<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)
August 11, 1999
AmeriCredit Automobile Receivables Trust 1999-C
-----------------------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
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 76102
Services, Inc. ----------------
Attention: Chris A. Choate (Zip Code)
801 Cherry Street, Suite 3900
Fort Worth, TX
- ------------------------
(Address of Principal
Executive Offices)
</TABLE>
Registrant's telephone number, including area code (817) 302-7000
200 Bailey Avenue, Forth Worth, TX 76107-1220
-----------------------------------------------------------------
(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-C 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-C
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: August 12, 1999
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, Bear, Stearns & Co. and Banc of America Securities
LLC
4
<PAGE>
EXHIBIT 99.1
------------
<PAGE>
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1999-C
TERM SHEET
Subject to Revision
PARTIES
The Trust
AmeriCredit Automobile Receivables Trust 1999-C 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
. August 2, 1999. This is the date used for preparing the statistical
information used in this term sheet.
Initial Cutoff Date
. August 24, 1999. The issuing trust will receive payments due on, or received
with respect to, the auto loans on or after this date.
Closing Date
. August 26, 1999.
DESCRIPTION OF THE SECURITIES
General
The issuing trust will issue six classes of its asset backed notes. The notes
are designated as the "Class A-1 Notes", the "Class A-2A Notes," the "Class A-2B
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.
<TABLE>
<CAPTION>
Initial Note Final
Principal Scheduled
Balance Distribution
Class Interest Rate Date
- ------- -------------- -----------------------------
<S> <C> <C> <C>
A-1 $135,000,000 ___% September 2000
A-2A $150,000,000 ___% November 2002
A-2B $150,000,000 LIBOR + November 2002
___%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Initial Note Final
Principal Scheduled
Balance Distribution
Class Interest Rate Date
- ------- -------------- -----------------------------
<S> <C> <C> <C>
A-3 $182,000,000 ___% October 2003
A-4 $283,000,000 LIBOR + September 2006
___%
A-5 $100,000,000 ___% August 2004
</TABLE>
The Class A-2A and Class A-2B initial note principal balances may be reallocated
between them such that they aggregate $300,000,000.
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:
. August 24, 1999, 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 Cedelbank, 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 October
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, Class A-2B Notes and Class A-4 Notes will be
calculated on an "actual/360" basis. Interest on the Class A-2A Notes, Class A-
3 Notes and Class A-5 Notes will be 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
2
<PAGE>
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 to the extent described herein.
Principal Payments on the Notes
The Class A-1 Notes, the Class A-2A Notes and the Class A-2B Notes, the Class A-
3 Notes and the Class-A4 Notes will be "sequential pay" classes which
collectively initially will receive approximately 89.00%, and after the Class A-
5 Notes have been paid off, 100% 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-2A Notes and Class A-2B
Notes will begin to amortize, receiving distributions pro rata until they
--- ----
are paid off;
- once the Class A-2A Notes and Class A-2B Notes are paid off, the Class A-3
Notes will begin 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.
The Class A-5 Notes will be a "wide-window" "pay-through class" of notes, which
will receive principal payments on all distribution dates until it is paid off,
and which generally will amortize as the auto loan pool amortizes. The Class A-
5 Notes will comprise initially 10.00% of the notes, and will be entitled to
receive 11.00% of the amount to be paid as principal to the noteholders on each
distribution date.
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 August 24, 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
3
<PAGE>
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 August 2, 1999. The statistical distribution of the characteristics
of the auto loan pool as of August 24, 1999 may vary somewhat from the
statistical distribution of such characteristics as of August 2, 1999 as
presented herein, although such variance will not be material.
. As of August 2, 1999 the auto loans in the pool have:
- an aggregate principal balance of $546,661,871.06;
- a weighted average annual percentage rate of approximately 18.55%;
- a weighted average original maturity of approximately 59 months;
- a weighted average remaining maturity of approximately 59 months; and
- a remaining term of not more than 72 months and not less than 12
months (each).
. As of August 24, 1999 the auto loans in the pool are expected to have an
aggregate principal balance of approximately $700,000,000.
Pre-Funding Feature
Approximately $300,000,000 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 February 29, 2000,
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 February 29, 2000 will also have been originated by
AmeriCredit Financial Services, Inc. The characteristics of the
subsequently-acquired auto loans will not differ materially 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 and 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. 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.
4
<PAGE>
MANDATORY REDEMPTION
If the Pre-Funding Account is not depleted
Each class of notes will be redeemed in part in the event that any portion of
the $300,000,000 deposited in a segregated account with Bank One, N.A. remains
on deposit in such account on February 29, 2000. The aggregate principal amount
of each class of notes to be redeemed will be an amount equal to such class' pro
rata share (based on the respective current principal amount of each class of
notes) of the amount remaining in such account on February 29, 2000. However, if
the amount to be redeemed is $100,000 or less, such amount will be applied to
the notes to reduce the outstanding principal balances of the classes 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-2A AAA Aaa
A-2B 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) $140,905,755.58 $405,756,115.48 $546,661,871.06
Number of Receivables 8,707 31,055 39,762
Percent of Aggregate Principal Balance 25.78% 74.22% 100%
Average Principal Balance $16,183.04 $13,065.73 $13,748.35
Range of Principal Balances $1,077.09 to $41,382.08 $1,469.85 to $43,717.69
Weighted Average APR(1) 17.14% 19.04% 18.55%
Range of APRs (9.50% to 25.95%) (9.25% to 29.90%)
Weighted Average Remaining Term 61 58 59
Range of Remaining Terms (12 to 72 months) (16 to 72 months)
Weighted Average Original Term 61 58 59
Range of Original Terms (12 to 72 months) (18 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% $ 3,056,982.72 0.56% 178 0.45%
10.000 to 10.999 3,947,003.63 0.72% 217 0.55%
11.000 to 11.999 6,021,503.59 1.10% 333 0.84%
12.000 to 12.999 15,993,919.19 2.93% 918 2.31%
13.000 to 13.999 13,552,713.67 2.48% 788 1.98%
14.000 to 14.999 19,274,185.68 3.53% 1,109 2.79%
15.000 to 15.999 44,314,777.57 8.11% 2,704 6.80%
16.000 to 16.999 36,788,178.57 6.73% 2,308 5.80%
17.000 to 17.999 76,892,857.91 14.07% 5,123 12.88%
18.000 to 18.999 97,167,892.82 17.77% 7,062 17.76%
19.000 to 19.999 53,703,771.78 9.82% 3,872 9.74%
20.000 to 20.999 53,946,377.35 9.87% 4,191 10.54%
21.000 to 21.999 72,942,833.56 13.34% 6,232 15.67%
22.000 to 22.999 20,474,552.32 3.75% 1,832 4.61%
23.000 to 23.999 23,916,184.33 4.37% 2,412 6.07%
24.000 to 24.999 3,251,921.93 0.59% 323 0.81%
25.000 to 25.999 1,100,448.51 0.20% 122 0.31%
26.000 to 26.999 165,223.90 0.03% 19 0.05%
27.000 to 27.999 65,886.19 0.01% 7 0.02%
28.000 to 28.999 44,128.40 0.01% 5 0.01%
29.000 to 29.999 40,527.44 0.01% 7 0.02%
------------------ --------------- ----------- --------------
TOTAL $ 546,661,871.06 100.00% 39,762 100.00%
================== =============== =========== ==============
</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 $ 12,523,865.48 2.29% 904 2.27%
Arizona 18,875,352.27 3.45% 1,403 3.53%
California 68,910,498.54 12.61% 4,667 11.74%
Colorado 5,171,384.68 0.95% 386 0.97%
Connecticut 5,801,630.48 1.06% 424 1.07%
Delaware 2,412,454.31 0.44% 185 0.47%
Florida 45,115,272.55 8.25% 3,339 8.40%
Georgia 16,593,009.94 3.04% 1,152 2.90%
Illinois 24,038,220.94 4.40% 1,759 4.42%
Indiana 10,107,975.08 1.85% 765 1.92%
Iowa 3,742,510.05 0.68% 285 0.72%
Kansas 4,726,907.90 0.86% 348 0.88%
Kentucky 7,301,857.69 1.34% 560 1.41%
Louisiana 8,565,807.43 1.57% 605 1.52%
Maine 1,863,939.49 0.34% 154 0.39%
Maryland 11,110,691.22 2.03% 774 1.95%
Massachusetts 6,316,806.44 1.16% 525 1.32%
Michigan 18,595,544.07 3.40% 1,363 3.43%
Minnesota 6,773,780.30 1.24% 528 1.33%
Mississippi 4,094,886.62 0.75% 283 0.71%
Missouri 7,987,777.07 1.46% 604 1.52%
Nebraska 2,480,083.35 0.45% 183 0.46%
Nevada 9,466,761.95 1.73% 683 1.72%
New Hampshire 1,657,059.54 0.30% 143 0.36%
New Jersey 15,309,829.51 2.80% 1,147 2.88%
New Mexico 3,039,220.56 0.56% 216 0.54%
New York 27,299,698.06 4.99% 2,047 5.15%
North Carolina 13,712,479.56 2.51% 970 2.44%
Ohio 26,074,060.90 4.77% 2,014 5.07%
Oklahoma 4,552,586.59 0.83% 368 0.93%
Oregon 2,590,884.04 0.47% 188 0.47%
Pennsylvania 30,268,375.27 5.54% 2,319 5.83%
Rhode Island 1,845,826.48 0.34% 152 0.38%
South Carolina 5,709,188.06 1.04% 396 1.00%
Tennessee 12,325,707.42 2.25% 887 2.23%
Texas 57,805,424.48 10.57% 3,948 9.93%
Utah 2,202,752.08 0.40% 172 0.43%
Virginia 16,931,386.87 3.10% 1,199 3.02%
Washington 9,187,992.55 1.68% 677 1.70%
West Virginia 3,743,989.04 0.68% 283 0.71%
Wisconsin 5,434,849.16 0.99% 413 1.04%
Other(3) 4,393,543.04 0.80% 344 0.87%
-------------------- ----------------- ------------- ------------------
TOTAL $ 546,661,871.06 100.00% 39,762 100.00%
==================== ================= ============= ==================
</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>
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 is 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,
5.52625%; Class A-2A Notes, 6.33%; Class A-2B Notes, 5.50375%; Class A-3 Notes,
6.83%; Class A-4 Notes, 5.59375%; and Class A-5 Notes 6.79%; (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 August 26, 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 Receivable by its
indicated remaining term to maturity; (ix) the first due date for each
Receivable is the last
9
<PAGE>
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 not 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.
<TABLE>
<CAPTION>
Remaining
Aggregate Term to
Principal Assumed Maturity Seasoning
Pool Balance Gross APR Cutoff Date (in Months) (in Months)
- -------- ------------ --------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C>
1 $700,000,000 18.55% 9/1/99 59 0
2 $200,000,000 18.55% 12/1/99 59 0
3 $100,000,000 18.55% 2/1/00 59 0
Total $1,000,000,000
</TABLE>
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-2A and Class A-2B 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>
Closing Date 100 100 100 100 100 100 100 100
05-Oct-99 94 89 86 82 100 100 100 100
05-Nov-99 86 77 71 63 100 100 100 100
05-Dec-99 78 65 56 45 100 100 100 100
05-Jan-00 68 49 36 21 100 100 100 100
05-Feb-00 57 33 16 0 100 100 100 98
05-Mar-00 44 14 0 0 100 100 97 86
05-Apr-00 31 0 0 0 100 98 87 74
05-May-00 19 0 0 0 100 90 77 63
05-Jun-00 6 0 0 0 100 82 68 51
05-Jul-00 0 0 0 0 97 74 58 40
05-Aug-00 0 0 0 0 91 66 49 29
05-Sep-00 0 0 0 0 85 58 39 19
05-Oct-00 0 0 0 0 79 52 32 11
05-Nov-00 0 0 0 0 76 46 26 3
05-Dec-00 0 0 0 0 72 41 19 0
05-Jan-01 0 0 0 0 69 36 13 0
05-Feb-01 0 0 0 0 65 31 7 0
05-Mar-01 0 0 0 0 62 26 0 0
05-Apr-01 0 0 0 0 58 21 0 0
05-May-01 0 0 0 0 54 15 0 0
05-Jun-01 0 0 0 0 50 10 0 0
05-Jul-01 0 0 0 0 47 5 0 0
05-Aug-01 0 0 0 0 43 0 0 0
05-Sep-01 0 0 0 0 39 0 0 0
05-Oct-01 0 0 0 0 35 0 0 0
05-Nov-01 0 0 0 0 31 0 0 0
05-Dec-01 0 0 0 0 27 0 0 0
05-Jan-02 0 0 0 0 23 0 0 0
05-Feb-02 0 0 0 0 18 0 0 0
05-Mar-02 0 0 0 0 14 0 0 0
05-Apr-02 0 0 0 0 10 0 0 0
05-May-02 0 0 0 0 5 0 0 0
05-Jun-02 0 0 0 0 1 0 0 0
05-Jul-02 0 0 0 0 0 0 0 0
Weighted Average
Life in Years(2) 0.51 0.38 0.33 0.28 1.82 1.24 1.00 0.84
</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>
Closing Date 100 100 100 100 100 100 100 100
05-Oct-99 100 100 100 100 100 100 100 100
05-Nov-99 100 100 100 100 100 100 100 100
05-Dec-99 100 100 100 100 100 100 100 100
05-Jan-00 100 100 100 100 100 100 100 100
05-Feb-00 100 100 100 100 100 100 100 100
05-Mar-00 100 100 100 100 100 100 100 100
05-Apr-00 100 100 100 100 100 100 100 100
05-May-00 100 100 100 100 100 100 100 100
05-Jun-00 100 100 100 100 100 100 100 100
05-Jul-00 100 100 100 100 100 100 100 100
05-Aug-00 100 100 100 100 100 100 100 100
05-Sep-00 100 100 100 100 100 100 100 100
05-Oct-00 100 100 100 100 100 100 100 100
05-Nov-00 100 100 100 100 100 100 100 100
05-Dec-00 100 100 100 91 100 100 100 100
05-Jan-01 100 100 100 78 100 100 100 100
05-Feb-01 100 100 100 66 100 100 100 100
05-Mar-01 100 100 100 53 100 100 100 100
05-Apr-01 100 100 91 41 100 100 100 100
05-May-01 100 100 81 30 100 100 100 100
05-Jun-01 100 100 71 18 100 100 100 100
05-Jul-01 100 100 61 7 100 100 100 100
05-Aug-01 100 100 52 0 100 100 100 97
05-Sep-01 100 92 42 0 100 100 100 90
05-Oct-01 100 84 33 0 100 100 100 83
05-Nov-01 100 76 24 0 100 100 100 77
05-Dec-01 100 68 15 0 100 100 100 71
05-Jan-02 100 60 6 0 100 100 100 64
05-Feb-02 100 52 0 0 100 100 99 58
05-Mar-02 100 44 0 0 100 100 93 53
05-Apr-02 100 37 0 0 100 100 88 47
05-May-02 100 29 0 0 100 100 83 42
05-Jun-02 100 21 0 0 100 100 78 37
05-Jul-02 94 14 0 0 100 100 73 32
05-Aug-02 86 6 0 0 100 100 68 26
05-Sep-02 78 0 0 0 100 99 63 21
05-Oct-02 70 0 0 0 100 95 59 17
05-Nov-02 62 0 0 0 100 90 55 12
05-Dec-02 54 0 0 0 100 85 51 8
05-Jan-03 46 0 0 0 100 81 46 4
05-Feb-03 38 0 0 0 100 76 43 3
05-Mar-03 29 0 0 0 100 72 39 2
05-Apr-03 20 0 0 0 100 67 35 1
05-May-03 12 0 0 0 100 63 32 0
05-Jun-03 3 0 0 0 100 59 28 0
05-Jul-03 0 0 0 0 96 55 25 0
05-Aug-03 0 0 0 0 90 50 22 0
05-Sep-03 0 0 0 0 84 46 19 0
05-Oct-03 0 0 0 0 78 42 16 0
05-Nov-03 0 0 0 0 72 39 13 0
05-Dec-03 0 0 0 0 65 35 11 0
05-Jan-04 0 0 0 0 59 31 9 0
05-Feb-04 0 0 0 0 52 27 7 0
05-Mar-04 0 0 0 0 46 23 5 0
05-Apr-04 0 0 0 0 39 19 4 0
05-May-04 0 0 0 0 32 15 3 0
05-Jun-04 0 0 0 0 25 11 2 0
05-Jul-04 0 0 0 0 17 7 1 0
05-Aug-04 0 0 0 0 9 4 1 0
05-Sep-04 0 0 0 0 6 3 0 0
05-Oct-04 0 0 0 0 4 2 0 0
05-Nov-04 0 0 0 0 2 1 0 0
05-Dec-04 0 0 0 0 1 0 0 0
05-Jan-05 0 0 0 0 0 0 0 0
Weighted Average
Life in (years) (2) 3.35 2.51 2.00 1.60 4.51 4.02 3.42 2.65
</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>
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>
Closing Date 100 100 100 100
05-Oct-99 99 98 98 97
05-Nov-99 98 96 95 94
05-Dec-99 96 94 93 91
05-Jan-00 95 91 89 87
05-Feb-00 93 89 86 83
05-Mar-00 91 86 82 78
05-Apr-00 89 83 79 74
05-May-00 86 80 75 69
05-Jun-00 84 77 71 65
05-Jul-00 82 74 68 61
05-Aug-00 80 71 64 57
05-Sep-00 78 68 61 53
05-Oct-00 76 65 58 50
05-Nov-00 74 63 56 47
05-Dec-00 73 61 53 44
05-Jan-01 72 60 51 41
05-Feb-01 70 58 49 39
05-Mar-01 69 56 46 36
05-Apr-01 68 54 44 33
05-May-01 66 52 42 30
05-Jun-01 65 50 40 28
05-Jul-01 64 48 37 25
05-Aug-01 62 46 35 23
05-Sep-01 61 45 33 20
05-Oct-01 59 43 31 18
05-Nov-01 58 41 29 16
05-Dec-01 56 39 27 13
05-Jan-02 55 37 25 11
05-Feb-02 53 35 23 9
05-Mar-02 51 34 21 7
05-Apr-02 50 32 19 5
05-May-02 48 30 18 3
05-Jun-02 47 29 16 2
05-Jul-02 45 27 14 0
05-Aug-02 43 25 13 0
05-Sep-02 41 23 11 0
05-Oct-02 40 22 9 0
05-Nov-02 38 20 8 0
05-Dec-02 36 19 6 0
05-Jan-03 34 17 5 0
05-Feb-03 32 15 4 0
05-Mar-03 30 14 2 0
05-Apr-03 28 12 1 0
05-May-03 26 11 0 0
05-Jun-03 24 9 0 0
05-Jul-03 22 8 0 0
05-Aug-03 20 6 0 0
05-Sep-03 18 5 0 0
05-Oct-03 16 4 0 0
05-Nov-03 14 2 0 0
05-Dec-03 12 1 0 0
05-Jan-04 9 0 0 0
05-Feb-04 7 0 0 0
05-Mar-04 5 0 0 0
05-Apr-04 2 0 0 0
05-May-04 0 0 0 0
05-Jun-04 0 0 0 0
Weighted Average
Life (years) 2.53 1.96 1.60 1.28
</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.
13
<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 June 30,
-------------------------------------------------------------------------------------
1999 1998 1997
------------------------- -------------------------- --------------------------
Number of Number of Number of
Contracts Amount Contracts Amount Contracts Amount
----------- ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
Portfolio at end of period(1) 366,262 $4,105,468 213,549 $2,302,516 112,847 $1,138,255
Period of Delinquency(2)
31-60 days(3) 25,423 $ 277,592 12,259 $ 126,012 7,684 $ 73,197
61-90 days 5,230 53,487 2,545 25,847 1,901 17,451
91 days or more 2,007 20,026 3,891 33,328 2,316 18,970
----------- ----------- ------------ ----------- ------------ -----------
Total Delinquencies 32,660 $ 351,105 18,695 $ 185,187 11,901 $ 109,618
Repossessed Assets 3,207 37,773 1,732 18,818 1,491 14,471
----------- ----------- ------------ ----------- ------------ -----------
Total Delinquencies and
Repossessed Assets 35,867 388,878 20,427 204,005 13,392 124,089
=========== =========== ============ =========== ============ ===========
Total Delinquencies as a
Percentage of the
Portfolio 8.92% 8.55% 8.75% 8.04% 10.55% 9.63%
Total Repossessed Assets
as a Percentage of the
Portfolio 0.88% 0.92% 0.81% 0.82% 1.32% 1.27%
Total Delinquencies and
Repossessed Assets as
a Percentage of the
Portfolio 9.80% 9.47% 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.
14
<PAGE>
Credit Loss Experience
<TABLE>
<CAPTION>
Fiscal Year Ended
June 30,
------------------------------------------------
1999 1998 1997
-------------- -------------- --------------
<S> <C> <C> <C>
Period-End Principal Outstanding(1) $4,105,468 $2,302,516 $1,138,255
Average Month-End Amount Outstanding During the Period(1) 3,129,463 1,649,416 792,155
Net Charge-Offs(2) 147,344 88,002 43,231
Net Charge-Offs as a Percentage of Period-End Principal Outstanding 3.6% 3.8% 3.8%
Net Charge-Offs as a Percent of Average Month-End Amount Outstanding 4.7% 5.3% 5.5%
</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.
15
