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Previous: AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1999-D, 8-K, 2000-08-15 |
Next: CE SOFTWARE INC, 10QSB, 2000-08-15 |
<PAGE>
AmeriCredit Automobile Receivables Trust 1999-D
Class A-1 6.4100% Asset Backed Notes
Class A-2 6.7900% Asset Backed Notes
Class A-3 7.0200% 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-D, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS
Funding Corp., as Seller, and Bank One, N.A., as the Backup Servicer and Trust
Collateral Agent, dated as of October 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.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
----------------------------------------- ----------------------------------------------------------------------------
MONTHLY PERIOD BEGINNING: 07/01/2000 ORIGINAL
MONTHLY PERIOD ENDING: 07/31/2000 PURCHASES UNITS CUT-OFF DATE CLOSING DATE POOL BALANCE
PREV. DISTRIBUTION/CLOSE DATE: 07/06/2000 ----------------------------------------------------------------------------
DISTRIBUTION DATE: 08/07/2000 INITIAL PURCHASE 43,496 10/25/1999 10/28/1999 $599,999,990
DAYS OF INTEREST FOR PERIOD: 32 SUB. PURCHASE #1 6,946 12/20/1999 12/29/1999 99,999,982
DAYS OF COLLECTION PERIOD: 31 SUB. PURCHASE #2 13,688 01/19/2000 01/27/2000 199,999,999
MONTHS SEASONED: 9
----------------------------------------- -----------------------------------------------------------
TOTAL 64,130 $899,999,971
----------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
-----------------------------------------------------------------------------------------------------------------------------------
{1} Beginning of period Aggregate Principal Balance {1} $769,541,779
---------------
{2} Purchase of Subsequent Receivables {2} 0
---------------
Monthly Principal Amounts
{3} Collections on Receivables outstanding at end of period {3} 20,131,855
--------------
{4} Collections on Receivables paid off during period {4} 8,122,824
--------------
{5} Receivables becoming Liquidated Receivables during period {5} 4,479,323
--------------
{6} Receivables becoming Purchased Receivables during period {6} 0
--------------
{7} Cram Down Losses occurring during period {7} 0
--------------
{8} Other Receivables adjustments {8} 238,443
--------------
{9} Less amounts allocable to Interest {9} (11,293,323)
--------------
{10} Total Monthly Principal Amounts {10} 21,679,122
---------------
{11} End of period Aggregate Principal Balance {11} $747,862,657
===============
{12} Pool Factor ({11}/Original Pool Balance) {12} 83.0958535%
===============
-----------------------------------------------------------------------------------------------------------------------------------
II. MONTHLY PERIOD NOTE BALANCE CALCULATION: CLASS A-1 CLASS A-2 CLASS A-3 TOTAL
------------------------------------------------------------------- --------- --------- --------- -----
{13} Original Note Balance {13} $450,000,000 $192,000,000 $258,000,000 $900,000,000
-----------------------------------------------------------------------------------------------------------------------------------
{14} Beginning of period Note Balance {14} $286,107,533 $192,000,000 $258,000,000 $736,107,533
----------------------------------------------------------------
{15} Noteholders' Principal Distributable Amount {15} 21,679,122 0 0 21,679,122
{16} Noteholders' Accelerated Principal Amount {16} 2,921,052 0 0 2,921,052
{17} Accelerated Payment Amount Shortfall {17} 161,115 0 0 161,115
{18} Deficiency Claim Amount {18} 0 0 0 0
----------------------------------------------------------------
{19} End of period Note Balance {19} $261,346,244 $192,000,000 $258,000,000 $711,346,244
================================================================
{20} Note Pool Factors ({19}/{13}) {20} 58.0769431% 100.0000000% 100.0000000% 79.0384716%
================================================================
1
<PAGE>
-----------------------------------------------------------------------------------------------------------------------------------
III. RECONCILIATION OF PRE-FUNDING ACCOUNT:
-----------------------------------------------------------------------------------------------------------------------------------
{21} Beginning of period Pre-Funding Account balance {21} $0
---------------
{22} Purchase of Subsequent Receivables {22} 0
--------------
{23} Investment Earnings {23} 0
--------------
{24} Investment Earnings Transfer to Collections Account {24} 0
--------------
{25} Payment of Mandatory Prepayment Amount {25} 0
--------------
{26} Total Month Activity {26} 0
---------------
{27} End of period Pre-Funding Account balance {27} $ 0
===============
-----------------------------------------------------------------------------------------------------------------------------------
IV. CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT
-----------------------------------------------------------------------------------------------------------------------------------
{28} Total Monthly Principal Amounts {28} $ 21,679,122
---------------
{29} Required Pro-forma Note Balance {29} 673,076,391
--------------
{30} Pro-forma Note Balance {30} 714,428,411
--------------
{31} Step-down Amount (Max of 0 or ({29} - {30})) {31} 0
---------------
{32} Principal Distributable Amount ({28} - {31}) {32} $ 21,679,122
===============
-----------------------------------------------------------------------------------------------------------------------------------
V. RECONCILIATION OF CAPITALIZED INTEREST ACCOUNT:
-----------------------------------------------------------------------------------------------------------------------------------
{33} Beginning of period Capitalized Interest Account balance {33} $ 0
---------------
{34} Monthly Capitalized Interest Amount {34} 0
--------------
{35} Investment Earnings {35} 0
--------------
{36} Investment Earnings Transfer to Collections Account {36} 0
--------------
{37} Payment of Overfunded Capitalized Interest Amount {37} 0
--------------
{38} Payment of Remaining Capitalized Interest Account {38} 0
--------------
{39} Total Monthly Activity {39} 0
--------------
{40} End of period Capitalized Interest Account balance {40} $ 0
===============
-----------------------------------------------------------------------------------------------------------------------------------
VI. RECONCILIATION OF COLLECTION ACCOUNT:
-----------------------------------------------------------------------------------------------------------------------------------
AVAILABLE FUNDS:
{41} Collections on Receivables during period (net of Liquidation Proceeds) {41} $ 28,254,679
--------------
{42} Liquidation Proceeds collected during period {42} 2,013,242
--------------
{43} Purchase Amounts deposited in Collection {43}
--------------
{44} Investment Earnings - Collection Account {44} 122,903
--------------
{45} Investment Earnings - Transfer From Prefunding Account {45} 0
--------------
{46} Investment Earnings - Transfer From Capitalized Interest Account {46} 0
--------------
{47} Collection of Supplemental Servicing - Extension Fees {47} 137,858
--------------
{48} Collection of Supplemental Servicing - Repo and Recovery Fees Advanced {48} 81,319
--------------
{49} Collection of Supplemental Servicing - Late Fees {49} 99,500
--------------
{50} Monthly Capitalized Interest Amount {50} 0
--------------
{51} Mandatory Note Prepayment Amount {51} 0
--------------
{52} Total Available Funds {52} 30,709,501
---------------
DISTRIBUTIONS:
{53} Base Servicing Fee - to Servicer {53} 1,442,891
--------------
{54} Repo and Recovery Fees - reimbursed to Servicer {54} 81,319
--------------
{55} Bank Service Charges - reimbursed to Servicer {55} 14,212
--------------
{56} Late Fees - to Servicer {56} 99,500
--------------
{57} Overpayments - reimbursed to Servicer {57} 40,304
--------------
{58} Agent fees - to Trustee {58} 488
--------------
NOTEHOLDERS' INTEREST DISTRIBUTABLE AMOUNT
------------------------------------------------------------------------------
BEGINNING INTEREST INTEREST CALCULATED
CLASS NOTE BALANCE CARRYOVER RATE DAYS DAYS BASIS INTEREREST
------------------------------------------------------------------------------
{59} Class A - 1 286,107,533 0 6.41000% 30 30/360 1,528,291 {59} 1,528,291
--------------
{60} Class A - 2 192,000,000 0 6.79000% 30 30/360 1,086,400 {60} 1,086,400
--------------
{61} Class A - 3 258,000,000 0 7.02000% 30 30/360 1,509,300 {61} 1,509,300
------------------------------------------------------------------------------ --------------
NOTEHOLDERS' PRINCIPAL DISTRIBUTABLE AMOUNT
------------------------------------------------------------------------------
PRINCIPAL PRINCIPAL EXCESS MANDATORY TOTAL
CLASS DISTRIBUTABLE CARRYOVER PRINCIPAL DUE NOTE PREPAYMENT PRINCIPAL
------------------------------------------------------------------------------
{62} Class A - 1 21,679,122 0 0 0 21,679,122 {62} 21,679,122
--------------
{63} Class A - 2 0 0 0 0 0 {63} 0
--------------
{64} Class A - 3 0 0 0 0 0 {64} 0
------------------------------------------------------------------------------ --------------
{65} Security Insurer Premiums - to FSA {65} 148,197
--------------
{66} RCCA Premium {66} 158,425
--------------
{67} Total distributions {67} 27,788,449
---------------
{68} Excess Available Funds (or Deficiency Claim Amount) {68} 2,921,052
---------------
{69} Noteholders' Accelerated Principal Amount {69} (2,921,052)
---------------
{70} Deposit to Spread Account {70} $ 0
===============
2
<PAGE>
-----------------------------------------------------------------------------------------------------------------------------------
VII. CALCULATION OF ACCELERATED PRINCIPAL AMOUNT
-----------------------------------------------------------------------------------------------------------------------------------
{71} Excess Available Funds ({68}) {71} $ 2,921,052
--------------
{72} Pro Forma Note Balance ({14} - {10}) {72} 714,428,411
--------------
{73} Required Pro Forma Note Balance (90% x ({11} + {27})) {73} 673,076,391
--------------
{74} Excess of Pro Forma Balance over Required Balance ({72} - {73}) {74} 41,352,020
--------------
{75} End of Period Class A-1 Note Balance {75} 261,346,244
--------------
{76} Lesser of {74} or {75} {76} 41,352,020
--------------
{77} Accelerated Principal Amount (lesser of {71} or {76}) {77} $ 2,921,052
---------------
-----------------------------------------------------------------------------------------------------------------------------------
VIII. CALCULATION OF ACCELERATED PAYMENT AMOUNT SHORTFALL
-----------------------------------------------------------------------------------------------------------------------------------
{78} Pro Forma Note Balance ({14} - {10}) {78} $714,428,411
--------------
{79} Required Pro Forma Note Balance (90% x ({11} + {27})) {79} 673,076,391
--------------
{80} Excess of Pro Forma Balance over Required Balance ({78} - {79}) {80} 41,352,020
--------------
{81} End of Period Class A-1 Note Balance {81} 261,346,244
--------------
{82} Greater of {80} or {81} {82} 261,346,244
--------------
{83} Excess Available Funds ({68}) {83} 2,921,052
--------------
{84} Investment Earnings on Collection Account ({44}) {84} 122,903
--------------
{85} Accelerated Payment Amount Shortfall ({82} - {83} + {84}) {85} $258,548,095
---------------
-----------------------------------------------------------------------------------------------------------------------------------
IX. RECONCILIATION OF SPREAD ACCOUNT:
-----------------------------------------------------------------------------------------------------------------------------------
INITIAL SUB #1 SUB# 2 TOTAL
--------------------------------------------------------------------
{86} INITIAL OR SUBSEQUENT SPREAD ACCOUNT DEPOSITS $18,000,000 2,999,999 6,000,000 $ 26,999,999
-----------------------------------------------------------------------------------------------------------------------------------
{87} BEGINNING OF PERIOD SPREAD ACCOUNT BALANCE {87} $ 26,999,999
---------------
ADDITIONS TO SPREAD ACCOUNT
{88} Deposits from Collections Account ({70}) {88} 0
--------------
{89} Investment Earnings {89} 161,115
--------------
{90} Deposits Related to Subsequent Receivables Purchases {90} 0
--------------
{91} Total Additions {91} 161,115
---------------
{92} SPREAD ACCOUNT BALANCE AVAILABLE FOR WITHDRAWALS {92} 27,161,114
---------------
REQUISITE AMOUNT OF SPREAD ACCOUNT
DURING FUNDING PERIOD (THE AMOUNT BELOW WILL BE ZERO AFTER THE FUNDING PERIOD.)
{93} Total Initial & Subsequent Spread Account Deposits ({86}) {93} 0
--------------
AFTER FUNDING PERIOD (ALL AMOUNTS BELOW WILL BE ZERO IF NOT APPLICABLE OR DURING FUNDING PERIOD.)
-----------
Floor Amount (Calculation Below) = 13,500,000
-----------
{94} (Max of (1.)$100,000 or (2.) Lesser of Note Balance and 1.5% Original Pool
Balance) {94} 0
--------------
{95} Recourse Reduction Amount (if any) {95} 0
--------------
{96} If OC percentage is equal to or greater than 13%, -----------
then ((13% - OC Level) *Aggr. End Bal.) = 0 {96} 0
----------- --------------
{97} If OC percentage is less than 13%, then 3% of Original Pool Balance {97} 26,999,999
{98} If Trigger Event exists then 15% of the Aggregate Principal Balance {98} 0
--------------
{99} If an Insurance Agreement Event of Default exists then an unlimited amount
(as specified by FSA) {99} 0
--------------
{100} Requisite Amount of Spread Account {100} 26,999,999
---------------
WITHDRAWALS FROM SPREAD ACCOUNT
{101} Priority First - Deficiency Claim Amount {101} 0
--------------
Priority Second - Accelerated Payment Amount ------------
Shortfall = 258,548,095
------------
{102} Accelerated Payment Amount Shortfall in Excess of Requisite Amount {102} 161,115
--------------
{103} Priority Third through Fourth {103}
--------------
{104} Priority Fifth through Sixth {104}
--------------
{105} Priority Seventh - to Servicer {105}
--------------
{106} Total withdrawals {106} 161,115
---------------
{107} END OF PERIOD SPREAD ACCOUNT BALANCE {107} $ 26,999,999
---------------
-----------------------------------------------------------------------------------------------------------------------------------
X. CALCULATION OF OC LEVEL AND OC PERCENTAGE
-----------------------------------------------------------------------------------------------------------------------------------
{108} Aggregate Principal Balance {108} 747,862,657
--------------
{109} End of period Note Balance {109} 711,346,244
--------------
{110} Line {108} less line {109} (During Funding Period amount equal to zero) {110} 36,516,413
--------------
{111} OC level {110}/{108} {111} 4.88%
--------------
{112} Ending Spread Ending Balance as a percentage of Aggregate Principal
Balance ({107}/{108}) {112} 3.61%
--------------
{113} OC Percentage ({111} + {112}) {113} 8.49%
---------------
</TABLE>
By: /s/Preston A. Miller
--------------------
Name: Preston A. Miller
-----------------
Title: Executive Vice President and Treasurer
--------------------------------------
Date: August 2, 2000
--------------
3
<PAGE>
AmeriCredit Automobile Receivables Trust 1999-D
Class A-1 6.4100% Asset Backed Notes
Class A-2 6.7900% Asset Backed Notes
Class A-3 7.0200% 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-D, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS
Funding Corp., as Seller, and Bank One, N.A., as the Backup Servicer and Trust
Collateral Agent, dated as of October 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.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
---------------------------------------------------------------------
MONTHLY PERIOD BEGINNING: 07/01/2000
MONTHLY PERIOD ENDING: 07/31/2000
PREV. DISTRIBUTION/CLOSE DATE: 07/06/2000
DISTRIBUTION DATE: 08/07/2000
DAYS OF INTEREST FOR PERIOD: 32
DAYS OF COLLECTION PERIOD: 31
MONTHS SEASONED: 9
---------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
I. MONTHLY PERIOD NOTE BALANCE CALCULATION: CLASS A-1 CLASS A-2 CLASS A-3 TOTAL
--------- --------- --------- -----
{1} Original Note Balance {1} $450,000,000 $192,000,000 $258,000,000 $900,000,000
-----------------------------------------------------------------------------------------------------------------------------------
{2} Preliminary End of period Note Balance {2} $261,346,244 $192,000,000 $258,000,000 $711,346,244
------------------------------------------------------------
{3} Deficiency Claim Amount {3} 0 0 0 0
{4} End of period Note Balance {4} $261,346,244 $192,000,000 $258,000,000 $711,346,244
============================================================
{5} Note Pool Factors {4}/{1} {5} 58.0769431% 100.0000000% 100.0000000% 79.0384716%
=============================================================================
-----------------------------------------------------------------------------------------------------------------------------------
II. RECONCILIATION OF SPREAD ACCOUNT:
-----------------------------------------------------------------------------------------------------------------------------------
{6} Preliminary End of period Spread Account balance {6} $ 26,999,999
---------------
{7} Priority First - Deficiency Claim Amount from preliminary certificate {7} 0
---------------
{8} End of period Spread Account balance {8} $ 26,999,999
---------------
-----------------------------------------------------------------------------------------------------------------------------------
III. MONTHLY PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION:
-----------------------------------------------------------------------------------------------------------------------------------
CUMULATIVE MONTHLY
-----------------------------
{9} Original Number of Receivables {9} 43,496
-----------------------------
{10} Beginning of period number of Receivables {10} 0 58,688
{11} Number of Subsequent Receivables Purchased {11} 20,634 0
{12} Number of Receivables becoming Liquidated Receivables during period {12} 1,967 333
{13} Number of Receivables becoming Purchased Receivables during period {13} 0 0
{14} Number of Receivables paid off during period {14} 4,543 735
-----------------------------
{15} End of period number of Receivables {15} 57,620 57,620
-----------------------------
-----------------------------------------------------------------------------------------------------------------------------------
IV. STATISTICAL DATA: (CURRENT AND HISTORICAL)
-----------------------------------------------------------------------------------------------------------------------------------
ORIGINAL PREV. MONTH CURRENT
---------------------------------------
{16} Weighted Average APR of the Receivables {16} 18.29% 18.32% 18.32%
{17} Weighted Average Remaining Term of the Receivables {17} 58.00 51.35 50.42
{18} Weighted Average Original Term of Receivables {18} 60.00 60.00 60.00
{19} Average Receivable Balance {19} $14,034 $ 13,112 $ 12,979
{20} Aggregate Realized Losses {20} $ 0 $11,299,473 $13,765,557
---------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
V. DELINQUENCY:
-----------------------------------------------------------------------------------------------------------------------------------
---------------------------------------
Receivables with Scheduled Payment delinquent UNITS DOLLARS PERCENTAGE
---------------------------------------
{21} 31-60 days {21} 4,222 $56,689,008 7.37%
{22} 61-90 days {22} 978 12,870,020 1.67%
{23} over 90 days {23} 316 4,284,481 0.56%
---------------------------------------
{24} Receivables with Scheduled Payment delinquent more than 30 days
at end of period {24} 5,516 $73,843,509 9.60%
---------------------------------------
4
<PAGE>
----------------------------------------------------------------------------------------------------------------------------------
VI. PERFORMANCE TESTS:
----------------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
DELINQUENCY RATIO
{25} Receivables with Scheduled Payment delinquent more than 60 days at end of
period ({22} + {23}) {25} $ 17,154,501
-------------
{26} Purchased Receivables with Scheduled Payment delinquent more than 60 days
at end of period {26}
-------------
{27} Beginning of period Principal Balance {27} 769,541,779
-------------
{28} Delinquency Ratio {25} + {26} divided by {27} {28} 2.23%
--------------
{29} Previous Monthly Period Delinquency Ratio {29} 2.10%
--------------
{30} Second previous Monthly Period Delinquency Ratio {30} 2.11%
--------------
{31} Average Delinquency Ratio ({28} + {29} + {30}) / 3 {31} 2.15%
--------------
{32} Compliance (Delinquency Test Failure is a Delinquency Ratio equal to or
greater than 5.00%) {32} yes
--------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
CUMULATIVE DEFAULT RATE
{33} Defaulted Receivables in Current Period {33} $ 5,839,520
-------------
{34} Cumulative Defaulted Receivables from last month {34} 30,871,085
-------------
{35} Cumulative Defaulted Receivables {33} + {34} {35} 36,710,605
-------------
{36} Original Pool Balance {36} 899,999,971
-------------
{37} Cumulative Default Rate {35} divided by {36} {37} 4.08%
--------------
{38} Compliance (Default Test Failure is a Cumulative Default Rate equal to
or greater than 11.81%.) {38} yes
--------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
CUMULATIVE NET LOSS RATE
{39} Receivables becoming Liquidated Receivables during period {39} $ 4,479,323
-------------
{40} Purchased Receivables with Scheduled Payment delinquent more than
30 days at end of period {40}
-------------
{41} Cram Down Losses occurring during period {41}
-------------
{42} Liquidation Proceeds collected during period {42} (2,013,242)
-------------
{43} Net Losses during period {39} + {40} + {41} + {42} {43} 2,466,081
-------------
{44} Net Losses since Initial Cut-off Date (Beginning of Period) {44} 11,299,473
-------------
{45} CUMULATIVE NET LOSS RATE BEFORE 50% OF 90 DAY
DELINQUENCIES ({43} + {44})/{47} {45} 1.53%
--------------
{46} 50% of Receivables with Scheduled Payment delinquent more than
90 days at end of period {46} 4,753,102
-------------
{47} Original Aggregate Principal Balance plus Pre-Funded Amount as
of the Closing Date {47} 900,000,000
-------------
{48} Cumulative Net Loss Rate ({43} + {44} + {46}) / {47} {48} 2.06%
--------------
{49} Compliance (Net Loss Test Failure is a Net Loss Rate equal to or
greater than 6.75%.) {49} yes
--------------
-------------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------------------
EXTENSION RATE
{50} Principal Balance of Receivables extended during current period {50} $ 15,568,629
-------------
{51} Beginning of Period Aggregate Principal Balance {51} 769,541,779
-------------
{52} Extension Rate {50} divided by {51} {52} 2.02%
--------------
{53} Previous Monthly Extension Rate {53} 2.30%
--------------
{54} Second previous Monthly Extension Rate {54} 1.45%
--------------
{55} Average Extension Rate ({52} +{53} +{54}) / 3 {55} 1.92%
--------------
{56} Compliance (Extension Test Failure is an Extension Rate equal to
or greater than 4%.) {56} yes
--------------
-------------------------------------------------------------------------------------------------------------------------
</TABLE>
By: /s/ Preston A. Miller
---------------------------------------
Name: Preston A. Miller
---------------------------------------
Title: Executive Vice President and Treasurer
---------------------------------------
Date: August 2, 2000
---------------------------------------
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