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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 (Date of earliest event reported)
May 19, 1998
AmeriCredit Automobile Receivables Trust 1998-B
-----------------------------------------------
(Exact name of registrant as specified in its charter)
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United States 333-36365 88-0359494
________________________ _____________________ ______________________
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o AmeriCredit Financial 76107
Services, Inc. ________________
Attention: Chris A. Choate (Zip Code)
200 Bailey Avenue
Fort Worth, Texas
________________________
(Address of Principal
Executive Offices)
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Registrant's telephone number, including area code (817) 882-7000
---------------
(Former name or former address, if changed since last report)
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Item 5. Other Events
------------
In connection with the offering of AmeriCredit Automobile Receivables Trust
1998-B Asset-Backed Notes, certain "Computational Materials" within the meanings
of the May 20, 1994 Kidder, Peabody No-Action Letter and the February 17, 1995
Public Securities Association No-Action Letter were furnished to certain
prospective investors (the "Related Computational Materials").
Item 7. Financial Statements, Pro Forma Financial
Information and Exhibits.
-----------------------------------------
(a) Not applicable
(b) Not applicable
(c) Exhibit 99.1. Related Computational Materials (as defined in Item 5
above).
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SIGNATURES
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 hereunto duly authorized.
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1998-B
By: AmeriCredit Financial Services, Inc., as Servicer
By:/s/ Chris A. Choate
-------------------
Name: Chris A. Choate
Title: Senior Vice President,
Secretary and General Counsel
Dated: May 19, 1998
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EXHIBIT INDEX
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Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials (as defined in Item 5 above)
distributed by Credit Suisse First Boston Corporation, BancAmerica
Robertson Stephens and Chase Securities Inc.
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EXHIBIT 99.1
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AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1998-B
SUBJECT TO REVISION
TERM SHEET
The following summary is qualified in its entirety by reference to the
detailed information appearing elsewhere in this Prospectus Supplement and in
the Prospectus. Capitalized terms used herein and not otherwise defined herein
shall have the respective meanings ascribed to such terms elsewhere in this
Prospectus Supplement or the Prospectus.
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Issuer.............................. AmeriCredit Automobile Receivables Trust 1998-B (the "Trust" or the
"Issuer"), a Delaware business trust to be formed pursuant to a
Trust Agreement, dated as of May 11, 1998 (the "Trust Agreement"),
among the Seller and the Owner Trustee.
Seller.............................. AFS Funding Corp. (the "Seller"), a special purpose financing
subsidiary of AmeriCredit.
Servicer............................ AmeriCredit Financial Services, Inc. (in its individual capacity,
"AmeriCredit" and, as servicer, the "Servicer"), a Delaware
corporation.
Insurer............................. Financial Security Assurance Inc. (the "Insurer"), a New York
financial guaranty insurance company.
Indenture Trustee................... Bank One, N.A. (the "Indenture Trustee").
Owner Trustee....................... Bankers Trust (Delaware) (the "Owner Trustee").
Statistical Calculation Date........ May 1, 1998.
Initial Cutoff Date................. May 11, 1998.
Closing Date........................ May 27, 1998.
The Notes........................... The Trust will issue Class A-1 ____% Asset Backed Notes (the "Class
A-1 Notes") in the aggregate original principal amount of
$116,000,000 Class A-2 Floating Rate Asset Backed Notes (the "Class
A-2 Notes") in the aggregate original principal amount of
$174,00,000, Class A-3 Floating Rate Asset Backed Notes (the "Class
A-3 Notes") in the aggregate original principal amount of
$77,000,000, Class A-4 ____% Asset Backed Notes (the "Class A-4
Notes") in the aggregate original principal amount of $108,000,000
and Class A-5 ____% Asset Backed Notes (the "Class A-5 Notes") in
the aggregate original principal amount of $50,000,000 The Class
A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4
Notes and the Class A-5 Notes (collectively, the "Notes") will be
issued pursuant to an Indenture, dated as of May 11, 1998, among the
Issuer and Bank One, N.A., as Indenture Trustee and as Trust
Collateral Agent (the "Trust Collateral Agent"). The Notes will be
offered for purchase in denominations of $1,000 and integral
multiples thereof in book-entry form only. Persons acquiring
beneficial interests in the Notes will hold their interests through
DTC in the United States or Cedel Bank, societe anonyme ("Cedel") or
the Euroclear System ("Euroclear") in Europe.
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The Notes will be secured by the assets of the Trust pursuant to the
Indenture.
The Certificates.................... The Trust will issue Asset Backed Certificates (the "Certificates")
which represent the equity ownership in the Trust, and are
subordinate in right of payment to the Notes. The Certificates do
not have a principal balance. The Certificates will be issued
pursuant to the Trust Agreement. The Certificates are not being
offered hereby.
Trust Property...................... Each Note will represent an obligation of the Trust. The Trust's
assets (the "Trust Property") will include, among other things,
certain motor vehicle retail installment sale contracts (the
"Initial Receivables"), secured by new and used automobiles, light
duty trucks and vans (the "Initial Financed Vehicles"), certain
monies received thereunder after the Initial Cutoff Date, an
assignment of the security interests in the Initial Financed
Vehicles securing the Initial Receivables, the related Receivables
Files, all rights to proceeds from claims on certain physical
damage, credit life and disability insurance policies covering the
Initial Financed Vehicles or the Obligors, as the case may be, all
rights to liquidation proceeds with respect to the Initial
Receivables, an assignment of the right of the Seller against
Dealers under agreements between AmeriCredit and such Dealers,
certain bank accounts, all proceeds of the foregoing, and certain
rights under the Trust Documents. The Trust Property also will
include an assignment of the Seller's rights against AmeriCredit and
CP Funding Corp., a Nevada corporation which is a wholly owned
subsidiary of AmeriCredit ("CP Funding"), under the Purchase
Agreement upon the occurrence of certain breaches of representations
and warranties. The Initial Receivables will be purchased by the
Seller from AmeriCredit and CP Funding pursuant to a purchase
agreement (the "Purchase Agreement") between the Seller, CP Funding
and AmeriCredit on or prior to the date of issuance of the Notes.
Additional motor vehicle retail installment sale contracts (the
"Subsequent Receivables") secured by new and used automobiles, light
duty trucks and vans (the "Subsequent Financed Vehicles") and
related property are intended to be purchased by the Trust from the
Seller from time to time on or before July 31, 1998, from funds on
deposit in the Pre-Funding Account. The Subsequent Receivables will
be purchased by the Seller from AmeriCredit and CP Funding pursuant
to one or more subsequent purchase agreements (each, a "Subsequent
Purchase Agreement") between the Seller, CP Funding and AmeriCredit.
The purchase by the Trust of the Subsequent Receivables is subject
to the satisfaction of certain conditions. The Initial Receivables
and the Subsequent Receivables are hereinafter referred to as the
"Receivables," and the Initial Financed Vehicles and the Subsequent
Financed Vehicles are hereinafter referred to as the "Financed
Vehicles."
Receivables......................... The Receivables consist of motor vehicle retail installment sale
contracts originated by Dealers and then acquired by AmeriCredit
pursuant to its Contract Acquisition Program. The motor vehicle
retail installment sale contracts consist primarily of contracts
with individuals with less than perfect credit due to various
factors, including, among other things, the manner in which such
individuals have handled previous credit, the limited extent of
their prior credit history and/or their limited financial resources.
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The statistical information presented herein is based on the Initial
Receivables as of the Statistical Calculation Date. The Initial
Receivables have an aggregate Principal Balance of $381,031,094.44
as of the Statistical Calculation Date. AmeriCredit expects that
the Initial Receivables will have an aggregate Principal Balance of
approximately $425,000,000 as of the Initial Cutoff Date. The
additional Receivables will represent Receivables acquired by
AmeriCredit prior to the Initial Cutoff Date. In addition, as of
the Statistical Calculation Date as to which statistical information
is presented herein, some amortization will occur prior to the
Initial Cutoff Date. In addition, certain Receivables included as
of the Statistical Calculation Date may prepay in full or may be
determined not to meet the eligibility requirements and may not be
included. As a result of the foregoing, the statistical
distribution of characteristics as of the Initial Cutoff Date will
vary somewhat from the statistical distribution of such
characteristics as of the Statistical Calculation Date as presented
herein, although such variance is not material.
The Initial Receivables have, as of the Statistical Calculation
Date, a weighted average annual percentage rate ("APR") of
approximately 18.8%, a weighted average original maturity of
approximately 57 months and a weighted average remaining maturity of
approximately 55 months. Each of the Initial Receivables also will
have a remaining term of not more than 72 months and not less than 3
months as of the Statistical Calculation Date.
Following the Closing Date, the Trust will be obligated to purchase
from time to time on or before the end of the Funding Period (as
defined below), subject to the availability thereof, Subsequent
Receivables consisting of retail automobile installment sale
contracts acquired by the Seller from AmeriCredit and CP Funding.
The aggregate Principal Balance of the Subsequent Receivables is
anticipated by AmeriCredit to equal approximately $100,000,000. In
connection with each purchase of Subsequent Receivables, the Trust
will be required to pay to the Seller a cash purchase price equal to
the principal amount thereof from the Pre-Funding Account.
AmeriCredit will designate as a cutoff date (each, a "Subsequent
Cutoff Date") a date to be specified in the related subsequent
transfer agreement, provided, however, that such date shall be on or
before the Subsequent Transfer Date (as defined below). Subsequent
Receivables will be conveyed to the Seller and then reconveyed by
the Seller to the Trust on designated dates (each, a "Subsequent
Transfer Date") occurring during the Funding Period. The Trust may
purchase the Subsequent Receivables only from the Seller and not
from any other person, and the Seller may purchase the Subsequent
Receivables only from AmeriCredit and CP Funding. The Subsequent
Receivables must satisfy certain eligibility criteria.
The Policy.......................... On the Closing Date, the Insurer will issue to the Trust Collateral
Agent as agent for the Indenture Trustee, a financial guaranty
insurance policy (the "Policy"). Pursuant to the Policy, the
Insurer will unconditionally and irrevocably guarantee to the
Noteholders payment of the scheduled payments for each Insured
Distribution Date.
The "Insured Distribution Date" will be the twelfth day of each
month, or, if such twelfth day is not a Business Day, the next
following Business Day. In the event that, on any Distribution
Date,
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the Noteholders did not receive the full amount of the
scheduled payment then due to them, such shortfall (together with,
in the case of an interest shortfall, interest thereon at the
related Interest Rate) shall be due and payable and shall be funded
on the Insured Distribution Date either from the Spread Account or
from the proceeds of a drawing under the Policy. The Record Date
applicable to an Insured Distribution Date shall be the Record Date
applicable to the related Distribution Date.
Terms of the Notes.................. The principal terms of the Notes will be as described below:
A. Distribution Dates............ For so long as AmeriCredit is the Servicer, payments of interest and
principal on the Notes will be made on the fifth day of each month
(or, if such fifth day is not a Business Day, on the next following
Business Day; provided, that such day for payment shall in no event
be earlier than the third Business Day of the month)(each, a
"Distribution Date") commencing June 5, 1998. Payments will be made
to holders of record of the Notes (the "Noteholders") as of the
close of business on the Business Day immediately preceding such
Distribution Date (a "Record Date"). A "Business Day" is a day
other than a Saturday, Sunday or other day on which commercial banks
located in the states of Texas, Delaware, Ohio or New York are
authorized or obligated to be closed.
If the backup servicer or another successor servicer becomes the
Servicer, the "Distribution Date" will thereafter become the twelfth
day of each month, or if such twelfth day is not a Business Day, the
next following Business Day (i.e., the "Distribution Date" and the
"Insured Distribution Date" will thereafter be the same date).
The Insurer will only make payment of any unpaid interest and
principal on the Notes on the Insured Distribution Date, which will
be the twelfth day of each month, or if such twelfth day is not a
Business Day, the next following Business Day. An "Event of
Default" with respect to the Notes will only occur if the full
amount of the required monthly payment has not been distributed on
or prior to the related Insured Distribution Date.
B. Final Scheduled Distribution
Dates......................... For the Class A-1 Notes, the June 1999 Insured Distribution Date;
for the Class A-2 Notes, the June 2001 Insured Distribution Date;
for the Class A-3 Notes, the January 2002 Insured Distribution Date;
for the Class A-4 Notes, the December 2002 Insured Distribution
Date; and for the Class A-5 Notes, the January 2005 Insured
Distribution Date.
C. Interest Rates................ The Class A-1 Notes, the Class A-4 Notes and the Class A-5 Notes
will bear interest at the respective fixed per annum rates set forth
on the cover page hereof. The Class A-2 Notes will bear interest at
a floating rate equal to the London interbank offered rates for
one-month U.S. dollar deposits ("LIBOR") plus ____%. The Class A-3
Notes will bear interest at a floating rate equal to the London
interbank offered rates for one-month U.S. dollar deposits ("LIBOR")
plus ____%. Each such interest rate for a Class of Notes is
referred to as the "Interest Rate."
D. Interest...................... Interest on the Notes of each Class will accrue at the applicable
Interest Rate from and including the most recent Distribution Date
on which interest has been paid (or, in the case of the first
Distribution Date, from and including the Closing Date) to, but
excluding, the
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following Distribution Date (each, an "Interest
Period"). In the case of the first Distribution Date, the Interest
Period shall be nine days. The interest which accrues during an
Interest Period shall accrue on the principal amount of the Notes of
each Class outstanding as of the end of the prior Distribution Date
(or, in the case of the first Distribution Date, as of the Closing
Date); provided, that if such principal balance is further reduced
by a payment of principal on the Insured Distribution Date which
immediately follows such prior Distribution Date, then such interest
shall accrue (i) from and including such prior Distribution Date to,
but excluding, such related Insured Distribution Date, on the
principal balance outstanding as of the end of the prior
Distribution Date (or, in the case of the first Distribution Date,
as of the Closing Date) and (ii) from and including such Insured
Distribution Date, to, but excluding, the following Distribution
Date, on the principal balance outstanding as of the end of such
Insured Distribution Date. Interest on the Notes for any
Distribution Date due but not paid on such Distribution Date will be
due on the next Insured Distribution Date together with, to the
extent permitted by law, interest on such amount at the applicable
Interest Rate. The amount of interest distributable on the Notes on
each Distribution Date will equal interest accrued during the
related Interest Period, plus any shortfall amount carried-forward.
Interest on the Class A-1 Notes, the Class A-2 Notes and the Class
A-3 Notes will be calculated on the basis of a 360-day year and the
actual number of days elapsed in the applicable Interest Period.
Interest on the Class A-4 Notes and the Class A-5 Notes will be
calculated on the basis of a 360-day year consisting of twelve
30-day months.
E. Principal..................... Principal of the Notes will be payable on each Distribution Date in
an amount equal to the Noteholders' Principal Distributable Amount
and the Noteholders' Accelerated Principal Amount, if any, for the
calendar month (the "Monthly Period") preceding such Distribution
Date. The Noteholders' Principal Distributable Amount will equal
the sum of (x) the Noteholders' Percentage of the Principal
Distributable Amount and (y) any unpaid portion of the amount
described in clause (x) with respect to a prior Distribution Date.
The "Principal Distributable Amount" with respect to any
Distribution Date will be an amount equal to the sum of the
following amounts with respect to the related Monthly Period,
computed in accordance with the simple interest method: (i)
collections on Receivables (other than Liquidated and Purchased
Receivables) allocable to principal, including full and partial
principal prepayments, (ii) the Principal Balance of each Receivable
(other than Purchased Receivables) that became a Liquidated
Receivable during the related Monthly Period, (iii)(A) the portion
of the Purchase Amount allocable to principal of all Receivables
that became Purchased Receivables as of the immediately preceding
Record Date and (B) at the option of the Insurer, the outstanding
Principal Balances of those Receivables that were required to be
repurchased by the Seller and/or AmeriCredit during such Monthly
Period but were not so repurchased, and (iv) the aggregate amount of
Cram Down Losses during such Monthly Period.
Any amount of principal due on the Notes on a Distribution Date and
not paid on such Distribution Date shall be due and payable on the
following Insured Distribution Date.
The Noteholders' Percentage will be 100% until the Class A-5 Notes
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have been paid in full and thereafter will be zero. No principal
will be paid on a Class of Notes until the principal of all Classes
of Notes having a lower numerical Class designation has been paid in
full. In addition, the outstanding principal amount of the Notes of
any Class, to the extent not previously paid, will be payable on the
respective Final Scheduled Distribution Date for such Class (and, if
not paid in full on such date, will be paid on the Insured
Distribution Date immediately following such Final Scheduled
Distribution Date).
F. Optional Redemption........... The Class A-5 Notes, to the extent still outstanding, may be
redeemed in whole, but not in part, on any Distribution Date on
which the Servicer exercises its option to purchase the Receivables,
which, subject to certain requirements can occur after the Pool
Balance declines to 10% or less of the Original Pool Balance, at a
redemption price equal to the unpaid principal amount of the Notes
of such Class plus accrued and unpaid interest thereon. The
Original Pool Balance will equal the sum of (i) the aggregate
Principal Balance of the Initial Receivables as of the Initial
Cutoff Date plus (ii) the aggregate Principal Balances of all
Subsequent Receivables added to the Trust as of their respective
Subsequent Cutoff Dates (the "Original Pool Balance").
G. Mandatory Redemption.......... Each Class of Notes will be redeemed in part on the Mandatory
Redemption Date (as defined under "Pre-Funding Account" below) in
the event that any portion of the Pre-Funded Amount remains on
deposit in the Pre-Funding Account at the end of the Funding Period.
The aggregate principal amount of each Class of Notes to be redeemed
will be an amount equal to such Class's pro rata share (based on the
respective current principal amount of each Class of Notes) of the
Pre-Funded Amount at the end of the Funding Period (such Class's
"Note Prepayment Amount"); provided, that if the aggregate remaining
amount in the Pre-Funding Account is $100,000 or less, such amount
will be applied exclusively to reduce the outstanding principal
balance of the Class of Notes then entitled to receive distributions
of principal.
The Notes may be accelerated and subject to immediate payment at par
upon the occurrence of an Event of Default under the Indenture. So
long as no Insurer Default shall have occurred and be continuing, an
Event of Default under the Indenture will occur only upon delivery
by the Insurer to the Indenture Trustee of notice of the occurrence
of certain events of default under the Insurance and Indemnity
Agreement, dated as of May 11, 1998 (the "Insurance Agreement"),
among the Insurer, the Trust, AmeriCredit, AmeriCredit Corp., CP
Funding and the Seller. In the case of such an Event of Default,
the Notes will automatically be accelerated and subject to immediate
payment at par. The Policy does not guarantee payment of any
amounts that become due on an accelerated basis, unless the Insurer
elects, in its sole discretion, to pay such amounts in whole or in
part.
Pre-Funding Account................. On the Closing Date, a cash amount equal to approximately
$100,000,000 (the "Initial Pre-Funded Amount") will be deposited in
an account (the "Pre-Funding Account") which will be established
with the Trust Collateral Agent. The "Funding Period" is the period
from the Closing Date until the earliest of the date on which (i)
the amount on deposit in the Pre-Funding Account is less than
$100,000, (ii) a Servicer Termination Event occurs under the Sale
and Servicing Agreement, or (iii) July 31, 1998. The Initial
Pre-Funded Amount as
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reduced from time to time during the Funding
Period by the amount thereof used to purchase Subsequent Receivables
in accordance with the Sale and Servicing Agreement is referred to
herein as the "Pre-Funded Amount." The Seller expects that the
Pre-Funded Amount will be reduced to less than $100,000 on or before
the end of the Funding Period. Any Pre-Funded Amount remaining at
the end of the Funding Period will be payable to the Noteholders on
the Mandatory Redemption Date as described herein. The "Mandatory
Redemption Date" is the earlier of (i) the Distribution Date in
August 1998 or (ii) if the last day of the Funding Period occurs on
or prior to the Calculation Date (as defined below) occurring in
June or July 1998, the Distribution Date relating to such
Calculation Date.
The "Calculation Date" is the close of business on the last day of
each Monthly Period.
Capitalized Interest Account........ On the Closing Date, a cash amount shall be deposited in an account
(the "Capitalized Interest Account") which will be established with
the Trust Collateral Agent. The amount, if any, deposited in the
Capitalized Interest Account will be applied on the Distribution
Dates occurring in June, July and August 1998 to fund an amount (the
"Monthly Capitalized Interest Amount") equal to the amount of
interest accrued for each such Distribution Date at the weighted
average Interest Rates on the portion of the Notes having a
principal balance in excess of the Principal Balances of the Initial
Receivables (which portion will equal the Pre-Funded Amount). Any
amounts remaining in the Capitalized Interest Account on the
Mandatory Redemption Date and not used for such purposes are
required to be paid directly to the Seller on such date.
Ratings............................. It is a condition to issuance that the Class A-l Notes be rated A-1+
by Standard & Poor's Ratings Services, a division of The McGraw-Hill
Companies, Inc. ("S&P"), and P-1 by Moody's Investors Service, Inc.
("Moody's" and together with S&P, the "Rating Agencies"), and that
the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and
the Class A-5 Notes be rated AAA by S&P and Aaa by Moody's. The
ratings by the Rating Agencies of the Notes will be (i) with respect
to the Class A-1 Notes, without regard to the Policy in the case of
S&P and substantially based on the Policy in the case of Moody's and
(ii) with respect to all other Classes of Notes, based on the
Policy. To the extent that such ratings are based on the Policy,
such ratings apply to distributions due on the Insured Distribution
Dates, and not to distributions due on the Distribution Dates.
There is no assurance that the ratings initially assigned to the
Notes will not subsequently be lowered or withdrawn by the Rating
Agencies.
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The composition and distribution by APR and geographic concentration of the
Initial Receivables Pool as of the Statistical Calculation Date are set forth in
the following tables:
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COMPOSITION OF THE INITIAL RECEIVABLES AS OF THE STATISTICAL CALCULATION DATE
New Used Total
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<S> <C> <C> <C>
Aggregate Principal Balance(1) $59,407,333.41 $321,623,761.03 $381,031,094.44
Number of Receivables 3,979 27,463 31,442
Percent of Aggregate Principal Balance 15.59% 84.41% 100.00
Average Principal Balance $ 14,930.22 $ 11,711.17 $ 12,118.54
Range of Principal Balances ($438.90 to 29,949.65) ($268.79 to 29,963.02)
Weighted Average APR(1) 17.05% 19.15% 18.82%
Range of APRs (12% to 26%) (12% to 29.99%)
Weighted Average Remaining Term 58 months 55 months 55 months
Range of Remaining Terms (4 to 72 months) (3 to 72 months)
Weighted Average Original Term 60 months 56 months 57 months
Range of Original Terms (12 to 72 months) (12 to 72 months)
</TABLE>
(1) Aggregate Principal Balance includes some portion of accrued interest. As a
result, the Weighted Average APR of the Receivables may not be equivalent
to the Contracts' aggregate yield on the Aggregate Principal Balance.
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DISTRIBUTION OF THE INITIAL RECEIVABLES BY APR AS OF THE STATISTICAL CALCULATION DATE
Aggregate % of Aggregate Number of % of Total Number
APR Range Principal Balance(1) Principal Balance(2) Receivables of Receivables(2)
- ------------------ ------------------- -------------------- ----------- -----------------
<S> <C> <C> <C> <C>
12,000% to 12.999% $ 24,766,787.21 6.50% 1,610 5.12%
13.000 to 13.999 10,159,917.14 2.67 646 2.05
14.000 to 14.999 9,235,904.45 2.42 590 1.88
15.000 to 15.999 19,422,540.95 5.10 1,271 4.04
16.000 to 16.999 19,206,915.56 5.04 1,330 4.23
17.000 to 17.999 35,250,264.13 9.25 2,631 8.37
18.000 to 18.999 72,694,647.70 19.08 5,939 18.89
19.000 to 19.999 35,915,835.89 9.43 2,898 9.22
20.000 to 20.999 43,486,211.72 11.41 3,705 11.78
21.000 to 21.999 62,901,136.19 16.51 5,948 18.92
22.000 to 22.999 20,438,398.89 5.36 1,980 6.30
23.000 to 23.999 16,150,518.04 4.24 1,594 5.07
24.000 to 24.999 7,044,032.64 1.85 723 2.30
25.000 to 25.999 3,301,013.49 .87 416 1.32
26.000 to 26.999 724,350.11 .19 112 .36
27.000 to 27.999 145,886.08 .04 19 .06
28.000 to 28.999 24,957.17 .01 5 .02
29.000 to 29.999 161,777.08 .04 25 .08
TOTAL $381,031,094.44 100.00% 31,442 100.00%
(1) Aggregate Principal Balances include some portion of accrued interest.
(2) Percentages may not add to 100% because of rounding.
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DISTRIBUTION OF THE INITIAL RECEIVABLES BY GEOGRAPHIC LOCATION OF OBLIGOR AS OF THE STATISTICAL CALCULATION DATE
Aggregate % of Aggregate Number of % of Total Number
State Principal Balance(1) Principal Balance(2) Receivables of Receivables(2)
- ----------- -------------------- -------------------- ------------- ------------------
<S> <C> <C> <C> <C>
Arizona $ 15,726,224.45 4.13% 1,338 4.26%
California 50,030,121.90 13.13 3,875 12.32
Colorado 5,247,999.96 1.38 523 1.66
Connecticut 3,509,439.65 .92 291 .93
Delaware 1,563,216.05 .41 129 .41
Florida 23,181,330.89 6.08 1,891 6.01
Georgia 13,911,414.89 3.65 1,074 3.42
Illinois 20,567,298.24 5.40 1,651 5.25
Indiana 3,887,472.31 1.02 371 1.18
Kansas 3,110,382.42 .82 269 .86
Kentucky 6,664,278.00 1.75 562 1.79
Maryland 8,577,659.72 2.25 661 2.10
Massachusetts 4,644,071.80 1.22 443 1.41
Michigan 13,758,906.48 3.61 1,161 3.69
Minnesota 5,766,901.37 1.51 463 1.47
Mississippi 1,907,005.61 .50 141 .45
Missouri 7,236,899.24 1.90 676 2.15
Nevada 6,568,127.95 1.72 562 1.79
New Jersey 14,545,688.02 3.82 1,187 3.78
New Mexico 2,140,775.54 .56 170 .54
New York 19,444,888.18 5.10 1,526 4.85
North Carolina 11,827,326.63 3.10 958 3.05
Ohio 18,241,696.60 4.79 1,540 4.90
Oklahoma 4,159,306.73 1.09 396 1.26
Oregon 2,904,618.54 .76 249 .79
Pennsylvania 19,022,029.51 4.99 1,583 5.03
South Carolina 4,616,271.43 1.21 365 1.16
Tennessee 8,246,434.01 2.16 648 2.06
Texas 38,590,638.84 10.13 3,287 10.45
Utah 3,773,987.65 .99 332 1.06
Virginia 17,023,837.32 4.47 1,324 4.21
Washington 10,034,600.38 2.63 864 2.75
Wisconsin 3,244,181.55 .85 273 .87
Other(3) 7,356,062.58 1.93 659 2.10
TOTAL $381,031,094.44 100.00% 31,442 100.00%
</TABLE>
- -----------------------------
(1) Aggregate Principal Balances include some portion of accrued interest
(2) Percentages may not add to 100% because of rounding.
(3) States with Aggregate Principal Balances less than $1,500,000.
9
<PAGE>
<TABLE>
<CAPTION>
PERCENT OF INITIAL NOTE PRINCIPAL BALANCE AT VARIOUS ABS PERCENTAGES(1)
Class A-1 Class A-2
Notes Notes
Distribution Date 0.0% 1.0% 1.7% 2.5% 0.0% 1.0% 1.7% 2.5%
- ----------------- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Initial 100 100 100 100 100 100 100 100
6/5/98 93 90 87 84 100 100 100 100
7/5/98 85 77 72 65 100 100 100 100
8/5/98 76 64 55 45 100 100 100 100
9/5/98 67 51 39 25 100 100 100 100
10/5/98 58 38 23 6 100 100 100 100
11/5/98 48 24 7 0 100 100 100 91
12/5/98 39 11 0 0 100 100 94 79
1/5/99 30 0 0 0 100 99 84 66
2/5/99 20 0 0 0 100 90 74 54
3/5/99 11 0 0 0 100 82 64 43
4/5/99 1 0 0 0 100 75 56 35
5/5/99 0 0 0 0 94 69 49 26
6/5/99 0 0 0 0 94 64 42 17
7/5/99 0 0 0 0 89 58 35 9
8/5/99 0 0 0 0 85 52 29 1
9/5/99 0 0 0 0 81 47 22 0
10/5/99 0 0 0 0 77 41 15 0
11/5/99 0 0 0 0 73 36 9 0
12/5/99 0 0 0 0 69 30 2 0
1/5/00 0 0 0 0 65 25 0 0
2/5/99 0 0 0 0 61 20 0 0
3/5/00 0 0 0 0 57 14 0 0
4/5/00 0 0 0 0 52 9 0 0
5/5/00 0 0 0 0 48 4 0 0
6/5/00 0 0 0 0 43 0 0 0
7/5/00 0 0 0 0 39 0 0 0
8/5/00 0 0 0 0 34 0 0 0
9/5/00 0 0 0 0 29 0 0 0
10/5/00 0 0 0 0 25 0 0 0
11/5/00 0 0 0 0 20 0 0 0
12/5/00 0 0 0 0 15 0 0 0
1/5/01 0 0 0 0 10 0 0 0
2/5/01 0 0 0 0 5 0 0 0
3/5/01 0 0 0 0 0 0 0 0
4/5/01 0 0 0 0 0 0 0 0
5/5/01 0 0 0 0 0 0 0 0
6/5/01 0 0 0 0 0 0 0 0
7/5/01 0 0 0 0 0 0 0 0
8/5/01 0 0 0 0 0 0 0 0
9/5/01 0 0 0 0 0 0 0 0
10/5/01 0 0 0 0 0 0 0 0
11/5/01 0 0 0 0 0 0 0 0
12/5/01 0 0 0 0 0 0 0 0
1/5/02 0 0 0 0 0 0 0 0
2/5/02 0 0 0 0 0 0 0 0
3/5/02 0 0 0 0 0 0 0 0
4/5/02 0 0 0 0 0 0 0 0
5/5/02 0 0 0 0 0 0 0 0
6/5/02 0 0 0 0 0 0 0 0
7/5/02 0 0 0 0 0 0 0 0
8/5/02 0 0 0 0 0 0 0 0
9/5/02 0 0 0 0 0 0 0 0
Weighted Average
Life in Years(2) 0.46 0.32 0.26 0.21 1.91 1.29 1.00 0.79
</TABLE>
- ----------------
(1) The percentages in this table have been rounded to nearest whole number.
(2) The weighted average life of a Note is determined by (i) multiplying the
amount of each principal payment on a Note by the number of years from the
date of the issuance of the Note to the related Distribution Date, (ii)
adding the results and (iii) dividing the sum by the related initial
principal amount of the Note.
10
<PAGE>
<TABLE>
<CAPTION>
PERCENT OF INITIAL NOTE PRINCIPAL BALANCE AT VARIOUS ABS PERCENTAGES(1)
Class A-3 Notes
------------------------------------------------------------------------------------------
Distribution Date 0.0% 1.0% 1.7% 2.5%
- ----------------- ---- ---- ---- ----
<S> <C> <C> <C> <C>
Initial 100 100 100 100
6/5/98 100 100 100 100
7/5/98 100 100 100 100
8/5/98 100 100 100 100
9/5/98 100 100 100 100
10/5/98 100 100 100 100
11/5/98 100 100 100 100
12/5/98 100 100 100 100
1/5/99 100 100 100 100
2/5/99 100 100 100 100
3/5/99 100 100 100 100
4/5/99 100 100 100 100
5/5/99 100 100 100 100
6/5/99 100 100 100 100
7/5/99 100 100 100 100
8/5/99 100 100 100 100
9/5/99 100 100 100 84
10/5/99 100 100 100 66
11/5/99 100 100 100 48
12/5/99 100 100 100 31
1/5/00 100 100 91 15
2/5/00 100 100 77 0
3/5/00 100 100 64 0
4/5/00 100 100 50 0
5/5/00 100 100 37 0
6/5/00 100 97 24 0
7/5/00 100 85 11 0
8/5/00 100 73 0 0
9/5/00 100 62 0 0
10/5/00 100 50 0 0
11/5/00 100 39 0 0
12/5/00 100 28 0 0
1/5/01 100 17 0 0
2/5/01 100 5 0 0
3/5/01 99 0 0 0
4/5/01 87 0 0 0
5/5/01 75 0 0 0
6/5/01 62 0 0 0
7/5/01 50 0 0 0
8/5/01 37 0 0 0
9/5/01 24 0 0 0
10/5/01 11 0 0 0
11/5/01 0 0 0 0
12/5/01 0 0 0 0
1/5/02 0 0 0 0
2/5/02 0 0 0 0
3/5/02 0 0 0 0
45/02 0 0 0 0
5/5/02 0 0 0 0
6/5/02 0 0 0 0
7/5/02 0 0 0 0
8/5/02 0 0 0 0
9/5/02 0 0 0 0
Weighted Average Life 3.14 2.40 1.90 1.48
in Years(2)
</TABLE>
(1) The percentages in this table have been rounded to nearest whole number.
(2) The weighted average life of a Note is determined by (i) multiplying the
amount of each principal payment on a Note by the number of years from the
date of the issuance of the Note to the related Distribution Date, (ii)
adding the results and (iii) dividing the sum by the related initial
principal amount of the Note.
11
<PAGE>
<TABLE>
<CAPTION>
PERCENT OF INITIAL NOTE PRINCIPAL BALANCE AT VARIOUS ABS PERCENTAGES(1)
Class A-4 Notes Class A-5 Notes
----------------------------------------------- ---------------------------------------------------
Distribution Date 0.0% 1.0% 1.7% 2.5% 0.0% 1.0% 1.7% 2.5%
- ----------------- ---- ---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Initial 100 100 100 100 100 100 100 100
6/5/98 100 100 100 100 100 100 100 100
7/5/98 100 100 100 100 100 100 100 100
8/5/98 100 100 100 100 100 100 100 100
9/5/98 100 100 100 100 100 100 100 100
10/5/98 100 100 100 100 100 100 100 100
11/5/98 100 100 100 100 100 100 100 100
12/5/98 100 100 100 100 100 100 100 100
1/5/99 100 100 100 100 100 100 100 100
2/5/99 100 100 100 100 100 100 100 100
3/5/99 100 100 100 100 100 100 100 100
4/5/99 100 100 100 100 100 100 100 100
5/5/99 100 100 100 100 100 100 100 100
6/5/99 100 100 100 100 100 100 100 100
7/5/99 100 100 100 100 100 100 100 100
8/5/99 100 100 100 100 100 100 100 100
9/5/99 100 100 100 100 100 100 100 100
10/5/99 100 100 100 100 100 100 100 100
11/5/99 100 100 100 100 100 100 100 100
12/5/99 100 100 100 100 100 100 100 100
1/5/00 100 100 100 100 100 100 100 100
2/5/00 100 100 100 99 100 100 100 100
3/5/00 100 100 100 88 100 100 100 100
4/5/00 100 100 100 77 100 100 100 100
5/5/00 100 100 100 66 100 100 100 100
6/5/00 100 100 100 56 100 100 100 100
7/5/00 100 100 100 46 100 100 100 100
8/5/00 100 100 99 37 100 100 100 100
9/5/00 100 100 90 27 100 100 100 100
10/5/00 100 100 82 19 100 100 100 100
11/5/00 100 100 74 10 100 100 100 100
12/5/00 100 100 66 2 100 100 100 100
1/5/01 100 100 58 0 100 100 100 0
2/5/01 100 100 50 0 100 100 100 0
3/5/01 100 96 43 0 100 100 100 0
4/5/01 100 88 36 0 100 100 100 0
5/5/01 100 81 29 0 100 100 100 0
6/5/01 100 73 22 0 100 100 100 0
7/5/01 100 66 16 0 100 100 100 0
8/5/01 100 59 10 0 100 100 100 0
9/5/01 100 51 4 0 100 100 100 0
10/5/01 100 44 0 0 100 100 96 0
11/5/01 99 37 0 0 100 100 0 0
12/5/01 89 30 0 0 100 100 0 0
1/5/02 79 24 0 0 100 100 0 0
2/5/02 69 17 0 0 100 100 0 0
3/5/02 59 10 0 0 100 100 0 0
4/5/02 49 4 0 0 100 100 0 0
5/5/02 39 0 0 0 100 95 0 0
6/5/02 28 0 0 0 100 0 0 0
7/5/02 17 0 0 0 100 0 0 0
8/5/02 6 0 0 0 100 0 0 0
9/5/02 0 0 0 0 0 0 0 0
Weighted Average
Life in Years(2) 3.89 3.34 2.75 2.13 4.27 4.02 3.44 2.61
</TABLE>
(1) The percentages in this table have been rounded to nearest whole number.
(2) The weighted average life of a Note is determined by (i) multiplying the
amount of each principal payment on a Note by the number of years from the
date of the issuance of the Note to the related Distribution Date, (ii)
adding the results and (iii) dividing the sum by the related initial
principal amount of the Note.
12
<PAGE>
DELINQUENCY AND LOAN LOSS INFORMATION
The following tables set forth information relating to AmeriCredit's
delinquency and loan loss experience for each period indicated with respect to
all Receivables it has purchased and serviced. This information includes the
experience with respect to all Receivables in AmeriCredit's portfolio of
Receivables serviced during each such period, including Receivables which do not
meet the criteria for selection as a Receivable.
<TABLE>
<CAPTION>
DELINQUENCY EXPERIENCE
Financed Vehicles which have been repossessed but not yet liquidated and bankrupt accounts
which have not yet been charged off are both included as delinquent accounts in the table below.
At March 31, At June 30,
----------------------------------------------------------------------------------------------
1998 1997 1997 1996
Number of Number of Number of Number of
Contracts Amount Contracts Amount Contracts Amount Contracts Amount
--------- -------- ---------- -------- --------- ---------- --------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Portfolio at end of period(1) 181,859 $1,924,796 94,871 $927,655 112,847 $1,138,255 59,913 $523,981
Period of Delinquency(2)
31-60 days(3) 10,087 103,152 5,757 53,529 7,761 73,956 3,886 31,723
61-90 days 2,160 22,392 1,569 14,521 2,164 20,213 1,215 9,959
91 days or more 5,510 53,083 3,247 28,371 3,467 31,012 1,696 13,631
-----------------------------------------------------------------------------------------------
Total Delinquencies(4) 17,757 $ 178,627 10,573 $ 96,421 13,392 $ 125,181 6,797 $ 55,313
Total Delinquencies as
a Percent of the Portfolio 9.8% 9.3% 11.1% 10.4% 11.9% 11.0% 11.3% 10.6%
</TABLE>
- --------------------------
(1) All amounts and percentages are based on the Principal Balances of the
Receivables. Principal Balances include some portion of accrued interest.
All dollar amounts are in thousands of dollars.
(2) AmeriCredit considers a loan delinquent when an Obligor fails to make a
contractual payment by the due date. The period of delinquency is based on
the number of days payments are contractually past due.
(3) Amounts shown do not include loans which are less than 31 days delinquent.
(4) Financed Vehicles which have been repossessed but not yet liquidated are
considered delinquent accounts in the table above.
<TABLE>
<CAPTION>
CREDIT LOSS EXPERIENCE
- ------------------------------------------------------------------------------------------------------------------------------------
Nine months Ended March 31, Fiscal Year Ended June 30,
1998 1997 1997 1996
---------- --------- ---------- --------
<S> <C> <C> <C> <C>
Period-End Principal Outstanding(1) $1,924,796 $927,655 $1,138,255 $523,981
Average Month-End Amount Outstanding During
the Period(1) 1,495,784 709,320 792,155 357,966
Net Charge-Offs(2) 60,918 29,084 43,231 19,974
Net Charge-Offs as a Percentage of Period-End 4.2% 4.2% 3.8% 3.8%
Principal Outstanding
Net Charge-Offs as a Percent of Average
Month-End Amount Outstanding 5.4% 5.5% 5.5% 5.6%
</TABLE>
(1) All amounts and percentages are based on the Principal Balances of the
Receivables. Principal Balances include some portion of accrued interest.
All dollar amounts are in thousands of dollars.
(2) Net Charge-Offs equal Gross Charge-Offs minus Recoveries. Gross Charge-Offs
do not include unearned finance charges and other fees. Recoveries include
repossession proceeds received from the sale of repossessed Financed
Vehicles net of repossession expenses, refunds of unearned premiums from
credit life and credit accident and health insurance and extended service
contract costs obtained and financed in connection with the vehicle
financing and recoveries from Obligors on deficiency balances.
13
