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Previous: AMERICREDIT FINANCIAL SERVICES INC, 8-K, 1997-06-12 |
Next: AMERICREDIT FINANCIAL SERVICES INC, 8-K, 1997-06-12 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: June 4, 1997
AmeriCredit Automobile Receivables Trust 1996-D
(Exact Name of Registrant as specified in its charter)
UNITED STATES 33-98620 88-0359494
------------- ------------------- --------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification Number)
c/o AmeriCredit Financial Services, Inc.
Attention: Daniel E. Berce
200 Bailey Avenue
Fort Worth, TX 76107
(Address of Principal
Executive Office)
(817) 332-7000
Registrant's phone number
<PAGE>
Item 5. Other Events
Information relating to distributions to Note and Certificate holders for
the May, 1997, Collection Period of the Registrant in respect of the Class
A-1 Money Market Asset Backed Notes, Class A-2 Floating Rate Asset Backed
Notes, Class A-3 Asset Backed Notes (collectively, the "Notes") and the
Asset Backed Certificates (the "Certificates") issued by the Registrant,
and the performance of the Receivables held by the Registrant, together
with certain other information relating to the Notes and the Certificates,
is contained in the Servicer's Certificate for the referenced Collection
Period provided to Note and Certificate holders pursuant to the Sale and
Servicing Agreement dated as of November 1, 1996 between the Registrant,
AFS Funding Corp., as Seller, AmeriCredit Financial Services, Inc., as
Servicer, and LaSalle National Bank, as Backup Servicer and Trust
Collateral Agent (the "Agreement").
Item 7. Financial Statements, Exhibits
Exhibit No. Exhibit
----------- -------
1. Servicer's Certificate for the May, 1997 Collection Period
relating to the Notes and the Certificates issued by the
Registrant pursuant to the Agreement.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AmeriCredit Automobile Receivables Trust 1996-D
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
<PAGE>
EXHIBIT INDEX
Exhibit
- -------
1. Servicer's Certificate for the May, 1997 Collection Period relating
to the Notes and Certificates issued by the Registrant.
<PAGE>
AmeriCredit Automobile Receivables Trust 1996-D
Class A-1 5.42500% Money Market Asset Backed Notes
Class A-2 Floating Rate Asset Backed Notes
Class A-3 6.1% Asset Backed Notes
6.3% Asset Backed Certificates
Servicer's Certificate
This Servicer's Certificate has been prepared pursuant to Section 4.9 of the
Sale and Servicing Agreement among AmeriCredit Automobile Receivables Trust
1996-D, 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 November 1, 1996. Defined terms have the
meanings assigned to them in the Sale and Servicing Agreement or in other
Transaction Documents.
The undersigned hereby certifies that no Trigger Event has occurred on the
related Determination Date and that, to the 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>
<CAPTION>
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
<S> <C> <C>
A. Beginning of period Aggregate Principal Balance $176,381,986
------------
B. Purchase of Subsequent Receivables 0
------------
C. Monthly Principal Amounts
(1) Collections on Receivables outstanding
at end of period 4,663,213
---------
(2) Collections on Receivables paid off
during period 1,398,887
---------
(3) Receivables becoming Liquidated Receivables
during period 1,822,369
---------
(4) Receivables becoming Purchased Receivables
during period
---------
(5) Cram Down Losses occurring during period
---------
(6) Other Receivables adjustments 25,701
---------
(7) Less amounts allocable to Interest (2,610,605)
---------
Total Monthly Principal Amounts 5,299,565
---------
D. End of period Aggregate Principal Balance $171,082,421
------------
------------
E. Pool Factor 85.541356%
------------
------------
</TABLE>
<TABLE>
II. MONTHLY PERIOD NOTE BALANCE CALCULATION:
<S> <C> <C> <C> <C>
Class A-1 Class A-2 Class A-3 TOTAL
--------- --------- ----------- ------------
A. Beginning of period Note Balance $24,083,075 $76,999,864 $58,499,897 $159,582,836
--------------------------------------------------------
B. Noteholders' Principal Distributable Amount 5,299,565 0 0 5,299,565
C. Noteholders' Accelerated Principal Amount 356,721 0 0 356,721
D. Accelerated Payment Amount Shortfall 1,964,859 0 0 1,964,859
E. Note Prepayment Amount 0 0 0 0
--------------------------------------------------------
F. End of period Note Balance $16,461,930 $76,999,864 $58,499,897 $151,961,691
--------------------------------------------------------
--------------------------------------------------------
G. Note Pool Factors 28.629443% 99.999824% 99.999824% 78.736627%
--------------------------------------------------------
--------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<CAPTION>
III. MONTHLY PERIOD CERTIFICATE BALANCE CALCULATION:
<S> <C> <C>
A. Beginning of period Certificate Balance $6,999,988
----------
B. Certificateholders' Principal Distributable Amount 0
C. Certificateholders' Accelerated Principal Amount 0
D. Certificate Prepayment Amount 0
----------
E. End of period Certificate Balance $6,999,988
----------
----------
F. Certificate Pool Factor 99.999824%
----------
----------
IV. RECONCILIATION OF PRE-FUNDING ACCOUNT:
A. Beginning of period Pre-Funding Account balance $0
----------
B. Purchase of Subsequent Receivables 0
----------
C. Investment Earnings 0
----------
D. Investment Earnings Transfer to Collections Account 0
----------
E. Payment of Mandatory Prepayment Amount 0
----------
0
----------
F. End of period Pre-Funding Account balance $0
----------
----------
V. CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT
A. Total Monthly Principal Amounts $5,299,565
----------
B. Required Pro-forma Security Balance 152,263,355
-----------
C. Pro-forma Security Balance (Assuming 100% Paydown
of Total Monthly Principal Amounts) 161,283,259
-----------
D. Step-down Amount (B. - C.) 0
----------
E. Principal Distributable Amount (A.- D.) $5,299,565
----------
----------
VI. RECONCILIATION OF CAPITALIZED INTEREST ACCOUNT:
A. Beginning of period Capitalized Interest Account balance $0
----------
B. Monthly Capitalized Interest Amount 0
----------
C. Investment Earnings 0
----------
D. Investment Earnings Transfer to Collections Account 0
----------
E. Payment of Overfunded Capitalized Interest Amount 0
----------
F. Payment of Remaining Capitalized Interest Account 0
----------
0
----------
G. End of period Capitalized Interest Account balance $0
----------
----------
VII. RECONCILIATION OF COLLECTION ACCOUNT:
A. Available Funds:
(1) Collections on Receivables during period
(net of Liquidation Proceeds) $6,062,100
----------
(2) Liquidation Proceeds collected
during period 780,636
----------
(3) Purchase Amounts deposited in Collection
Account
----------
(4) (a) Investment Earnings - Collection Account 23,828
----------
(b) Investment Earnings - Transfer From Prefunding Account 0
----------
(c) Investment Earnings - Transfer From Capitalized
Interest Account 0
----------
(5) Collection of Supplemental Servicing Fees 72,340
----------
(6) Monthly Capitalized Interest Amount 0
----------
(7) Mandatory Prepayment Amount
----------
Total Available Funds 6,938,904
----------
B. Distributions:
(1) Base Servicing Fee and Supplemental Servicing Fees 397,912
----------
(2) Agent fees 6,644
----------
(3) Noteholders' Interest Distributable Amount
(a) Class A - 1 112,505
----------
(b) Class A - 2 385,069
----------
(c) Class A - 3 297,374
----------
(4) Noteholders' Principal Distributable Amount
(a) Class A - 1 5,299,565
----------
(b) Class A - 2 0
----------
(c) Class A - 3 0
----------
(5) Certificateholders' Interest Distributable Amount 36,750
----------
(6) Certificateholders' Principal Distributable Amount 0
----------
(7) Security Insurer Premiums 46,364
----------
Total distributions 6,582,183
----------
</TABLE>
2
<PAGE>
<TABLE>
<S> <C> <C> <C>
C. Excess Available Funds (or Deficiency Claim Amount) 356,721
-----------
D. Noteholders' Accelerated Principal Amount (356,721)
-----------
E. Certificateholders' Accelerated Principal Amount
-----------
F. Deposit to Spread Account $0
-----------
-----------
VllI. CALCULATION OF ACCELERATED PRINCIPAL AMOUNT
A. Excess Available Funds (VI.C.) $ 356,721
------------
B. Pro Forma Security Balance (II.A.-II.B.+III.A.) 161,283,259
------------
C. Required Pro Forma Security Balance (89% x (I.D.+IV.F.) 152,263,355
------------
D. Excess of Pro Forma Balance over Required Balance
(B. - C.) 9,019,904
------------
E. End of Period Class A-1 Note Balance 18,783,510
------------
F. Greater of D. or E. 18,783,510
------------
G. Accelerated Principal Amount (lesser of A. or F.) $ 356,721
-----------
-----------
IX CALCULATION OF ACCELERATED PAYMENT AMOUNT SHORTFALL
A. Pro Forma Security Balance $161,283,259
------------
B. Required Pro Forma Security Balance 152,263,355
------------
C. Excess of Pro Forma Balance over Required Balance
(A. - B.) 9,019,904
------------
D. End of Period Class A-1 Note Balance 18,783,510
------------
E. Greater of C. or D. 18,783,510
------------
F. Excess Available Funds (VI.C.) 356,721
------------
G. Investment Earnings on Collection Account 23,828
------------
H. Accelerated Payment Amount Shortfall (E.- F.+G.) $18,450,617
-----------
-----------
X. RECONCILIATION OF SPREAD ACCOUNT:
A. Beginning of period Spread Account balance $15,680,359
-----------
B. Additions to Spread Account
(1) Deposits from Collections Account (VI. F.) 0
------------
(2) Investment Earnings 73,743
------------
(3) Deposits Related to Subsequent Receivables Purchases 0
------------
Total Additions 73,743
-----------
C. Spread Account balance prior to withdrawals 15,754,102
-----------
D. Requisite Amount of Spread Account
(1) Initial Spread Account Deposit $ 13,464,641
------------
(2) Subsequent Spread Account Deposits 4,535,329
------------
(3) Total Initial & Subsequent Spread Account
Deposits (1)+(2) 17,999,970
------------
(4) 9% of end of period Aggregate Principal Balance 15,397,418
------------
(5) $100,000 100,000
------------
(6) 2% of Original Pool Balance 3,999,993
------------
(7) End of period Note and Certificate Balance 158,961,679
------------
(8) Lesser of (6) or (7) 3,999,993
------------
(9) Greater of (5) or (8) 3,999,993
------------
(10) Aggregate Principal Balance 171,082,421
------------
(11) End of period Note and Certificate Balance
(before accel. principal shortfall calc) 160,926,538
------------
(12) Line (10) less line (11) 10,155,883
------------
(13) OC level (12) / (10) , Maximum 11% 5.94%
------------
(14) 14% less OC level, if OC level is greater than 5% 8.06%
------------
(15) Percent in (13) or (14)) x End of period Aggregate
Principal Balance 13,789,243
------------
(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) 13,789,243
-----------
E. Withdrawals from Spread Account
(1) Priority First - Deficiency Claim Amount
------------
(2) Priority Second through Third
------------
(3) Priority Fourth - Accelerated
Payment Amount Shortfall 18,450,617
-----------
Accelerated Payment Amount Shortfall in Excess of
Requisite Amount 1,964,859
------------
(4) Priority Fifth through Sixth
------------
(5) Priority Seventh - to Servicer 0
------------
Total withdrawals 1,964,859
-----------
F. End of period Spread Account balance $13,789,243
-----------
-----------
</TABLE>
3
<PAGE>
<TABLE>
<S> <C> <C>
XI. PERFORMANCE TESTS:
A. Delinquency Ratio
(1) Receivables with Scheduled Payment
delinquent more than 30 days
at end of period $ 17,845,169
------------
(2) Purchased Receivables with Scheduled
Payment delinquent more than 30
days at end of period
------------
(3) Beginning of period Principal Balance 176,381,986
------------
(4) Delinquency Ratio (1)+(2) divided by (3) 10.12%
--------------
(5) Previous Monthly Period Delinquency Ratio 9.25%
--------------
(6) Second previous Monthly Period Delinquency Ratio 8.65%
--------------
(7) Average Delinquency Ratio (4)+(5)+(6)
divided by 3 9.34%
--------------
(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 $ 2,164,688
------------
(2) Cumulative Defaulted Receivables Including
Defaulted Receivables in Current Period 10,593,065
------------
(3) Original Pool Balance 199,999,661
------------
(4) Cumulative Default Rate (2) divided by (3) 5.30%
--------------
(5) Compliance (Default Test Failure is a Cumulative
Default Rate equal to or greater than 11.81%.) yes
--------------
C. Cumulative Net Loss Rate
(1) Receivables becoming Liquidated Receivables during period $ 1,822,369
------------
(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 (780,636)
------------
(5) Net Losses during period (1)+(2)+(3)-(4) 1,041,733
------------
(6) Net Losses since Initial Cut-off Date (Beginning of Period) 2,728,730
------------
(7) 50% of Receivables with Scheduled Payment delinquent
more than 90 days at end of period 1,895,850
------------
(8) Original Aggregate Principal Balance plus Pre-Funded
Amount as of the Closing Date 200,000,000
------------
(9) Cumulative Net Loss Rate (5)+(6)+(7)
divided by (8) 2.83%
--------------
(10) Compliance (Net Loss Test Failure is a
Net Loss Rate equal to or greater than 6.75%.) yes
--------------
XII. DELINQUENCY:
A. Receivables with Scheduled Payment delinquent
(1) 31-60 days # 1,230 $12,857,279
--------------------------
(2) 61-90 days 342 3,670,746
--------------------------
(3) over 90 days 127 1,317,144
--------------------------
Receivables with Scheduled Payment delinquent
more than 30 days at end of period 1,699 $17,845,169
--------------------------
4
<PAGE>
XIII. MONTHLY PERIOD NUMBER OF RECEIVABLES CALCULATION:
A. Beginning of period number of Receivables 15,417
--------------
B. Number of Subsequent Receivables Purchased 0
--------------
C. Number of Receivables becoming Liquidated
Receivables during period 306
--------------
D. Number of Receivables becoming Purchased
Receivables during period
--------------
E. Number of Receivables paid off during period 209
--------------
F. End of period number of Receivables 14,902
--------------
--------------
XIV. STATISTICAL DATA:
A. Weighted Average APR of the Receivables 19.95%
--------------
B. Weighted Average Remaining Term of the Receivables 45.99
--------------
C. Average Receivable Balance $ 11,481
--------------
D. Aggregate Realized Losses $ 3,770,463
--------------
</TABLE>
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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