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<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: September 15, 1998
AmeriCredit Automobile Receivables Trust 1998-C
(Exact Name of Registrant as specified in its charter)
United States 333-36365 88-0359494
------------- --------- ----------
(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
200 Bailey Avenue
Fort Worth, TX 76107
(Address of Principal
Executive Office)
(817) 332-7000
Registrant's phone number
<PAGE>
Item 5. Other Events
Information relating to distributions to Noteholders for the August,
1998 Collection Period of the Registrant in respect of the Class A-1
Asset Backed Notes, Class A-2 Floating Rate Asset Backed Notes, Class
A-3 Floating Rate Asset Backed Notes and the Class A-4 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 August 10, 1998 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
<TABLE>
<CAPTION>
Exhibit No. Exhibit
----------- --------
<S> <C>
99.1 Preliminary Servicer's Certificate and Servicer's
Certificate for the August, 1998 Collection Period
relating to the Notes issued by the Registrant pursuant
to the Agreement.
</TABLE>
<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 1998-C
By: AmeriCredit Financial Services, Inc., as Servicer
/s/ Daniel E. Berce
Daniel E. Berce
Vice Chairman and
Chief Financial Officer
September 15, 1998
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit
- --------
<S> <C>
99.1 Preliminary Servicer's Certificate and Servicer's Certificate for
the August, 1998 Collection Period relating to the Notes issued by
the Registrant.
</TABLE>
<PAGE>
AmeriCredit Automobile Receivables Trust 1998-C
Class A-1 5.638 % Asset Backed Notes
Class A-2 Floating Rate Asset Backed Notes
Class A-3 Floating Rate Asset Backed Notes
Class A-4 Floating Rate 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
1998-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 10, 1998. 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: 08/01/98
Monthly Period Ending: 08/31/98
<TABLE>
<S> <C> <C> <C>
I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
A. Beginning of period Aggregate Principal Balance $499,999,694
--------------
B. Purchase of Subsequent Receivables 0
--------------
C. Monthly Principal Amounts
(1) Collections on Receivables outstanding
at end of period 8,608,782
-------------
(2) Collections on Receivables paid off
during period 1,625,104
-------------
(3) Receivables becoming Liquidated Receivables
during period 383,343
-------------
(4) Receivables becoming Purchased Receivables
during period
-------------
(5) Cram Down Losses occurring during period
-------------
(6) Other Receivables adjustments (152,808)
-------------
(7) Less amounts allocable to Interest (5,036,234)
-------------
Total Monthly Principal Amounts 5,428,187
--------------
D. End of period Aggregate Principal Balance $494,571,507
--------------
--------------
E. Pool Factor 98.914362%
--------------
--------------
</TABLE>
II. MONTHLY PERIOD NOTE BALANCE CALCULATION:
<TABLE>
Class A-1 Class A-2 Class A-3 Class A-4 TOTAL
--------- --------- --------- --------- -----
<S> <C> <C> <C> <C> <C>
A. Beginning of period Note Balance $120,000,000 $190,000,000 $107,000,000 $158,000,000 $575,000,000
-----------------------------------------------------------------------
B. Noteholders' Principal Distributable Amount 5,428,187 0 0 0 5,428,187
C. Noteholders' Accelerated Principal Amount 2,657,092 0 0 0 2,657,092
D. Accelerated Payment Amount Shortfall 22,038 0 0 0 22,038
E. Note Prepayment Amount 0 0 0 0 0
F. Deficiency Claim Amount 0 0 0 0 0
-----------------------------------------------------------------------
G. End of period Note Balance $111,892,683 $190,000,000 $107,000,000 $158,000,000 $566,892,683
-----------------------------------------------------------------------
-----------------------------------------------------------------------
H. Note Pool Factors 93.243903% 100.000000% 100.000000% 100.000000% 98.590032%
------------------------------------------------------------------------
------------------------------------------------------------------------
</TABLE>
1
<PAGE>
<TABLE>
<S> <C> <C> <C>
III. RECONCILIATION OF PRE-FUNDING ACCOUNT:
A. Beginning of period Pre-Funding Account balance $75,000,306
---------------
B. Purchase of Subsequent Receivables 0
-------------
C. Investment Earnings 110,190
-------------
D. Investment Earnings Transfer to Collections Account (110,190)
-------------
E. Payment of Mandatory Prepayment Amount 0
-------------
0
---------------
F. End of period Pre-Funding Account balance $75,000,306
---------------
---------------
IV. CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT
A. Total Monthly Principal Amounts $5,428,187
---------------
B. Required Pro-forma Security Balance 512,614,632
-------------
C. Pro-forma Security Balance (Assuming 100% Paydown of Total
Monthly Principal Amounts) 569,571,813
-------------
D. Step-down Amount (B. - C.) 0
---------------
E. Principal Distributable Amount (A.- D.) $5,428,187
---------------
---------------
V. RECONCILIATION OF CAPITALIZED INTEREST ACCOUNT:
A. Beginning of period Capitalized Interest Account balance $476,294
---------------
B. Monthly Capitalized Interest Amount (104,269)
-------------
C. Investment Earnings 700
-------------
D. Investment Earnings Transfer to Collections Account (700)
-------------
E. Payment of Overfunded Capitalized Interest Amount 0
-------------
F. Payment of Remaining Capitalized Interest Account 0
-------------
(104,269)
---------------
G. End of period Capitalized Interest Account balance $372,025
---------------
---------------
VI. RECONCILIATION OF COLLECTION ACCOUNT:
A. Available Funds:
(1) Collections on Receivables during period
(net of Liquidation Proceeds) $10,233,886
-------------
(2) Liquidation Proceeds collected
during period 146,748
-------------
(3) Purchase Amounts deposited in Collection
Account
-------------
(4) (a) Investment Earnings - Collection Account 8,201
-------------
(b) Investment Earnings - Transfer From Prefunding Account 110,190
-------------
(c) Investment Earnings - Transfer From Capitalized Interest Account 700
-------------
(5) Collection of Supplemental Servicing Fees
(a) Extension Fees 130
-------------
(b) Repo and Recovery Fees Advanced 0
-------------
(c) Other Fees 9,784
-------------
(6) Monthly Capitalized Interest Amount 104,269
-------------
(7) Mandatory Prepayment Amount
-------------
Total Available Funds 10,613,908
---------------
B. Distributions:
(1) Base Servicing Fee and Supplemental Servicing Fees
(a) Base Servicing Fee 687,500
-------------
(b) Repo and Recovery Fees 0
-------------
(c) Bank Service Charges 55
-------------
(d) Other Fees 9,784
-------------
(2) Agent fees 417
-------------
(3) Refunds of Overpayments paid by AFS 11,297
-------------
(4) Noteholders' Interest Distributable Amount
(a) Class A - 1 338,280
-------------
(b) Class A - 2 541,352
-------------
(c) Class A - 3 306,472
-------------
(d) Class A - 4 458,077
-------------
(5) Noteholders' Principal Distributable Amount
(a) Class A - 1 5,428,187
-------------
(b) Class A - 2 0
-------------
(c) Class A - 3 0
-------------
(d) Class A - 4 0
-------------
(6) Security Insurer Premiums 175,395
-------------
Total distributions 7,956,816
---------------
C. Excess Available Funds (or Deficiency Claim Amount ) 2,657,092
---------------
D. Noteholders' Accelerated Principal Amount (2,657,092)
---------------
E. Deposit to Spread Account $0
---------------
---------------
VlI. CALCULATION OF ACCELERATED PRINCIPAL AMOUNT
</TABLE>
2
<PAGE>
<TABLE>
<S> <C> <C> <C>
A. Excess Available Funds (VI.C.) $2,657,092
-------------
B. Pro Forma Security Balance (II.A.-II.B.) 569,571,813
-------------
C. Required Pro Forma Security Balance (90% x (I.D.+III.F.) 512,614,632
-------------
D. Excess of Pro Forma Balance over Required Balance (B. - C.) 56,957,181
-------------
E. End of Period Class A-1 Note Balance (before accel. payments) 0
-------------
F. Greater of D. or E. 56,957,181
-------------
G. Accelerated Principal Amount (lesser of A. or F.) $2,657,092
---------------
VIII. CALCULATION OF ACCELERATED PAYMENT AMOUNT SHORTFALL
A. Pro Forma Security Balance $569,571,813
-------------
B. Required Pro Forma Security Balance 512,614,632
-------------
C. Excess of Pro Forma Balance over Required Balance (A. - B.) 56,957,181
-------------
D. End of Period Class A-1 Note Balance (before accel. payments) 0
-------------
E. Greater of C. or D. 56,957,181
-------------
F. Excess Available Funds (VI.C.) 2,657,092
-------------
G. Investment Earnings on Collection Account 8,201
-------------
H. Accelerated Payment Amount Shortfall (E.- F.+G.) $54,308,290
---------------
IX. RECONCILIATION OF SPREAD ACCOUNT:
A. Beginning of period Spread Account balance $14,999,991
---------------
B. Additions to Spread Account
(1) Deposits from Collections Account (VI. E.) 0
-------------
(2) Investment Earnings 22,038
-------------
(3) Deposits Related to Subsequent Receivables Purchases 0
-------------
Total Additions 22,038
---------------
C. Spread Account balance available for withdrawals 15,022,029
---------------
D. Requisite Amount of Spread Account
(1) Initial Spread Account Deposit $14,999,991
-------------
(2) Subsequent Spread Account Deposits 0
-------------
(3) Total Initial & Subsequent Spread Account Deposits (1)+(2) 14,999,991
-------------
(4) $100,000 100,000
-------------
(5) 3% of Original Pool Balance (total deliveries) $14,999,991
-------------
(6) End of period Note Balance (before accel. principal shortfall calc) 566,914,721
-------------
(7) Lesser of (5) or (6) 14,999,991
-------------
(8) Floor Amount Greater of (4) or (7) 14,999,991
-------------
(9) Aggregate Principal Balance 494,571,507
-------------
(10) End of period Note Balance (before accel. principal shortfall calc) 566,914,721
-------------
(11) Line (9) less line (10) (72,343,214)
-------------
(12) OC level (11) / (9) -14.63%
-------------
(13) 13% less OC level, if OC level is greater than 10% n/a
-------------
(14) If OC level is equal to or greater than 10%, Percent in (13) x End of Period
Aggregate Principal Balance n/a
-------------
(15) If OC level is less than 10%, 3% of Original Pool Balance (total deliveries) 14,999,991
-------------
(16) 15% of end of period Aggregate Principal Balance if Trigger Date n/a
-------------
Requisite Amount of Spread Account (either (3), (8), (14), (15), or
(16) as applicable) 14,999,991
---------------
E. Withdrawals from Spread Account
(1) Priority First - Deficiency Claim Amount
-------------
(2) Priority Second through Third
-------------
(3) Priority Fourth - Accelerated Payment Amount Shortfall 54,308,290
-----------
Accelerated Payment Amount Shortfall in Excess of Requisite Amount 22,038
-------------
(4) Priority Fifth through Sixth
-------------
(5) Priority Seventh - to Servicer
-------------
Total withdrawals 22,038
---------------
F. End of period Spread Account balance $14,999,991
---------------
</TABLE>
3
<PAGE>
<TABLE>
<S> <C> <C>
X. MONTHLY PERIOD NUMBER OF RECEIVABLES CALCULATION:
A. Beginning of period number of Receivables 38,339
---------------
B. Number of Subsequent Receivables Purchased 0
---------------
C. Number of Receivables becoming Liquidated
Receivables during period 29
---------------
D. Number of Receivables becoming Purchased
Receivables during period
---------------
E. Number of Receivables paid off during period 139
---------------
F. End of period number of Receivables 38,171
---------------
---------------
XI. STATISTICAL DATA:
A. Weighted Average APR of the Receivables 18.40%
---------------
B. Weighted Average Remaining Term of the Receivables 55.27
---------------
C. Average Receivable Balance $12,957
---------------
D. Aggregate Realized Losses $236,595
---------------
</TABLE>
By:
-----------------------------------------
Name: Preston A. Miller
-----------------------------------------
Title: Executive Vice President and Treasurer
-----------------------------------------
Date: September 1, 1998
-----------------------------------------
4
<PAGE>
AmeriCredit Automobile Receivables Trust 1998-C
Class A-1 5.638 % Asset Backed Notes
Class A-2 Floating Rate Asset Backed Notes
Class A-3 Floating Rate Asset Backed Notes
Class A-4 Floating Rate 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
1998-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 10, 1998. 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: 08/01/98
Monthly Period Ending: 08/31/98
I. MONTHLY PERIOD NOTE BALANCE CALCULATION:
<TABLE>
<CAPTION>
Class A-1 Class A-2 Class A-3 Class A-4 TOTAL
--------- --------- --------- --------- -----
<S> <C> <C> <C> <C> <C>
A. Preliminary End of period Note Balance $111,892,683 $190,000,000 $107,000,000 $158,000,000 $566,892,683
-----------------------------------------------------------------------
B. Deficiency Claim Amount 0 0 0 0 0
C. End of period Note Balance $111,892,683 $190,000,000 $107,000,000 $158,000,000 $566,892,683
-----------------------------------------------------------------------
-----------------------------------------------------------------------
D. Note Pool Factors 93.243903% 100.000000% 100.000000% 100.000000% 98.590032%
-----------------------------------------------------------------------
-----------------------------------------------------------------------
</TABLE>
<TABLE>
<S> <C> <C> <C>
II. RECONCILIATION OF SPREAD ACCOUNT:
A. Preliminary End of period Spread Account balance $14,999,991
---------------
B. Priority First - Deficiency Claim Amount from preliminary certificate 0
---------------
C. End of period Spread Account balance $14,999,991
---------------
X. PERFORMANCE TESTS:
A. Delinquency Ratio
(1) Receivables with Scheduled Payment
delinquent more than 60 days
at end of period $8,706
-------------
(2) Purchased Receivables with Scheduled Payment
delinquent more than 60 days at end of period
-------------
(3) Beginning of period Principal Balance 499,999,694
-------------
(4) Delinquency Ratio (1)+(2) divided by (3) 0.00%
---------------
(5) Previous Monthly Period Delinquency Ratio 0.00%
---------------
(6) Second previous Monthly Period Delinquency Ratio 0.00%
---------------
(7) Average Delinquency Ratio (4)+(5)+(6)
divided by 3 0.00%
---------------
(8) Compliance (Delinquency Test Failure is a
Delinquency Ratio equal to or greater than 5.00%) yes
---------------
</TABLE>
1
<PAGE>
<TABLE>
<S> <C> <C> <C>
B. Cumulative Default Rate
(1) Defaulted Receivables in Current Period $409,607
-------------
(2) Cumulative Defaulted Receivables Including
Defaulted Receivables in Current Period 409,607
-------------
(3) Original Pool Balance 499,999,694
-------------
(4) Cumulative Default Rate (2) divided by (3) 0.08%
---------------
(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 $383,343
-------------
(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 (146,748)
-------------
(5) Net Losses during period (1)+(2)+(3)-(4) 236,595
-------------
(6) Net Losses since Initial Cut-off Date (Beginning of Period) 0
-------------
(7) 50% of Receivables with Scheduled Payment delinquent
more than 90 days at end of period 0
-------------
(8) Original Aggregate Principal Balance plus Pre-Funded Amount
as of the Closing Date 575,000,000
-------------
(9) Cumulative Net Loss Rate (5)+(6)+(7)
divided by (8) 0.04%
---------------
(10) 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 61,261
-------------
(2) Beginning of Period Aggregate Principal Balance 499,999,694
-------------
(3) Extension Rate (1) divided by (2) 0.01%
---------------
(4) Previous Monthly Extension Rate 0.00%
---------------
(5) Second previous Monthly Extension Rate 0.00%
---------------
(6) Average Extension Rate (3)+(4)+(5)
divided by 3 0.00%
---------------
(7) Compliance (Extension Test Failure is an
Extension Rate equal to or greater than 4%.) yes
---------------
</TABLE>
XI. DELINQUENCY:
<TABLE>
<S> <C> <C> <C>
A. Receivables with Scheduled Payment delinquent
(1) 31-60 days # 395 $7,052,877 1.41%
------------------------------------------
(2) 61-90 days 1 8,706 0.00%
------------------------------------------
(3) over 90 days 0 0 0.00%
------------------------------------------
Receivables with Scheduled Payment delinquent
more than 30 days at end of period 396 $7,061,583 1.41%
------------------------------------------
------------------------------------------
</TABLE>
By:
---------------------------------
Name: Preston A. Miller
---------------------------------
Title: Executive Vice President and Treasurer
---------------------------------
Date: September 3, 1998
---------------------------------
2
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