<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)
October 26, 1998
AmeriCredit Automobile Receivables Trust 1998-D
-----------------------------------------------
(Exact name of registrant as specified in its charter)
United States 333-63565 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)
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-D 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-D
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: October 27, 1998
3
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials (as defined in Item 5 above)
distributed by Chase Securities Inc., Credit Suisse First Boston
Corporation and Nationsbanc Montgomery Securities LLC
4
<PAGE>
EXHIBIT 99.1
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1998-D
TERM SHEET
SUBJECT TO REVISION
PARTIES
THE TRUST
AmeriCredit Automobile Receivables Trust 1998-D is a Delaware business trust.
The trust will issue the notes and be liable for their payment. The issuing
trust's principal asset will be a pool of auto loans.
SELLER
AFS Funding Corp. is a Nevada corporation which is a wholly-owned special-
purpose subsidiary of AmeriCredit Financial Services, Inc. AFS Funding Corp.
will sell the auto loans to the issuing trust.
SERVICER
AmeriCredit Financial Services, Inc. is a Delaware corporation. AmeriCredit
Financial Services, Inc. will service the auto loans held by the issuing trust.
THE INSURER
Financial Security Assurance Inc. is a New York financial guaranty insurance
company. Financial Security Assurance Inc. will issue a policy, which will
guarantee the payment of timely interest and principal due on the notes but only
as set forth in the section of the prospectus supplement titled "The Policy."
THE TRUSTEE
Bank One, N.A. is a national banking association. Bank One, N.A. will be the
trust collateral agent, the indenture trustee and the backup servicer.
DATES
STATISTICAL CALCULATION DATE
. October 16, 1998. This is the date used for preparing the statistical
information used in this term sheet.
INITIAL CUTOFF DATE
. October ___, 1998. The issuing trust will receive payments due on, or
received with respect to, the auto loans after this date.
CLOSING DATE
. November ___, 1998.
DESCRIPTION OF THE SECURITIES
GENERAL
The issuing trust will issue five classes of its asset backed notes. The notes
are designated as 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-".
Each class of notes will have the initial principal amount and interest rate set
forth in the following table. The dates on which the final payment of principal
and interest on each class of notes is scheduled to be made are also set forth
in the following table.
<PAGE>
CLASS INITIAL NOTE INTEREST FINAL
- ----- PRINCIPAL RATE SCHEDULED
BALANCE(1) ---- DISTRIBUTION
---------- DATE
----
A-1 $ 95,000,000 ___% November 1999
A-2 $160,000,000 LIBOR + May 2002
___%
A-3 $ 75,000,000 LIBOR + January 2003
___%
A-4 $ 95,000,000 LIBOR + September 2005
___%
A-5 $150,000,000 LIBOR + September 2005
___%
(1) Approximately.
LIBOR is the rate for deposits in U.S. dollars for a one-month period which
appears on the Dow Jones Telerate Page 3750 (or similar replacement page) as of
11:00 a.m., London time, on the related LIBOR determination date.
LIBOR will be determined on the following dates:
. _________, for the period from the day of the closing to the first
distribution date; and
. thereafter, the second London business day prior to the prior distribution
date.
The notes will initially be issued in book-entry form only. The notes will be
issued in minimum denominations of $1,000 and multiples of $1,000 in excess
thereof.
You may hold your notes through The Depository Trust Company in the United
States or Cedel Bank, societe anonyme or in the Euroclear System in Europe.
Application will be made to list the notes on the Luxembourg Stock Exchange.
The notes will be secured solely by the pool of auto loans and the other assets
of the issuing trust which are described under the section entitled "The Trust
Assets."
DISTRIBUTION DATES
. When AmeriCredit Financial Services, Inc. is the servicer:
The distribution date will be the 5th day of each month, or, if such day is
not a business day, on the next succeeding business day, commencing on
December 5, 1998.
. If AmeriCredit Financial Services, Inc. is not the servicer:
The distribution date will become the twelfth day of each month, or if such
twelfth day is not a business day, the next following business day.
. Insured distributions:
Financial Security Assurance Inc. will make payment of any unpaid interest
and principal due on the notes on the twelfth day of each month, or if such
twelfth day is not a business day, the next following business day.
. The record date for all distribution dates is the close of business on the
business day immediately preceding such distribution date.
INTEREST
Interest on the notes of each class will accrue at the applicable interest rate
from a distribution date to the day before the next distribution date. In the
case of the first distribution date, interest begins to accrue on the day of the
closing.
Interest on the notes will be calculated on an "actual/360" basis.
PRINCIPAL
. Calculation:
2
<PAGE>
Principal of the notes will be payable on each distribution date in an amount
equal to (1) 100% of the principal amortization which occurred in the auto
loan pool during the prior calendar month, plus (2) the amount of excess
interest collected on the auto loans during the prior calendar month after
paying interest on the notes and other expenses, which is to be used to pay
principal on the notes, if any, for the calendar month preceding such
distribution date.
PRINCIPAL PAYMENTS ON PARTICULAR NOTES
. The Class A-5 Notes will be a "wide-window" "pay-through class" of notes,
which will receive principal payments on all distributions, and which will
generally amortize as the auto loan pool amortizes. The Class A-5 Notes will
comprise, initially, approximately 26.09% of the notes, and will be entitled
to receive approximately 26.09% of the amount to be paid as principal to the
noteholders on each distribution date.
. The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class-4
Notes will be "sequential pay" classes which collectively will receive
approximately 73.91% of the amount to be paid as principal to the noteholders
on each distribution date as follows:
- first, the Class A-1 Notes will be paid off;
- once the Class A-1 Notes are paid off, the Class A-2 Notes will begin
to amortize, until they are paid off;
- once the Class A-2 Notes are paid off, the Class A-3 Notes will begin
to amortize, until they are paid off; and
- once the Class-3 Notes are paid off, the Class-4 Notes will begin to
amortize, until they are paid off.
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 twelfth day of the month of such final scheduled
distribution date).
THE TRUST ASSETS
GENERAL
The issuing trust's assets will include:
. certain motor vehicle retail installment sale contracts, secured by new and
used automobiles, light duty trucks and vans;
. certain monies received thereunder after October __, 1998;
. an assignment of the security interests in the vehicles securing the auto
loan pool;
. the related files;
. all rights to proceeds from claims on certain physical damage, credit life
and disability insurance policies covering the vehicles or the obligors;
. all rights to liquidation proceeds with respect to the auto loan pool;
. an assignment of the rights of AFS Funding Corp. against dealers under
agreements between AmeriCredit Financial Services, Inc. and such dealers;
. certain bank accounts;
. all proceeds of the foregoing; and
. certain rights under the principal transaction documents for this offering.
THE AUTO LOAN POOL
GENERAL
3
<PAGE>
The auto loans consist of motor vehicle retail installment sale contracts
originated by dealers and then acquired by AmeriCredit Financial Services, Inc.
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.
STATISTICAL INFORMATION
The statistical information in this term sheet is based on the auto loans in the
pool as of October 16, 1998. The statistical distribution of the
characteristics of the auto loan pool as of October __, 1998 varies somewhat
from the statistical distribution of such characteristics as of October 16, 1998
as presented herein, although such variance will not be material.
. As of October 16, 1998 the auto loans in the pool have:
- an aggregate principal balance of $388,284,840.60;
- a weighted average annual percentage rate of approximately 18.31%;
- a weighted average original maturity of approximately 58 months;
- a weighted average remaining maturity of approximately 57 months; and
- a remaining term of not more than 72 months and not less than 10 months
(each).
. As of the October __, 1998 the auto loans in the pool are expected to have an
aggregate principal balance of approximately $450,000,000.
PRE-FUNDING FEATURE
Approximately $125,000,000 of the proceeds of the notes will be held by Bank
One, N.A. in an account which is formed solely to hold this money, and used to
purchase additional auto loans. The issuing trust will purchase from AFS
Funding Corp. additional auto loans from time to time on or before January 31,
1999, from funds on deposit in this account.
The auto loans acquired by the issuing trust during the period between the day
of the closing and January 31, 1999 will also have been originated by
AmeriCredit Financial Services, Inc. The characteristics of the subsequently-
acquired auto loans will not differ to any great extent from the auto loans
acquired by the issuing trust on the day of the closing.
THE INSURANCE POLICY
On the day of the closing, Financial Security Assurance Inc. will issue a
financial guaranty insurance policy for the benefit of the noteholders.
Pursuant to this policy, Financial Security Assurance Inc. will unconditionally
and irrevocably guarantee the payments of interest and principal with respect to
the notes required to be made during the term of such policy.
In the event that, on any distribution date, the noteholders did not receive the
full amount of the payment then due to them, such shortfall (together with, in
the case of an interest shortfall, interest thereon at the related interest
rate) is due and payable and will be funded on the twelfth day of such month
either from an account which holds money for this purpose or from the proceeds
of a drawing under the policy.
OPTIONAL REDEMPTION
4
<PAGE>
The Class A-4 Notes and the Class A-5 Notes, if still outstanding, may be
redeemed in whole, but not in part, on any distribution date on which
AmeriCredit Financial Services, Inc. exercises its "clean-up call" option to
purchase the auto loan pool. This can only occur after the pool balance
declines to 10% or less of its original level. The redemption price is equal to
the unpaid principal amount of the notes of each such class plus accrued and
unpaid interest thereon.
MANDATORY REDEMPTION
IF PRE-FUNDING ACCOUNT IS NOT DEPLETED
Each class of notes will be redeemed in part in the event that any portion of
the approximately $125,000,000 deposited in a segregated account with Bank One,
N.A. remains on deposit in such account on January 31, 1999. 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 amount remaining in such account on January 31,
1999. However, if the amount to be redeemed is $100,000 or less, such amount
will be applied to the "sequential pay" notes in accordance with their
"sequential pay" feature, and not pro rata, to reduce the outstanding principal
--- ----
balance of the class of notes then entitled to receive distributions of
principal.
UPON EVENT OF DEFAULT
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 Financial
Security Assurance Inc. is not in default, the power to declare an event of
default will be held by Financial Security Assurance Inc. In the case of such
an event of default, the notes will automatically be accelerated and subject to
immediate payment at par. The policy issued by Financial Security Assurance
Inc. does not guarantee payment of any amounts that become due on an accelerated
basis, unless Financial Security Assurance Inc. elects, in its sole discretion,
to pay such amounts in whole or in part.
RATING OF THE NOTES
The notes must receive at least the following ratings from Standard & Poor's, a
division of the McGraw-Hill Companies, Inc. and Moody's Investors Service, Inc.
in order to be issued:
CLASS RATING
- ----- ------------------------
S&P MOODY'S
----------- ------------
A-1 A-1+ P-1
A-2 AAA Aaa
A-3 AAA Aaa
A-4 AAA Aaa
A-5 AAA Aaa
5
<PAGE>
COMPOSITION OF THE INITIAL RECEIVABLES AS OF THE
STATISTICAL CALCULATION DATE
<TABLE>
<CAPTION>
NEW USED TOTAL
--- ---- -----
<S> <C> <C> <C>
Aggregate Principal Balance(1) $99,240,653.97 $289,044,186.63 $388,284,840.60
Number of Receivables 6,388 23,135 29,523
Percent of Aggregate Principal 25.56% 74.44% 100.00%
Balance
Average Principal Balance $ 15,535.48 $ 12,493.81 $ 13,151.94
Range of Principal Balances ($285.62 to $29,939.69) ($325.80 to $29,939.01)
Weighted Average APR(1) 16.86% 18.80% 18.31%
Range of APRs (9.77% to 25.00%) (9.50% to 29.00%)
Weighted Average Remaining Term 60 months 56 months 57 months
Range of Remaining Terms (24 to 72 months) (10 to 72 months)
Weighted Average Original Term 60 months 57 months 58 months
Range of Original Terms (24 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.
6
<PAGE>
DISTRIBUTION OF THE INITIAL RECEIVABLES BY APR AS OF THE
STATISTICAL CALCULATION DATE
<TABLE>
<CAPTION>
AGGREGATE PRINCIPAL % OF AGGREGATE NUMBER OF % OF TOTAL NUMBER OF
APR RANGE BALANCE(1) PRINCIPAL BALANCE(2) RECEIVABLES RECEIVABLES(2)
--------- ---------- -------------------- ----------- --------------
<S> <C> <C> <C> <C>
9.000 to 9.999% $ 2,461,642.34 0.63% 141 0.48%
10.000 to 10.999 1,811,016.24 0.47% 100 0.34%
11.000 to 11.999 4,120,471.92 1.06% 237 0.80%
12.000 to 12.999 16,098,020.49 4.15% 952 3.22%
13.000 to 13.999 13,478,277.00 3.47% 810 2.74%
14.000 to 14.999 13,977,569.26 3.60% 865 2.93%
15.000 to 15.999 25,499,210.90 6.57% 1,629 5.52%
16.000 to 16.999 24,327,567.17 6.27% 1,625 5.50%
17.000 to 17.999 44,396,194.48 11.43% 3,114 10.55%
18.000 to 18.999 81,121,573.40 20.89% 6,114 20.71%
19.000 to 19.999 37,874,808.87 9.75% 2,883 9.77%
20.000 to 20.999 40,048,877.73 10.31% 3,250 11.01%
21.000 to 21.999 50,079,104.83 12.90% 4,526 15.33%
22.000 to 22.999 15,790,056.84 4.07% 1,474 4.99%
23.000 to 23.999 14,249,146.31 3.67% 1,491 5.05%
24.000 to 24.999 2,109,716.94 0.54% 207 0.70%
25.000 to 25.999 594,778.19 0.15% 72 0.24%
26.000 to 26.999 90,268.21 0.02% 12 0.04%
27.000 to 27.999 80,371.40 0.02% 10 0.03%
28.000 to 28.999 25,402.35 0.01% 3 0.01%
29.000 to 29.999 50,765.73 0.01% 8 0.03%
--------------- ------ ------ ------
TOTAL $388,284,840.60 100.00% 29,523 100.00%
=============== ====== ====== ======
</TABLE>
- ----------------------------
(1) Aggregate Principal Balances include some portion of accrued interest.
(2) Percentages may not add to 100% because of rounding.
7
<PAGE>
DISTRIBUTION OF THE INITIAL RECEIVABLES BY GEOGRAPHIC LOCATION
OF OBLIGOR AS OF THE STATISTICAL CALCULATION DATE
<TABLE>
<CAPTION>
STATE AGGREGATE PRINCIPAL % OF AGGREGATE NUMBER OF RECEIVABLES % OF TOTAL NUMBER OF
----- BALANCE(1) PRINCIPAL BALANCE(2) --------------------- RECEIVABLES(2)
---------- -------------------- --------------
<S> <C> <C> <C> <C>
Alabama $ 5,289,565.73 1.36% 388 1.31%
Arizona 14,096,878.12 3.63% 1,107 3.75%
California 55,155,688.40 14.20% 3,978 13.47%
Colorado 4,822,725.34 1.24% 410 1.39%
Connecticut 3,531,752.44 0.91% 280 0.95%
Delaware 1,832,621.01 0.47% 139 0.47%
Florida 30,799,169.60 7.93% 2,300 7.79%
Georgia 14,017,960.85 3.61% 973 3.30%
Illinois 17,292,197.17 4.45% 1,308 4.43%
Indiana 3,965,730.08 1.02% 319 1.08%
Kansas 3,970,835.89 1.02% 302 1.02%
Kentucky 6,044,389.27 1.56% 478 1.62%
Louisiana 3,074,180.44 0.79% 221 0.75%
Maryland 7,547,670.45 1.94% 535 1.81%
Massachusetts 6,040,191.70 1.56% 530 1.80%
Michigan 11,341,637.51 2.92% 884 2.99%
Minnesota 5,960,960.37 1.54% 487 1.65%
Mississippi 2,054,093.44 0.53% 145 0.49%
Missouri 6,308,951.79 1.62% 511 1.73%
Nevada 6,626,198.29 1.71% 492 1.67%
New Jersey 14,089,854.35 3.63% 1,091 3.70%
New Mexico 1,644,995.22 0.42% 122 0.41%
New York 19,513,039.44 5.03% 1,480 5.01%
North Carolina 11,145,960.88 2.87% 829 2.81%
Ohio 17,391,316.22 4.48% 1,376 4.66%
Oklahoma 4,676,555.47 1.20% 386 1.31%
Oregon 3,323,105.21 0.86% 261 0.88%
Pennsylvania 18,194,255.49 4.69% 1,437 4.87%
South Carolina 4,623,439.71 1.19% 339 1.15%
Tennessee 8,227,850.49 2.12% 596 2.02%
Texas 35,119,360.89 9.04% 2,664 9.02%
Utah 2,416,029.69 0.62% 198 0.67%
Virginia 15,642,702.93 4.03% 1,146 3.88%
Washington 8,897,895.89 2.29% 695 2.35%
West Virginia 2,141,869.48 0.55% 161 0.55%
Wisconsin 2,942,874.02 0.76% 240 0.81%
Other(3) 8,520,337.33 2.19% 715 2.42%
--------------- ------ ------ ------
TOTAL $388,284,840.60 100.00% 29,523 100.00%
=============== ====== ====== ======
</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.
8
<PAGE>
PERCENT OF INITIAL NOTE PRINCIPAL BALANCE AT VARIOUS ABS
PERCENTAGES(1)
<TABLE>
<CAPTION>
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
12/5/98 94 90 88 85 100 100 100 100
1/5/99 85 77 71 65 100 100 100 100
2/5/99 76 64 55 46 100 100 100 100
3/5/99 67 51 40 26 100 100 100 100
4/5/99 58 38 24 8 100 100 100 100
5/5/99 49 25 9 0 100 100 100 93
6/5/99 40 13 0 0 100 100 96 83
7/5/99 31 0 0 0 100 100 87 72
8/5/99 22 0 0 0 100 93 78 62
9/5/99 13 0 0 0 100 85 70 52
10/5/99 4 0 0 0 100 79 63 45
11/5/99 0 0 0 0 99 75 57 37
12/5/99 0 0 0 0 96 70 51 30
1/5/00 0 0 0 0 93 65 45 23
2/5/00 0 0 0 0 89 60 39 16
3/5/00 0 0 0 0 86 55 34 9
4/5/00 0 0 0 0 83 51 28 2
5/5/00 0 0 0 0 79 46 22 0
6/5/00 0 0 0 0 76 41 17 0
7/5/00 0 0 0 0 72 37 11 0
8/5/00 0 0 0 0 69 32 6 0
9/5/00 0 0 0 0 65 27 1 0
10/5/00 0 0 0 0 61 23 0 0
11/5/00 0 0 0 0 58 18 0 0
12/5/00 0 0 0 0 54 14 0 0
1/5/01 0 0 0 0 50 9 0 0
2/5/01 0 0 0 0 46 5 0 0
3/5/01 0 0 0 0 42 1 0 0
4/5/01 0 0 0 0 38 0 0 0
5/5/01 0 0 0 0 34 0 0 0
6/5/01 0 0 0 0 30 0 0 0
7/5/01 0 0 0 0 26 0 0 0
8/5/01 0 0 0 0 21 0 0 0
9/5/01 0 0 0 0 17 0 0 0
10/5/01 0 0 0 0 13 0 0 0
11/5/01 0 0 0 0 8 0 0 0
12/5/01 0 0 0 0 3 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
10/5/02 0 0 0 0 0 0 0 0
11/5/02 0 0 0 0 0 0 0 0
12/5/02 0 0 0 0 0 0 0 0
1/5/03 0 0 0 0 0 0 0 0
2/5/03 0 0 0 0 0 0 0 0
3/5/03 0 0 0 0 0 0 0 0
4/5/03 0 0 0 0 0 0 0 0
5/5/03 0 0 0 0 0 0 0 0
Weighted Average 0.53 0.38 0.32 0.27 2.17 1.49 1.17 0.93
Life 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.
9
<PAGE>
PERCENT OF INITIAL NOTE PRINCIPAL BALANCE AT VARIOUS ABS
PERCENTAGES(1)
<TABLE>
<CAPTION>
CLASS A-3 NOTES CLASS A-4 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
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
2/5/00 100 100 100 100 100 100 100 100
3/5/00 100 100 100 100 100 100 100 100
4/5/00 100 100 100 100 100 100 100 100
5/5/00 100 100 100 90 100 100 100 100
6/5/00 100 100 100 76 100 100 100 100
7/5/00 100 100 100 62 100 100 100 100
8/5/00 100 100 100 49 100 100 100 100
9/5/00 100 100 100 36 100 100 100 100
10/5/00 100 100 91 23 100 100 100 100
11/5/00 100 100 80 11 100 100 100 100
12/5/00 100 100 69 0 100 100 100 99
1/5/01 100 100 59 0 100 100 100 90
2/5/01 100 100 48 0 100 100 100 81
3/5/01 100 100 38 0 100 100 100 73
4/5/01 100 92 29 0 100 100 100 65
5/5/01 100 83 19 0 100 100 100 57
6/5/01 100 74 10 0 100 100 100 49
7/5/01 100 64 1 0 100 100 100 42
8/5/01 100 56 0 0 100 100 94 35
9/5/01 100 47 0 0 100 100 87 29
10/5/01 100 38 0 0 100 100 80 23
11/5/01 100 29 0 0 100 100 74 17
12/5/01 100 21 0 0 100 100 68 12
1/5/02 98 12 0 0 100 100 62 7
2/5/02 88 4 0 0 100 100 56 2
3/5/02 77 0 0 0 100 97 51 1
4/5/02 67 0 0 0 100 90 46 0
5/5/02 57 0 0 0 100 84 41 0
6/5/02 46 0 0 0 100 78 36 0
7/5/02 35 0 0 0 100 71 31 0
8/5/02 24 0 0 0 100 65 27 0
9/5/02 13 0 0 0 100 59 23 0
10/5/02 2 0 0 0 100 54 20 0
11/5/02 0 0 0 0 92 48 16 0
12/5/02 0 0 0 0 83 42 13 0
1/5/03 0 0 0 0 74 37 11 0
2/5/03 0 0 0 0 64 31 8 0
3/5/03 0 0 0 0 55 26 6 0
4/5/03 0 0 0 0 45 21 4 0
5/5/03 0 0 0 0 35 16 3 0
6/5/03 0 0 0 0 25 11 2 0
7/5/03 0 0 0 0 15 7 1 0
8/5/03 0 0 0 0 4 2 0 0
9/5/03 0 0 0 0 2 1 0 0
10/5/03 0 0 0 0 0 0 0 0
Weighted Average 3.59 2.85 2.28 1.79 4.41 4.03 3.46 2.65
Life 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.
10
<PAGE>
PERCENT OF INITIAL NOTE PRINCIPAL BALANCE AT VARIOUS ABS
PERCENTAGES(1)
<TABLE>
<CAPTION>
CLASS A-5 NOTES
----------------- -------------------------------------------
Distribution Date 0.0% 1.0% 1.7% 2.5%
----------------- ---- ---- ---- ----
<S> <C> <C> <C> <C>
Initial 100 100 100 100
12/5/98 99 98 97 97
1/5/99 97 95 94 92
2/5/99 95 92 90 88
3/5/99 93 89 86 84
4/5/99 91 86 83 79
5/5/99 89 83 80 75
6/5/99 87 81 76 71
7/5/99 85 78 73 67
8/5/99 83 75 69 63
9/5/99 81 72 66 60
10/5/99 78 70 64 57
11/5/99 76 68 62 54
12/5/99 76 66 59 51
1/5/00 75 64 57 49
2/5/00 74 63 55 46
3/5/00 72 61 53 43
4/5/00 71 59 51 41
5/5/00 70 57 48 38
6/5/00 69 56 46 36
7/5/00 67 54 44 33
8/5/00 66 52 42 31
9/5/00 64 50 40 29
10/5/00 63 49 38 26
11/5/00 62 47 36 24
12/5/00 60 45 35 22
1/5/01 59 44 33 20
2/5/01 57 42 31 18
3/5/01 56 40 29 16
4/5/01 54 39 27 14
5/5/01 53 37 26 13
6/5/01 51 35 24 11
7/5/01 50 34 22 9
8/5/01 48 32 21 8
9/5/01 46 31 19 6
10/5/01 45 29 18 5
11/5/01 43 28 17 4
12/5/01 41 26 15 3
1/5/02 40 25 14 1
2/5/02 38 23 13 0
3/5/02 36 22 11 0
4/5/02 34 20 10 0
5/5/02 32 19 9 0
6/5/02 30 17 8 0
7/5/02 29 16 7 0
8/5/02 27 15 6 0
9/5/02 25 13 5 0
10/5/02 23 12 4 0
11/5/02 21 11 4 0
12/5/02 19 9 3 0
1/5/03 17 8 2 0
2/5/03 14 7 2 0
3/5/03 12 6 1 0
4/5/03 10 5 1 0
5/5/03 8 4 1 0
6/5/03 6 3 0 0
7/5/03 3 1 0 0
8/5/03 1 0 0 0
9/5/03 1 0 0 0
10/5/03 0 0 0 0
11/5/03 0 0 0 0
Weighted Average 2.55 2.05 1.69 1.32
Life 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>
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.
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.
<TABLE>
<CAPTION>
AT SEPTEMBER 30, AT JUNE 30,
---------------------------------------- -----------------------------------------------
1998 1997 1998 1997
---- ---- ---- ----
NUMBER OF AMOUNT NUMBER OF AMOUNT NUMBER OF AMOUNT NUMBER OF AMOUNT
CONTRACTS ------ CONTRACTS ------ CONTRACTS ------ CONTRACTS ------
--------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio at end of 248,363 $2,716,891 133,888 $1,384,251 213,549 $2,302,516 112,847 $1,138,255
period(1)
Period of Delinquency
31-60 days(3) 16,123 170,236 9,663 95,360 12,325 126,743 7,761 73,956
61-90 days 4,288 44,436 2,558 25,162 2,929 30,248 2,164 20,213
91 days or more 4,557 47,966 4,318 39,940 5,173 47,016 3,467 31,012
Total Delinquencies(4) 24,968 $ 262,638 16,539 $ 160,462 20,427 $ 204,007 13,392 $ 125,181
Total Delinquencies as a 10.1% 9.7% 12.4% 11.6% 9.6% 8.9% 11.9% 11.0%
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.
CREDIT LOSS EXPERIENCE
<TABLE>
<CAPTION>
THREE MONTHS ENDED FISCAL YEAR ENDED
SEPTEMBER 30, JUNE 30,
---------------------------- ----------------------------
1998 1997 1998 1997
---- ---- ---- ----
<S> <C> <C> <C> <C>
Period-End Principal Outstanding(1) $2,716,891 $1,384,251 $2,302,516 $1,138,255
Average Month-End Amount Outstanding 2,507,140 1,259,022 1,649,416 792,155
During the Period(1)
Net Charge-Offs(2) 30,719 17,444 88,002 43,231
Net Charge-Offs as a Percentage of 4.5% 5.0% 3.8% 3.8%
Period-End Principal Outstanding
Net Charge-Offs as a Percent of Average 4.9% 5.5% 5.3% 5.5%
Month-End Amount Outstanding
</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
