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Previous: AMERICREDIT FINANCIAL SERVICES INC, 8-K, 1999-06-16 |
Next: AMERICREDIT FINANCIAL SERVICES INC, 8-K, 1999-06-16 |
<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: June 15, 1999
AmeriCredit Automobile Receivables Trust 1998-B
(Exact Name of Registrant as specified in its charter)
United States 333-36365 88-0359494
------------- --------- ----------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification Number)
c/o AmeriCredit Financial
Services, Inc.
Attention: Daniel E. Berce
200 Bailey Avenue
Fort Worth, TX 76107
(Address of Principal
Executive Office)
(817) 332-7000
Registrant's phone number
<PAGE>
Item 5. Other Events
Information relating to distributions to Noteholders for the May, 1999
Collection Period of the Registrant in respect of the Class A-1 Asset
Backed Notes, Class A-2 Floating Rate Asset Backed Notes, Class A-3
Floating Rate Asset Backed Notes, Class A-4 Asset Backed Notes, and the
Class A-5 Asset Backed Notes (collectively, the "Notes") issued by the
Registrant, and the performance of the Receivables held by the
Registrant, together with certain other information relating to the
Notes, is contained in the Preliminary Servicer's Certificate and the
Servicer's Certificate for the referenced Collection Period, both of
which Certificates are provided to Noteholders pursuant to the Sale and
Servicing Agreement dated as of May 11, 1998 between the Registrant,
AFS Funding Corp., as Seller, AmeriCredit Financial Services, Inc., as
Servicer, and Bank One, N.A., as Backup Servicer and Trust Collateral
Agent (the "Agreement").
Item 7. Financial Statements, Exhibits
<TABLE>
<CAPTION>
Exhibit No. Exhibit
----------- -------
<S> <C>
99.1 Preliminary Servicer's Certificate and Servicer's
Certificate for the May, 1999 Collection Period
relating to the Notes issued by the Registrant pursuant
to the Agreement.
</TABLE>
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AmeriCredit Automobile Receivables Trust 1998-B
By: AmeriCredit Financial Services, Inc., as Servicer
/s/ Daniel E. Berce
Daniel E. Berce
Vice Chairman and
Chief Financial Officer
June 15, 1999
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
- -------
<S> <C>
99.1 Preliminary Servicer's Certificate and Servicer's Certificate
for the May, 1999 Collection Period relating to the Notes
issued by the Registrant.
</TABLE>
<PAGE>
AmeriCredit Automobile Receivables Trust 1998-B
Class A-1 5.629% Asset Backed Notes
Class A-2 Floating Rate Asset Backed Notes
Class A-3 Floating Rate Asset Backed Notes
Class A-4 6.06% Asset Backed Notes
Class A-5 6.12% Asset Backed Notes
Preliminary Servicer's Certificate
This Servicer's Certificate has been prepared pursuant to Section 4.9 of the
Sale and Servicing Agreement among AmeriCredit Automobile Receivables Trust
1998-B, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS
Funding Corp., as Seller, and Bank One, N.A., as Backup Servicer and Trust
Collateral Agent, dated as of May 11, 1998. Defined terms have the meanings
assigned to them in the Sale and Servicing Agreement or in other Transaction
Documents.
The undersigned hereby certifies that no Trigger Event has occurred on the
related Determination Date and that, to the knowledge of the Servicer, no
Insurance Agreement Event of Default has occurred.
Monthly Period Beginning: 05/01/99
Monthly Period Ending: 05/31/99
<TABLE>
<S> <C>
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
A. Beginning of period Aggregate Principal Balance $384,945,785
------------
B. Purchase of Subsequent Receivables 0
------------
C. Monthly Principal Amounts
(1) Collections on Receivables outstanding
at end of period 10,054,242
-----------
(2) Collections on Receivables paid off
during period 4,242,775
-----------
(3) Receivables becoming Liquidated Receivables
during period 3,664,961
-----------
(4) Receivables becoming Purchased Receivables
during period
-----------
(5) Cram Down Losses occurring during period
-----------
(6) Other Receivables adjustments 129,479
-----------
(7) Less amounts allocable to Interest (5,570,813)
-----------
Total Monthly Principal Amounts 12,520,644
------------
D. End of period Aggregate Principal Balance $372,425,141
============
E. Pool Factor 70.938132%
============
II. MONTHLY PERIOD NOTE BALANCE CALCULATION:
Class A-1 Class A-2 Class A-3 Class A-4 Class A-5 TOTAL
--------- --------- --------- --------- --------- -----
A. Beginning of period Note Balance $0 $124,856,259 $77,000,000 $108,000,000 $50,000,000 $359,856,259
-----------------------------------------------------------------------------------
B. Noteholders' Principal
Distributable Amount 0 12,520,644 0 0 0 12,520,644
C. Noteholders' Accelerated
Principal Amount 0 1,109,636 0 0 0 1,109,636
D. Accelerated Payment Amount
Shortfall 0 44,372 0 0 0 44,372
E. Note Prepayment Amount 0 0 0 0 0 0
F. Deficiency Claim Amount 0 0 0 0 0 0
-----------------------------------------------------------------------------------
G. End of period Note Balance $0 $111,181,607 $77,000,000 $108,000,000 $50,000,000 $346,181,607
===================================================================================
H. Note Pool Factors 0.000000% 63.897475% 100.000000% 100.000000% 100.000000% 65.939354%
===================================================================================
1
<PAGE>
III. RECONCILIATION OF PRE-FUNDING ACCOUNT:
A. Beginning of period Pre-Funding Account balance $0
------------
B. Purchase of Subsequent Receivables 0
-----------
C. Investment Earnings 0
-----------
D. Investment Earnings Transfer to Collections Account 0
-----------
E. Payment of Mandatory Prepayment Amount 0
-----------
0
------------
F. End of period Pre-Funding Account balance $0
============
IV. CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT
A. Total Monthly Principal Amounts $12,520,644
------------
B. Required Pro-forma Security Balance 335,182,627
-----------
C. Pro-forma Security Balance (Assuming 100% Paydown of Total Monthly Principal Amounts) 347,335,615
-----------
D. Step-down Amount (B. - C.) 0
------------
E. Principal Distributable Amount (A.- D.) $12,520,644
============
V. RECONCILIATION OF CAPITALIZED INTEREST ACCOUNT:
A. Beginning of period Capitalized Interest Account balance $0
------------
B. Monthly Capitalized Interest Amount 0
-----------
C. Investment Earnings 0
-----------
D. Investment Earnings Transfer to Collections Account 0
-----------
E. Payment of Overfunded Capitalized Interest Amount 0
-----------
F. Payment of Remaining Capitalized Interest Account 0
-----------
0
------------
G. End of period Capitalized Interest Account balance $0
============
VI. RECONCILIATION OF COLLECTION ACCOUNT:
A. Available Funds:
(1) Collections on Receivables during period
(net of Liquidation Proceeds) $14,297,017
-----------
(2) Liquidation Proceeds collected
during period 1,782,549
-----------
(3) Purchase Amounts deposited in Collection
Account
-----------
(4) (a) Investment Earnings - Collection Account 37,188
-----------
(b) Investment Earnings - Transfer From Prefunding Account 0
-----------
(c) Investment Earnings - Transfer From Capitalized Interest Account 0
-----------
(5) Collection of Supplemental Servicing Fees
(a) Extension Fees 104,523
-----------
(b) Repo and Recovery Fees Advanced 96,443
-----------
(c) Other Fees 106,077
-----------
(6) Monthly Capitalized Interest Amount 0
-----------
(7) Mandatory Prepayment Amount
-----------
Total Available Funds 16,423,797
------------
B. Distributions:
(1) Base Servicing Fee and Supplemental Servicing Fees
(a) Base Servicing Fee 721,773
-----------
(b) Repo and Recovery Fees 96,443
-----------
(c) Bank Service Charges 10,217
-----------
(d) Other Fees 106,077
-----------
(2) Agent fees 500
-----------
(3) Refunds of Overpayments paid by AFS 32,931
-----------
(4) Noteholders' Interest Distributable Amount
(a) Class A - 1 0
-----------
(b) Class A - 2 566,821
-----------
(c) Class A - 3 350,976
-----------
(d) Class A - 4 545,400
-----------
(e) Class A - 5 255,000
-----------
(5) Noteholders' Principal Distributable Amount
(a) Class A - 1 0
-----------
(b) Class A - 2 12,520,644
-----------
(c) Class A - 3 0
-----------
(d) Class A - 4 0
-----------
(e) Class A - 5 0
-----------
(6) Security Insurer Premiums 107,379
-----------
Total distributions 15,314,161
------------
C. Excess Available Funds (or Deficiency Claim Amount ) 1,109,636
------------
D. Noteholders' Accelerated Principal Amount (1,109,636)
------------
E. Deposit to Spread Account $0
============
2
<PAGE>
VII. CALCULATION OF ACCELERATED PRINCIPAL AMOUNT
A. Excess Available Funds (VI.C.) $1,109,636
------------
B. Pro Forma Security Balance (II.A.-II.B.) 347,335,615
------------
C. Required Pro Forma Security Balance (90% x (I.D.+III.F.) 335,182,627
------------
D. Excess of Pro Forma Balance over Required Balance (B. - C.) 12,152,988
------------
E. End of Period Class A-1 Note Balance (before accel. payments) 0
------------
F. Greater of D. or E. 12,152,988
------------
G. Accelerated Principal Amount (lesser of A. or F.) $1,109,636
------------
VIII. CALCULATION OF ACCELERATED PAYMENT AMOUNT SHORTFALL
A. Pro Forma Security Balance $347,335,615
------------
B. Required Pro Forma Security Balance 335,182,627
------------
C. Excess of Pro Forma Balance over Required Balance (A. - B.) 12,152,988
------------
D. End of Period Class A-1 Note Balance (before accel. payments) 0
------------
E. Greater of C. or D. 12,152,988
------------
F. Excess Available Funds (VI.C.) 1,109,636
------------
G. Investment Earnings on Collection Account 37,188
------------
H. Accelerated Payment Amount Shortfall (E.- F.+G.) $11,080,540
------------
IX. RECONCILIATION OF SPREAD ACCOUNT:
A. Beginning of period Spread Account balance $13,124,998
------------
B. Additions to Spread Account
(1) Deposits from Collections Account (VI. E.) 0
------------
(2) Investment Earnings 44,372
------------
(3) Deposits Related to Subsequent Receivables Purchases 0
------------
Total Additions 44,372
------------
C. Spread Account balance available for withdrawals 13,169,370
------------
D. Requisite Amount of Spread Account
(1) Initial Spread Account Deposit $10,624,961
------------
(2) Subsequent Spread Account Deposits 2,500,037
------------
(3) Total Initial & Subsequent Spread Account Deposits (1)+(2) 13,124,998
------------
(4) $100,000 100,000
------------
(5) 2% of Original Pool Balance (total deliveries) 10,499,999
------------
(6) End of period Note Balance (before accel. principal shortfall calc) 346,225,979
------------
(7) Lesser of (5) or (6) 10,499,999
------------
(8) Floor Amount Greater of (4) or (7) 10,499,999
------------
(9) Aggregate Principal Balance 372,425,141
------------
(10) End of period Note Balance (before accel. principal shortfall calc) 346,225,979
------------
(11) Line (9) less line (10) 26,199,162
------------
(12) OC level (11)/(9) 7.03%
------------
(13) 13% less OC level, if OC level is greater than 10% n/a
------------
(14) If OC level is equal to or greater than 10%, Percent in (13) x End of Period
Aggregate Principal Balance n/a
------------
(15) If OC level is less than 10%, 2.5% of Original Pool Balance (total deliveries) 13,124,998
------------
(16) 15% of end of period Aggregate Principal Balance if Trigger Date n/a
------------
Requisite Amount of Spread Account (either (3), (8), (14), (15), or (16) as applicable) 13,124,998
------------
E. Withdrawals from Spread Account
(1) Priority First - Deficiency Claim Amount
------------
(2) Priority Second through Third
------------
(3) Priority Fourth - Accelerated Payment Amount Shortfall 11,080,540
Accelerated Payment Amount Shortfall in Excess of Requisite Amount ----------- 44,372
------------
(4) Priority Fifth through Sixth
------------
(5) Priority Seventh - to Servicer
------------
Total withdrawals 44,372
------------
F. End of period Spread Account balance $13,124,998
------------
3
<PAGE>
X. MONTHLY PERIOD NUMBER OF RECEIVABLES CALCULATION:
A. Beginning of period number of Receivables 36,144
------------
B. Number of Subsequent Receivables Purchased 0
------------
C. Number of Receivables becoming Liquidated
Receivables during period 346
------------
D. Number of Receivables becoming Purchased
Receivables during period
------------
E. Number of Receivables paid off during period 467
------------
F. End of period number of Receivables 35,331
============
XI. STATISTICAL DATA:
A. Weighted Average APR of the Receivables 18.75%
------------
B. Weighted Average Remaining Term of the Receivables 43.60
------------
C. Average Receivable Balance $10,541
------------
D. Aggregate Realized Losses $19,534,086
------------
By:
--------------------------------------
Name: Preston A. Miller
Title: Executive Vice President and Treasurer
Date: June 1, 1999
</TABLE>
4
<PAGE>
AmeriCredit Automobile Receivables Trust 1998-B
Class A-1 5.629% Asset Backed Notes
Class A-2 Floating Rate Asset Backed Notes
Class A-3 Floating Rate Asset Backed Notes
Class A-4 6.06% Asset Backed Notes
Class A-5 6.12% Asset Backed Notes
Servicer's Certificate
This Servicer's Certificate has been prepared pursuant to Section 4.9 of the
Sale and Servicing Agreement among AmeriCredit Automobile Receivables Trust
1998-B, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS
Funding Corp., as Seller, and Bank One, N.A., as Backup Servicer and Trust
Collateral Agent, dated as of May 11, 1998. Defined terms have the meanings
assigned to them in the Sale and Servicing Agreement or in other Transaction
Documents.
The undersigned hereby certifies that no Trigger Event has occurred on the
related Determination Date and that, to the knowledge of the Servicer, no
Insurance Agreement Event of Default has occurred.
Monthly Period Beginning: 05/01/99
Monthly Period Ending: 05/31/99
I. MONTHLY PERIOD NOTE BALANCE CALCULATION:
<TABLE>
<CAPTION>
Class A-1 Class A-2 Class A-3 Class A-4 Class A-5 TOTAL
--------- --------- --------- --------- --------- -----
<S> <C>
A. Preliminary End of period Note Balance $0 $111,181,607 $77,000,000 $108,000,000 $50,000,000 $346,181,607
------------------------------------------------------------------------------------
B. Deficiency Claim Amount 0 0 0 0 0 0
C. End of period Note Balance $0 $111,181,607 $77,000,000 $108,000,000 $50,000,000 $346,181,607
====================================================================================
D. Note Pool Factors 0.000000% 63.897475% 100.000000% 100.000000% 100.000000% 65.939354%
====================================================================================
II. RECONCILIATION OF SPREAD ACCOUNT:
A. Preliminary End of period Spread Account balance $13,124,998
------------
B. Priority First - Deficiency Claim Amount from preliminary certificate 0
------------
C. End of period Spread Account balance $13,124,998
------------
X. PERFORMANCE TESTS:
A. Delinquency Ratio
(1) Receivables with Scheduled Payment
delinquent more than 60 days
at end of period $9,705,906
------------
(2) Purchased Receivables with Scheduled Payment
delinquent more than 60 days at end of
period
------------
(3) Beginning of period Principal Balance 384,945,785
------------
(4) Delinquency Ratio (1)+(2) divided by (3) 2.52%
------------
(5) Previous Monthly Period Delinquency Ratio 2.48%
------------
(6) Second previous Monthly Period Delinquency Ratio 2.26%
------------
(7) Average Delinquency Ratio (4)+(5)+(6)
divided by 3 2.42%
------------
(8) Compliance (Delinquency Test Failure is a
Delinquency Ratio equal to or greater than 5.00%) yes
------------
1
<PAGE>
B. Cumulative Default Rate
(1) Defaulted Receivables in Current Period $3,935,793
------------
(2) Cumulative Defaulted Receivables Including
Defaulted Receivables in Current Period 43,076,977
------------
(3) Original Pool Balance 524,999,926
------------
(4) Cumulative Default Rate (2) divided by (3) 8.21%
------------
(5) Compliance (Default Test Failure is a Cumulative
Default Rate equal to or greater than 17.55%.) yes
------------
C. Cumulative Net Loss Rate
(1) Receivables becoming Liquidated Receivables during period $3,664,961
------------
(2) Purchased Receivables with Scheduled
Payment delinquent more than 30 days at end of period
------------
(3) Cram Down Losses occurring during period
------------
(4) Liquidation Proceeds collected during period (1,782,549)
------------
(5) Net Losses during period (1)+(2)+(3)-(4) 1,882,412
------------
(6) Net Losses since Initial Cut-off Date (Beginning of Period) 17,651,674
------------
(7) 50% of Receivables with Scheduled Payment delinquent
more than 90 days at end of period 3,275,313
------------
(8) Original Aggregate Principal Balance plus Pre-Funded Amount as of the Closing Date 525,000,000
------------
(9) Cumulative Net Loss Rate (5)+(6)+(7)
divided by (8) 4.34%
------------
(10) Compliance (Net Loss Test Failure is a
Net Loss Rate equal to or greater than 10.03%.) yes
------------
D. Extension Rate
(1) Principal Balance of Receivables extended during current period 9,891,266
------------
(2) Beginning of Period Aggregate Principal Balance 384,945,785
------------
(3) Extension Rate (1) divided by (2) 2.57%
------------
(4) Previous Monthly Extension Rate 2.44%
------------
(5) Second previous Monthly Extension Rate 2.33%
------------
(6) Average Extension Rate (3)+(4)+(5)
divided by 3 2.45%
------------
(7) Compliance (Extension Test Failure is an
Extension Rate equal to or greater than 4%.) yes
------------
XI. DELINQUENCY:
A. Receivables with Scheduled Payment delinquent
(1) 31-60 days # 3,276 $36,733,903 9.54%
------------------------------------------------------
(2) 61-90 days 663 7,278,780 1.89%
------------------------------------------------------
(3) over 90 days 220 2,427,126 0.63%
------------------------------------------------------
Receivables with Scheduled Payment delinquent
more than 30 days at end of period 4,159 $46,439,809 12.06%
======================================================
By:
------------------------------------------
Name: Preston A. Miller
Title: Executive Vice President and Treasurer
Date: June 3, 1999
</TABLE>
2
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