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Previous: AMERICREDIT FINANCIAL SERVICES INC, 8-K, 1997-11-18 |
Next: AMERICREDIT FINANCIAL SERVICES INC, 8-K, 1997-11-18 |
<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: November 14, 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 October, 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 October, 1997
Collection Period relating to the Notes issued by
the Registrant pursuant to the Agreement.
<PAGE>
EXHIBIT INDEX
Exhibit
- -------
1. Servicer's Certificate for the October, 1997 Collection Period
relating to the Notes issued by the Registrant.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AmeriCredit Automobile Receivables Trust 1997-B
By: AmeriCredit Financial Services, Inc., as Servicer
/s/ Daniel E. Berce
Daniel E. Berce
Vice Chairman and
Chief Financial Officer
November 14, 1997
<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: 10/01/97
Monthly Period Ending: 10/31/97
<TABLE>
<S> <C> <C>
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
A. Beginning of period Aggregate Principal Balance $227,043,292
------------
B. Purchase of Subsequent Receivables 0
------------
C. Monthly Principal Amounts
(1) Collections on Receivables outstanding
at end of period 6,189,456
----------
(2) Collections on Receivables paid off
during period 1,537,896
----------
(3) Receivables becoming Liquidated Receivables
during period 3,100,325
----------
(4) Receivables becoming Purchased Receivables
during period
----------
(5) Cram Down Losses occurring during period
----------
(6) Other Receivables adjustments 18,380
----------
(7) Less amounts allocable to Interest (3,457,917)
----------
Total Monthly Principal Amounts 7,388,140
------------
D. End of period Aggregate Principal Balance $219,655,152
------------
------------
E. Pool Factor 87.862066%
------------
------------
II. MONTHLY PERIOD NOTE BALANCE CALCULATION:
Class A-1 Class A-2 Class A-3 TOTAL
--------- --------- --------- -----
A. Beginning of period Note Balance $36,131,147 $96,250,000 $85,750,000 $218,131,147
----------------------------------------------------------
B. Noteholders' Principal Distributable Amount 7,388,140 0 0 7,388,140
C. Noteholders' Accelerated Principal Amount 112,832 0 0 112,832
D. Accelerated Payment Amount Shortfall 672,839 0 0 672,839
E. Note Prepayment Amount 0 0 0 0
----------------------------------------------------------
F. End of period Note Balance $27,957,336 $96,250,000 $85,750,000 $209,957,336
----------------------------------------------------------
----------------------------------------------------------
G. Note Pool Factors 41.113729% 100.000000% 100.000000% 83.982934%
----------------------------------------------------------
----------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<S> <C> <C>
III. 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
----------
----------
IV. CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT
A. Total Monthly Principal Amounts $7,388,140
----------
B. Required Pro-forma Security Balance 197,689,637
-----------
C. Pro-forma Security Balance (Assuming 100% Paydown of Total Monthly
Principal Amounts) 210,743,007
-----------
D. Step-down Amount (B.- C.) 0
----------
E. Principal Distributable Amount (A.- D.) $7,388,140
----------
----------
V. RECONCILIATION OF CAPITALIZED INTEREST ACCOUNT:
A. Beginning of period Capitalized Interest Account balance $0
----------
B. Monthly Capitalized Interest Amount 0
-----------
C. Investment Earnings 0
-----------
D. Investment Earnings Transfer to Collections Account 0
-----------
E. Payment of Overfunded Capitalized Interest Amount 0
-----------
F. Payment of Remaining Capitalized Interest Account 0
-----------
0
----------
G. End of period Capitalized Interest Account balance $0
----------
----------
VI. RECONCILIATION OF COLLECTION ACCOUNT:
A. Available Funds:
(1) Collections on Receivables during period
(net of Liquidation Proceeds) $7,727,352
-----------
(2) Liquidation Proceeds collected during period 1,391,260
-----------
(3) Purchase Amounts deposited in Collection Account
-----------
(4) (a) Investment Earnings - Collection Account 26,078
-----------
(b) Investment Earnings - Transfer From Prefunding Account 0
-----------
(c) Investment Earnings - Transfer From Capitalized Interest Account 0
-----------
(5) Collection of Supplemental Servicing Fees 117,359
-----------
(6) Monthly Capitalized Interest Amount 0
-----------
(7) Mandatory Prepayment Amount
-----------
Total Available Funds 9,262,049
----------
B. Distributions:
(1) Base Servicing Fee and Supplemental Servicing Fees 537,389
-----------
(2) Agent fees 7,176
-----------
(3) Noteholders' Interest Distributable Amount
(a) Class A - 1 168,522
-----------
(b) Class A - 2 510,125
-----------
(c) Class A - 3 476,627
-----------
(4) Noteholders' Principal Distributable Amount
(a) Class A - 1 7,388,140
-----------
(b) Class A - 2 0
-----------
(c) Class A - 3 0
-----------
(5) Security Insurer Premiums 61,238
-----------
Total distributions 9,149,217
----------
C. Excess Available Funds (or Deficiency Claim Amount ) 112,832
----------
D. Noteholders' Accelerated Principal Amount (112,832)
----------
E. Deposit to Spread Account $0
----------
----------
</TABLE>
2
<PAGE>
<TABLE>
<S> <C> <C> <C>
VlI. CALCULATION OF ACCELERATED PRINCIPAL AMOUNT
A. Excess Available Funds (VI.C.) $ 112,832
------------
B. Pro Forma Security Balance (II.A.-II.B.) 210,743,007
------------
C. Required Pro Forma Security Balance (90% x (I.D.+III.F.) 197,689,637
------------
D. Excess of Pro Forma Balance over Required Balance (B.-C.) 13,053,370
------------
E. End of Period Class A-1 Note Balance 28,743,007
------------
F. Greater of D. or E. 28,743,007
------------
G. Accelerated Principal Amount (lesser of A. or F.) $ 112,832
------------
VIII. CALCULATION OF ACCELERATED PAYMENT AMOUNT SHORTFALL
A. Pro Forma Security Balance $210,743,007
------------
B. Required Pro Forma Security Balance 197,689,637
------------
C. Excess of Pro Forma Balance over Required Balance (A.-B.) 13,053,370
------------
D. End of Period Class A-1 Note Balance 28,743,007
------------
E. Greater of C. or D. 28,743,007
------------
F. Excess Available Funds (VI.C.) 112,832
------------
G. Investment Earnings on Collection Account 26,078
------------
H. Accelerated Payment Amount Shortfall (E.- F.+G.) $ 28,656,253
------------
IX. RECONCILIATION OF SPREAD ACCOUNT:
A. Beginning of period Spread Account balance $ 18,163,463
------------
B. Additions to Spread Account
(1) Deposits from Collections Account (VI. E.) 0
------------
(2) Investment Earnings 81,788
------------
(3) Deposits Related to Subsequent Receivables Purchases 0
------------
Total Additions 81,788
------------
C. Spread Account balance prior to withdrawals 18,245,251
------------
D. Requisite Amount of Spread Account
(1) Initial Spread Account Deposit $ 15,000,000
------------
(2) Subsequent Spread Account Deposits 4,999,999
------------
(3) Total Initial & Subsequent Spread Account Deposits (1)+(2) 19,999,999
------------
(4) 8% of end of period Aggregate Principal Balance 17,572,412
------------
(5) $100,000 100,000
------------
(6) 2% of Original Pool Balance 5,000,000
------------
(7) End of period Note Balance (before accel. principal shortfall calc) 210,630,175
------------
(8) Lesser of (6) or (7) 5,000,000
------------
(9) Greater of (5) or (8) 5,000,000
------------
(10) Aggregate Principal Balance 219,655,152
------------
(11) End of period Note Balance (before accel. principal
shortfall calc) 210,630,175
------------
(12) Line (10) less line (11) 9,024,977
------------
(13) OC level (12)/(10), Maximum 10% 4.11%
------------
(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) 17,572,412
------------
E. Withdrawals from Spread Account
(1) Priority First - Deficiency Claim Amount
------------
(2) Priority Second through Third
------------
(3) Priority Fourth - Accelerated Payment Amount Shortfall 28,656,253
------------
Accelerated Payment Amount Shortfall in Excess
of Requisite Amount 672,839
------------
(4) Priority Fifth through Sixth
------------
(5) Priority Seventh - to Servicer 0
------------
Total withdrawals 672,839
------------
F. End of period Spread Account balance $ 17,572,412
------------
</TABLE>
3
<PAGE>
<TABLE>
<S> <C> <C>
X. PERFORMANCE TESTS:
A. Delinquency Ratio
(1) Receivables with Scheduled Payment
delinquent more than 60 days
at end of period $6,490,965
-----------
(2) Purchased Receivables with Scheduled
Payment delinquent more than 60
days at end of period
-----------
(3) Beginning of period Principal Balance 227,043,292
-----------
(4) Delinquency Ratio (1)+(2) divided by (3) 2.86%
----------
(5) Previous Monthly Period Delinquency Ratio 2.61%
----------
(6) Second previous Monthly Period Delinquency Ratio 2.38%
----------
(7) Average Delinquency Ratio (4)+(5)+(6)
divided by 3 2.62%
----------
(8) Compliance (Delinquency Test Failure is a
Delinquency Ratio equal to or greater than 5.00%) yes
----------
B. Cumulative Default Rate
(1) Defaulted Receivables in Current Period $3,366,130
-----------
(2) Cumulative Defaulted Receivables Including
Defaulted Receivables in Current Period 13,352,388
-----------
(3) Original Pool Balance 249,999,985
-----------
(4) Cumulative Default Rate (2) divided by (3) 5.34%
----------
(5) Compliance (Default Test Failure is a Cumulative
Default Rate equal to or greater than 8.74%.) yes
----------
C. Cumulative Net Loss Rate
(1) Receivables becoming Liquidated Receivables during period $3,100,325
-----------
(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 (1,391,260)
-----------
(5) Net Losses during period (1)+(2)+(3)-(4) 1,709,065
-----------
(6) Net Losses since Initial Cut-off Date (Beginning of Period) 3,325,075
-----------
(7) 50% of Receivables with Scheduled Payment delinquent
more than 90 days at end of period 2,226,198
-----------
(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) 2.90%
----------
(10) Compliance (Net Loss Test Failure is a
Net Loss Rate equal to or greater than 5.00%.) yes
----------
D. Extension Rate
(1) Principal Balance of Receivables extended during current period 3,128,549
-----------
(2) Beginning of Period Aggregate Principal Balance 227,043,292
-----------
(3) Extension Rate (1) divided by (2) 1.38%
----------
(4) Previous Monthly Extension Rate 0.54%
----------
(5) Second previous Monthly Extension Rate 0.19%
----------
(6) Average Extension Rate (3)+(4)+(5)
divided by 3 0.70%
----------
(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 # 1,612 $17,203,588 7.58%
-----------------------------------------
(2) 61-90 days 434 4,650,521 2.05%
-----------------------------------------
(3) over 90 days 182 1,840,444 0.81%
-----------------------------------------
Receivables with Scheduled Payment delinquent
more than 30 days at end of period 2,228 $23,694,553 10.44%
-----------------------------------------
-----------------------------------------
</TABLE>
4
<PAGE>
<TABLE>
<S> <C> <C>
XII. MONTHLY PERIOD NUMBER OF RECEIVABLES CALCULATION:
A. Beginning of period number of Receivables 20,149
----------
B. Number of Subsequent Receivables Purchased 0
----------
C. Number of Receivables becoming Liquidated
Receivables during period 303
----------
D. Number of Receivables becoming Purchased
Receivables during period
----------
E. Number of Receivables paid off during period 156
----------
F. End of period number of Receivables 19,690
----------
----------
XIII. STATISTICAL DATA:
A. Weighted Average APR of the Receivables 19.86%
----------
B. Weighted Average Remaining Term of the Receivables 48.24
----------
C. Average Receivable Balance $11,156
----------
D. Aggregate Realized Losses $5,034,140
----------
</TABLE>
AmeriCredit Financial Services, Inc.
By:
---------------------------------------
Name: Daniel E. Berce
---------------
Title: Vice Chairman & Chief Financial Officer
---------------------------------------
Date: November 5, 1997
----------------
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