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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 (Date of earliest event reported)
February 17, 1998
AmeriCredit Automobile Receivables Trust 1998-A
-----------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
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 ________________
200 Bailey Avenue (Zip Code)
Fort Worth, Texas
------------------------
(Address of Principal
Executive Offices)
</TABLE>
Registrant's telephone number, including area code (817) 882-7000
(Former name or former address, if changed since last report)
- --------------------------------------------------------------------------------
<PAGE>
Item 5. Other Events
------------
In connection with the offering of AmeriCredit Automobile
Receivables Trust 1998-A 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).
2
<PAGE>
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-A
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: February 18, 1998
<PAGE>
EXHIBIT INDEX
Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials (as defined in Item 5
above) distributed by Credit Suisse First Boston
Corporation.
<PAGE>
EXHIBIT 99.1
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1998-A
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.
Issuer................................ AmeriCredit Automobile Receivables Trust
1998-A (the "Trust" or the "Issuer"), a
Delaware business trust to be formed
pursuant to a Trust Agreement, dated as
of February 17, 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..................... Harris Trust and Savings Bank (the
"Indenture Trustee").
Owner Trustee......................... Bankers Trust (Delaware) (the "Owner
Trustee").
Statistical Calculation Date.......... February 1, 1998.
Initial Cutoff Date................... February 17, 1998.
Closing Date.......................... February 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 $97,000,000, Class
A-2 Floating Rate Asset Backed Notes
(the "Class A-2 Notes") in the aggregate
original principal amount of
$200,000,000, and Class A-3 ____% Asset
Backed Notes (the "Class A-3 Notes") in
the aggregate original principal amount
of $128,000,000. The Class A-1 Notes,
the Class A-2 Notes and the Class A-3
Notes (collectively, the "Notes") will
be issued pursuant to an Indenture,
dated as of February 17, 1998, among the
Issuer and Harris Trust and Savings
Bank, 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.
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
<PAGE>
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 April 30, 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.
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 $252,660,688.50 as of the
Statistical Calculation Date.
AmeriCredit expects that the Initial
Receivables will have an aggregate
Principal Balance of approximately
$325,000,000 as of the Initial Cutoff
Date. The
2
<PAGE>
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 19.37%, a weighted
average original maturity of 57 months
and a weighted average remaining
maturity of 56 months. Each of the
Initial Receivables also will have a
remaining term of not more than 60
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") (i) the last
day of the month preceding the month in
which Subsequent Receivables are
conveyed to the Seller by AmeriCredit
and CP Funding and reconveyed by the
Seller to the Trust or (ii)if any such
Subsequent Receivable is originated in
the month of conveyance, the date of
origination. 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,
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
3
<PAGE>
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 March 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, Illinois 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 March 1999
Insured Distribution Date; for the Class
A-2 Notes, the November 2001 Insured
Distribution Date; and for the Class A-3
Notes, the December 2003 Insured
Distribution Date.
C. Interest Rates.................. The Class A-1 Notes and the Class A-3
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
_____%, subject to a maximum rate equal
to 12% per annum. 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
following Distribution Date (each, an
"Interest Period"). 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
4
<PAGE>
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 and the Class A-2 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-3 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-3 Notes 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).
5
<PAGE>
F. Optional Redemption............. The Class A-3 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 February 17, 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) April 30, 1998. The Initial Pre-
Funded Amount as 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
6
<PAGE>
Redemption Date as described herein. The
"Mandatory Redemption Date" is the
earlier of (i)the Distribution Date in
May 1998 or (ii)if the last day of the
Funding Period occurs on or prior to the
Calculation Date (as defined below)
occurring in March or April 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 March,
April and May 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
and the Class A-3 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.
7
<PAGE>
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:
<TABLE>
<CAPTION>
COMPOSITION OF THE INITIAL RECEIVABLES AS OF THE STATISTICAL CALCULATION DATE
New Used Total
---------------------------- ------------------------- -------------------------
<S> <C> <C> <C>
Aggregate Principal Balance(1) $40,340,305.57 $212,320,382.93 $252,660,688.50
Number of Receivables 2,684 17,754 20,438
Percent of Aggregate Principal
Balance 15.97% 84.03% 100.00
Average Principal Balance $15,029.92 $11,959.02 $12,362.30
Range of Principal Balances (282.39 to 29,760.17) ($298.66 to 29,814.93)
Weighted Average APR(1) 18.04% 19.62% 19.37%
Range of APRs (13% to 26%) (13% to 32%)
Weighted Average Remaining Term 59 months 55 months 56 months
Range of Remaining Terms (10 to 60 months) (7 to 60 months)
Weighted Average Original Term 60 months 56 months 57 months
Range of Original Terms (12 to 60 months) (12 to 60 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.
<TABLE>
<CAPTION>
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(2) Principal Balance(1) Receivables of Receivables(2)
- --------------------- -------------------- -------------------- -------------------- --------------------
<S> <C> <C> <C> <C>
13.000% to 13.999% $4,255,223.45 1.68% 284 1.39%
14.000 to 14.999 6,363,219.89 2.52 395 1.93
15.000 to 15.999 13,183,221.30 5.22 863 4.22
16.000 to 16.999 11,311,501.13 4.48 770 3.77
17.000 to 17.999 28,833,472.07 11.41 2,102 10.29
18.000 to 18.999 53,438,600.43 21.15 4,141 20.26
19.000 to 19.999 25,935,704.25 10.27 2,024 9.90
20.000 to 20.999 33,281,642.04 13.17 2,689 13.16
21.000 to 21.999 41,973,919.24 16.61 3,791 18.55
22.000 to 22.999 13,743,455.59 5.44 1,256 6.15
23.000 to 23.999 11,614,353.95 4.60 1,128 5.52
24.000 to 24.999 5,668,024.80 2.24 593 2.90
25.000 to 25.999 2,182,021.15 0.86 282 1.38
26.000 to 26.999 558,687.31 0.22 76 0.37
27.000 to 27.999 114,048.83 0.05 14 0.07
28.000 to 28.999 36,052.15 0.01 6 0.03
29.000 to 29.999 154,545.48 0.06 21 0.10
30.000 to 30.999 5,616.24 0.00 1 0.01
31.000 to 31.999 4,698.74 0.00 1 0.01
32.000 to 32.999 2,680.46 0.00 1 0.01
TOTAL $252,660,688.50 100.00% 20,438 100.00%
</TABLE>
(1) Aggregate Principal Balances include some portion of accrued interest.
(2) Percentages may not add to 100% because of rounding.
8
<PAGE>
<TABLE>
<CAPTION>
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(2) Principal Balance(1) Receivables of Receivables(2)
- --------------------- --------------------- --------------------- --------------------- ---------------------
<S> <C> <C> <C> <C>
Arizona $12,177,915.44 4.82% 1,007 4.93%
California 38,519,947.67 15.25 2,935 14.36
Colorado 4,154,790.05 1.64 384 1.88
Connecticut 2,684,425.36 1.06 204 1.00
Florida 13,704,081.94 5.42 1,129 5.52
Georgia 8,405,497.19 3.33 635 3.11
Illinois 12,967,987.96 5.13 1,050 5.14
Indiana 2,233,743.82 0.88 186 0.91
Kansas 1,814,362.13 0.72 146 0.71
Kentucky 4,219,840.21 1.67 381 1.86
Maryland 4,618,052.23 1.83 361 1.77
Massachusetts 3,117,855.20 1.23 285 1.39
Michigan 7,995,918.35 3.17 648 3.17
Minnesota 2,776,028.04 1.10 226 1.11
Missouri 4,104,682.35 1.63 358 1.75
Nevada 4,186,574.35 1.66 339 1.66
New Jersey 9,595,632.03 3.80 778 3.81
New York 12,607,383.93 4.99 998 4.88
North Carolina 9,825,004.94 3.89 739 3.62
Ohio 12,253,321.20 4.85 1,032 5.05
Oklahoma 2,327,518.98 0.92 208 1.02
Oregon 1,997,386.74 0.79 170 0.83
Pennsylvania 12,909,578.81 5.11 1,065 5.21
South Carolina 3,113,026.01 1.23 256 1.25
Tennessee 4,751,106.92 1.88 377 1.85
Texas 25,652,027.22 10.15 2,055 10.06
Utah 1,943,044.11 0.77 162 0.79
Virginia 11,454,910.94 4.53 901 4.41
Washington 7,055,293.28 2.79 602 2.95
Wisconsin 1,992,472.84 0.79 173 0.85
Other(3) 7,501,278.26 2.97 648 3.18
TOTAL $252,660,688.50 100.00% 20,438 100.00%
</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 Notes Class A-2 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
3/5/98 95 91 89 86 100 100 100 100
4/5/98 87 80 75 69 100 100 100 100
5/5/98 78 67 59 50 100 100 100 100
6/5/98 69 54 43 31 100 100 100 100
7/5/98 60 41 28 12 100 100 100 100
8/5/98 51 29 12 0 100 100 100 97
9/5/98 42 16 0 0 100 100 99 88
10/5/98 33 3 0 0 100 100 91 80
11/5/98 24 0 0 0 100 96 84 71
12/5/98 15 0 0 0 100 90 77 64
1/5/99 5 0 0 0 100 85 72 58
2/5/99 0 0 0 0 98 81 67 52
3/5/99 0 0 0 0 98 77 63 46
4/5/99 0 0 0 0 95 73 58 40
5/5/99 0 0 0 0 93 70 53 34
6/5/99 0 0 0 0 90 66 48 29
7/5/99 0 0 0 0 87 62 44 23
8/5/99 0 0 0 0 84 58 39 18
9/5/99 0 0 0 0 82 54 35 12
10/5/99 0 0 0 0 79 51 31 7
11/5/99 0 0 0 0 76 47 26 2
12/5/99 0 0 0 0 73 43 22 0
1/5/00 0 0 0 0 70 39 18 0
2/5/00 0 0 0 0 67 36 14 0
3/5/00 0 0 0 0 64 32 10 0
4/5/00 0 0 0 0 61 29 6 0
5/5/00 0 0 0 0 58 25 2 0
6/5/00 0 0 0 0 54 21 0 0
7/5/00 0 0 0 0 51 18 0 0
8/5/00 0 0 0 0 48 14 0 0
9/5/00 0 0 0 0 44 11 0 0
10/5/00 0 0 0 0 41 7 0 0
11/5/00 0 0 0 0 37 4 0 0
12/5/00 0 0 0 0 34 1 0 0
1/5/01 0 0 0 0 30 0 0 0
2/5/01 0 0 0 0 26 0 0 0
3/5/01 0 0 0 0 23 0 0 0
4/5/01 0 0 0 0 19 0 0 0
5/5/01 0 0 0 0 15 0 0 0
6/5/01 0 0 0 0 11 0 0 0
7/5/01 0 0 0 0 7 0 0 0
8/5/01 0 0 0 0 3 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
Weighted Average
Life in Years(2) 0.49 0.34 0.28 0.23 2.37 1.68 1.32 1.04
</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
3/5/98 100 100 100 100
4/5/98 100 100 100 100
5/5/98 100 100 100 100
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
9/5/99 100 100 100 100
10/5/99 100 100 100 100
11/5/99 100 100 100 100
12/5/99 100 100 100 96
1/5/00 100 100 100 89
2/5/00 100 100 100 81
3/5/00 100 100 100 74
4/5/00 100 100 100 68
5/5/00 100 100 100 61
6/5/00 100 100 97 55
7/5/00 100 100 91 49
8/5/00 100 100 85 43
9/5/00 100 100 80 37
10/5/00 100 100 75 32
11/5/00 100 100 69 0
12/5/00 100 100 64 0
1/5/01 100 96 59 0
2/5/01 100 91 55 0
3/5/01 100 85 50 0
4/5/01 100 80 46 0
5/5/01 100 75 41 0
6/5/01 100 71 37 0
7/5/01 100 66 33 0
8/5/01 100 61 0 0
9/5/01 98 56 0 0
10/5/01 92 51 0 0
11/5/01 85 47 0 0
12/5/01 78 42 0 0
1/5/02 72 38 0 0
2/5/02 65 34 0 0
3/5/02 57 0 0 0
4/5/02 50 0 0 0
5/5/02 43 0 0 0
6/5/02 36 0 0 0
Weighted Average
Life in Years(2) 4.09 3.60 3.01 2.34
</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>
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 December 31, At June 30,
---------------------------------------------------------------------------------------------------
1997 1996 1997 1996
---------------------------------------------------------------------------------------------------
Number of Number of Number of Number of
Contracts Amount Contracts Amount Contracts Amount Contracts Amounts
---------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio at end of period(1) 152,958 $1,599,273 80,339 $761,716 112,847 $1,138,255 59,913 $523,981
Period of Delinquency(2)
31-60 days(3) 12,140 122,468 5,914 52,476 7,761 73,956 3,886 31,723
61-90 days 2,976 29,631 1,766 15,250 2,164 20,213 1,215 9,959
91 days or more 5,405 51,220 3,010 25,337 3,467 31,012 1,696 13,631
---------------------------------------------------------------------------------------------------
Total Delinquencies(4) 20,521 $203,319 10,690 $93,063 13,392 $125,181 6,797 $55,313
Total Delinquencies as a 13.4% 12.7% 13.3% 12.2% 11.9% 11.0% 11.3% 10.6%
Percent of the Portfolio
</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
- ---------------------------------------------------------------------------------------------------------------------------------
Six Months Ended December 31, Fiscal Year Ended June 30,
-----------------------------------------------------------------------------------------
1997 1996 1997 1996
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Period-End Principal Outstanding(1) $1,599,273 $761,716 $1,138,255 $523,981
Average Month-End Amount Outstanding
During the Period(1) 1,375,614 641,522 792,155 357,966
Net Charge-Offs(2) 38,073 17,749 43,231 19,974
Net Charge-Offs as a Percentage of
Period-End Principal Outstanding 4.8% 4.7% 3.8% 3.8%
Net Charge-Offs as a Percent of
Average Month-End Amount Outstanding 5.5% 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.
12
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