1,705,651
                                                                                                                  -----------
    
VIII.  CALCULATION OF ACCELERATED PAYMENT AMOUNT SHORTFALL
    
       A.  Pro Forma Security Balance                                                              $247,235,296
                                                                                                    -----------   
       B.  Required Pro Forma Security Balance                                                      222,511,766
                                                                                                    -----------   
       C.  Excess of Pro Forma Balance over Required Balance   (A. - B.)                             24,723,530
                                                                                                    -----------   
       D.  End of Period  Class A-1 Note Balance                                                     65,235,296
                                                                                                    -----------   
       E.  Greater of C. or D.                                                                       65,235,296
                                                                                                    -----------   
       F.  Excess Available Funds  (VI.C.)                                                            1,705,651
                                                                                                    -----------   
       G.  Investment Earnings on Collection Account                                                      5,503
                                                                                                    -----------   
       H.  Accelerated Payment Amount Shortfall (E.- F.+G.)                                                       $63,535,148
                                                                                                                  -----------
    
  IX.  RECONCILIATION OF SPREAD ACCOUNT:
    
       A.  Beginning of period Spread Account balance                                                             $15,000,000
                                                                                                                  -----------
    
       B.  Additions to Spread Account
           (1)  Deposits from Collections Account    (VI. E.)                                                 0
                                                                                                    -----------   
           (2)  Investment Earnings                                                                      19,238
                                                                                                    -----------   
           (3)  Deposits Related to Subsequent Receivables Purchases                                          0
                                                                                                    -----------   
    
           Total Additions                                                                                             19,238
                                                                                                                  -----------
    
    
       C.  Spread Account balance prior to withdrawals                                                             15,019,238
                                                                                                                  -----------
    
       D.  Requisite Amount of Spread Account
           (1)  Initial Spread Account Deposit                                                      $15,000,000
                                                                                                    -----------   
           (2)  Subsequent Spread Account Deposits                                                            0
                                                                                                    -----------   
           (3)  Total Initial & Subsequent Spread Account Deposits (1)+(2)                           15,000,000
                                                                                                    -----------   
           (4)  8% of end of period Aggregate Principal Balance                                      14,778,823
                                                                                                    -----------   
           (5)  $100,000                                                                                100,000
                                                                                                    -----------   
           (6)  2% of Original Pool Balance                                                           5,000,000
                                                                                                    -----------   
           (7)  End of period Note Balance                                                          245,510,407
                                                                                                    -----------   
           (8)  Lesser of (6) or (7)                                                                  5,000,000
                                                                                                    -----------   
           (9)  Greater of (5) or (8)                                                                 5,000,000
                                                                                                    -----------   
          (10)  Aggregate Principal Balance                                                         184,735,293
                                                                                                    -----------   
          (11)  End of period Note Balance                                                          245,510,407
                                                                                                    -----------   
          (12)  Line (10) less line (11)                                                            (60,775,114)
                                                                                                    -----------   
          (13)  OC level     (12) / (10) ,   Maximum 10%                                                 (32.90%)
                                                                                                    -----------   
          (14)  13% less OC level, if OC level is greater than 5%                                           n/a
                                                                                                    -----------   
          (15)  Percent in (13) or (14))  x  End of period Aggregate Principal Balance                      n/a
                                                                                                    -----------   
          (16)  15% of end of period Aggregate Principal Balance if Trigger Date                            n/a
                                                                                                    -----------   
    
           Requisite Amount of Spread Account (either (3), (4), (9), (15), or (16) as applicable)                  15,000,000
                                                                                                                  -----------
    
    
       E.  Withdrawals from Spread Account
           (1)  Priority First - Deficiency Claim Amount
                                                                                                    -----------   
           (2)  Priority Second through Third
                                                                                                    -----------   
           (3)  Priority Fourth - Accelerated Payment Amount Shortfall                 63,535,148
                                                                                      ----------- 
                  Accelerated Payment Amount Shortfall in Excess of Requisite Amount                     19,238
                                                                                                    -----------   
           (4)  Priority Fifth through Sixth
                                                                                                    -----------   
           (5)  Priority Seventh - to Servicer                                                                0
                                                                                                    -----------   
    
           Total withdrawals                                                                                           19,238
                                                                                                                  -----------
    
    
       F.  End of period Spread Account balance                                                                   $15,000,000
                                                                                                                  -----------
</TABLE>

                                       3
<PAGE>

<TABLE>
<S>                                                                           <C>              <C>
X.   PERFORMANCE TESTS:

     A.  Delinquency Ratio
         (1)  Receivables with Scheduled Payment
                delinquent more than 30 days
                at end of period                                               $  5,919,477
                                                                               ------------
         (2)  Purchased Receivables with Scheduled
                Payment delinquent more than 30
                days at end of period
                                                                               ------------
         (3)  Beginning of period Principal Balance                             187,499,997
                                                                               ------------
         (4)  Delinquency Ratio (1)+(2) divided by (3)                                                3.16%
                                                                                           ---------------
         (5)  Previous Monthly Period Delinquency Ratio                                               0.00%
                                                                                           ---------------
         (6)  Second previous Monthly Period Delinquency Ratio                                        0.00%
                                                                                           ---------------
         (7)  Average Delinquency Ratio (4)+(5)+(6)
                divided by 3                                                                          1.05%
                                                                                           ---------------
         (8)  Compliance (Delinquency Test Failure is a
                Delinquency Ratio equal to or greater than 14%)                                        yes
                                                                                           ---------------

     B.  Cumulative Default Rate
         (1)  Defaulted Receivables in Current Period                          $    425,972
                                                                               ------------
         (2)  Cumulative Defaulted Receivables Including
                Defaulted Receivables in Current Period                             425,972
                                                                               ------------
         (3)  Original Pool Balance                                             187,499,997
                                                                               ------------
         (4)  Cumulative Default Rate (2) divided by (3)                                              0.23%
                                                                                           ---------------
         (5)  Compliance (Default Test Failure is a Cumulative
                Default Rate equal to or greater than 5.26%.)                                          yes
                                                                                           ---------------

     C.  Cumulative Net Loss Rate
         (1)  Receivables becoming Liquidated Receivables during period        $    233,457
                                                                               ------------
         (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                          (10,300)
                                                                               ------------
         (5)  Net Losses during period (1)+(2)+(3)-(4)                              223,157
                                                                               ------------
         (6)  Net Losses since Initial Cut-off Date (Beginning of Period)                 0
                                                                               ------------
         (7)  50% of Receivables with Scheduled Payment delinquent
                more than 90 days at end of period                                        0
                                                                               ------------
         (8)  Original Aggregate Principal Balance plus Pre-Funded
                Amount as of the Closing Date                                   250,000,000
                                                                               ------------
         (9)  Cumulative Net Loss Rate (5)+(6)+(7)
                divided by (8)                                                                        0.09%
                                                                                           ---------------
        (10)  Compliance (Net Loss Test Failure is a
                Net Loss Rate equal to or greater than 3.01%.)                                         yes
                                                                                           ---------------

     D.  Extension Rate
         (1)  Principal Balance of Receivables extended during current period       108,237
                                                                               ------------
         (2)  Beginning of Period Aggregate Principal Balance                   187,499,997
                                                                               ------------
         (3)  Extension Rate (1) divided by (2)                                                       0.06%
                                                                                           ---------------
         (4)  Previous Monthly Extension Rate                                                         0.00%
                                                                                           ---------------
         (5)  Second previous Monthly Extension Rate                                                  0.00%
                                                                                           ---------------
         (6)  Average Extension Rate (3)+(4)+(5)
                divided by 3                                                                          0.02%
                                                                                           ---------------
         (7)  Compliance (Extension Test Failure is an
                 Extension Rate equal to or greater than 4%.)                                          yes
                                                                                           ---------------

XI.  DELINQUENCY:
 
     A.  Receivables with Scheduled Payment delinquent
         (1)  31-60 days                                                       #        516     $5,795,445
                                                                               ---------------------------
         (2)  61-90 days                                                                 10        124,032
                                                                               ---------------------------
         (3)  over 90 days                                                                0              0
                                                                               ---------------------------
         Receivables with Scheduled Payment delinquent
            more than 30 days at end of period                                          526     $5,919,477
                                                                               ---------------------------
                                                                               ---------------------------
</TABLE>

                                       4

<PAGE>

XII.   MONTHLY PERIOD NUMBER OF RECEIVABLES CALCULATION:    

     A.   Beginning of period number of Receivables                    16,489
                                                                     --------
     B.   Number of Subsequent Receivables Purchased                        0
                                                                     --------
     C.   Number of Receivables becoming Liquidated
           Receivables during period                                       47
                                                                     --------
     D.   Number of Receivables becoming Purchased
           Receivables during period
                                                                     --------
     E.   Number of Receivables paid off during period                    135
                                                                     --------
     F.   End of period number of Receivables                          16,307
                                                                     --------
                                                                     --------
XIII.  STATISTICAL DATA:     

     A.   Weighted Average APR of the Receivables                      19.91%
                                                                     --------
     B.   Weighted Average Remaining Term of the Receivables            52.29
                                                                     --------
     C.   Average Receivable Balance                                 $ 11,329
                                                                     --------
     D.   Aggregate Realized Losses                                  $223,157
                                                                     --------



AmeriCredit Financial Services, Inc.   
    
    
By: 
         -----------------------------------
Name:    Daniel E. Berce
Title:   Executive Vice-President
         Chief Financial Officer & Treasurer
Date:    June 4, 1997




                                       5



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