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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: May 8, 1997
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 April,
1997, 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 April, 1997 Collection Period
relating to the Certificates issued by the Registrant
pursuant to the Agreement.
<PAGE>
EXHIBIT INDEX
Exhibit
- -------
1. Servicer's Certificate for the April, 1997 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
May 8, 1997
<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: 04/01/97
Monthly Period Ending: 04/30/97
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
<TABLE>
<S> <C> <C> <C>
A. Beginning of period Principal Balance $86,606,026
-----------
B. Monthly Principal Amounts
(1) Collections on Receivables outstanding
at end of period 2,791,683
----------
(2) Collections on Receivables paid off
during period 1,352,562
----------
(3) Receivables becoming Liquidated Receivables
during period 1,141,459
----------
(4) Receivables becoming Purchased Receivables
during period
----------
(5) Cram Down Losses occurring during period
----------
(6) Other Receivables adjustments 3,978
----------
(7) Less amounts allocable to Interest (1,291,409)
----------
Total Monthly Principal Amounts 3,998,273
-----------
C. End of period Principal Balance $82,607,753
-----------
D. Pool Factor 65.549373%
-----------
</TABLE>
II. MONTHLY PERIOD CERTIFICATE BALANCE CALCULATION:
<TABLE>
CLASS A CLASS B TOTAL
------- ------- -----
<S> <C> <C> <C> <C>
A. Beginning of period Certificate Balance $79,677,544 $7,090,325 $86,767,869
--------------------------------------
B. Certificateholders' Principal Distributable Amount 3,678,411 319,862 3,998,273
(92% of I.B. for Class A and
8% of I.B. for Class B)
C. Change in Class B Principal Carryover Shortfall 0 (23,618) (23,618)
--------------------------------------
D. End of period Certificate Balance $75,999,133 $6,794,081 $82,793,214
--------------------------------------
E. Certificate Factor 65.549374% 67.388917% 65.696537%
--------------------------------------
</TABLE>
<PAGE>
III. RECONCILIATION OF COLLECTION ACCOUNT:
<TABLE>
<S> <C> <C> <C> <C>
A. Available Funds:
(1) Collections on Receivables during period
(net of Liquidation Proceeds) $4,144,245
----------
(2) Liquidation Proceeds collected
during period 487,210
----------
(3) Purchase Amounts deposited in Collection
Account
----------
(4) Investment income 17,231
----------
(5) Collection of Supplemental Servicing Fees 64,829
----------
Total Available Funds 4,713,515
----------
B. Distributions:
(1) Basic Servicing Fee and Supplemental Servicing Fees 242,371
----------
(2) Agent fees 4,330
----------
(3) Class A Interest Distributable Amount 431,587
----------
(4) Class A Principal Distributable Amount 3,678,411
----------
(5) Security Insurer Premiums 22,166
----------
(6) Class B Coupon Interest Amount 38,406
----------
(7) Class B Principal Distributable Amount 319,862
----------
(8) Class B Excess Interest Amount 0
----------
(9) Change in Class B Principal Carryover Shortfall (23,618)
----------
Total distributions 4,713,515
----------
C. Deficiency Claim Amount $ 0
----------
IV. RECONCILIATION OF CLASS B PRINCIPAL CARRYOVER SHORTFALL:
A. Beginning of Period Class B Principal Carryover Shortfall $ 161,843
----------
B. Current Month Change 23,618
----------
C. End of Period Class B Principal Carryover Shortfall $ 185,461
----------
V. RECONCILIATION OF SPREAD ACCOUNT:
----------
A. Beginning of period Spread Account balance $5,196,362
----------
B. Additions to Spread Account
(1) Distributions to Class B Certificateholders 334,650
(Total of III.B. (6), (7), (8) and (9)) ----------
(2) Investment income 23,732
----------
Total Additions 358,382
----------
C. Spread Account balance prior to withdrawals 5,554,744
----------
<PAGE>
D. Requisite Amount of Spread Account
(1) 6% of end of period Principal Balance 4,956,465
-----------
(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 75,999,133
-----------
(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) 4,956,465
----------
E. Withdrawals from Spread Account
(1) Priority First - Deficiency Claim Amount
-----------
(2) Priority Second through Sixth
-----------
(3) Priority Seventh (C. minus D.) 598,279
-----------
Total withdrawals 598,279
----------
F. End of period Spread Account balance $4,956,465
----------
VI. PERFORMANCE TESTS:
A. Delinquency Ratio
(1) Receivables with Scheduled Payment
delinquent more than 30 days
at end of period $10,002,586
-----------
(2) Purchased Receivables with Scheduled
Payment delinquent more than 30
days at end of period
-----------
(3) Beginning of period Principal Balance 86,606,026
-----------
(4) Delinquency Ratio (1)+(2) divided by (3) 11.55%
----------
(5) Previous Monthly Period Delinquency Ratio 11.29%
----------
(6) Second previous Monthly Period Delinquency Ratio 9.93%
----------
(7) Average Delinquency Ratio (4)+(5)+(6)
divided by 3 10.92%
----------
(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 $ 830,841
-----------
(2) Purchased Receivables with Scheduled
Payment delinquent more than 30
days at end of period
-----------
(3) Beginning of period Principal Balance 86,606,026
-----------
(4) Default Ratio (1)+(2) x 12 divided by (3) 11.51%
----------
(5) Previous Monthly Period Default Ratio 13.18%
----------
(6) Second previous Monthly Period Default Ratio 12.69%
----------
(7) Average Default Ratio (4)+(5)+(6)
divided by 3 12.46%
----------
(8) Compliance (Default Test Failure is a
Default Ratio equal to or greater than 21%) yes
----------
<PAGE>
C. Net Loss Ratio
(1) Receivables becoming Liquidated Receivables
during period $ 1,141,459
-----------
(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 (487,210)
-----------
(5) Beginning of period Principal Balance 86,606,026
-----------
(6) Net Loss Ratio (1)+(2)+(3)-(4) x 12
divided by (5) 9.07%
----------
(7) Previous Monthly Period Net Loss Ratio 7.54%
----------
(8) Second previous Monthly Period Net Loss Ratio 11.29%
----------
(9) Average Net Loss Ratio (6)+(7)+(8)
divided by 3 9.30%
----------
(10) Compliance (Net Loss Test Failure is a
Net Loss Ratio equal to or greater than 12%) yes
----------
</TABLE>
VII. DELINQUENCY:
A. Receivables with Scheduled Payment delinquent
(1) 31-60 days # 812 $ 7,340,525
-------------------
(2) 61-90 days 211 1,951,246
-------------------
(3) over 90 days 79 710,815
-------------------
Receivables with Scheduled Payment delinquent
more than 30 days at end of period 1,102 $10,002,586
-------------------
VIII. MONTHLY PERIOD NUMBER OF RECEIVABLES CALCULATION:
A. Beginning of period number of Receivables 9,710
-----------
B. Number of Receivables becoming Liquidated
Receivables during period 171
-----------
C. Number of Receivables becoming Purchased
Receivables during period
-----------
D. Number of Receivables paid off during period 168
-----------
E. End of period number of Receivables 9,371
-----------
IX. STATISTICAL DATA:
A. Weighted Average APR of the Receivables 20.26%
-----------
B. Weighted Average Remaining Term of the Receivables 37.97
-----------
C. Average Receivable Balance $ 8,815
-----------
AmeriCredit Financial Services, Inc.
By:
--------------------------------------
Name: Daniel E. Berce
Title: Executive Vice-President
Chief Financial Officer & Treasurer
Date: May 5, 1997
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