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Previous: EQUITY FOCUS TRUSTS STRATEGIC SERIES 2000-A 10/A PORTFOLIO, 497, 2000-02-25 |
Next: GARAGE COM, S-1/A, 2000-02-25 |
<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: February 24, 2000
AmeriCredit Automobile Receivables Trust 1999-D
(Exact Name of Registrant as specified in its charter)
UNITED STATES 333-36365 88-0441485
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification Number)
c/o AmeriCredit Financial
Services, Inc.
Attention: Daniel E. Berce
801 Cherry Street, Suite 3900
Fort Worth, TX 76102
(Address of Principal
Executive Office)
(817) 302-7000
Registrant's phone number
<PAGE>
Item 5. Other Events
Information relating to distributions to Noteholders for the January,
2000 Collection Period of the Registrant in respect of the Class A-1
Asset Backed Notes, Class A-2 Asset Backed Notes, and Class A-3 Asset
Backed Notes (collectively, the "Notes") issued by the Registrant, and
the performance of the Receivables held by the Registrant, together
with certain other information relating to the Notes, is contained in
the Preliminary Servicer's Certificate and the Servicer's Certificate
for the referenced Collection Period, both of which Certificates are
provided to Noteholders pursuant to the Sale and Servicing Agreement
dated as of October 13, 1999 between the Registrant, AFS Funding Corp.,
as Seller, AmeriCredit Financial Services, Inc., as Servicer, and Bank
One, N.A., as Backup Servicer and Trust Collateral Agent (the
"Agreement").
Item 7. Financial Statements, Exhibits
EXHIBIT NO. EXHIBIT
99.1 Preliminary Servicer's Certificate and
Servicer's Certificate for the January,
2000 Collection Period relating to the
Notes issued by the Registrant pursuant
to the Agreement.
<PAGE>
SIGNATURE
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 thereunto duly authorized.
AmeriCredit Automobile Receivables Trust 1999-D
By: AmeriCredit Financial Services, Inc., as Servicer
/s/ Daniel E. Berce
Daniel E. Berce
Vice Chairman and
Chief Financial Officer
February 24, 2000
<PAGE>
EXHIBIT INDEX
EXHIBIT
99.1 Preliminary Servicer's Certificate and
Servicer's Certificate for the
January, 2000 Collection Period
relating to the Notes issued by the
Registrant.
<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 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.
Monthly Period Beginning: 1/1/2000
Monthly Period Ending: 1/31/2000
<TABLE>
<CAPTION>
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
<S> <C> <C> <C> <C>
A. Beginning of period Aggregate Principal Balance $680,072,982
------------
B. Purchase of Subsequent Receivables 199,999,999
------------
C. Monthly Principal Amounts
(1) Collections on Receivables outstanding
at end of period 19,038,848
-----------
(2) Collections on Receivables paid off
during period 3,854,709
-----------
(3) Receivables becoming Liquidated Receivables
during period 1,002,761
-----------
(4) Receivables becoming Purchased Receivables
during period
(5) Cram Down Losses occurring during period
(6) Other Receivables adjustments 36,424
-----------
(7) Less amounts allocable to Interest (11,403,734)
-----------
Total Monthly Principal Amounts 12,529,008
------------
D. End of period Aggregate Principal Balance $867,543,973
============
E. Pool Factor 96.393778%
============
II. MONTHLY PERIOD NOTE BALANCE CALCULATION:
Class A-1 Class A-2 Class A-3 TOTAL
--------- --------- --------- -----
A. Beginning of period Note Balance $420,790,015 $192,000,000 $258,000,000 $870,790,015
--------------------------------------------------------
B. Noteholders' Principal Distributable Amount 12,529,008 0 0 12,529,008
C. Noteholders' Accelerated Principal Amount 5,783,204 0 0 5,783,204
D. Accelerated Payment Amount Shortfall 80,537 0 0 80,537
E. Note Prepayment Amount 29 0 0 29
F. Deficiency Claim Amount 0 0 0 0
--------------------------------------------------------
G. End of period Note Balance $402,397,297 $192,000,000 $258,000,000 $852,397,237
========================================================
H. Note Pool Factors 89.4216082% 100.0000000% 100.0000000% 94.7108041%
========================================================
1
<PAGE>
III. RECONCILIATION OF PRE-FUNDING ACCOUNT:
A. Beginning of period Pre-Funding Account balance $200,000,028
------------
B. Purchase of Subsequent Receivables (199,999,999)
-----------
C. Investment Earnings 617,245
-----------
D. Investment Earnings Transfer to Collections Account (617,245)
-----------
E. Payment of Mandatory Prepayment Amount (29)
-----------
(200,000,028)
------------
F. End of period Pre-Funding Account balance $0
============
IV. CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT
A. Total Monthly Principal Amounts $12,529,008
------------
B. Required Pro-forma Note Balance 780,789,576
-----------
C. Pro-forma Note Balance (Assuming 100% Paydown of Total
Monthly Principal Amounts) 858,261,007
-----------
D. Step-down Amount (B. - C.) 0
------------
E. Principal Distributable Amount (A.- D.) $12,529,008
============
V. RECONCILIATION OF CAPITALIZED INTEREST ACCOUNT:
A. Beginning of period Capitalized Interest Account balance $1,666,667
------------
B. Monthly Capitalized Interest Amount (549,621)
-----------
C. Investment Earnings 6,827
-----------
D. Investment Earnings Transfer to Collections Account (6,827)
-----------
E. Payment of Overfunded Capitalized Interest Amount (1,117,046)
-----------
F. Payment of Remaining Capitalized Interest Account 0
-----------
(1,666,667)
------------
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) $22,893,557
-----------
(2) Liquidation Proceeds collected
during period 580,172
-----------
(3) Purchase Amounts deposited in Collection
Account
(4) (a) Investment Earnings - Collection Account 300,560
-----------
(b) Investment Earnings - Transfer From Prefunding Account 617,245
-----------
(c) Investment Earnings - Transfer From Capitalized
Interest Account 6,827
-----------
(5) Collection of Supplemental Servicing Fees
(a) Extension Fees 4,378
-----------
(b) Repo and Recovery Fees Advanced 26,036
-----------
(c) Other Fees 73,227
-----------
(6) Monthly Capitalized Interest Amount 549,621
-----------
(7) Mandatory Prepayment Amount
===========
Total Available Funds 25,051,623
------------
B. Distributions:
(1) Base Servicing Fee and Supplemental Servicing Fees
(a) Base Servicing Fee 1,437,637
-----------
(b) Repo and Recovery Fees 26,036
-----------
(c) Bank Service Charges 11,735
-----------
(d) Other Fees 73,227
-----------
(2) Agent fees 417
-----------
(3) Refunds of Overpayments paid by AFS 11,231
-----------
(4) Noteholders' Interest Distributable Amount
(a) Class A - 1 2,247,720
-----------
(b) Class A - 2 1,086,400
-----------
(c) Class A - 3 1,509,300
-----------
(5) Noteholders' Principal Distributable Amount
(a) Class A - 1 12,529,008
-----------
(b) Class A - 2 0
-----------
(c) Class A - 3 0
-----------
(6) Security Insurer Premiums
(a) FSA Insurance Premium 177,583
-----------
(b) RCCA Premium 158,125
-----------
Total distributions 19,268,419
------------
C. Excess Available Funds (or Deficiency Claim Amount) 5,783,204
------------
D. Noteholders' Accelerated Principal Amount (5,783,204)
------------
E. Deposit to Spread Account $0
============
2
<PAGE>
VII. CALCULATION OF ACCELERATED PRINCIPAL AMOUNT
A. Excess Available Funds (VI.C.) $5,783,204
-----------
B. Pro Forma Note Balance (II.A.-II.B.) 858,261,007
-----------
C. Required Pro Forma Note Balance (90% x (I.D.+III.F.) 780,789,576
-----------
D. Excess of Pro Forma Balance over Required Balance
(B. - C.) 77,471,431
-----------
E. End of Period Class A-1 Note Balance (before accel.
payments) 402,477,803
-----------
F. Lesser of D. or E. 77,471,431
-----------
G. Accelerated Principal Amount (lesser of A. or F.) $5,783,204
------------
VIII. CALCULATION OF ACCELERATED PAYMENT AMOUNT SHORTFALL
A. Pro Forma Note Balance $858,261,007
-----------
B. Required Pro Forma Note Balance 780,789,576
-----------
C. Excess of Pro Forma Balance over Required Balance
(A. - B.) 77,471,431
-----------
D. End of Period Class A-1 Note Balance (before accel.
payments) 402,477,803
-----------
E. Greater of C. or D. 402,477,803
-----------
F. Excess Available Funds (VI.C.) 5,783,204
-----------
G. Investment Earnings on Collection Account 300,560
-----------
H. Accelerated Payment Amount Shortfall (E.- F.+G.) $396,995,159
------------
IX. RECONCILIATION OF SPREAD ACCOUNT:
A. Beginning of period Spread Account balance $20,999,999
------------
B. Additions to Spread Account
(1) Deposits from Collections Account (VI. E.) 0
-----------
(2) Investment Earnings 80,537
-----------
(3) Deposits Related to Subsequent Receivables Purchases 6,000,000
-----------
Total Additions 6,080,537
------------
C. Spread Account balance available for withdrawals 27,080,536
------------
D. Requisite Amount of Spread Account
(1) Initial Spread Account Deposit $18,000,000
-----------
(2) Subsequent Spread Account Deposits 8,999,999
-----------
(3) Total Initial & Subsequent Spread Account Deposits
(1)+(2) 26,999,999
-----------
(4) $100,000 100,000
-----------
(5) 1 1/2% of Original Pool Balance (total deliveries) $13,500,000
-----------
(6) End of period Note Balance (before accel. principal
shortfall calc) 852,477,774
-----------
(7) Lesser of (5) or (6) 13,500,000
-----------
(8) Floor Amount Greater of (4) or (7) 13,500,000
-----------
(9) Aggregate Principal Balance 867,543,973
-----------
(10) End of period Note Balance (before accel. principal
shortfall calc) 852,477,774
-----------
(11) Line (9) less line (10) (During Funding Period amount
equal to zero) 15,066,199
-----------
(12) OC level (11)/(9) 1.74%
-----------
(13) Spread Ending Balance as a Percent of Aggregate
Principal Balance 3.11%
-----------
(14) OC Percentage (12) + (13) 4.85%
-----------
(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) 26,999,999
-----------
(18) 15% of end of period Aggregate Principal Balance
if Trigger Date n/a
-----------
Requisite Amount of Spread Account (either (3), (8), (14),
(16), (17) or (18) as applicable) 26,999,999
------------
E. Withdrawals from Spread Account
(1) Priority First - Deficiency Claim Amount 0
-----------
(2) Priority Second through Third
-----------
(3) Priority Fourth - Accelerated Payment Amount Shortfall 396,995,159
------------
Accelerated Payment Amount Shortfall in Excess of
Requisite Amount 80,537
-----------
(4) Priority Fifth through Sixth
-----------
(5) Priority Seventh - to Servicer
-----------
Total withdrawals 80,537
------------
F. End of period Spread Account balance $26,999,999
------------
3
<PAGE>
X. MONTHLY PERIOD NUMBER OF RECEIVABLES CALCULATION:
A. Beginning of period number of Receivables 49,767
------------
B. Number of Subsequent Receivables Purchased 13,688
------------
C. Number of Receivables becoming Liquidated
Receivables during period 81
------------
D. Number of Receivables becoming Purchased
Receivables during period
E. Number of Receivables paid off during period 363
------------
F. End of period number of Receivables 63,011
============
XI. STATISTICAL DATA:
A. Weighted Average APR of the Receivables 18.35%
------------
B. Weighted Average Remaining Term of the Receivables 55.98
------------
C. Average Receivable Balance $13,768
------------
D. Aggregate Realized Losses $685,231
------------
</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-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 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.
Monthly Period Beginning: 1/1/00
Monthly Period Ending: 1/31/00
<TABLE>
<CAPTION>
I. MONTHLY PERIOD NOTE BALANCE CALCULATION:
Class A-1 Class A-2 Class A-3 TOTAL
--------- --------- --------- -----
<S> <C> <C> <C> <C>
A. Preliminary End of period Note Balance $402,397,237 $192,000,000 $258,000,000 $852,397,237
--------------------------------------------------------
B. Deficiency Claim Amount 0 0 0 0
C. End of period Note Balance $402,397,237 $192,000,000 $258,000,000 $852,397,237
========================================================
D. Note Pool Factors 89.4216082% 100.0000000% 100.0000000% 94.7108041%
========================================================
II. RECONCILIATION OF SPREAD ACCOUNT:
A. Preliminary End of period Spread Account balance $26,999,999
------------
B. Priority First - Deficiency Claim Amount from preliminary certificate 0
------------
C. End of period Spread Account balance $26,999,999
------------
X. PERFORMANCE TESTS:
A. Delinquency Ratio
(1) Receivables with Scheduled Payment
delinquent more than 60 days
at end of period $9,208,873
-----------
(2) Purchased Receivables with Scheduled
Payment delinquent more than 60
days at end of period
-----------
(3) Beginning of period Principal Balance 880,072,981
-----------
(4) Delinquency Ratio (1)+(2) divided by (3) 1.05%
------------
(5) Previous Monthly Period Delinquency Ratio 0.77%
------------
(6) Second previous Monthly Period Delinquency Ratio 0.19%
------------
(7) Average Delinquency Ratio (4)+(5)+(6)
divided by 3 0.67%
------------
(8) Compliance (Delinquency Test Failure is a
Delinquency Ratio equal to or greater than 5.00%) yes
------------
1
<PAGE>
B. Cumulative Default Rate
(1) Defaulted Receivables in Current Period $3,616,304
-----------
(2) Cumulative Defaulted Receivables Including
Defaulted Receivables in Current Period 6,375,077
-----------
(3) Original Pool Balance 899,999,971
-----------
(4) Cumulative Default Rate (2) divided by (3) 0.71%
------------
(5) Compliance (Default Test Failure is a Cumulative
Default Rate equal to or greater than 5.26%.) yes
------------
C. Cumulative Net Loss Rate
(1) Receivables becoming Liquidated Receivables during period $1,002,761
-----------
(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 (580,172)
-----------
(5) Net Losses during period (1)+(2)+(3)-(4) 422,589
-----------
(6) Net Losses since Initial Cut-off Date (Beginning of Period) 262,642
-----------
(7) CUMULATIVE NET LOSS RATE BEFORE 50% OF 90 DAY DELINQUENCIES 0.08%
(5) + (6) divided by (9) ------------
(8) 50% of Receivables with Scheduled Payment delinquent
more than 90 days at end of period 1,938,381
-----------
(9) Original Aggregate Principal Balance plus Pre-Funded Amount as of
the Closing Date 900,000,000
-----------
(10) Cumulative Net Loss Rate (5)+(6)+(8)
divided by (9) 0.29%
------------
(11) Compliance (Net Loss Test Failure is a
Net Loss Rate equal to or greater than 3.01%.) yes
------------
D. Extension Rate
(1) Principal Balance of Receivables extended during current period $461,375
-----------
(2) Beginning of Period Aggregate Principal Balance 880,072,981
-----------
(3) Extension Rate (1) divided by (2) 0.05%
------------
(4) Previous Monthly Extension Rate 0.06%
------------
(5) Second previous Monthly Extension Rate 0.01%
------------
(6) Average Extension Rate (3)+(4)+(5)
divided by 3 0.04%
------------
(7) Compliance (Extension Test Failure is an
Extension Rate equal to or greater than 4%.) yes
------------
XI. DELINQUENCY:
A. Receivables with Scheduled Payment delinquent
(1) 31-60 days # 2,189 $30,640,025 3.48%
--------------------------------------------------------
(2) 61-90 days 506 7,126,935 0.81%
--------------------------------------------------------
(3) over 90 days 147 2,081,938 0.24%
--------------------------------------------------------
Receivables with Scheduled Payment delinquent
more than 30 days at end of period 2,842 $39,848,898 4.53%
========================================================
By: /s/ Preston A. Miller
---------------------
Name: Preston A. Miller
-----------------
Title: Executive Vice President and Treasurer
--------------------------------------
Date: February 2, 2000
----------------
</TABLE>
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