<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 10, 1999
AmeriCredit Automobile Receivables Trust 1999-A
-----------------------------------------------
(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 1999-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 1999-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 11, 1999
3
<PAGE>
EXHIBIT INDEX
-------------
Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials (as defined in Item 5 above)
distributed by Credit Suisse First Boston Corporation, Chase
Securities Inc., Bear, Stearns & Co. and NationsBanc Montgomery
Securities LLC
4
<PAGE>
EXHIBIT 99.1
------------
5
<PAGE>
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1999-A
TERM SHEET
Subject to Revision
PARTIES
The Trust
AmeriCredit Automobile Receivables Trust 1999-A 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
. February 1, 1999. This is the date used for preparing the statistical
information used in this term sheet.
Initial Cutoff Date
. February 9, 1999. The issuing trust will receive payments due on, or
received with respect to, the auto loans on or after this date.
Closing Date
. February 19, 1999.
DESCRIPTION OF THE SECURITIES
General
The issuing trust will issue four 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" and the "Class A-4 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>
Final
Initial Note Scheduled
Principal Interest Distribution
Class Balance Rate Date
-------------- ----------- ------------
A-1 $140,000,000 ______% March 2000
A-2 $235,000,000 ______% April 2002
A-3 $130,000,000 ______% Feb. 2003
A-4 $195,000,000 ______% Dec. 2005
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.
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, but never before the
third business day of the month. The first distribution date will be March 5,
1999.
. 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 Class A-1 Notes and the Class A-2 Notes will be calculated on an
"actual/360" basis. Interest on the Class A-3 and Class A-4 Notes will be
calculated on a "30/360" basis.
Principal
. Calculation:
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 as described herein.
Sequential Pay Feature:
. The classes of notes are "sequential pay" classes which will receive 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
2
<PAGE>
to amortize, until they are paid off; and
- once the Class A-3 Notes are paid off, the Class A-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 on or after February 9, 1999;
. 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
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 February 1, 1999. The statistical distribution of the
characteristics of the auto loan pool as of February 9, 1999 may vary somewhat
from the statistical distribution of such characteristics as of February 1, 1999
as presented herein, although such variance will not be material.
. As of February 1, 1999 the auto loans in the pool have:
- an aggregate principal balance of $456,689,417.12;
- a weighted average annual percentage rate of approximately 18.5%;
- 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 4 months
(each).
. As of February 9, 1999 the auto loans in the pool are expected to have an
3
<PAGE>
aggregate principal balance of approximately $500,000,000.
Pre-Funding Feature
Approximately $200,000,000 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 April 30,
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 April 30, 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
The Class A-4 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. 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 $200,000,000 deposited in a segregated account with Bank One,
N.A. remains on deposit in such account on April 30, 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 April 30,
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.
4
<PAGE>
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
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) $91,587,169.31 $365,102,247.81 $456,689,417.12
Number of Receivables 5,791 28,922 34,713
Percent of Aggregate Principal 20.05% 79.95% 100.00%
Balance
Average Principal Balance $ 15,815.43 $ 12,623.69 $ 13,156.15
Range of Principal Balances ($412.67 to $29,934.99) ($312.91 to $29,934.37)
Weighted Average APR(1) 16.99% 18.94% 18.55%
Range of APRs (9.00% to 26.00%) (9.00% to 32.00%)
Weighted Average Remaining Term 59 months 56 months 57 months
Range of Remaining Terms (10 to 72 months) (4 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 % of Aggregate % of Total
Principal Principal Number of Number of
APR Range Balance(1) Balance(2) Receivables Receivables(2)
- ------------------ ------------------ ------------------- ---------------- -------------------
<S> <C> <C> <C> <C>
9.000 to 9.999% $ 2,842,777.48 0.62% 172 0.50%
10.000 to 10.999 1,721,040.82 0.38% 99 0.29%
11.000 to 11.999 4,106,487.80 0.90% 237 0.68%
12.000 to 12.999 17,861,584.23 3.91% 1,043 3.00%
13.000 to 13.999 13,593,401.38 2.98% 799 2.30%
14.000 to 14.999 13,763,396.56 3.01% 844 2.43%
15.000 to 15.999 28,126,390.14 6.16% 1,773 5.11%
16.000 to 16.999 26,231,358.46 5.74% 1,698 4.89%
17.000 to 17.999 46,372,807.77 10.15% 3,197 9.21%
18.000 to 18.999 96,973,706.60 21.23% 7,276 20.96%
19.000 to 19.999 44,616,928.08 9.77% 3,347 9.64%
20.000 to 20.999 52,837,161.87 11.57% 4,217 12.15%
21.000 to 21.999 64,123,591.22 14.04% 5,736 16.52%
22.000 to 22.999 20,049,653.62 4.39% 1,862 5.36%
23.000 to 23.999 19,725,445.65 4.32% 2,017 5.81%
24.000 to 24.999 2,634,109.12 0.58% 262 0.76%
25.000 to 25.999 762,456.50 0.17% 88 0.25%
26.000 to 26.999 144,029.49 0.03% 16 0.05%
27.000 to 27.999 105,343.29 0.02% 14 0.04%
28.000 to 28.999 22,643.23 0.01% 3 0.01%
29.000 to 29.999 67,118.01 0.01% 11 0.03%
30.000 to 32.999 7,985.80 0.00% 2 0.01%
--------------- ------ ------ ------
TOTAL $456,689,417.12 100.00% 34,713 100.00%
=============== ====== ====== ======
</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>
Aggregate % of Aggregate % of Total
Principal Principal Number of Number of
State Balance(1) Balance(2) Receivables Receivables(2)
- --------------- ----------------- ------------------ ------------------- -----------------
<S> <C> <C> <C> <C>
Alabama $ 7,818,875.96 1.71% 590 1.70%
Arizona 16,939,344.17 3.71% 1,309 3.77%
California 57,786,265.79 12.65% 4,124 11.88%
Colorado 5,597,834.76 1.23% 486 1.40%
Connecticut 3,494,387.84 0.77% 280 0.81%
Delaware 2,119,023.53 0.46% 161 0.46%
Florida 34,205,107.69 7.49% 2,594 7.47%
Georgia 15,583,842.00 3.41% 1,101 3.17%
Illinois 19,022,014.59 4.17% 1,412 4.07%
Indiana 7,134,697.50 1.56% 549 1.58%
Iowa 2,836,229.45 0.62% 216 0.62%
Kansas 4,639,142.06 1.02% 359 1.03%
Kentucky 7,974,207.61 1.75% 627 1.81%
Louisiana 5,374,289.17 1.18% 379 1.09%
Maryland 8,458,909.70 1.85% 583 1.68%
Massachusetts 6,612,370.58 1.45% 593 1.71%
Michigan 15,771,749.83 3.45% 1,188 3.42%
Minnesota 6,036,302.42 1.32% 497 1.43%
Mississippi 3,210,794.44 0.70% 226 0.65%
Missouri 7,506,139.17 1.64% 578 1.67%
Nevada 7,735,240.91 1.69% 588 1.69%
New Jersey 15,134,346.37 3.31% 1,192 3.43%
New Mexico 2,813,201.08 0.62% 203 0.58%
New York 22,559,940.59 4.94% 1,738 5.01%
North Carolina 12,524,516.28 2.74% 915 2.64%
Ohio 24,567,840.43 5.38% 2,004 5.77%
Oklahoma 4,556,224.75 1.00% 369 1.06%
Oregon 3,166,913.19 0.69% 248 0.71%
Pennsylvania 23,325,120.05 5.11% 1,839 5.30%
South Carolina 5,046,904.61 1.11% 379 1.09%
Tennessee 10,132,960.04 2.22% 731 2.11%
Texas 43,155,531.14 9.45% 3,180 9.16%
Utah 2,818,825.41 0.62% 229 0.66%
Virginia 16,351,757.18 3.58% 1,221 3.52%
Washington 8,511,347.86 1.86% 699 2.01%
West Virginia 2,764,806.09 0.61% 210 0.61%
Wisconsin 3,791,907.05 0.83% 302 0.87%
Other(3) 9,610,505.83 2.10% 814 2.35%
--------------- ------ ------ ------
TOTAL $456,689,417.12 100.00% 34,713 100.00%
=============== ====== ====== ======
</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 $2,000,000.
8
<PAGE>
YIELD AND PREPAYMENT CONSIDERATIONS
All the Receivables are prepayable at any time. If prepayments are
received on the Receivables, the actual weighted average life of the Receivables
may be shorter than the scheduled weighted average life (i.e., the weighted
average life assuming that payments will be made as scheduled, and that no
prepayments will be made). (For this purpose, the term "prepayments" also
includes liquidations due to default, as well as receipt of proceeds from credit
life, credit disability, and casualty insurance policies.) Weighted average
life means the average amount of time during which each dollar of principal on a
Receivable is outstanding.
The rate of prepayments on the Receivables may be influenced by a variety
of economic, social, and other factors, including the fact that an Obligor may
not sell or transfer a Financed Vehicle without the consent of the Servicer.
The Servicer believes that the actual rate of prepayments will result in a
substantially shorter weighted average life than the scheduled weighted average
life of the Receivables. Any reinvestment risks resulting from a faster or
slower incidence of prepayment of Receivables will be borne by the noteholders.
The rate of payment of principal of each class of notes will depend on the
rate of payment (including prepayments) of the Principal Balance of the
Receivables. As a result, final payment of any class of notes could occur
significantly earlier than the date on which the final distribution is scheduled
to be paid (the "Final Scheduled Distribution Date") for such class of notes.
Reinvestment risk associated with early payment of the notes will be borne
exclusively by the noteholders.
Prepayments on automobile receivables can be measured relative to a
prepayment standard or model. The model used in this term sheet, the Absolute
Prepayment Model ("ABS"), represents an assumed rate of prepayment each month
relative to the original number of receivables in a pool of receivables. ABS
further assumes that all the receivables are the same size and amortize at the
same rate and that each receivable in each month of its life will either be paid
as scheduled or be prepaid in full. For example, in a pool of receivables
originally containing 10,000 receivables, a 1% ABS rate means that 100
receivables prepay each month. ABS does not purport to be an historical
description of prepayment experience or a prediction of the anticipated rate of
prepayment of any pool of receivables, including the Receivables.
The tables captioned "Percent of Initial Note Principal Balance at Various
ABS Percentages" ("ABS Tables") have been prepared on the basis of the following
assumptions: (i) the Trust includes three pools of Receivables with the
characteristics set forth in the following table; (ii) the Receivables prepay in
full at the specified constant percentage of ABS monthly, with no defaults,
losses or repurchases; (iii) each scheduled monthly payment on the Receivables
is made on the last day of each month and each month has 30 days; (iv) the
initial principal amount of each class of notes are as set forth on the cover
page of the Prospectus Supplement; (v) interest accrues during each Interest
Period at the following assumed coupon rates: Class A-1 Notes, 5.020%; Class A-
2 Notes, 5.383%; Class A-3 Notes, 5.580%; and Class A-4 Notes, 5.690%; (vi)
payments on the notes are made on the 5th day of each month whether or not a
Business Day; (vii) the notes are purchased on February 19, 1999; (viii) the
scheduled monthly payment for each Receivable has been calculated on the basis
of the assumed characteristics in the following table such that each Receivable
will amortize in amounts sufficient to repay the Principal Balance of such
9
<PAGE>
Receivable by its indicated remaining term to maturity; (ix) the first due date
for each Receivable is the last day of the month of the assumed cutoff date for
such Receivable as set forth in the following table; (x) the entire Pre-Funded
Amount is used to purchase Subsequent Receivables; (xi) the Servicer does
exercise its option to purchase the Receivables; (xii) Accelerated Principal
Amounts are paid on each Distribution Date until the later of the first
Distribution Date on which the Pro Forma Note Balance reaches the Required Pro
Forma Note Balance and the Class A-1 Notes are paid in full; and (xiii) the
difference between the gross APR and the net APR is equal to the Base Servicing
Fee, and the net APR is further reduced by the fees due to the Indenture
Trustee, the Trust Collateral Agent, the Owner Trustee and the Insurer.
Original Remaining
Aggregate Term to Term to
Principal Assumed Maturity (in Maturity (in
Pool Balance Gross APR Cutoff Date Months) Months)
- -------- -------------- ----------- ------------- -------------- -------------
1 $500,000,000 18.55% 2/1/99 58 57
2 $100,000,000 18.55% 3/1/99 58 58
3 $100,000,000 18.55% 4/1/99 58 58
------------
Total $700,000,000
============
The ABS Tables indicate, based on the assumptions set forth above, the
percentages of the initial principal amount of each class of notes that would be
outstanding after each of the Distribution Dates shown at various percentages of
ABS and the corresponding weighted average lives of such notes. The actual
characteristics and performance of the Receivables will differ from the
assumptions used in constructing the ABS Tables. The assumptions used are
hypothetical and have been provided only to give a general sense of how the
principal cash flows might behave under varying prepayment scenarios. For
example, it is very unlikely that the Receivables will prepay at a constant
level of ABS until maturity, that all of the Receivables will prepay at the same
level of ABS or that the coupon rates on the notes will remain constant.
Moreover, the diverse terms of Receivables could produce slower or faster
principal distributions than indicated in the ABS Tables at the various constant
percentages of ABS specified, even if the original and remaining terms to
maturity of the Receivables are as assumed. Any difference between such
assumptions and the actual characteristics and performance of the Receivables,
including actual prepayment experience or losses, will affect the percentages of
initial balances outstanding over time and the weighted average lives of each
class of notes.
10
<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
3/5/99 92 89 86 83 100 100 100 100
4/5/99 84 77 71 65 100 100 100 100
5/5/99 74 62 53 43 100 100 100 100
6/5/99 64 47 35 21 100 100 100 100
7/5/99 54 33 18 0 100 100 100 100
8/5/99 44 19 0 0 100 100 100 88
9/5/99 34 4 0 0 100 100 90 76
10/5/99 24 0 0 0 100 94 80 64
11/5/99 14 0 0 0 100 86 70 52
12/5/99 3 0 0 0 100 78 60 42
1/5/00 0 0 0 0 96 71 54 33
2/5/00 0 0 0 0 93 66 47 25
3/5/00 0 0 0 0 89 60 40 16
4/5/00 0 0 0 0 86 55 33 8
5/5/00 0 0 0 0 82 50 27 0
6/5/00 0 0 0 0 78 44 20 0
7/5/00 0 0 0 0 75 39 14 0
8/5/00 0 0 0 0 71 34 8 0
9/5/00 0 0 0 0 67 29 1 0
10/5/00 0 0 0 0 63 23 0 0
11/5/00 0 0 0 0 59 18 0 0
12/5/00 0 0 0 0 55 13 0 0
1/5/01 0 0 0 0 51 8 0 0
2/5/01 0 0 0 0 47 3 0 0
3/5/01 0 0 0 0 43 0 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 29 0 0 0
7/5/01 0 0 0 0 25 0 0 0
8/5/01 0 0 0 0 20 0 0 0
9/5/01 0 0 0 0 16 0 0 0
10/5/01 0 0 0 0 11 0 0 0
11/5/01 0 0 0 0 6 0 0 0
12/5/01 0 0 0 0 1 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
6/5/03 0 0 0 0 0 0 0 0
7/5/03 0 0 0 0 0 0 0 0
8/5/03 0 0 0 0 0 0 0 0
Weighted Average 0.45 0.32 0.26 0.22 1.91 1.27 1.00 0.80
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>
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
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
5/5/00 100 100 100 100 100 100 100 100
6/5/00 100 100 100 86 100 100 100 100
7/5/00 100 100 100 73 100 100 100 100
8/5/00 100 100 100 59 100 100 100 100
9/5/00 100 100 100 46 100 100 100 100
10/5/00 100 100 91 33 100 100 100 100
11/5/00 100 100 81 20 100 100 100 100
12/5/00 100 100 70 8 100 100 100 100
1/5/01 100 100 59 0 100 100 100 97
2/5/01 100 100 49 0 100 100 100 89
3/5/01 100 96 39 0 100 100 100 82
4/5/01 100 87 29 0 100 100 100 74
5/5/01 100 78 19 0 100 100 100 67
6/5/01 100 69 9 0 100 100 100 60
7/5/01 100 60 0 0 100 100 100 54
8/5/01 100 52 0 0 100 100 94 47
9/5/01 100 43 0 0 100 100 88 41
10/5/01 100 34 0 0 100 100 82 35
11/5/01 100 26 0 0 100 100 77 0
12/5/01 100 17 0 0 100 100 71 0
1/5/02 94 9 0 0 100 100 66 0
2/5/02 85 1 0 0 100 100 61 0
3/5/02 75 0 0 0 100 95 56 0
4/5/02 66 0 0 0 100 90 51 0
5/5/02 57 0 0 0 100 84 46 0
6/5/02 47 0 0 0 100 79 42 0
7/5/02 37 0 0 0 100 74 38 0
8/5/02 27 0 0 0 100 69 34 0
9/5/02 17 0 0 0 100 64 0 0
10/5/02 7 0 0 0 100 59 0 0
11/5/02 0 0 0 0 98 54 0 0
12/5/02 0 0 0 0 91 49 0 0
1/5/03 0 0 0 0 84 44 0 0
2/5/03 0 0 0 0 76 40 0 0
3/5/02 0 0 0 0 69 35 0 0
4/5/03 0 0 0 0 62 0 0 0
5/5/03 0 0 0 0 54 0 0 0
6/5/03 0 0 0 0 46 0 0 0
7/5/03 0 0 0 0 38 0 0 0
8/5/03 0 0 0 0 0 0 0 0
9/5/03 0 0 0 0 0 0 0 0
10/5/03 0 0 0 0 0 0 0 0
11/5/03 0 0 0 0 0 0 0 0
12/5/03 0 0 0 0 0 0 0 0
1/5/04 0 0 0 0 0 0 0 0
Weighted Average Life in 3.31 2.52 2.00 1.56 4.23 3.74 3.13 2.42
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.
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.
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 December 31, At June 30,
----------------------------------------------- ----------------------------------------------
1998 1997 1998 1997
----------------------------------------------- ----------------------------------------------
Number of Number of Number of Number of
Contracts Amount Contracts Amount Contracts Amount Contracts Amount
--------- --------- --------- ------ --------- ------ --------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Portfolio at end of 280,317 $3,082,420 152,958 $1,599,273 213,549 $2,302,516 112,847 $1,138,255
period(1)
Period of Delinquency(2)
31-60 days(3) 22,240 $ 236,082 12,098 $ 122,035 12,259 $ 126,012 7,684 $ 73,197
61-90 days 5,449 56,293 2,679 26,259 2,545 25,847 1,901 17,451
91 days or more 3,083 31,135 3,680 33,013 3,891 33,328 2,316 18,970
-------- ---------- ------- ------ ------ --------- ------- ---------
Total Delinquencies 30,772 $ 323,510 18,457 $ 181,307 18,695 $ 185,187 11,901 $ 109,618
Repossessed Assets 2,675 30,204 2,064 22,012 1,732 18,818 1,491 14,471
-------- ---------- ------- ------ ------ --------- ------- ---------
Total Delinquencies and
Repossessed Assets 33,447 353,714 20,521 203,319 20,427 204,005 13,392 124,089
======== ========== ======= ======= ====== ========= ======= =========
Total Delinquencies as a 10.98% 10.50% 12.07% 11.34% 8.75% 8.04% 10.55% 9.63%
Percentage of the
Portfolio
Total Repossessed Assets
as a Percentage of the
Portfolio 0.95% 0.98% 1.35% 1.38% 0.81% 0.82% 1.32% 1.27%
-------- ---------- ------- ------- ------- --------- ------- ---------
Total Delinquencies and
Repossessed Assets as a
Percentage of the
Portfolio 11.93% 11.48% 13.42% 12.72% 9.56% 8.86% 11.87% 10.90%
-------- --------- ------- ------- ------- --------- ------- --------
</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.
13
<PAGE>
Credit Loss Experience
<TABLE>
<CAPTION>
Six Months Ended Fiscal Year Ended
December 31, June 30,
----------------------------- ----------------------------
1998 1997 1998 1997
----------------------------- ----------------------------
<S> <C> <C> <C> <C>
Period-End Principal Outstanding(1) $3,082,420 $1,599,273 $2,302,516 $1,138,255
Average Month-End Amount Outstanding 2,704,874 1,375,614 1,649,416 792,155
During the Period(1)
Net Charge-Offs(2) 65,773 38,073 88,002 43,231
Net Charge-Offs as a Percentage of 4.3% 4.8% 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.
14
