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Previous: AMERICREDIT FINANCIAL SERVICES INC, 8-K, 1997-02-06 |
Next: AMERICREDIT FINANCIAL SERVICES INC, 8-K, 1997-02-06 |
<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: July 10, 1996
AmeriCredit Automobile Receivables Trust 1996-B
(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 Certificateholders for the
June, 1996, Collection Period of the Registrant in respect of 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 Certificates, is
contained in the Servicer's Certificate for the referenced Collection
Period provided to Certificateholders pursuant to the Pooling and
Servicing Agreement dated as of April 30, 1996 between AFS Funding Corp.,
as Seller, AmeriCredit Financial Services, Inc., as Servicer, and
LaSalle National Bank, as Trustee (the "Agreement").
Item 7. Financial Statements, Exhibits
Exhibit No. Exhibit
----------- -------
1. Servicer's Certificate for the June, 1996 Collection
Period relating to the Certificates issued by the
Registrant pursuant to the Agreement.
<PAGE>
EXHIBIT INDEX
EXHIBIT
1. Servicer's Certificate for the June, 1996
Collection Period relating to the Certificates
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 1996-B
By: AmeriCredit Financial Services, Inc., as Servicer
/s/ Daniel E. Berce
Daniel E. Berce
Executive Vice President,
Chief Financial Officer
and Treasurer
July 10, 1996
<PAGE>
AmeriCredit Automobile Receivables Trust 1996-B
6.50% Automobile Receivables - Backed Certificates
Servicer's Certificate
This Servicer's Certificate has been prepared pursuant to Section 4.9 of the
Pooling and Servicing Agreement, relating to the formation of the AmeriCredit
Automobile Receivables Trust 1996-B, AmeriCredit Financial Services, Inc., as
Servicer, AFS Funding Corp., as Seller, and LaSalle National Bank, as
Trustee, dated as of April 30, 1996. Defined terms have the meanings assigned
to them in the Pooling 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: 06/01/96
Monthly Period Ending: 06/30/96
<TABLE>
<S> <C> <C>
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
A. Beginning of period Principal Balance $123,645,336
------------
B. Monthly Principal Amounts
(1) Collections on Receivables outstanding
at end of period 3,270,315
-----------
(2) Collections on Receivables paid off
during period 766,034
-----------
(3) Receivables becoming Liquidated
Receivables during period 99,490
-----------
(4) Receivables becoming Purchased
Receivables during period
-----------
(5) Cram Down Losses occurring during period
-----------
(6) Other Receivables adjustments (1,402)
-----------
(7) Less amounts allocable to Interest (1,979,089)
-----------
Total Monthly Principal Amounts 2,155,348
------------
C. End of period Principal Balance $121,489,988
------------
D. Pool Factor 96.402484%
------------
II. MONTHLY PERIOD CERTIFICATE BALANCE CALCULATION:
CLASS A CLASS B TOTAL
------- ------- -----
A. Beginning of period Certificate Balance $113,753,709 $9,891,627 $123,645,336
----------------------------------------------
B. Certificateholders' Principal 1,982,920 172,428 2,155,348
(92% of I.B. for Class A and ----------------------------------------------
8% of I.B. for Class B)
C. End of period Certificate Balance $111,770,789 $9,719,199 $121,489,988
----------------------------------------------
D. Certificate Factor 96.402484% 96.402484% 96.402484%
----------------------------------------------
<PAGE>
III. RECONCILIATION OF COLLECTION ACCOUNT:
A. Available Funds:
(1) Collections on Receivables during period
(net of Liquidation Proceeds) $ 4,036,349
-----------
(2) Liquidation Proceeds collected
during period 55,304
-----------
(3) Purchase Amounts deposited in Collection
Account
-----------
(4) Investment income 12,665
-----------
(5) Collection of Supplemental Servicing Fees 14,845
-----------
Total Available Funds 4,119,163
------------
B. Distributions:
(1) Basic Servicing Fee and Supplemental Servicing Fees 268,318
-----------
(2) Agent fees 6,182
-----------
(3) Class A Interest Distributable Amount 616,166
-----------
(4) Class A Principal Distributable Amount 1,982,920
-----------
(5) Security Insurer Premiums 32,600
-----------
(6) Class B Coupon Interest Amount 53,580
-----------
(7) Class B Principal Distributable Amount 172,428
-----------
(8) Class B Excess Interest Amount 986,969
-----------
Total distributions 4,119,163
------------
C. Deficiency Claim Amount $0
------------
IV. RECONCILIATION OF SPREAD ACCOUNT:
A. Beginning of period Spread Account balance $2,372,180
------------
B. Additions to Spread Account
(1) Distributions to Class B Certificateholders 1,212,977
(Total of III.B. (6), (7) and (8)) -----------
(2) Investment income 8,501
-----------
Total Additions 1,221,478
------------
C. Spread Account balance prior to withdrawals 3,593,658
------------
D. Requisite Amount of Spread Account
(1) 6% of end of period Principal Balance 7,289,399
-----------
(2) $100,000 100,000
-----------
(3) 2.5% of Cut-off Date Principal Balance 3,150,593
-----------
(4) End of period Class A Certificate Balance 111,770,789
-----------
(5) Lesser of (3) or (4) 3,150,593
-----------
(6) Greater of (2) or (5) 3,150,593
-----------
(7) 12% of end of period Principal Balance
if Trigger Date 0
-----------
Requisite Amount of Spread Account (greater
of (1) or (6) or (7) if applicable) 7,289,399
------------
<PAGE>
E. Withdrawals from Spread Account
(1) Priority First - Deficiency Claim Amount
-----------
(2) Priority Second through Sixth
-----------
(3) Priority Seventh (C. minus D.) 0
-----------
Total withdrawals 0
------------
F. End of period Spread Account balance $ 3,593,658
------------
V. PERFORMANCE TESTS:
A. Delinquency Ratio
(1) Receivables with Scheduled Payment
delinquent more than 30 days
at end of period $ 8,094,838
-----------
(2) Purchased Receivables with Scheduled
Payment delinquent more than 30
days at end of period
-----------
(3) Beginning of period Principal Balance 123,645,336
-----------
(4) Delinquency Ratio (1)+(2) divided by (3) 6.55%
------------
(5) Previous Monthly Period Delinquency Ratio 3.50%
------------
(6) Second previous Monthly Period Delinquency Ratio 0.00%
------------
(7) Average Delinquency Ratio (4)+(5)+(6)
divided by 3 3.35%
------------
(8) Compliance (Delinquency Test Failure is a
Delinquency Ratio equal to or greater than 14%) yes
------------
B. Default Ratio
(1) Receivables becoming Defaulted Receivables
during period $ 370,201
-----------
(2) Purchased Receivables with Scheduled
Payment delinquent more than 30
days at end of period
-----------
(3) Beginning of period Principal Balance 123,645,336
-----------
(4) Default Ratio (1)+(2) x 12 divided by (3) 3.59%
------------
(5) Previous Monthly Period Default Ratio 1.47%
------------
(6) Second previous Monthly Period Default Ratio 0.00%
------------
(7) Average Default Ratio (4)+(5)+(6)
divided by 3 1.69%
------------
(8) Compliance (Default Test Failure is a
Default Ratio equal to or greater than 21%) yes
------------
C. Net Loss Ratio
(1) Receivables becoming Liquidated Receivables
during period $ 99,490
-----------
(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 (55,304)
-----------
(5) Beginning of period Principal Balance 123,645,336
-----------
<PAGE>
(6) Net Loss Ratio (1)+(2)+(3)-(4) x 12
divided by (5) 0.43%
------------
(7) Previous Monthly Period Net Loss Ratio 0.31%
------------
(8) Second previous Monthly Period Net Loss Ratio 0.00%
------------
(9) Average Net Loss Ratio (6)+(7)+(8)
divided by 3 0.25%
------------
(10) Compliance (Net Loss Test Failure is a
Net Loss Ratio equal to or greater than 13%) yes
------------
VI. DELINQUENCY:
A. Receivables with Scheduled Payment delinquent
(1) 31-60 days # 667 $ 6,791,355
---------------------------
(2) 61-90 days 127 1,292,763
---------------------------
(3) over 90 days 2 10,720
---------------------------
Receivables with Scheduled Payment delinquent
more than 30 days at end of period 796 $ 8,094,838
---------------------------
VII. MONTHLY PERIOD NUMBER OF RECEIVABLES CALCULATION:
A. Beginning of period number of Receivables 12,176
------------
B. Number of Receivables becoming Liquidated
Receivables during period 11
------------
C. Number of Receivables becoming Purchased
Receivables during period
------------
D. Number of Receivables paid off during period 88
------------
E. End of period number of Receivables 12,077
------------
VIII. STATISTICAL DATA:
A. Weighted Average APR of the Receivables 20.45%
------------
B. Weighted Average Remaining Term of the Receivables 46.23
------------
C. Average Receivable Balance $ 10,060
------------
</TABLE>
AmeriCredit Financial Services, Inc.
By: /s/ Daniel E. Berce
--------------------------------------
Name: Daniel E. Berce
--------------------------------------
Title: Executive Vice-President
Chief Financial Officer & Treasurer
--------------------------------------
Date: July 3, 1996
--------------------------------------
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