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Previous: AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1999-B, 10-K405, 2000-05-01 |
Next: REPLAYTV INC, S-1/A, 2000-05-01 |
<PAGE>
FORM 10-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
/X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the year ended December 31, 1999.
OR
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934.
For the transition period from ________________ to ______________________.
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1999-C, ISSUER
AMERICREDIT FINANCIAL SERVICES, INC., AS SPONSOR OF THE TRUST
AFS FUNDING CORP., AS SELLER
(Exact name of Registrants as specified in their characters)
801 Cherry Street, Suite 3900
Fort Worth, Texas 76102
(817) 302-7000
(Address and Telephone Number of Principal Executive Office)
Securities Registered Pursuant to Section 12 (b) of the Securities Exchange Act
of 1934: None
Securities Registered Pursuant to Section 12 (g) of the Securities Exchange Act
of 1934: None
Indicate by check mark whether the Registrants (1) have filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) have been subject to
such filing requirements for the past 90 days.
Yes X No
--- ---
Indicate by check mark if the disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K is not contained herein and will not be contained,
to the best of the Registrants' knowledge, in definitive proxy or information
statements incorporated by reference in Part III of this Form 10-K or any
amendment to this Form 10-K. /X/
The aggregate market value of the voting stock held by non-affiliates of the
Registrants. None
<PAGE>
As of April 24, 2000, there were 1,000 shares of AmeriCredit Financial
Services, Inc. Common Stock outstanding and 1,000 shares of AFS Funding Corp.
Common Stock outstanding.
The Registrants meet the conditions set forth in General Instruction (I) (1)
(a) and (b) of Form 10-K and is therefore filing this Form 10-K with the
reduced disclosure format permitted thereunder.
PART I
ITEM 1. BUSINESS
AFS Funding Corp. is a wholly-owned bankruptcy-remote subsidiary of
AmeriCredit Financial Services, Inc. AmeriCredit Automobile
Receivables Trust 1999-C is a bankruptcy-remote Delaware Business
Trust. The Trust was formed solely for the purpose of acquiring from
AFS Funding Corp. certain motor vehicle retail installment sales
contracts (the "Contracts") and interests in the automobile underlying
the contracts and securitizing the contracts through the issuance of
debt securities (the "Notes"). As bankruptcy-remote entities, AFS
Funding Corp. and the Trust are restricted so that (a) they do not
engage in business with, or incur liabilities to, any other entity
(other than the Trustee on behalf of the holders of the Notes) which
may bring bankruptcy proceedings against AFS Funding Corp. or the Trust
and (b) the risk that they will be consolidated into the bankruptcy
proceedings of any other entity is diminished. AFS Funding Corp. and
the Trust have no other assets other than the Contracts and an interest
in the automobiles underlying the Contracts and proceeds thereof.
ITEM 2. PROPERTIES
None.
ITEM 3. LEGAL PROCEEDINGS
None.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
None.
PART II
ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
The sole holder of AmeriCredit Financial Services, Inc.'s equity
shares is AmeriCredit Corp. and the sole holder of AFS Funding Corp.'s
equity shares is AmeriCredit Financial
<PAGE>
Services, Inc. There is currently no market for the equity shares of
AmeriCredit Financial Services, Inc. or AFS Funding Corp. nor is it
anticipated that such a market will develop.
ITEM 6. SELECTED FINANCIAL DATA
Not Applicable.
ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Not Applicable.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTAL DATA
Not Applicable.
ITEM 9. CHANGE IN AND DISAGREEMENTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
ITEM 10. DIRECTORS AND OFFICERS OF THE REGISTRANT
Not Applicable.
ITEM 11. EXECUTIVE COMPENSATION
Not Applicable.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Not Applicable.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Not Applicable.
<PAGE>
PART IV
ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
The exhibits filed in response to Item 601 of Regulation S-K are
listed in the Index to Exhibits.
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the
Securities Exchange Act of 1934, AmeriCredit Automobile Receivables Trusts
1999-C. has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1999-C
By: AMERICREDIT FINANCIAL SERVICES, INC.,
as sponsor and as servicer
By: /s/ Preston A. Miller
---------------------
Name: Preston A. Miller
Title: Executive Vice President and Treasurer
Dated: April 28, 2000
EXHIBIT INDEX
<TABLE>
<S> <C>
99.1 Servicer's Report for monthly period ended September 30, 1999,
incorporated by reference to the Form 8-K filed with the Securities and
Exchange Commission on October 15, 1999.
99.2 Servicer's Report for monthly period ended October 31, 1999,
incorporated by reference to the Form 8-K filed with the SEC on
November 10, 1999.
99.3 Servicer's Report for monthly period ended November 30, 1999,
incorporated by reference to the Form 8-K filed with the SEC on
December 13, 1999.
99.4 Servicer's Report for monthly period ended December 31, 1999,
incorporated by reference to the Form 8-K filed with the SEC on January
12, 1999.
99.5 Servicer's Report for monthly period ended January 31, 2000.
99.6 Servicer's Report for monthly period ended February 29, 2000.
99.7 Servicer's Report for monthly period ended March 31, 2000.
</TABLE>
<PAGE>
EXHIBIT 99.5
Servicer's Report for Monthly Period
Ended January 31, 2000
<PAGE>
AmeriCredit Automobile Receivables Trust 1999-C
Class A-1A 5.67375 % Asset Backed Notes
Class A-1B Floating Rate Asset Backed Notes
Class A-2A 6.32 % Asset Backed Notes
Class A-2B Floating Rate Asset Backed Notes
Class A-3 6.84% Asset Backed Notes
Class A-4 Floating Rate Asset Backed Notes
Class A-5 6.81% Asset Backed Notes
Preliminary Servicer's Certificate
This Servicer's Certificate has been prepared pursuant to Section 4.9 of the
Sale and Servicing Agreement among AmeriCredit Automobile Receivables Trust
1999-C, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS
Funding Corp., as Seller, and Bank One, N.A., as Backup Servicer and Trust
Collateral Agent, dated as of August 13, 1999. Defined terms have the meanings
assigned to them in the Sale and Servicing Agreement or in other Transaction
Documents.
The undersigned hereby certifies that no Trigger Event has occurred on the
related Determination Date and that, to the knowledge of the Servicer, no
Insurance Agreement Event of Default has occurred.
Monthly Period Beginning: 1/1/2000
Monthly Period Ending: 1/31/2000
<TABLE>
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
<S> <C> <C>
A. Beginning of period Aggregate Principal Balance $944,451,087
-------------
B. Purchase of Subsequent Receivables 0
------------
C. Monthly Principal Amounts
(1) Collections on Receivables outstanding
at end of period 24,511,834
------------
(2) Collections on Receivables paid off
during period 5,115,848
------------
(3) Receivables becoming Liquidated Receivables
during period 3,400,430
------------
(4) Receivables becoming Purchased Receivables
during period
------------
(5) Cram Down Losses occurring during period
------------
(6) Other Receivables adjustments 140,663
------------
(7) Less amounts allocable to Interest (14,122,071)
------------
Total Monthly Principal Amounts 19,046,704
------------
D. End of period Aggregate Principal Balance $925,404,383
============
E. Pool Factor 92.540440%
============
</TABLE>
<TABLE>
<CAPTION>
II. MONTHLY PERIOD NOTE BALANCE CALCULATION:
Class A-1A Class A-1B Class A-2A Class A-2B
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
A. Beginning of period Note Balance $16,193,927 $46,268,361 $69,500,000 $230,500,000
----------------------------------------------------------
B. Noteholders' Principal Distributable Amount 4,394,851 12,556,716 0 0
C. Noteholders' Accelerated Principal Amount 1,220,615 3,487,473 0 0
D. Accelerated Payment Amount Shortfall 28,744 82,127 0 0
E. Note Prepayment Amount 0 0 0 0
F. Deficiency Claim Amount 0 0 0 0
----------------------------------------------------------
G. End of period Note Balance $10,549,717 $30,142,045 $69,500,000 $230,500,000
==========================================================
H. Note Pool Factors 30.1420486% 30.1420450% 100.000000% 100.000000%
==========================================================
</TABLE>
<TABLE>
<CAPTION>
Class A-3 Class A-4 Class A-5 TOTAL
--------- --------- --------- -----
<S> <C> <C> <C> <C>
A. Beginning of period Note Balance $182,000,000 $283,000,000 $93,889,621 $921,351,909
----------------------------------------- ------------
B. Noteholders' Principal Distributable Amount 0 0 2,095,137 19,046,704
C. Noteholders' Accelerated Principal Amount 0 0 0 4,708,088
D. Accelerated Payment Amount Shortfall 0 0 0 110,871
E. Note Prepayment Amount 0 0 0 0
F. Deficiency Claim Amount 0 0 0 0
------------------------------------------- ------------
G. End of period Note Balance $182,000,000 $283,000,000 $91,794,484 $897,486,246
=========================================== ============
H. Note Pool Factors 100.000000% 100.000000% 91.794484% 89.7486246%
=========================================== ============
</TABLE>
1
<PAGE>
<TABLE>
III.RECONCILIATION OF PRE-FUNDING ACCOUNT:
<S> <C> <C> <C>
A. Beginning of period Pre-Funding Account balance $0
------------
B. Purchase of Subsequent Receivables 0
------------
C. Investment Earnings 0
------------
D. Investment Earnings Transfer to Collections Account 0
------------
E. Payment of Mandatory Prepayment Amount 0
------------
0
------------
F. End of period Pre-Funding Account balance $0
============
IV. CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT
A. Total Monthly Principal Amounts $19,046,704
------------
B. Required Pro-forma Security Balance 832,863,945
------------
C. Pro-forma Security Balance (Assuming 100% Paydown of Total Monthly Principal Amounts) 902,305,205
------------
D. Step-down Amount (B. - C.) 0
------------
E. Principal Distributable Amount (A.- D.) $19,046,704
============
V. RECONCILIATION OF CAPITALIZED INTEREST ACCOUNT:
A. Beginning of period Capitalized Interest Account balance $0
------------
B. Monthly Capitalized Interest Amount 0
------------
C. Investment Earnings 0
------------
D. Investment Earnings Transfer to Collections Account 0
------------
E. Payment of Overfunded Capitalized Interest Amount 0
------------
F. Payment of Remaining Capitalized Interest Account 0
------------
0
------------
G. End of period Capitalized Interest Account balance $0
============
VI. RECONCILIATION OF COLLECTION ACCOUNT:
A. Available Funds:
(1) Collections on Receivables during period
(net of Liquidation Proceeds) $29,627,682
------------
(2) Liquidation Proceeds collected
during period 1,381,014
------------
(3) Purchase Amounts deposited in Collection
Account
------------
(4) (a) Investment Earnings - Collection Account 104,554
------------
(b) Investment Earnings - Transfer From Prefunding Account 0
------------
(c) Investment Earnings - Transfer From Capitalized Interest Account 0
------------
(5) Collection of Supplemental Servicing Fees
(a) Extension Fees 22,798
------------
(b) Repo and Recovery Fees Advanced 82,655
------------
(c) Other Fees 122,284
------------
(6) Monthly Capitalized Interest Amount 0
------------
(7) Mandatory Prepayment Amount
------------
Total Available Funds 31,340,987
------------
B. Distributions:
(1) Base Servicing Fee and Supplemental Servicing Fees
(a) Base Servicing Fee 1,770,846
------------
(b) Repo and Recovery Fees 82,655
------------
(c) Bank Service Charges 17,340
------------
(d) Other Fees 122,284
------------
(2) Agent fees 417
------------
(3) Refunds of Overpayments paid by AFS 12,492
------------
(4) Noteholders' Interest Distributable Amount
(a) Class A - 1A 84,224
------------
(b) Class A - 1B 256,597
------------
(c) Class A - 2A 366,033
------------
(d) Class A - 2B 1,293,633
------------
(e) Class A - 3 1,037,400
------------
(f) Class A - 4 1,634,974
------------
(g) Class A - 5 532,824
------------
(5) Noteholders' Principal Distributable Amount
(a) Class A - 1A 4,394,851
------------
(b) Class A - 1B 12,556,716
------------
(c) Class A - 2A 0
------------
(d) Class A - 2B 0
------------
(e) Class A - 3 0
------------
(f) Class A - 4 0
------------
(g) Class A - 5 2,095,137
------------
(6) Security Insurer Premiums 374,476
------------
Total distributions 26,632,899
------------
C. Excess Available Funds (or Deficiency Claim Amount) 4,708,088
------------
D. Noteholders' Accelerated Principal Amount (4,708,088)
------------
E. Deposit to Spread Account $0
============
2
<PAGE>
VII.CALCULATION OF ACCELERATED PRINCIPAL AMOUNT
A. Excess Available Funds (VI.C.) $4,708,088
------------
B. Pro Forma Security Balance (II.A.-II.B.) 902,305,205
------------
C. Required Pro Forma Security Balance (90% x (I.D.+III.F.) 832,863,945
------------
D. Excess of Pro Forma Balance over Required Balance (B. - C.) 69,441,260
------------
E. End of Period Class A-1 Note Balance (before accel. payments) 45,510,721
------------
F. Lesser of D. or E. 45,510,721
------------
G. Accelerated Principal Amount (lesser of A. or F.) $4,708,088
------------
VIII. CALCULATION OF ACCELERATED PAYMENT AMOUNT SHORTFALL
A. Pro Forma Security Balance $902,305,205
------------
B. Required Pro Forma Security Balance 832,863,945
------------
C. Excess of Pro Forma Balance over Required Balance (A. - B.) 69,441,260
------------
D. End of Period Class A-1 Note Balance (before accel. payments) 45,510,721
------------
E. Greater of C. or D. 69,441,260
------------
F. Excess Available Funds (VI.C.) 4,708,088
------------
G. Investment Earnings on Collection Account 104,554
------------
H. Accelerated Payment Amount Shortfall (E.- F.+G.) $64,837,726
------------
IX. RECONCILIATION OF SPREAD ACCOUNT:
A. Beginning of period Spread Account balance $29,999,999
------------
B. Additions to Spread Account
(1) Deposits from Collections Account (VI. E.) 0
------------
(2) Investment Earnings 110,871
------------
(3) Deposits Related to Subsequent Receivables Purchases 0
------------
Total Additions 110,871
------------
C. Spread Account balance available for withdrawals 30,110,870
------------
D. Requisite Amount of Spread Account
(1) Initial Spread Account Deposit $20,999,948
------------
(2) Subsequent Spread Account Deposits 9,000,051
------------
(3) Total Initial & Subsequent Spread Account 29,999,999
Deposits (1)+(2)
------------
(4) $100,000 100,000
------------
(5) 1 1/2% of Original Pool Balance (total deliveries) 15,000,000
------------
(6) End of period Note Balance (before accel. principal
shortfall calc) 897,597,117
------------
(7) Lesser of (5) or (6) 15,000,000
------------
(8) Floor Amount Greater of (4) or (7) 15,000,000
------------
(9) Aggregate Principal Balance 925,404,383
------------
(10) End of period Note Balance (before accel. principal 897,597,117
shortfall calc)
------------
(11) Line (9) less line (10) 27,807,266
------------
(12) OC level (11) / (9) 3.00%
------------
(13) Spread Ending Balance as a Percentage of Aggregate 3.24%
Principal Balance
------------
(14) OC Percentage (12) + (13) 6.24%
------------
(15) 13% less OC level, if OC percentage is greater than n/a
or equal to 13%
------------
(16) If OC percentage is equal to or greater than 13%,
Percent in (15) x End of Period Aggregate Principal
Balance n/a
------------
(17) If OC percentage is less than 13%, 3% of Original 29,999,999
Pool Balance (total deliveries)
------------
(18) 15% of end of period Aggregate Principal Balance
if Trigger Date n/a
------------
Requisite Amount of Spread Account (either (3), (8), (15),
(16), or (17) as applicable) 29,999,999
------------
E. Withdrawals from Spread Account
(1) Priority First - Deficiency Claim Amount 0
------------
(2) Priority Second through Third
------------
(3) Priority Fourth - Accelerated Payment Amount
Shortfall 64,837,726
------------
Accelerated Payment Amount Shortfall in
Excess of Requisite Amount 110,871
------------
(4) Priority Fifth through Sixth
------------
(5) Priority Seventh - to Servicer
------------
Total withdrawals 110,871
------------
F. End of period Spread Account balance $29,999,999
------------
3
<PAGE>
X. MONTHLY PERIOD NUMBER OF RECEIVABLES CALCULATION:
A. Beginning of period number of Receivables 69,841
------------
B. Number of Subsequent Receivables Purchased 0
------------
C. Number of Receivables becoming Liquidated
Receivables during period 263
------------
D. Number of Receivables becoming Purchased
Receivables during period
------------
E. Number of Receivables paid off during period 423
------------
F. End of period number of Receivables 69,155
============
XI. STATISTICAL DATA:
A. Weighted Average APR of the Receivables 18.44%
------------
B. Weighted Average Remaining Term of the Receivables 53.80
------------
C. Average Receivable Balance $13,382
------------
D. Aggregate Realized Losses $4,697,189
------------
</TABLE>
By: /s/ Preston A. Miller
---------------------
Name: Preston A. Miller
-----------------
Title: Executive Vice President and Treasurer
--------------------------------------
Date: February 2, 2000
----------------
4
<PAGE>
AmeriCredit Automobile Receivables Trust 1999-C
Class A-1A 5.67375 % Asset Backed Notes
Class A-1B Floating Rate Asset Backed Notes
Class A-2A 6.32 % Asset Backed Notes
Class A-2B Floating Rate Asset Backed Notes
Class A-3 6.84% Asset Backed Notes
Class A-4 Floating Rate Asset Backed Notes
Class A-5 6.81% Asset Backed Notes
Servicer's Certificate
This Servicer's Certificate has been prepared pursuant to Section 4.9 of the
Sale and Servicing Agreement among AmeriCredit Automobile Receivables Trust
1999-B, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS
Funding Corp., as Seller, and Bank One, N.A., as Backup Servicer and Trust
Collateral Agent, dated as of May 12, 1999. Defined terms have the meanings
assigned to them in the Sale and Servicing Agreement or in other Transaction
Documents.
The undersigned hereby certifies that no Trigger Event has occurred on the
related Determination Date and that, to the knowledge of the Servicer, no
Insurance Agreement Event of Default has occurred.
Monthly Period Beginning: 1/1/2000
Monthly Period Ending: 1/31/2000
<TABLE>
<CAPTION>
I. MONTHLY PERIOD NOTE BALANCE CALCULATION:
Class A-1 Class A-1B Class A-2A Class A-2B
--------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
A. Preliminary End of period Note Balance $10,549,717 $30,142,045 $69,500,000 $230,500,000
---------------------------------------------------------
B. Deficiency Claim Amount 0 0 0 0
C. End of period Note Balance $10,549,717 $30,142,045 $69,500,000 $230,500,000
=========================================================
D. Note Pool Factors 30.1420486% 30.1420450% 100.000000% 100.000000%
=========================================================
</TABLE>
<TABLE>
<CAPTION>
Class A-3 Class A-4 Class A-5 TOTAL
----------- ------------ ----------- -----
<S> <C> <C> <C> <C>
A. Preliminary End of period Note Balance $182,000,000 $283,000,000 $91,794,484 $897,486,246
----------------------------------------- ------------
B. Deficiency Claim Amount 0 0 0 0
C. End of period Note Balance $182,000,000 $283,000,000 $91,794,484 $897,486,246
========================================= ============
D. Note Pool Factors 100.000000% 100.000000% 91.794484% 89.7486246%
========================================= ============
</TABLE>
<TABLE>
II. RECONCILIATION OF SPREAD ACCOUNT:
<S> <C> <C>
A. Preliminary End of period Spread Account balance $29,999,999
------------
B. Priority First - Deficiency Claim Amount from preliminary certificate 0
------------
C. End of period Spread Account balance $29,999,999
------------
X. PERFORMANCE TESTS:
A. Delinquency Ratio
(1) Receivables with Scheduled Payment
delinquent more than 60 days
at end of period $18,393,470
------------
(2) Purchased Receivables with Scheduled Payment
delinquent more than 60 days at end of
period
------------
(3) Beginning of period Principal Balance 944,451,087
------------
(4) Delinquency Ratio (1)+(2) divided by (3) 1.95%
------------
(5) Previous Monthly Period Delinquency Ratio 1.29%
------------
(6) Second previous Monthly Period Delinquency Ratio 0.97%
------------
(7) Average Delinquency Ratio (4)+(5)+(6)
divided by 3 1.40%
------------
(8) Compliance (Delinquency Test Failure is a
Delinquency Ratio equal to or greater than 5.00%) yes
------------
5
<PAGE>
B. Cumulative Default Rate
(1) Defaulted Receivables in Current Period $5,574,929
------------
(2) Cumulative Defaulted Receivables Including
Defaulted Receivables in Current Period 19,880,126
------------
(3) Original Pool Balance 999,999,984
------------
(4) Cumulative Default Rate (2) divided by (3) 1.99%
------------
(5) Compliance (Default Test Failure is a Cumulative
Default Rate equal to or greater than 8.74%.) yes
------------
C. Cumulative Net Loss Rate
(1) Receivables becoming Liquidated Receivables during period $3,400,430
------------
(2) Purchased Receivables with Scheduled
Payment delinquent more than 30 days at end of period ------------
(3) Cram Down Losses occurring during period ------------
(4) Liquidation Proceeds collected during period (1,381,014)
(5) Net Losses during period (1)+(2)+(3)-(4) 2,019,416
------------
(6) Net Losses since Initial Cut-off Date (Beginning of Period) 2,677,773
------------
(7) CUMULATIVE NET LOSS RATE BEFORE 50% OF 90 DAY DELINQUENCIES 0.47%
(5) + (6) DIVIDED BY (9) ------------
(8) 50% of Receivables with Scheduled Payment delinquent
more than 90 days at end of period 4,399,850
------------
(9) Original Aggregate Principal Balance plus Pre-Funded Amount as of the
Closing Date 1,000,000,000
------------
(10) Cumulative Net Loss Rate (5)+(6)+(8)
divided by (9) 0.91%
------------
(11) Compliance (Net Loss Test Failure is a
Net Loss Rate equal to or greater than 5.00%.) yes
------------
D. Extension Rate
(1) Principal Balance of Receivables extended during current period $3,044,882
------------
(2) Beginning of Period Aggregate Principal Balance 944,451,087
------------
(3) Extension Rate (1) divided by (2) 0.32%
------------
(4) Previous Monthly Extension Rate 0.21%
------------
(5) Second previous Monthly Extension Rate 0.06%
------------
(6) Average Extension Rate (3)+(4)+(5)
divided by 3 0.20%
------------
(7) Compliance (Extension Test Failure is an
Extension Rate equal to or greater than 4%.) yes
------------
</TABLE>
<TABLE>
XI. DELINQUENCY:
<S> <C> <C> <C>
A. Receivables with Scheduled Payment delinquent
(1) 31-60 days # 4,060 $56,153,029 5.95%
------------------------------------------------------
(2) 61-90 days 1,068 14,587,077 1.54%
------------------------------------------------------
(3) over 90 days 275 3,806,393 0.40%
------------------------------------------------------
Receivables with Scheduled Payment delinquent
more than 30 days at end of period 5,403 $74,546,499 7.89%
======================================================
</TABLE>
By: /s/ Preston A. Miller
---------------------
Name: Preston A. Miller
-----------------
Title: Executive Vice President and Treasurer
--------------------------------------
Date: February 2, 2000
----------------
6
<PAGE>
EXHIBIT 99.6
Servicer's Report for Monthly Period
Ended February 29, 2000
<PAGE>
AmeriCredit Automobile Receivables Trust 1999-C
Class A-1A 5.67375 % Asset Backed Notes
Class A-1B Floating Rate Asset Backed Notes
Class A-2A 6.32 % Asset Backed Notes
Class A-2B Floating Rate Asset Backed Notes
Class A-3 6.84% Asset Backed Notes
Class A-4 Floating Rate Asset Backed Notes
Class A-5 6.81% Asset Backed Notes
Preliminary Servicer's Certificate
This Servicer's Certificate has been prepared pursuant to Section 4.9 of the
Sale and Servicing Agreement among AmeriCredit Automobile Receivables Trust
1999-C, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS
Funding Corp., as Seller, and Bank One, N.A., as Backup Servicer and Trust
Collateral Agent, dated as of August 13, 1999. Defined terms have the meanings
assigned to them in the Sale and Servicing Agreement or in other Transaction
Documents.
The undersigned hereby certifies that no Trigger Event has occurred on the
related Determination Date and that, to the knowledge of the Servicer, no
Insurance Agreement Event of Default has occurred.
Monthly Period Beginning: 2/1/2000
Monthly Period Ending: 2/29/2000
<TABLE>
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
<S> <C> <C>
A. Beginning of period Aggregate Principal Balance $925,404,383
---------------------------
B. Purchase of Subsequent Receivables 0
---------------------------
C. Monthly Principal Amounts
(1) Collections on Receivables outstanding
at end of period 23,759,887
------------------
(2) Collections on Receivables paid off
during period 5,877,956
------------------
(3) Receivables becoming Liquidated Receivables
during period 4,466,477
------------------
(4) Receivables becoming Purchased Receivables
during period
------------------
(5) Cram Down Losses occurring during period
------------------
(6) Other Receivables adjustments 164,037
------------------
(7) Less amounts allocable to Interest (12,928,160)
------------------
Total Monthly Principal Amounts 21,340,197
---------------------------
D. End of period Aggregate Principal Balance $904,064,186
===========================
E. Pool Factor 90.406420%
===========================
</TABLE>
<TABLE>
<CAPTION>
II. MONTHLY PERIOD NOTE BALANCE CALCULATION:
Class A-1A Class A-1B Class A-2A Class A-2B
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
A. Beginning of period Note Balance $10,549,717 $30,142,045 $69,500,000 $230,500,000
---------------------------------------------------------------------------
B. Noteholders' Principal Distributable Amount 4,924,053 14,068,722 0 0
C. Noteholders' Accelerated Principal Amount 953,619 2,724,626 0 0
D. Accelerated Payment Amount Shortfall 28,167 80,477 0 0
E. Note Prepayment Amount 0 0 0 0
F. Deficiency Claim Amount 0 0 0 0
---------------------------------------------------------------------------
G. End of period Note Balance $4,643,878 $13,268,220 $69,500,000 $230,500,000
===========================================================================
H. Note Pool Factors 13.2682229% 13.2682200% 100.000000% 100.000000%
===========================================================================
</TABLE>
<TABLE>
<CAPTION>
Class A-3 Class A-4 Class A-5 TOTAL
--------- --------- --------- -----
<S> <C> <C> <C> <C>
A. Beginning of period Note Balance $182,000,000 $283,000,000 $91,794,484 $897,486,246
-------------------------------------------------------- --------------
B. Noteholders' Principal Distributable Amount 0 0 2,347,422 21,340,197
C. Noteholders' Accelerated Principal Amount 0 0 0 3,678,245
D. Accelerated Payment Amount Shortfall 0 0 0 108,644
E. Note Prepayment Amount 0 0 0 0
F. Deficiency Claim Amount 0 0 0 0
-------------------------------------------------------- --------------
G. End of period Note Balance $182,000,000 $283,000,000 $89,447,062 $872,359,160
======================================================== ==============
H. Note Pool Factors 100.000000% 100.000000% 89.447062% 87.2359160%
======================================================== ==============
</TABLE>
1
<PAGE>
<TABLE>
III. RECONCILIATION OF PRE-FUNDING ACCOUNT:
<S> <C> <C>
A. Beginning of period Pre-Funding Account balance $0
---------------------------
B. Purchase of Subsequent Receivables 0
-------------
C. Investment Earnings 0
-------------
D. Investment Earnings Transfer to Collections Account 0
-------------
E. Payment of Mandatory Prepayment Amount 0
-------------
0
---------------------------
F. End of period Pre-Funding Account balance $0
===========================
IV. CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT
A. Total Monthly Principal Amounts $21,340,197
---------------------------
B. Required Pro-forma Security Balance 813,657,767
-------------
C. Pro-forma Security Balance (Assuming 100% Paydown
of Total Monthly Principal Amounts) 876,146,049
-------------
D. Step-down Amount (B. - C.) 0
---------------------------
E. Principal Distributable Amount (A.- D.) $21,340,197
===========================
V. RECONCILIATION OF CAPITALIZED INTEREST ACCOUNT:
A. Beginning of period Capitalized Interest Account balance $0
---------------------------
B. Monthly Capitalized Interest Amount 0
-------------
C. Investment Earnings 0
-------------
D. Investment Earnings Transfer to Collections Account 0
-------------
E. Payment of Overfunded Capitalized Interest Amount 0
-------------
F. Payment of Remaining Capitalized Interest Account 0
-------------
0
---------------------------
G. End of period Capitalized Interest Account balance $0
===========================
VI. RECONCILIATION OF COLLECTION ACCOUNT:
A. Available Funds:
(1) Collections on Receivables during period
(net of Liquidation Proceeds) $29,637,843
-------------
(2) Liquidation Proceeds collected
during period 2,024,789
-------------
(3) Purchase Amounts deposited in Collection
Account
-------------
(4) (a) Investment Earnings - Collection Account 79,813
-------------
(b) Investment Earnings - Transfer From
Prefunding Account 0
-------------
(c) Investment Earnings - Transfer From
Capitalized Interest Account 0
-------------
(5) Collection of Supplemental Servicing Fees
(a) Extension Fees 55,784
-------------
(b) Repo and Recovery Fees Advanced 84,042
-------------
(c) Other Fees 154,111
-------------
(6) Monthly Capitalized Interest Amount 0
-------------
(7) Mandatory Prepayment Amount
-------------
Total Available Funds 32,036,382
---------------------------
B. Distributions:
(1) Base Servicing Fee and Supplemental Servicing Fees
(a) Base Servicing Fee 1,735,133
-------------
(b) Repo and Recovery Fees 84,042
-------------
(c) Bank Service Charges 16,432
-------------
(d) Other Fees 154,111
-------------
(2) Agent fees 417
-------------
(3) Refunds of Overpayments paid by AFS 27,723
-------------
(4) Noteholders' Interest Distributable Amount
(a) Class A - 1A 46,555
-------------
(b) Class A - 1B 145,586
-------------
(c) Class A - 2A 366,033
-------------
(d) Class A - 2B 1,110,850
-------------
(e) Class A - 3 1,037,400
-------------
(f) Class A - 4 1,403,483
-------------
(g) Class A - 5 520,934
-------------
(5) Noteholders' Principal Distributable Amount
(a) Class A - 1A 4,924,053
-------------
(b) Class A - 1B 14,068,722
-------------
(c) Class A - 2A 0
-------------
(d) Class A - 2B 0
-------------
(e) Class A - 3 0
-------------
(f) Class A - 4 0
-------------
(g) Class A - 5 2,347,422
-------------
(6) Security Insurer Premiums 369,241
-------------
Total distributions 28,358,137
---------------------------
C. Excess Available Funds (or Deficiency Claim Amount ) 3,678,245
---------------------------
D. Noteholders' Accelerated Principal Amount (3,678,245)
---------------------------
E. Deposit to Spread Account $0
===========================
</TABLE>
2
<PAGE>
<TABLE>
VII. CALCULATION OF ACCELERATED PRINCIPAL AMOUNT
<S> <C> <C> <C>
A. Excess Available Funds (VI.C.) $3,678,245
--------------
B. Pro Forma Security Balance (II.A.-II.B.) 876,146,049
--------------
C. Required Pro Forma Security Balance (90% x (I.D.+III.F.) 813,657,767
--------------
D. Excess of Pro Forma Balance over Required Balance (B. - C.) 62,488,282
--------------
E. End of Period Class A-1 Note Balance (before accel. payments) 21,698,987
--------------
F. Lesser of D. or E. 21,698,987
--------------
G. Accelerated Principal Amount (lesser of A. or F.) $3,678,245
-------------
VIII. CALCULATION OF ACCELERATED PAYMENT AMOUNT SHORTFALL
A. Pro Forma Security Balance $876,146,049
--------------
B. Required Pro Forma Security Balance 813,657,767
--------------
C. Excess of Pro Forma Balance over Required Balance (A. - B.) 62,488,282
--------------
D. End of Period Class A-1 Note Balance (before accel. payments) 21,698,987
--------------
E. Greater of C. or D. 62,488,282
--------------
F. Excess Available Funds (VI.C.) 3,678,245
--------------
G. Investment Earnings on Collection Account 79,813
--------------
H. Accelerated Payment Amount Shortfall (E.- F.+G.) $58,889,850
-------------
IX. RECONCILIATION OF SPREAD ACCOUNT:
A. Beginning of period Spread Account balance $29,999,999
-------------
B. Additions to Spread Account
(1) Deposits from Collections Account (VI. E.) 0
--------------
(2) Investment Earnings 108,644
--------------
(3) Deposits Related to Subsequent Receivables Purchases 0
--------------
Total Additions 108,644
-------------
C. Spread Account balance available for withdrawals 30,108,643
-------------
D. Requisite Amount of Spread Account
(1) Initial Spread Account Deposit $20,999,948
--------------
(2) Subsequent Spread Account Deposits 9,000,051
--------------
(3) Total Initial & Subsequent Spread Account Deposits (1)+(2) 29,999,999
--------------
(4) $100,000 100,000
--------------
(5) 1 1/2% of Original Pool Balance (total deliveries) 15,000,000
--------------
(6) End of period Note Balance (before accel. principal shortfall calc) 872,467,804
--------------
(7) Lesser of (5) or (6) 15,000,000
--------------
(8) Floor Amount Greater of (4) or (7) 15,000,000
--------------
(9) Aggregate Principal Balance 904,064,186
--------------
(10) End of period Note Balance (before accel. principal shortfall calc) 872,467,804
--------------
(11) Line (9) less line (10) 31,596,382
--------------
(12) OC level (11) / (9) 3.49%
--------------
(13) Spread Ending Balance as a Percentage of Aggregate Principal Balance 3.32%
--------------
(14) OC Percentage (12) + (13) 6.81%
--------------
(15) 13% less OC level, if OC percentage is greater than or equal to 13% n/a
--------------
(16) If OC percentage is equal to or greater than 13%, Percent in (15) x
End of Period Aggregate Principal Balance n/a
--------------
(17) If OC percentage is less than 13%, 3% of Original Pool Balance (total
deliveries) 29,999,999
--------------
(18) 15% of end of period Aggregate Principal Balance if Trigger Date n/a
--------------
Requisite Amount of Spread Account (either (3), (8), (15), (16), or (17) as
applicable) 29,999,999
-------------
E. Withdrawals from Spread Account
(1) Priority First - Deficiency Claim Amount 0
--------------
(2) Priority Second through Third
--------------
(3) Priority Fourth - Accelerated Payment Amount Shortfall 58,889,850
-----------
Accelerated Payment Amount Shortfall in Excess of Requisite Amount 108,644
--------------
(4) Priority Fifth through Sixth
--------------
(5) Priority Seventh - to Servicer
--------------
Total withdrawals 108,644
-------------
F. End of period Spread Account balance $29,999,999
-------------
3
<PAGE>
X. MONTHLY PERIOD NUMBER OF RECEIVABLES CALCULATION:
A. Beginning of period number of Receivables 69,155
-------------
B. Number of Subsequent Receivables Purchased 0
-------------
C. Number of Receivables becoming Liquidated
Receivables during period 334
-------------
D. Number of Receivables becoming Purchased
Receivables during period
-------------
E. Number of Receivables paid off during period 513
-------------
F. End of period number of Receivables 68,308
=============
XI. STATISTICAL DATA:
A. Weighted Average APR of the Receivables 18.43%
-------------
B. Weighted Average Remaining Term of the Receivables 52.90
-------------
C. Average Receivable Balance $13,235
-------------
D. Aggregate Realized Losses $7,138,877
-------------
</TABLE>
By: /s/ Daniel E. Berce
---------------------
Name: Daniel E. Berce
---------------
Title: Vice Chairman & Chief Financial Officer
---------------------------------------
Date: March 2, 2000
-------------
4
<PAGE>
AmeriCredit Automobile Receivables Trust 1999-C
Class A-1A 5.67375 % Asset Backed Notes
Class A-1B Floating Rate Asset Backed Notes
Class A-2A 6.32 % Asset Backed Notes
Class A-2B Floating Rate Asset Backed Notes
Class A-3 6.84% Asset Backed Notes
Class A-4 Floating Rate Asset Backed Notes
Class A-5 6.81% Asset Backed Notes
Servicer's Certificate
This Servicer's Certificate has been prepared pursuant to Section 4.9 of the
Sale and Servicing Agreement among AmeriCredit Automobile Receivables Trust
1999-B, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS
Funding Corp., as Seller, and Bank One, N.A., as Backup Servicer and Trust
Collateral Agent, dated as of May 12, 1999. Defined terms have the meanings
assigned to them in the Sale and Servicing Agreement or in other Transaction
Documents.
The undersigned hereby certifies that no Trigger Event has occurred on the
related Determination Date and that, to the knowledge of the Servicer, no
Insurance Agreement Event of Default has occurred.
Monthly Period Beginning: 2/1/00
Monthly Period Ending: 2/29/00
<TABLE>
<CAPTION>
I. MONTHLY PERIOD NOTE BALANCE CALCULATION:
Class A-1A Class A-1B Class A-2A Class A-2B
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
A. Preliminary End of period Note Balance $4,643,878 $13,268,220 $69,500,000 $230,500,000
----------------------------------------------------------------
B. Deficiency Claim Amount 0 0 0 0
C. End of period Note Balance $4,643,878 $13,268,220 $69,500,000 $230,500,000
================================================================
D. Note Pool Factors 13.2682229% 13.2682200% 100.000000% 100.000000%
================================================================
</TABLE>
<TABLE>
<CAPTION>
Class A-3 Class A-4 Class A-5 TOTAL
--------- --------- --------- -----
<S> <C> <C> <C> <C>
A. Preliminary End of period Note Balance $182,000,000 $283,000,000 $89,447,062 $872,359,160
---------------------------------------------- ------------
B. Deficiency Claim Amount 0 0 0 0
C. End of period Note Balance $182,000,000 $283,000,000 $89,447,062 $872,359,160
============================================== ============
D. Note Pool Factors 100.000000% 100.000000% 89.447062% 87.2359160%
============================================== ============
</TABLE>
<TABLE>
II. RECONCILIATION OF SPREAD ACCOUNT:
<S> <C> <C>
A. Preliminary End of period Spread Account balance $29,999,999
------------
B. Priority First - Deficiency Claim Amount from preliminary certificate 0
------------
C. End of period Spread Account balance $29,999,999
III. PERFORMANCE TESTS:
A. Delinquency Ratio
(1) Receivables with Scheduled Payment
delinquent more than 60 days
at end of period $18,237,602
-----------
(2) Purchased Receivables with Scheduled Payment
delinquent more than 60 days at end of
period
-----------
(3) Beginning of period Principal Balance 925,404,383
-----------
(4) Delinquency Ratio (1)+(2) divided by (3) 1.97%
------------
(5) Previous Monthly Period Delinquency Ratio 1.95%
------------
(6) Second previous Monthly Period Delinquency Ratio 1.29%
------------
(7) Average Delinquency Ratio (4)+(5)+(6)
divided by 3 1.74%
------------
(8) Compliance (Delinquency Test Failure is a
Delinquency Ratio equal to or greater than 5.00%) yes
------------
5
<PAGE>
B. Cumulative Default Rate
(1) Defaulted Receivables in Current Period $6,667,043
-----------
(2) Cumulative Defaulted Receivables Including
Defaulted Receivables in Current Period 26,547,169
-----------
(3) Original Pool Balance 999,999,984
(4) Cumulative Default Rate (2) divided by (3) 2.65%
------------
(5) Compliance (Default Test Failure is a Cumulative
Default Rate equal to or greater than 8.74%.) yes
------------
C. Cumulative Net Loss Rate
(1) Receivables becoming Liquidated Receivables during period $4,466,477
-----------
(2) Purchased Receivables with Scheduled
Payment delinquent more than 30 days at end of period
-----------
(3) Cram Down Losses occurring during period
-----------
(4) Liquidation Proceeds collected during period (2,024,789)
-----------
(5) Net Losses during period (1)+(2)+(3)-(4) 2,441,688
-----------
(6) Net Losses since Initial Cut-off Date (Beginning of Period) 4,697,189
-----------
(7) CUMULATIVE NET LOSS RATE BEFORE 50% OF 90 DAY DELINQUENCIES 0.71%
(5)+(6) divided by (9) ------------
(8) 50% of Receivables with Scheduled Payment delinquent
more than 90 days at end of period 5,594,426
-------------
(9) Original Aggregate Principal Balance plus Pre-Funded Amount as of the Closing Date 1,000,000,000
-------------
(10) Cumulative Net Loss Rate (5)+(6)+(8)
divided by (9) 1.27%
------------
(11) Compliance (Net Loss Test Failure is a
Net Loss Rate equal to or greater than 5.00%.) yes
------------
D. Extension Rate
(1) Principal Balance of Receivables extended during current period $6,400,607
-------------
(2) Beginning of Period Aggregate Principal Balance 925,404,383
-------------
(3) Extension Rate (1) divided by (2) 0.69%
------------
(4) Previous Monthly Extension Rate 0.32%
------------
(5) Second previous Monthly Extension Rate 0.21%
------------
(6) Average Extension Rate (3)+(4)+(5)
divided by 3 0.41%
------------
(7) Compliance (Extension Test Failure is an
Extension Rate equal to or greater than 4%.) yes
------------
</TABLE>
<TABLE>
IV. DELINQUENCY:
<S> <C> <C> <C>
A. Receivables with Scheduled Payment delinquent
(1) 31-60 days # 3,596 $49,828,526 5.38%
-----------------------------------------------
(2) 61-90 days 939 12,845,848 1.39%
-----------------------------------------------
(3) over 90 days 403 5,391,754 0.58%
-----------------------------------------------
Receivables with Scheduled Payment delinquent
more than 30 days at end of period 4,938 $68,066,128 7.35%
===============================================
</TABLE>
By: /s/ Daniel E. Berce
-------------------
Name: Daniel E. Berce
---------------
Title: Vice Chairman & Chief Financial Officer
---------------------------------------
Date: March 2, 2000
-------------
<PAGE>
EXHIBIT 99.7
Servicer's Report for Monthly Period
Ended March 31, 2000
<PAGE>
AmeriCredit Automobile Receivables Trust 1999-C
Class A-1A 5.67375 % Asset Backed Notes
Class A-1B Floating Rate Asset Backed Notes
Class A-2A 6.32 % Asset Backed Notes
Class A-2B Floating Rate Asset Backed Notes
Class A-3 6.84% Asset Backed Notes
Class A-4 Floating Rate Asset Backed Notes
Class A-5 6.81% Asset Backed Notes
Preliminary Servicer's Certificate
This Servicer's Certificate has been prepared pursuant to Section 4.9 of the
Sale and Servicing Agreement among AmeriCredit Automobile Receivables Trust
1999-C, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS
Funding Corp., as Seller, and Bank One, N.A., as Backup Servicer and Trust
Collateral Agent, dated as of August 13, 1999. Defined terms have the meanings
assigned to them in the Sale and Servicing Agreement or in other Transaction
Documents.
The undersigned hereby certifies that no Trigger Event has occurred on the
related Determination Date and that, to the knowledge of the Servicer, no
Insurance Agreement Event of Default has occurred.
Monthly Period Beginning: 3/1/2000
Monthly Period Ending: 3/31/2000
<TABLE>
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
<S> <C> <C>
A. Beginning of period Aggregate Principal Balance $904,064,186
---------------
B. Purchase of Subsequent Receivables 0
---------------
C. Monthly Principal Amounts
(1) Collections on Receivables outstanding
at end of period 24,338,321
--------------
(2) Collections on Receivables paid off
during period 8,253,336
--------------
(3) Receivables becoming Liquidated Receivables
during period 6,659,407
--------------
(4) Receivables becoming Purchased Receivables
during period
--------------
(5) Cram Down Losses occurring during period
--------------
(6) Other Receivables adjustments 218,687
--------------
(7) Less amounts allocable to Interest (13,383,422)
--------------
Total Monthly Principal Amounts 26,086,329
---------------
D. End of period Aggregate Principal Balance $877,977,857
===============
E. Pool Factor 87.797787%
===============
</TABLE>
<TABLE>
<CAPTION>
II. MONTHLY PERIOD NOTE BALANCE CALCULATION:
Class A-1A Class A-1B Class A-2A Class A-2B
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
A. Beginning of period Note Balance $4,643,878 $13,268,220 $69,500,000 $230,500,000
-------------------------------------------------------------
B. Noteholders' Principal Distributable Amount 4,643,878 13,268,220 1,228,930 4,075,805
C. Noteholders' Accelerated Principal Amount 0 0 0 0
D. Accelerated Payment Amount Shortfall 0 0 723,709 2,400,214
E. Note Prepayment Amount 0 0 0 0
F. Deficiency Claim Amount 0 0 0 0
-------------------------------------------------------------
G. End of period Note Balance $0 $0 $67,547,361 $224,023,981
=============================================================
H. Note Pool Factors 0.0000000% 0.0000000% 97.190447% 97.190447%
=============================================================
</TABLE>
<TABLE>
<CAPTION>
Class A-3 Class A-4 Class A-5 TOTAL
--------- --------- --------- -----
<S> <C> <C> <C> <C>
A. Beginning of period Note Balance $182,000,000 $283,000,000 $89,447,062 $872,359,160
------------------------------------------- ---------------
B. Noteholders' Principal Distributable Amount 0 0 2,869,496 26,086,329
C. Noteholders' Accelerated Principal Amount 0 0 0 0
D. Accelerated Payment Amount Shortfall 0 0 0 3,123,923
E. Note Prepayment Amount 0 0 0 0
F. Deficiency Claim Amount 0 0 0 0
------------------------------------------- ---------------
G. End of period Note Balance $182,000,000 $283,000,000 $86,577,566 $843,148,908
=========================================== ===============
H. Note Pool Factors 100.000000% 100.000000% 86.577566% 84.3148908%
=========================================== ===============
</TABLE>
1
<PAGE>
<TABLE>
III. RECONCILIATION OF PRE-FUNDING ACCOUNT:
<S> <C> <C>
A. Beginning of period Pre-Funding Account balance $0
--------------
B. Purchase of Subsequent Receivables 0
-------------
C. Investment Earnings 0
-------------
D. Investment Earnings Transfer to Collections Account 0
-------------
E. Payment of Mandatory Prepayment Amount 0
-------------
0
--------------
F. End of period Pre-Funding Account balance $0
==============
IV. CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT
A. Total Monthly Principal Amounts $26,086,329
--------------
B. Required Pro-forma Security Balance 790,180,071
-------------
C. Pro-forma Security Balance (Assuming 100%
Paydown of Total Monthly Principal Amounts) 846,272,831
-------------
D. Step-down Amount (B. - C.) 0
--------------
E. Principal Distributable Amount (A.- D.) $26,086,329
==============
V. RECONCILIATION OF CAPITALIZED INTEREST ACCOUNT:
A. Beginning of period Capitalized Interest Account balance $0
--------------
B. Monthly Capitalized Interest Amount 0
-------------
C. Investment Earnings 0
-------------
D. Investment Earnings Transfer to Collections Account 0
-------------
E. Payment of Overfunded Capitalized Interest Amount 0
-------------
F. Payment of Remaining Capitalized Interest Account 0
-------------
0
--------------
G. End of period Capitalized Interest Account balance $0
==============
VI. RECONCILIATION OF COLLECTION ACCOUNT:
A. Available Funds:
(1) Collections on Receivables during period
(net of Liquidation Proceeds) $32,591,657
-------------
(2) Liquidation Proceeds collected
during period 3,109,511
-------------
(3) Purchase Amounts deposited in Collection
Account
-------------
(4) (a) Investment Earnings - Collection Account 81,856
-------------
(b) Investment Earnings - Transfer From Prefunding Account 0
-------------
(c) Investment Earnings - Transfer From Capitalized Interest Account 0
-------------
(5) Collection of Supplemental Servicing Fees
(a) Extension Fees 128,312
-------------
(b) Repo and Recovery Fees Advanced 146,488
-------------
(c) Other Fees 145,462
-------------
(6) Monthly Capitalized Interest Amount 0
-------------
(7) Mandatory Prepayment Amount
-------------
Total Available Funds 36,203,286
--------------
B. Distributions:
(1) Base Servicing Fee and Supplemental Servicing Fees
(a) Base Servicing Fee 1,695,120
-------------
(b) Repo and Recovery Fees 146,488
-------------
(c) Bank Service Charges 9,889
-------------
(d) Other Fees 145,462
-------------
(2) Agent fees 417
-------------
(3) Refunds of Overpayments paid by AFS 36,630
-------------
(4) Noteholders' Interest Distributable Amount
(a) Class A - 1A 21,957
-------------
(b) Class A - 1B 70,263
-------------
(c) Class A - 2A 366,033
-------------
(d) Class A - 2B 1,197,880
-------------
(e) Class A - 3 1,037,400
-------------
(f) Class A - 4 1,513,166
-------------
(g) Class A - 5 507,612
-------------
(5) Noteholders' Principal Distributable Amount
(a) Class A - 1A 4,643,878
-------------
(b) Class A - 1B 13,268,220
-------------
(c) Class A - 2A 1,228,930
-------------
(d) Class A - 2B 4,075,805
-------------
(e) Class A - 3 0
-------------
(f) Class A - 4 0
-------------
(g) Class A - 5 2,869,496
-------------
(6) Security Insurer Premiums 360,562
-------------
Total distributions 33,195,208
--------------
C. Excess Available Funds (or Deficiency Claim Amount ) 3,008,078
--------------
D. Noteholders' Accelerated Principal Amount 0
--------------
E. Deposit to Spread Account $3,008,078
==============
2
<PAGE>
VII. CALCULATION OF ACCELERATED PRINCIPAL AMOUNT
A. Excess Available Funds (VI.C.) $3,008,078
-------------
B. Pro Forma Security Balance (II.A.-II.B.) 846,272,831
-------------
C. Required Pro Forma Security Balance (90% x (I.D.+III.F.) 790,180,071
-------------
D. Excess of Pro Forma Balance over Required Balance (B. - C.) 56,092,760
-------------
E. End of Period Class A-1 Note Balance (before accel. payments) 0
-------------
F. Lesser of D. or E. 0
-------------
G. Accelerated Principal Amount (lesser of A. or F.) $0
--------------
VIII. CALCULATION OF ACCELERATED PAYMENT AMOUNT SHORTFALL
A. Pro Forma Security Balance $846,272,831
-------------
B. Required Pro Forma Security Balance 790,180,071
-------------
C. Excess of Pro Forma Balance over Required Balance (A. - B.) 56,092,760
-------------
D. End of Period Class A-1 Note Balance (before accel. payments) 0
-------------
E. Greater of C. or D. 56,092,760
-------------
F. Excess Available Funds (VI.C.) 3,008,078
-------------
G. Investment Earnings on Collection Account 81,856
-------------
H. Accelerated Payment Amount Shortfall (E.- F.+G.) $53,166,538
--------------
IX. RECONCILIATION OF SPREAD ACCOUNT:
A. Beginning of period Spread Account balance $29,999,999
--------------
B. Additions to Spread Account
(1) Deposits from Collections Account (VI. E.) 3,008,078
-------------
(2) Investment Earnings 115,845
-------------
(3) Deposits Related to Subsequent Receivables Purchases 0
-------------
Total Additions 3,123,923
--------------
C. Spread Account balance available for withdrawals 33,123,922
--------------
D. Requisite Amount of Spread Account
(1) Initial Spread Account Deposit $20,999,948
-------------
(2) Subsequent Spread Account Deposits 9,000,051
-------------
(3) Total Initial & Subsequent Spread Account Deposits (1)+(2) 29,999,999
-------------
(4) $100,000 100,000
-------------
(5) 1 1/2% of Original Pool Balance (total deliveries) 15,000,000
-------------
(6) End of period Note Balance 843,148,908
-------------
(7) Lesser of (5) or (6) 15,000,000
-------------
(8) Floor Amount Greater of (4) or (7) 15,000,000
-------------
(9) Aggregate Principal Balance 877,977,857
-------------
(10) End of period Note Balance 843,148,908
-------------
(11) Line (9) less line (10) 34,828,949
-------------
(12) OC level (11) / (9) 3.97%
-------------
(13) Spread Ending Balance as a Percentage of Aggregate Principal Balance 3.42%
-------------
(14) OC Percentage (12) + (13) 7.39%
-------------
(15) 13% less OC level, if OC percentage is greater than or equal to 13% n/a
-------------
(16) If OC percentage is equal to or greater than 13%,
Percent in (15) x End of Period Aggregate Principal Balance n/a
-------------
(17) If OC percentage is less than 13%, 3% of
Original Pool Balance (total deliveries) 29,999,999
-------------
(18) 15% of end of period Aggregate Principal Balance if Trigger Date n/a
-------------
Requisite Amount of Spread Account (either (3),
(8), (15), (16), or (17) as applicable) 29,999,999
--------------
E. Withdrawals from Spread Account
(1) Priority First - Deficiency Claim Amount 0
-------------
(2) Priority Second through Third
-------------
(3) Priority Fourth - Accelerated Payment Amount Shortfall 53,166,538
-------------
Accelerated Payment Amount Shortfall in Excess of Requisite Amount 3,123,923
-------------
(4) Priority Fifth through Sixth
-------------
(5) Priority Seventh - to Servicer
-------------
Total withdrawals 3,123,923
--------------
F. End of period Spread Account balance $29,999,999
--------------
3
<PAGE>
X. ONTHLY PERIOD NUMBER OF RECEIVABLES CALCULATION:
A. Beginning of period number of Receivables 68,308
--------------
B. Number of Subsequent Receivables Purchased 0
--------------
C. Number of Receivables becoming Liquidated
Receivables during period 490
--------------
D. Number of Receivables becoming Purchased
Receivables during period
--------------
E. Number of Receivables paid off during period 693
--------------
F. End of period number of Receivables 67,125
==============
XI. STATISTICAL DATA:
A. Weighted Average APR of the Receivables 18.43%
--------------
B. Weighted Average Remaining Term of the Receivables 51.94
--------------
C. Average Receivable Balance $13,080
--------------
D. Aggregate Realized Losses $10,688,773
--------------
</TABLE>
By: /s/ Preston A. Miller
---------------------
Name: Preston A. Miller
-----------------
Title: Executive Vice President and Treasurer
--------------------------------------
Date: April 3, 2000
-------------
4
<PAGE>
AmeriCredit Automobile Receivables Trust 1999-C
Class A-1A 5.67375 % Asset Backed Notes
Class A-1B Floating Rate Asset Backed Notes
Class A-2A 6.32 % Asset Backed Notes
Class A-2B Floating Rate Asset Backed Notes
Class A-3 6.84% Asset Backed Notes
Class A-4 Floating Rate Asset Backed Notes
Class A-5 6.81% Asset Backed Notes
Servicer's Certificate
This Servicer's Certificate has been prepared pursuant to Section 4.9 of the
Sale and Servicing Agreement among AmeriCredit Automobile Receivables Trust
1999-B, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS
Funding Corp., as Seller, and Bank One, N.A., as Backup Servicer and Trust
Collateral Agent, dated as of May 12, 1999. Defined terms have the meanings
assigned to them in the Sale and Servicing Agreement or in other Transaction
Documents.
The undersigned hereby certifies that no Trigger Event has occurred on the
related Determination Date and that, to the knowledge of the Servicer, no
Insurance Agreement Event of Default has occurred.
Monthly Period Beginning: 3/1/2000
Monthly Period Ending: 3/31/2000
<TABLE>
I. MONTHLY PERIOD NOTE BALANCE CALCULATION:
Class A-1A Class A-1B Class A-2A Class A-2B
---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
A. Preliminary End of period Note Balance $0 $0 $67,547,361 $224,023,981
--------------------------------------------------------------------
B. Deficiency Claim Amount 0 0 0 0
C. End of period Note Balance $0 $0 $67,547,361 $224,023,981
====================================================================
D. Note Pool Factors 0.0000000% 0.0000000% 97.190447% 97.190447%
====================================================================
</TABLE>
<TABLE>
<CAPTION>
Class A-3 Class A-4 Class A-5 TOTAL
---------- --------- --------- ------------
<S> <C> <C> <C> <C>
A. Preliminary End of period Note Balance $182,000,000 $283,000,000 $86,577,566 $843,148,908
------------------------------------------------- ---------------
B. Deficiency Claim Amount 0 0 0 0
C. End of period Note Balance $182,000,000 $283,000,000 $86,577,566 $843,148,908
================================================= ===============
D. Note Pool Factors 100.000000% 100.000000% 86.577566% 84.3148908%
================================================= ===============
</TABLE>
<TABLE>
II. RECONCILIATION OF SPREAD ACCOUNT:
<S> <C> <C>
A. Preliminary End of period Spread Account balance 29,999,999
----------
B. Priority First - Deficiency Claim Amount from preliminary certificate 0
---------
C. End of period Spread Account balance 29,999,999
----------
III. PERFORMANCE TESTS:
A. Delinquency Ratio
(1) Receivables with Scheduled Payment
delinquent more than 60 days
at end of period $ 16,350,161
----------------
(2) Purchased Receivables with Scheduled Payment
delinquent more than 60 days at end of
period
----------------
(3) Beginning of period Principal Balance 904,064,186
----------------
(4) Delinquency Ratio (1)+(2) divided by (3) 1.81%
---------
(5) Previous Monthly Period Delinquency Ratio 1.97%
---------
(6) Second previous Monthly Period Delinquency Ratio 1.95%
---------
(7) Average Delinquency Ratio (4)+(5)+(6)
divided by 3 1.91%
---------
(8) Compliance (Delinquency Test Failure is a
Delinquency Ratio equal to or greater than 5.00%) yes
---------
6
<PAGE>
B. Cumulative Default Rate
(1) Defaulted Receivables in Current Period $ 5,481,202
----------------
(2) Cumulative Defaulted Receivables Including
Defaulted Receivables in Current Period 32,028,371
----------------
(3) Original Pool Balance 999,999,984
----------------
(4) Cumulative Default Rate (2) divided by (3) 3.20%
---------
(5) Compliance (Default Test Failure is a Cumulative
Default Rate equal to or greater than 11.81%.) yes
---------
C. Cumulative Net Loss Rate
(1) Receivables becoming Liquidated Receivables during period $6,659,407
-------------------
(2) Purchased Receivables with Scheduled
Payment delinquent more than 30 days at end of period
-------------------
(3) Cram Down Losses occurring during period
-------------------
(4) Liquidation Proceeds collected during period (3,109,511)
-------------------
(5) Net Losses during period (1)+(2)+(3)-(4) 3,549,896
-------------------
(6) Net Losses since Initial Cut-off Date (Beginning of Period) 7,138,877
-------------------
(7) Cumulative Net Loss Rate before 50% of 90 Day Delinquencies 1.07%
(5) + (6) divided by (9) ---------
(8) 50% of Receivables with Scheduled Payment delinquent
more than 90 days at end of period 4,991,666
-------------------
(9) Original Aggregate Principal Balance plus Pre-Funded Amount
as of the Closing Date 1,000,000,000
-------------------
(10) Cumulative Net Loss Rate (5)+(6)+(8)
divided by (9) 1.57%
---------
(11) Compliance (Net Loss Test Failure is a
Net Loss Rate equal to or greater than 6.75%.) yes
---------
D. Extension Rate
(1) Principal Balance of Receivables extended during current period $14,114,269
-------------------
(2) Beginning of Period Aggregate Principal Balance 904,064,186
-------------------
(3) Extension Rate (1) divided by (2) 1.56%
---------
(4) Previous Monthly Extension Rate 0.69%
---------
(5) Second previous Monthly Extension Rate 0.32%
---------
(6) Average Extension Rate (3)+(4)+(5)
divided by 3 0.86%
---------
(7) Compliance (Extension Test Failure is an
Extension Rate equal to or greater than 4%.) yes
---------
</TABLE>
<TABLE>
IV. DELINQUENCY:
<S> <C> <C> <C>
A. Receivables with Scheduled Payment delinquent
(1) 31-60 days # 3,799 $52,284,107 5.78%
---------------------------------------
(2) 61-90 days 880 11,898,194 1.32%
---------------------------------------
(3) over 90 days 330 4,451,967 0.49%
---------------------------------------
Receivables with Scheduled Payment delinquent
more than 30 days at end of period 5,009 $68,634,268 7.59%
=======================================
</TABLE>
By: /s/ Preston A. Miller
---------------------
Name: Preston A. Miller
-----------------
Title: Executive Vice President and Treasurer
--------------------------------------
Date: April 3, 2000
-------------
6
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