<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)
January 26, 2000
AmeriCredit Automobile Receivables Trust 2000-A
-----------------------------------------------
(Exact name of registrant as specified in its charter)
United States 333-84155 88-0359494
- ----------------------------- ------------- ---------------------
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
c/o AmeriCredit Financial 76102
----------
Services, Inc. (Zip Code)
Attention: Chris A. Choate
801 Cherry Street, Suite 3900
Fort Worth, TX
________________________
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code (817) 302-7000
___________________________________________
(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 2000-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
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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 2000-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: January 27, 2000
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EXHIBIT INDEX
-------------
Exhibit No. Description
- ----------- -----------
99.1 Related Computational Materials (as defined in Item 5 above)
distributed by Banc of America Securities LLC, Bear, Stearns &
Co. Inc., Chase Securities Inc., Credit Suisse First Boston
Corporation.
4
<PAGE>
EXHIBIT 99.1
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2000-A
TERM SHEET
Subject to Revision
The Issuing Trust
AmeriCredit Automobile Receivables Trust 2000-A is a Delaware business trust.
The issuing 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., or AFS Funding, is a Nevada corporation which is a wholly-
owned special-purpose subsidiary of AmeriCredit. AFS Funding will sell the auto
loans to the issuing trust.
Servicer and Originator
AmeriCredit Financial Services, Inc., or AmeriCredit, is a Delaware corporation.
AmeriCredit originated the auto loans and will service them on behalf of the
issuing trust.
The Insurer
Financial Security Assurance Inc., or Financial Security, is a New York
financial guaranty insurance company. Financial Security will issue a policy,
which will guarantee the payment of timely interest and principal due on the
notes but only as described in the section of the prospectus supplement titled
"The Policy."
The Trustee
Bank One, N.A., or Bank One, is a national banking association. Bank One will
be the trust collateral agent, the indenture trustee and the backup servicer.
Statistical Calculation Date
. January 20, 2000. This is the date we used in preparing the statistical
information used in this term sheet.
Initial Cutoff Date
. February 3, 2000. The issuing trust will receive amounts collected on the
auto loans after this date.
Closing Date
. On or about February 8, 2000.
Description of the Securities
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 note principal balances, interest
rates and final scheduled distribution dates listed in the following table:
Final
Initial Note Scheduled
Principal Distribution
Class Balance Interest Rate Date
----- ------------- ------------- --------------
A-1 $140,000,000 _____% March 2001
A-2 $248,000,000 _____% October 2002
A-3 $430,000,000 _____% August 2004
A-4 $182,000,000 _____% December 2006
The notes will initially be issued in book-entry form only, and will be issued
in minimum denominations of $1,000 and multiples of $1,000.
<PAGE>
You may hold your notes through DTC 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 is the servicer:
The distribution date will be the 5th day of each month, subject to the
business day rule set forth below, commencing on March 6, 2000.
. If AmeriCredit is not the servicer:
The distribution date will become the twelfth day of each month.
. Insured distributions:
Financial Security will make payment of any unpaid interest and principal
due on the notes on the twelfth day of each month.
. Business day rule:
If any scheduled date for a distribution is not a business day, then the
distribution will be made on the next business day.
. Record dates:
The record date for all distribution dates is the close of business on the
business day immediately preceding that distribution date.
Interest
Interest on the notes of each class will accrue at the interest rate for that
class 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 will be calculated on an "actual/360" basis.
Interest on the Class A-2, Class A-3 and Class A-4 Notes will be calculated on a
"30/360" basis.
Principal
. 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 will be used to pay principal on the notes
on that distribution date, but only as necessary to build or
maintain an amount of over-collateralization required by
Financial Security.
In addition, the outstanding principal amount of the notes of any class, if
not previously paid, will be payable on the final scheduled distribution
date for that class.
. 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;
2
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- once the Class A-1 Notes are paid off, the Class A-2 Notes will begin
to amortize, until they are paid off;
- once the Class A-2 Notes are paid off, the Class A-3 Notes will begin
to amortize, until they are paid off; and
- once the Class A-3 Notes are paid off, the Class A-4 Notes will begin
to amortize, until they are paid off.
The Trust Assets
The issuing trust's assets will principally include:
. a pool of auto loans, which are secured by new and used automobiles, light
duty trucks and vans;
. collections on the auto loans received after February 3, 2000;
. an assignment of the security interests in the vehicles securing the auto
loan pool; and
. the pre-funding account.
The Auto Loan Pool
The auto loans consist of motor vehicle retail installment sale contracts
originated by dealers and then acquired by AmeriCredit. The auto loans were made
primarily to individuals with less than perfect credit due to various factors,
including the manner in which those individuals have handled previous credit,
the limited extent of their prior credit history, and limited financial
resources.
Statistical Information
The statistical information in this term sheet is based on the auto loans in the
pool as of January 20, 2000. The statistical distribution of the characteristics
of the auto loan pool as of the initial cutoff date, which is February 3, 2000,
will vary somewhat from the statistical distribution of those characteristics as
of January 20, 2000, although that variance will not be material.
. As of January 20, 2000 the auto loans in the pool have:
- an aggregate principal balance of $518,267,996.22;
- a weighted average annual percentage rate of approximately 18.50%;
- a weighted average original maturity of approximately 60 months;
- a weighted average remaining maturity of approximately 59 months; and
- an individual remaining term of not more than 72 months and not less
than 3 months.
. As of February 3, 2000 the auto loans in the pool are expected to have an
aggregate principal balance of approximately $500,000,000.
Pre-Funding Feature
Approximately $500,000,000 of the proceeds of the notes will be held by Bank One
in a pre-funding account, and will be used to purchase additional auto loans
from AFS Funding. The issuing trust will purchase the additional auto loans from
time to time on or before April 30, 2000, from funds on deposit in this account.
These additional auto loans will also have been originated by AmeriCredit, and
will not be materially different from
3
<PAGE>
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 will issue a financial guaranty
insurance policy for the benefit of the noteholders. Under this policy,
Financial Security will unconditionally and irrevocably guarantee the payments
of interest and principal due on the notes during the term of the policy.
If, on any distribution date, the noteholders do not receive the full amount of
the payment then due to them, the shortfall will be paid on the twelfth day of
that month either from funds available from a spread account 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 exercises its "clean-up
call" option to purchase the auto loan pool. This can only occur after the pool
balance declines to 10% or less of its original balance. The redemption price is
equal to the unpaid principal amount of the notes of each class then outstanding
plus accrued and unpaid interest.
Mandatory Redemption
. Each class of notes will be redeemed in part in the event that any pre-
funding account moneys remain unused on April 30, 2000. The principal
amount of each class of notes to be redeemed will be an amount equal to
that class's pro rata share of the remaining amount.
. 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 is not in default, the power to declare an event of
default will be held by Financial Security. In the case of an event of
default, the notes will automatically be accelerated and subject to
immediate payment at par. The policy issued by Financial Security does not
guarantee payment of any amounts that become due on an accelerated basis,
unless Financial Security elects, in its sole discretion, to pay those
amounts.
Federal Income Tax Consequences
For federal income tax purposes:
. Dewey Ballantine LLP, special tax counsel, is of the opinion that the notes
will be treated as debt and the issuing trust will not be treated as an
association or publicly traded partnership taxable as a corporation. By
your acceptance of a note, you agree to treat the notes as debt.
. Interest on the notes will be taxable as ordinary income
- when received by a holder using the cash method of accounting, and
- when accrued by a holder using the accrual method of accounting.
. Dewey Ballantine LLP has prepared the discussion under "Material Federal
Income Tax Consequences" in the prospectus supplement and "Material Tax
Considerations" in the prospectus and is of the opinion that the discussion
accurately states all material federal income tax
4
<PAGE>
consequences of the purchase, ownership and disposition of the notes to
their original purchaser.
ERISA Considerations
Subject to the important considerations described under "ERISA Considerations"
in the prospectus supplement, pension, profit-sharing and other employee benefit
plans may purchase notes. You may wish to consult with your counsel regarding
the applicability of the provisions of ERISA before purchasing a note.
Rating of the Notes
Each class of notes must receive "AAA" ratings from Standard & Poor's and "Aaa"
ratings from Moody's in order to be issued.
5
<PAGE>
The initial automobile loan pool's composition, distribution by APR and its
geographic concentration as of the statistical calculation date are detailed in
the following tables:
Composition of the Initial Automobile Loans
as of the Statistical Calculation Date
<TABLE>
<CAPTION>
New Used Total
--------------------- ---------------------- ----------------
<S> <C> <C> <C>
Aggregate Principal Balance/(1)/ $121,258,529.71 $397,009,466.51 $518,267,996.22
Number of Automobile Loans 7,108 29,402 36,510
Percent of Aggregate Principal Balance 23.40% 76.60% 100.00%
Average Principal Balance $ 17,059.44 $ 13,502.80 $ 14,195.23
Range of Principal Balances $356.24 to $52,380.95 $433.27 to $45,115.21
Weighted Average APR/(1)/ 17.32% 18.87% 18.50%
Range of APRs (9.95% to 25.00%) (9.95% to 29.00%)
Weighted Average Remaining Term 61 58 59
Range of Remaining Terms (12 to 72 months) (3 to 72 months)
Weighted Average Original Term 62 59 60
Range of Original Terms (12 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 automobile loans may not be
equivalent to the automobile loans' aggregate yield on the aggregate
principal balance.
6
<PAGE>
Distribution of the Initial Automobile Loans by APR
as of the Statistical Calculation Date
<TABLE>
<CAPTION>
% of Total
Aggregate % of Aggregate Number of Number of
Principal Principal Automobile Automobile
APR Range Balance/(1)/ Balance/(2)/ Loans Loans/(2)/
- ----------------- --------------- -------------- ----------- ------------
<S> <C> <C> <C> <C>
9.000 to 9.999% $ 544,563.99 0.11% 31 0.08%
10.000 to 10.999 911,257.33 0.18% 52 0.14%
11.000 to 11.999 4,639,329.11 0.90% 253 0.69%
12.000 to 12.999 10,241,192.04 1.98% 572 1.57%
13.000 to 13.999 17,585,661.63 3.39% 987 2.70%
14.000 to 14.999 20,914,785.84 4.04% 1,190 3.26%
15.000 to 15.999 37,101,099.28 7.16% 2,167 5.94%
16.000 to 16.999 49,917,010.39 9.63% 3,069 8.41%
17.000 to 17.999 93,012,403.56 17.95% 6,107 16.73%
18.000 to 18.999 79,344,384.88 15.31% 5,583 15.29%
19.000 to 19.999 54,423,184.36 10.50% 3,906 10.70%
20.000 to 20.999 56,399,146.08 10.88% 4,369 11.97%
21.000 to 21.999 52,103,033.00 10.05% 4,353 11.92%
22.000 to 22.999 21,629,070.66 4.17% 1,918 5.25%
23.000 to 23.999 14,952,817.18 2.89% 1,482 4.06%
24.000 to 24.999 3,506,915.49 0.68% 356 0.98%
25.000 to 25.999 891,555.74 0.17% 96 0.26%
26.000 to 26.999 72,015.83 0.01% 9 0.02%
27.000 to 27.999 36,285.25 0.01% 5 0.01%
28.000 to 28.999 36,771.68 0.01% 4 0.01%
29.000 to 29.999 5,512.90 0.00% 1 0.00%
--------------- ------ ------ ------
TOTAL $518,267,996.22 100.00% 36,510 100.00%
=============== ====== ====== ======
</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 Automobile Loans by Geographic Location
of Obligor as of the Statistical Calculation Date
<TABLE>
<CAPTION>
% of Total
% of Aggregate Number of
Aggregate Principal Number of Automobile
State Principal Balance/(1)/ Balance/(2)/ Automobile Loans Loans/(2)/
- ----------- ---------------------- -------------- ---------------- --------------
<S> <C> <C> <C> <C>
Alabama $ 11,517,960.65 2.22% 778 2.13%
Arizona 16,605,062.72 3.20% 1,184 3.24%
California 63,855,896.32 12.32% 4,220 11.56%
Colorado 5,331,333.17 1.03% 377 1.03%
Connecticut 6,175,233.76 1.19% 450 1.23%
Delaware 2,489,135.32 0.48% 175 0.48%
Florida 40,512,706.88 7.82% 2,926 8.01%
Georgia 16,270,700.26 3.14% 1,075 2.94%
Illinois 22,266,789.93 4.30% 1,555 4.26%
Indiana 10,331,063.11 1.99% 734 2.01%
Iowa 3,451,284.10 0.67% 254 0.70%
Kansas 3,751,621.33 0.72% 274 0.75%
Kentucky 6,641,871.97 1.28% 504 1.38%
Louisiana 9,075,055.59 1.75% 608 1.67%
Maryland 10,683,526.23 2.06% 711 1.95%
Massachusetts 7,716,913.63 1.49% 603 1.65%
Michigan 18,630,638.91 3.59% 1,297 3.55%
Minnesota 6,541,512.85 1.26% 477 1.31%
Mississippi 3,773,001.48 0.73% 258 0.71%
Missouri 6,964,213.32 1.34% 510 1.40%
Nebraska 2,336,995.56 0.45% 173 0.47%
Nevada 8,470,411.47 1.63% 610 1.67%
New Jersey 14,666,659.58 2.83% 1,076 2.95%
New Mexico 2,929,018.58 0.57% 212 0.58%
New York 25,836,666.13 4.99% 1,870 5.12%
North Carolina 14,671,388.48 2.83% 1,043 2.86%
Ohio 24,642,721.33 4.75% 1,851 5.07%
Oklahoma 4,933,483.56 0.95% 361 0.99%
Pennsylvania 28,039,743.27 5.41% 2,086 5.71%
South Carolina 5,653,476.81 1.09% 387 1.06%
Tennessee 10,009,336.80 1.93% 697 1.91%
Texas 58,158,832.67 11.22% 3,865 10.59%
Virginia 14,130,453.40 2.73% 988 2.71%
Washington 7,429,299.22 1.43% 519 1.42%
West Virginia 3,357,254.62 0.65% 242 0.66%
Wisconsin 7,127,357.85 1.38% 532 1.46%
Other/(3)/ 13,289,375.36 2.56% 1,028 2.82%
--------------- ------ ------ ------
TOTAL $518,267,996.22 100.00% 36,510 100.00%
=============== ====== ====== ======
</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
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Yield and Prepayment Consideration
Prepayments can be made on any of the auto loans at any time. If
prepayments are received on the auto loans, their actual weighted average life
may be shorter than their weighted average life would be if all payments were
made as scheduled and no prepayments were made. Prepayments on the auto loans
may include moneys received from liquidations due to default and proceeds from
credit life, credit disability, and casualty insurance policies. Weighted
average life means the average amount of time during which any principal is
outstanding on an auto loan.
The rate of prepayments on the auto loans may be influenced by a variety of
economic, social, and other factors, including the fact that no borrower under
an auto loan may sell or transfer that auto loan without the consent of
AmeriCredit. AmeriCredit believes that the weighted average life of the auto
loans will be substantially shorter than their scheduled weighted average life.
This opinion is based primarily on AmeriCredit's assessment of what the actual
rate of prepayments will be. Any risk resulting from faster or slower
prepayments of the auto loans will be borne solely by the noteholders.
The rate of payment of principal of the notes will depend on the rate of
payment, and the rate of prepayments, of principal on the auto loans. It is
possible that the final payment on any class of notes could occur significantly
earlier than the date on which the final distribution for that class of notes is
scheduled to be paid. Any risk resulting from early payment of the notes will
be borne solely by the noteholders.
Prepayments on auto loans can be measured against prepayment standards or
models. The model used in this term sheet, the Absolute Prepayment Model, or
ABS, assumes a rate of prepayment each month which is related to the original
number of auto loans in a pool of loans. ABS also assumes that all of the auto
loans in a pool are the same size, that all of those auto loans amortize at the
same rate, and that for every month that any individual auto loan is
outstanding, payments on that particular auto loan will either be made as
scheduled or the auto loan will be prepaid in full. For example, in a pool of
receivables originally containing 10,000 auto loans, if a 1% ABS were used, that
would mean that 100 auto loans would prepay in full each month. The percentage
of prepayments that is assumed for ABS is not an historical description of
prepayment experience on pools of auto loans or a prediction of the anticipated
rate of prepayment on either the pool of auto loans involved in this transaction
or on any pool of auto loans. You should not assume that the actual rate of
prepayments on the auto loans will be in any way related to the percentage of
prepayments that we assume for ABS.
The tables below which are captioned "Percent of Initial Note Principal
Balance at Various ABS Percentages" are based on ABS and were prepared using the
following assumptions:
. the issuing trust includes three pools of auto loans with the
characteristics set forth in the following table;
. all prepayments on the auto loans each month are made in full at the
specified constant percentage of ABS and there are no defaults, losses or
repurchases;
. each scheduled monthly payment on the auto loans is made on the last day of
each month and each month has 30 days;
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. the initial principal amounts of each class of notes are equal to the
initial principal amounts set forth on page 1 of this term sheet;
. interest accrues on the notes at the following assumed coupon rates: Class
A-1 Notes, 6.076%; Class A-2 Notes, 6.58%; Class A-3 Notes, 7.08%; and
Class A-4 Notes, 7.34%;
. payments on the notes are made on the fifth day of each month (except for
the Class A-1 Notes for which payments are assumed to be made on the fifth
day of each month or the next business day if the 5th is not a business
day);
. the notes are purchased on February 8, 2000;
. the scheduled monthly payment for each auto loan was calculated on the
basis of the characteristics described in the following table and in such a
way that each auto loan would amortize in a manner that will be sufficient
to repay the principal balance of that auto loan by its indicated remaining
term to maturity;
. the first due date for each auto loan is the last day of the month of the
assumed cutoff date for that auto loan as set forth in the following table;
. all of the pre-funding account money is used to purchase additional auto
loans;
. AmeriCredit exercises its "clean-up call" option to purchase the auto loans
at the earliest opportunity;
. accelerated principal will be paid on each class of the notes on each
distribution date until the first distribution date on which the over-
collateralization required by Financial Security is achieved; and
. the difference between the gross APR and the net APR is equal to the base
servicing fee due to the servicer, and the net APR is further reduced by
the fees due to Bank One, the owner trustee and Financial Security.
Remaining
Aggregate Term to
Principal Assumed Maturity Seasoning
Pool Balance Gross APR Cutoff Date (in Months) (in Months)
------- -------------- --------- ----------- ----------- -----------
1 $ 500,000,000 18.50% 2/1/00 59 1
2 $ 400,000,000 18.50% 3/1/00 60 0
3 $ 100,000,000 18.50% 4/1/00 60 0
--------------
Total $1,000,000,000
==============
The following tables were created relying on the assumptions listed above.
The tables indicate the percentages of the initial principal amount of each
class of notes that would be outstanding after each of the listed distribution
dates if certain percentages of ABS are assumed. The tables also indicate the
corresponding weighted average lives of each class of notes if the same
percentages of ABS are assumed.
The assumptions used to construct the tables are hypothetical and have been
provided only to give a general sense of how the principal cash flows might
behave under various prepayment scenarios. The actual characteristics and
performance of the auto loans will differ from the assumptions used to construct
the tables. For example, it is very unlikely that the auto
10
<PAGE>
loans will prepay at a constant level of ABS until maturity or that all of the
auto loans will prepay at the same level of ABS. Moreover, the auto loans have
diverse terms and that fact alone could produce slower or faster principal
distributions than indicated in the tables at the various constant percentages
of ABS, even if the original and remaining terms to maturity of the auto loans
are as assumed. Any difference between the assumptions used to construct the
tables and the actual characteristics and performance of the auto loans,
including actual prepayment experience or losses, will affect the percentages of
initial balances outstanding on any given date and the weighted average lives of
each class of notes.
The percentages in the tables have been rounded to the nearest whole
number. As used in the tables which follow, the weighted average life of a class
of notes is determined by:
. 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,
. adding the results, and
. dividing the sum by the related initial principal amount of the note.
11
<PAGE>
PERCENT OF INITIAL NOTE PRINCIPAL BALANCE AT VARIOUS ABS
PERCENTAGES
<TABLE>
<CAPTION>
Class A-1 Notes Class A-2 Notes
-------------------------- --------------------------
Distribution Date 0.00% 1.00% 1.70% 2.50% 0.00% 1.00% 1.70% 2.50%
- ------------------ ----- ----- ----- ----- ----- ----- ----- -----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Closing Date 100 100 100 100 100 100 100 100
March 2000 95 92 89 86 100 100 100 100
April 2000 84 74 67 59 100 100 100 100
May 2000 71 55 43 29 100 100 100 100
June 2000 59 35 19 0 100 100 100 100
July 2000 46 16 0 0 100 100 97 84
August 2000 33 0 0 0 100 98 84 67
September 2000 19 0 0 0 100 87 71 52
October 2000 6 0 0 0 100 77 58 36
November 2000 0 0 0 0 96 66 45 20
December 2000 0 0 0 0 88 55 32 5
January 2001 0 0 0 0 81 45 20 0
February 2001 0 0 0 0 73 34 8 0
March 2001 0 0 0 0 65 26 0 0
April 2001 0 0 0 0 60 19 0 0
May 2001 0 0 0 0 56 12 0 0
June 2001 0 0 0 0 51 5 0 0
July 2001 0 0 0 0 46 0 0 0
August 2001 0 0 0 0 42 0 0 0
September 2001 0 0 0 0 37 0 0 0
October 2001 0 0 0 0 32 0 0 0
November 2001 0 0 0 0 27 0 0 0
December 2001 0 0 0 0 21 0 0 0
January 2002 0 0 0 0 16 0 0 0
February 2002 0 0 0 0 11 0 0 0
March 2002 0 0 0 0 5 0 0 0
April 2002 0 0 0 0 * 0 0 0
May 2002 0 0 0 0 0 0 0 0
June 2002 0 0 0 0 0 0 0 0
July 2002 0 0 0 0 0 0 0 0
August 2002 0 0 0 0 0 0 0 0
September 2002 0 0 0 0 0 0 0 0
October 2002 0 0 0 0 0 0 0 0
November 2002 0 0 0 0 0 0 0 0
December 2002 0 0 0 0 0 0 0 0
January 2003 0 0 0 0 0 0 0 0
February 2003 0 0 0 0 0 0 0 0
March 2003 0 0 0 0 0 0 0 0
April 2003 0 0 0 0 0 0 0 0
May 2003 0 0 0 0 0 0 0 0
June 2003 0 0 0 0 0 0 0 0
July 2003 0 0 0 0 0 0 0 0
August 2003 0 0 0 0 0 0 0 0
September 2003 0 0 0 0 0 0 0 0
October 2003 0 0 0 0 0 0 0 0
November 2003 0 0 0 0 0 0 0 0
December 2003 0 0 0 0 0 0 0 0
January 2004 0 0 0 0 0 0 0 0
February 2004 0 0 0 0 0 0 0 0
March 2004 0 0 0 0 0 0 0 0
April 2004 0 0 0 0 0 0 0 0
May 2004 0 0 0 0 0 0 0 0
June 2004 0 0 0 0 0 0 0 0
July 2004 0 0 0 0 0 0 0 0
August 2004 0 0 0 0 0 0 0 0
September 2004 0 0 0 0 0 0 0 0
October 2004 0 0 0 0 0 0 0 0
November 2004 0 0 0 0 0 0 0 0
Weighted Average Life (in Years) 0.42 0.30 0.26 0.22 1.41 0.93 0.75 0.63
</TABLE>
*Greater than 0.0% and less than 0.5%.
12
<PAGE>
PERCENT OF INITIAL NOTE PRINCIPAL BALANCE AT VARIOUS ABS
PERCENTAGES
<TABLE>
<CAPTION>
Class A-3 Notes Class A-4 Notes
---------------------------------------- ----------------------------------------
Distribution Date 0.00% 1.00% 1.70% 2.50% 0.00% 1.00% 1.70% 2.50%
- ------------------------ ------- ------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Closing Date 100 100 100 100 100 100 100 100
March 2000 100 100 100 100 100 100 100 100
April 2000 100 100 100 100 100 100 100 100
May 2000 100 100 100 100 100 100 100 100
June 2000 100 100 100 100 100 100 100 100
July 2000 100 100 100 100 100 100 100 100
August 2000 100 100 100 100 100 100 100 100
September 2000 100 100 100 100 100 100 100 100
October 2000 100 100 100 100 100 100 100 100
November 2000 100 100 100 100 100 100 100 100
December 2000 100 100 100 100 100 100 100 100
January 2001 100 100 100 95 100 100 100 100
February 2001 100 100 100 87 100 100 100 100
March 2001 100 100 99 81 100 100 100 100
April 2001 100 100 94 75 100 100 100 100
May 2001 100 100 89 69 100 100 100 100
June 2001 100 100 84 63 100 100 100 100
July 2001 100 99 79 57 100 100 100 100
August 2001 100 95 74 51 100 100 100 100
September 2001 100 91 70 45 100 100 100 100
October 2001 100 87 65 39 100 100 100 100
November 2001 100 83 60 34 100 100 100 100
December 2001 100 79 56 29 100 100 100 100
January 2002 100 75 51 23 100 100 100 100
February 2002 100 71 47 18 100 100 100 100
March 2002 100 67 42 13 100 100 100 100
April 2002 100 64 38 9 100 100 100 100
May 2002 97 60 34 4 100 100 100 100
June 2002 94 56 30 0 100 100 100 98
July 2002 90 52 26 0 100 100 100 88
August 2002 87 49 22 0 100 100 100 78
September 2002 83 45 18 0 100 100 100 69
October 2002 80 41 14 0 100 100 100 59
November 2002 76 38 11 0 100 100 100 51
December 2002 73 34 7 0 100 100 100 0
January 2003 69 31 4 0 100 100 100 0
February 2003 66 27 * 0 100 100 100 0
March 2003 62 24 0 0 100 100 93 0
April 2003 58 20 0 0 100 100 85 0
May 2003 54 17 0 0 100 100 78 0
June 2003 50 14 0 0 100 100 71 0
July 2003 46 10 0 0 100 100 65 0
August 2003 42 7 0 0 100 100 58 0
September 2003 38 4 0 0 100 100 52 0
October 2003 34 1 0 0 100 100 0 0
November 2003 30 0 0 0 100 95 0 0
December 2003 26 0 0 0 100 87 0 0
January 2004 21 0 0 0 100 80 0 0
February 2004 17 0 0 0 100 73 0 0
March 2004 12 0 0 0 100 66 0 0
April 2004 8 0 0 0 100 60 0 0
May 2004 3 0 0 0 100 53 0 0
June 2004 0 0 0 0 96 0 0 0
July 2004 0 0 0 0 85 0 0 0
August 2004 0 0 0 0 74 0 0 0
September 2004 0 0 0 0 62 0 0 0
October 2004 0 0 0 0 50 0 0 0
November 2004 0 0 0 0 0 0 0 0
Weighted Average Life (in Years) 3.34 2.53 2.00 1.57 4.63 4.17 3.49 2.69
</TABLE>
*Greater than 0.0% and less than 0.5%.
13
<PAGE>
Delinquency and Loan Loss Information
The following tables provide information relating to AmeriCredit's
delinquency and loan loss experience for each period indicated with respect to
all automobile loans it has purchased and serviced. This information includes
the experience with respect to all automobile loans in AmeriCredit's portfolio
of automobile loans serviced during each listed period, including automobile
loans which do not meet the criteria for selection as an automobile loan.
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,
--------------------------------------------- ------------------------------------------------
1999 1998 1999 1998
--------------------- --------------------- ---------------------- -----------------------
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 period/(1)/ 461,194 $5,302,362 280,317 $3,082,420 366,262 $4,105,468 213,549 $2,302,516
Period of Delinquency/(2)/
31-60 days/(3)/ 35,970 $ 402,436 22,240 $ 236,083 25,423 $ 277,592 12,259 $ 126,012
61-90 days 8,732 94,004 5,449 56,308 5,230 53,487 2,545 25,847
91 days or more 3,660 37,482 3,083 31,135 2,007 20,026 3,891 33,328
------- ---------- ------- ---------- ------- ---------- ------- ----------
Total Delinquencies 48,362 $ 533,922 30,772 $ 323,526 32,660 $ 351,105 18,695 $ 185,187
Repossessed Assets 4,256 48,003 2,675 30,204 3,207 37,773 1,732 18,818
------- ---------- ------- ---------- ------- ---------- ------- ----------
Total Delinquencies and
Repossessed Assets 52,618 $ 581,925 33,447 $ 353,730 35,867 $ 388,878 20,427 $ 204,005
======= ========== ======= ========== ======= ========== ======= ==========
Total Delinquencies as a 10.5% 10.1% 11.0% 10.5% 8.9% 8.6% 8.8% 8.1%
Percentage of the Portfolio
Total Repossessed Assets as a
Percentage of the Portfolio 0.9% 0.9% 0.9% 1.0% 0.9% 0.9% 0.8% 0.9%
------- ---------- ------- ---------- ------- ---------- ------- ----------
Total Delinquencies and
Repossessed Assets as a
Percentage of the Portfolio 11.4% 11.0% 11.9% 11.5% 9.8% 9.5% 9.6% 8.9%
======= ========== ======= ========== ======= ========== ======= ==========
</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>
Loan Loss Experience
<TABLE>
<CAPTION>
Six Months Ended December 31, Fiscal Year Ended June 30,
------------------------------ --------------------------
1999 1998 1999 1998
------------ ------------- ---------- -----------
<S> <C> <C> <C> <C>
Period-End Principal Outstanding/(1)/ $5,302,362 $3,082,420 $4,105,468 $2,302,516
Average Month-End Amount Outstanding During the
Period/(1)/ 4,724,514 2,704,874 3,129,463 1,649,416
Net Charge-Offs/(2)/ 100,907 65,773 147,344 88,002
Net Charge-Offs as a Percentage of Period-End
Principal Outstanding/(3)/ 3.8% 4.3% 3.6% 3.8%
Net Charge-Offs as a Percent of Average Month-End
Amount Outstanding/(3)/ 4.3% 4.8% 4.7% 5.3%
</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.
(3) Annualized.
15
