EXHIBIT 99
SUBJECT TO REVISION
TERM SHEET DATED JUNE 15, 2000
$1,000,000,000 FLOATING RATE ASSET BACKED TERM NOTES, SERIES 2000-A
SUPERIOR WHOLESALE INVENTORY FINANCING TRUST VI
Issuer
WHOLESALE AUTO RECEIVABLES CORPORATION
Seller
GENERAL MOTORS ACCEPTANCE CORPORATION
Servicer
Attached is a preliminary term sheet describing the structure, collateral pool
and certain aspects of Superior Wholesale Inventory Financing Trust VI. The
information and assumptions contained in the term sheet are preliminary and will
be superseded by a prospectus supplement and prospectus and by any other
information subsequently filed by the Seller with the Securities and Exchange
Commission or incorporated by reference in the relevant registration statement.
In addition, this term sheet supersedes any prior or similar term sheet.
None of the underwriters, General Motors Acceptance Corporation, the Issuer or
any of their respective affiliates makes any representation as to the accuracy
or completeness of the information set forth in the attached term sheet. The
information contained in the term sheet only addresses certain aspects of the
applicable security's characteristics and does not provide a complete
assessment. As such, the information may not reflect the impact of all
structural characteristics of the security. The assumptions underlying the
information, including structure and collateral, may be modified from time to
time to reflect changed circumstances.
A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS) RELATING TO THE TRUST HAS BEEN
FILED WITH THE SEC AND HAS BEEN DECLARED EFFECTIVE. IN CONNECTION WITH THIS
OFFERING, A PROSPECTUS SUPPLEMENT RELATING TO THE SECURITIES OFFERED BY THE
TRUST WILL BE FILED AFTER THE SECURITIES HAVE BEEN PRICED AND ALL OF THE TERMS
AND INFORMATION ARE FINALIZED. THIS COMMUNICATION IS NOT AN OFFER TO SELL OR THE
SOLICITATION OF AN OFFER TO BUY NOR WILL THERE BE ANY SALE OF THE SECURITIES OF
THE TRUST IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE
UNLAWFUL BEFORE THE REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF
ANY SUCH STATE. SALES OF THE SECURITIES OF THE TRUST MAY NOT BE CONSUMMATED
UNLESS THE PURCHASER HAS RECEIVED BOTH THE FINAL PROSPECTUS AND THE PROSPECTUS
SUPPLEMENT. THE SECURITIES TO BE OFFERED BY THE TRUST UNDER THE FINAL PROSPECTUS
AND THE PROSPECTUS SUPPLEMENT HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SEC
OR ANY STATE SECURITIES COMMISSION. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE. ANY INVESTMENT DECISION SHOULD BE BASED ON THE INFORMATION IN
THE FINAL PROSPECTUS AND PROSPECTUS SUPPLEMENT, WHICH WILL BE CURRENT AS OF
THEIR PUBLICATION DATES AND AFTER PUBLICATION MAY NO LONGER BE COMPLETE OR
CURRENT. A PROSPECTUS AND PROSPECTUS SUPPLEMENT MAY BE OBTAINED BY CONTACTING
BANC OF AMERICA SECURITIES LLC AT (704) 386-9690 OR SALOMON SMITH BARNEY AT
(212) 723-6171.
JOINT BOOKRUNNERS
BANC OF AMERICA SECURITIES LLC SALOMON SMITH BARNEY
CO-MANAGERS
BANC ONE CAPITAL MARKETS, INC.
BEAR, STEARNS & CO. INC.
CHASE SECURITIES INC.
CREDIT SUISSE FIRST BOSTON
DEUTSCHE BANC ALEX. BROWN
MERRILL LYNCH & CO.
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$1,000,000,000 FLOATING RATE ASSET BACKED TERM NOTES, SERIES 2000-A
SUPERIOR WHOLESALE INVENTORY FINANCING TRUST VI
SUBJECT TO REVISION
TERM SHEET
DATED JUNE 15, 2000
Capitalized terms used below that are not defined have the meanings specified in
the prospectus and form of prospectus supplement of Wholesale Auto Receivables
Corporation, as filed with the SEC on April 5, 2000. A copy of the prospectus
and form of prospectus supplement is available from the SEC. The prospectus will
be supplemented by a prospectus supplement to be dated June ___, 2000. Any
investment decision should be based solely on the information in the final
prospectus and prospectus supplement.
Issuer/Trust.................... Superior Wholesale Inventory Financing
Trust VI, a Delaware business trust formed
by the Seller.
Seller.......................... Wholesale Auto Receivables Corporation, a
wholly-owned subsidiary of GMAC.
Servicer........................ GMAC, a wholly-owned subsidiary of General
Motors Corporation.
Indenture Trustee............... The Bank of New York.
Owner Trustee................... Chase Manhattan Bank Delaware.
Initial Closing Date............ June 29, 2000 (expected).
Capitalization of the Trust..... On the initial closing date, the Trust will
issue the following securities:
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O $1,000,000,000 Floating Rate Asset Backed Term Notes,
Series 2000-A, which we refer to as the "2000-A Term
Notes." The 2000-A Term Notes will bear interest,
payable quarterly, at a rate equal to three-month LIBOR
plus ____ basis points annually.
O $125,000,000 Floating Rate Asset Backed Certificates,
Class 2000-A, which we refer to as the "2000-A
Certificates."
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Only the 2000-A Term Notes are offered
hereby.
The 2000-A Term Notes will be
registered in the name of the
nominee for The Depository Trust
Company. You may hold your 2000-A
Term Notes through the book-entry
systems of DTC in the United States
or Clearstream or Euroclear in
Europe.
After the initial closing date, the
Trust expects to issue a Revolving
Note or Notes with maximum revolver
balances of up to $3,000,000,000.
The Trust may issue from time to
time additional series of Term Notes
and Revolving Notes and additional
Certificates.
We use the term "Notes" to mean the
2000-A Term Notes and any additional
series of Term Notes or Revolving
Notes. We use the term "Securities"
to mean the Notes, the 2000-A
Certificates and any additional
Certificates.
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Subordination......... The 2000-A Certificates will be subordinated to all series of
Notes. The 2000-A Certificates will receive no principal until
the Notes are fully paid or an allocation of principal sufficient
to fully pay the Notes has been made. All Series of Notes will
generally have equal priority in payments, although the timing of
payments may vary.
Basis Swaps........... On the initial closing date, the Trust will enter into a basis
swap with respect to the 2000-A Term Notes. The swap
counterparty, GMAC, will pay to the Trust on each monthly
distribution date, interest at a per annum rate of three-month
LIBOR plus ____%. The Trust will pay the swap counterparty
interest at a per annum rate equal to the Prime Rate. Only the
net amount due by the Trust or by the swap counterparty, as the
case may be, will be remitted. The Trust will enter into a
similar basis swap with GMAC with respect to the 2000-A
Certificates.
Payments on the 2000-A Term Notes
A. Interest......... O The Trust will pay interest on the 2000-A Term Notes
quarterly on the 15th day of each January, April, July and
October (or on the next business day), which we refer to as
the "quarterly distribution date." The first quarterly
distribution date is October 16, 2000.
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O The prospectus and prospectus
supplement will describe how the
available funds are allocated to
interest payments on the 2000-A
Term Notes and the other
Securities. Available funds
include available interest
payments on the receivables,
receipts from the basis swaps
and, to the extent necessary and
available, advances by the
Servicer, reserve fund
withdrawals and, if applicable,
cash accumulation reserve fund
withdrawals.
O The Trust will pay interest on
the 2000-A Term Notes based on
the actual number of days elapsed
and a 360-day year. Interest will
accrue from and including the
initial closing date, or from and
including the most recent
quarterly distribution date on
which interest has been paid, to
but excluding the current
quarterly distribution date.
0 The Trust will pay interest on
the 2000-A Term Notes on each
monthly distribution date if a
rapid amortization event as
described below occurs or if the
2000-A Term Notes are not paid by
their targeted final payment
date. If the Term Notes are paid
monthly, the index will be
one-month LIBOR.
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B. Principal Payments...... o We expect that that Trust will pay the entire principal
balance of the 2000-A Term Notes on their targeted final
payment date, which is the distribution date in April 2005.
O Starting approximately five months before this targeted
final payment date, the Servicer will calculate the
number of months in which the Trust will allocate
principal collections to the repayment of the 2000-A
Term Notes on the targeted final payment date. We refer
to this period as the "payment period." The Trust will
set aside the allocated principal collections during
the payment period in an account for the 2000-A Term
Notes.
0 During the payment period for the 2000-A Notes, the
Trust will also be setting aside or distributing
principal collections for the repayment of other
outstanding Securities (although no funds in respect of
the Certificate balance will be paid or set aside until
all outstanding Notes have been paid or provided for).
0 The Trust could make principal payments on the 2000-A
Term Notes sooner than the targeted final payment date
if a "rapid amortization event" occurs. The rapid
amortization events for the 2000-A Term Notes are:
O General Motors, GMAC or the Seller becomes insolvent;
O the Trust or the Seller is required to register under
the Investment Company Act; and
O the balance in the cash accumulation reserve fund
declines below $291,667.
On each monthly distribution date after the occurrence of a rapid
amortization event, the Trust will apply allocated principal
collections and other available funds to repay principal on the
2000-A Term Notes.
O It is also possible that the Trust will not repay the
entire principal balance of the 2000-A Term Notes on or
before the targeted final payment date. If principal
collections are slower than anticipated during the
payment period, then the payment of principal on the
targeted final payment date could be insufficient to
repay all of the 2000-A Term Notes' principal balance.
In that case, allocable principal collections will be
applied to the repayment of principal on the 2000-A
Term Notes on subsequent monthly distribution dates.
O All unpaid principal on the 2000-A Term Notes will be
due on the stated final payment date, which is the
distribution date in April 2007. Failure to pay the
2000-A Term Notes in full on the stated final payment
date will result in an event of default.
O The Servicer may repurchase all of the remaining
receivables when:
O the daily Trust balance is equal to or less than 10% of
the highest sum, at any time since the initial closing
date, of the daily Trust balance PLUS cash held by the
Trust PLUS deposits in the cash accumulation accounts
and the note distribution accounts; and
O either no Term Notes are outstanding or the wind down period
is in effect.
Credit Enhancement and Liquidity..... The 2000-A Term Notes and the other Securities will be repaid
primarily from principal and interest collections on the
receivables. In addition, there are several additional
sources from which funds will be available to pay principal
and interest on the 2000-A Term Notes and the other Securities
as well as other payments which the Trust must make, including:
O The basis swaps;
O Any excess of the interest collected on the receivables
over the servicing fee, the interest and basis swap
expense of the Trust;
O Advances by the Servicer to the Trust in some
circumstances;
O Subordination of payments on the Certificates to
payments on the Notes;
O Monies in the reserve fund; and
O In some circumstances, monies in the cash accumulation
reserve fund.
Assets of the Trust.............. The primary assets of the Trust will be a revolving pool of
receivables arising under floor plan financing agreements
between GMAC and a group of retail automotive dealers
franchised by General Motors. These agreements are lines of
credit which dealers use to purchase new and used motor
vehicles manufactured or distributed by General Motors and
other motor vehicle manufacturers and distributors. We refer
to the dealers' obligations under these agreements as
"receivables."
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The receivables will be sold by
GMAC to the Seller, and then by
the Seller to the Trust. The
Trust will grant a security
interest in the receivables and
other Trust property to the
Indenture Trustee on behalf of
the Noteholders. On the initial
closing date, the Trust property
will also include:
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O Basis swaps with respect to all Securities;
O Security interests in the collateral securing the
dealers' obligation to pay the receivables, which will
include vehicles and may include parts inventory,
equipment, fixtures, service accounts, real estate and
guarantees;
O Amounts held on deposit in trust accounts maintained
for the Trust;
O Any recourse GMAC has against the dealers under the
floor plan financing agreements;
O Certain rights of the Seller under its purchase
agreement with GMAC; and
O All rights of the Trust under its sale and servicing
agreement with the Seller.
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Revolving Pool.................. As new receivables arise, they will ordinarily be transferred
to the Trust on a daily basis. At the same time, prior to the
date on which funds will first be set aside for payments on
the 2000-A Term Notes, the Trust will ordinarily use principal
collections on the receivables to purchase new receivables
from the Seller or to pay down the principal balance on any
Revolving Note or other series of Term Notes issued by the
Trust. The Trust could also retain principal collections and
invest them in eligible investments, if sufficient new
receivables were not available.
Revolving Period................ The revolving period for the Trust will begin on the initial
cut-off date and will end on the earlier of (a) the
commencement of an early amortization period and (b) the
scheduled revolving period termination date. The scheduled
revolving period termination date will initially be June 30,
2001 and will be automatically extended to the last day of
each succeeding month unless the Seller elects, at its option,
to terminate the automatic extension. The scheduled revolving
period termination date may not be extended beyond February
28, 2005. If terminated upon the commencement of a cash
accumulation period, the revolving period may recommence in
certain limited circumstances.
Cash Accumulation............... If a "cash accumulation event" occurs, the Trust will retain
all of the principal collections allocable to the 2000-A Term
Notes and will invest them in eligible investments in a cash
accumulation account dedicated to the 2000-A Term Notes. The
Trust will continue to invest these funds in eligible
investments until the targeted final payment date for the
2000-A Term Notes, or sooner following the occurrence of a
rapid amortization event. Cash accumulation events generally
occur upon defaults under the underlying transaction
agreements and upon failure to satisfy various performance
tests or measurements on the pool of receivables (E.G., the
payment rate on the receivables, the composition of the
receivables pool, the characteristics of the receivables and
the amount on deposit in the reserve fund).
If the Seller elects to terminate the automatic extension of the
Revolving Period as described above, a Wind Down Period will
commence which constitutes a cash accumulation event for the
2000-A Term Notes.
Each of the early amortization events identified below is a
cash accumulation event, other than those which are rapid
amortization events.
Early Amortization Events....... An "early amortization event" with respect to the Trust
generally refers to any of the following events:
(a) failure on the part of the Seller, GMAC or the Servicer
to perform in any material respect any of its covenants set
forth in the transfer and servicing agreements, which
failure continues for 60 days after written notice;
(b) any representation made by GMAC or the Seller in the
transfer and servicing agreements proves to have been
incorrect in any material respect when made and continues to
be incorrect in any material respect for 60 days after
written notice and, as a result, the interests of the
securityholders are materially and adversely affected;
(c) failure to pay or set aside for payment all amounts
required to be paid as principal on the Notes or distributed
with respect to the Certificate balance on the applicable
stated final payment date;
(d) on any monthly distribution date, the average of the
monthly payment rates for the three preceding months is less
than 25%;
(e) the amount on deposit in the reserve fund is less than
the amount required on three consecutive monthly
distribution dates;
(f) a notice of an event of default under the indenture
declaring the unpaid principal amount of any Notes
immediately due and payable has been given, except that if
no other early amortization event has occurred and is
continuing and so long as the scheduled revolving period
termination date has not occurred, if the Seller so elects,
the early amortization period resulting from such occurrence
will terminate and the revolving period will recommence if a
notice rescinding the declaration is given under the
indenture;
(g) the occurrence of certain events of bankruptcy,
insolvency or receivership relating to General Motors, the
Servicer (or GMAC, if it is not the Servicer) or the Seller;
(h) on any monthly distribution date, as of the last day of
the previous month, the aggregate principal balance of
receivables owned by the Trust which were advanced against
used vehicles exceeds 20% of the daily trust balance (for
purposes of this clause (h), General Motors vehicles which
are sold to daily rental car operations, repurchased
pursuant to General Motors repurchase agreements and
subsequently sold at auction to a General Motors-franchised
dealer will not be considered used vehicles);
(i) on any monthly distribution date, the reserve fund required
amount for that distribution date exceeds the amount on deposit
in the related reserve fund by more than $20,000,000;
(j) on any monthly distribution date, the average daily trust
receivables balance is less than 75% of the sum of the average
outstanding principal balance of the Term Notes and the average
certificate balance (in each case, such average being determined
over the six months preceding that distribution date (or, if
shorter, the period from the initial closing date through and
including the last day of the preceding month));
(k) on any monthly distribution date, as of the last day of each
of the two preceding months, the aggregate principal balance of
all related available receivables is less than 70% of the
aggregate principal balance of all receivables (including
receivables owned by GMAC) in the accounts in the pool of
accounts; and
(l) the termination of a basis swap relating to any Note or
Certificate.
Reserve Funds....................... O On the initial closing date, the Seller will
deposit $247,500,000 in cash or eligible investments into
the reserve fund. If available, amounts will be added or
released on each monthly distribution date to maintain the
balance at a specified reserve amount.
O To the extent that funds from principal and interest
collections on the receivables and net receipts on the
basis swaps are not sufficient to pay the monthly
servicing fee, net amounts under the basis swaps and to
make required distributions on the Notes, the Trust
will withdraw cash from the reserve fund for that
purpose.
O On any monthly distribution date, after the Trust pays
the monthly servicing fee and makes all deposits or
payments due on the Notes, the amount in the reserve
fund may exceed the specified reserve amount. If so,
the Trust will pay the excess to the Seller.
O On the initial closing date, the Seller will deposit
$13,715,000 in cash or eligible investments into the
cash accumulation reserve fund. This account will
supplement the funds available to pay interest on the
2000-A Term Notes if a cash accumulation event occurs.
Amounts will be added or released on each monthly
distribution date to maintain the balance at a
specified reserve amount.
Servicing Fee....................... The Trust will pay the Servicer a monthly 1% per annum
servicing fee as compensation for servicing the receivables.
Tax Status.......................... In the opinion of Kirkland & Ellis, special tax counsel,
O the 2000-A Term Notes will be characterized as
indebtedness for federal income tax purposes, and
O the Trust will not be taxable as an association or a
publicly traded partnership taxable as a corporation.
Each Term Noteholder, by the acceptance of a 2000-A Term
Note, will agree to treat the 2000-A Term Notes as
indebtedness for federal, state and local income and
franchise tax purposes.
ERISA Considerations................ Subject to the considerations discussed under "ERISA
CONSIDERATIONS" in the prospectus and prospectus supplement,
an employee benefit plan subject to the Employee Retirement
Income Security Act of 1974 may purchase the 2000-A Term
Notes. An employee benefit plan should consult with its
counsel before purchasing the 2000-A Term Notes.
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Ratings ............................ O We will not issue the 2000-A Term Notes unless they
are rated in the highest rating category for long-term
obligations (I.E., "AAA") by at least one nationally
recognized rating agency.
O We cannot assure you that a rating agency will maintain
its rating if circumstances change. If a rating agency
changes its rating, no one has an obligation to provide
additional credit enhancement or restore the original
rating.
O A rating is not a recommendation to buy the 2000-A Term
Notes. The rating considers only the likelihood that
the Trust will pay interest on time and will ultimately
pay principal. The rating does not consider either the
2000-A Term Notes' price, their suitability to a
particular investor or the timing of principal
payments.
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THE U.S. PORTFOLIO
GENERAL
As of March 31, 2000, there were approximately 7,450 active credit lines
with dealers in the U.S. Portfolio and the total U.S. Portfolio (which includes
both owned receivables and serviced receivables) consisted of receivables with
an aggregate principal balance of approximately $23.4 billion. GMAC is the
primary source of floor plan financing for General Motors-franchised dealers in
the United States. In the first quarter of 2000, GMAC provided financing for
approximately 66.8% of new factory sales to General Motors dealers in the United
States.
As of March 31, 2000, receivables with respect to New Vehicles
represented approximately 83% of the aggregate principal amount of all
receivables in the U.S. Portfolio. Receivables with respect to Used Vehicles
represented approximately 8% of the aggregate principal amount of all
receivables in the U.S. Portfolio. Other receivables (generally receivables with
respect to heavy-duty trucks, off-highway vehicles and marine units) represented
approximately 9% of the aggregate principal amount of all receivables in the
U.S. Portfolio. As of March 31, 2000, approximately 60% of the Used Vehicles in
the U.S. Portfolio represented Auction Vehicles. As of March 31, 2000, the
average Account in the U.S. Portfolio provided for credit lines for New Vehicles
and Used Vehicles of approximately 243 units and 52 units, respectively, and the
average principal balance of receivables thereunder was approximately $2.9
million and $0.3 million, respectively.
In 1998, GMAC streamlined the billing process on its dealer incentive
programs. Rather than charge a spread over the Prime Rate and separately
distribute dealer incentives, dealers participating in the "Net Billing" program
are charged a spread that is reduced by any dealer incentives. As more dealers
participate in the Net Billing program, the spread over the Prime Rate on the
receivables is lower versus prior years. For the three months ended March 31,
2000, the weighted average spread over the Prime Rate charged to dealers in the
U.S. Portfolio was approximately 0.10%. Certain dealers continue to be offered
rebates under incentive programs. For the three months ended March 31, 2000, the
average annual rate of dealer credits on the U.S. Portfolio ranged between 22
and 30 basis points. The amount of any such credit is applied to a participating
dealer's interest charges on floorplan and other loans (if any). There can be no
assurance that the spread over the Prime Rate in the future will be similar to
historical experience.
As of March 31, 2000, the aggregate principal amount financed with
respect to dealers assigned to "no credit" status was approximately $1.2 million
or 0.005% of the aggregate principal amount financed in the U.S. Portfolio.
LOSS EXPERIENCE
The following table sets forth GMAC's average principal balance of
receivables and loss experience for the U.S. Portfolio as a whole in each of the
periods shown. The U.S. Portfolio includes Fleet Accounts and certain other
accounts that are not Eligible Accounts as well as Accounts that meet the
eligibility criteria for inclusion in the Trust but were not selected. Thus, the
Accounts related to the Trust represent only a portion of the entire U.S.
Portfolio and, accordingly, actual loss experience with respect to such Accounts
may be different than that of the U.S. Portfolio as a whole. There can be no
assurance that the loss experience for Receivables in the future will be similar
to the historical experience set forth below. The following historical
experience reflects financial assistance and incentives provided, from time to
time, by General Motors and GMAC to General Motors-franchised dealers. If
General Motors or GMAC reduced or was unable or elected not to provide such
assistance or incentives, the loss experience of the U.S. Portfolio, including
the Accounts, may be adversely affected.
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LOSS EXPERIENCE FOR THE U.S. PORTFOLIO
THREE MONTHS YEAR ENDED DECEMBER 31
ENDED 1999 1998 1997 1996
MARCH 31, 2000 (DOLLARS IN MILLIONS)
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Average Principal Receivables Balance(1) $23,524.1 $20,317.6 $16,859.6 $18,276.0 $16,991.5
Net Losses (Recoveries)(2)... $ (1.4) (5.8) $ 11.8 $ (10.5) $ (8.1)
Net Losses (Recoveries) as a % of
Liquidations(3)........... (0.005)% (0.006)% 0.014% (0.012)% (0.009)%
Net Losses (Recoveries) as a % of
Average Principal Receivables
Balance................... (0.024)%(4) (0.029)% 0.070% (0.058)% (0.048)%
(1) "Average Principal Receivables Balance" is the average of the month-end
principal balances of receivables for each of the months during such period.
(2) "Net Losses" in any period are gross losses less recoveries for such period.
Recoveries include recoveries from collateral security in addition to
vehicles.
(3) Liquidations include all principal reductions.
(4) Annualized.
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AGING EXPERIENCE
The following table provides the age distribution of the receivables for
all dealers in the U.S. Portfolio as a percentage of total principal balances of
receivables outstanding at the date indicated. The aging is based on the
receivable's interest commencement date. In addition, if a vehicle or the
related receivable is reclassified for any reason (e.g., if the dealer decides
to designate a new vehicle for use as a demonstration unit), the interest
commencement date will generally be the date of such reclassification. The
actual age distribution with respect to the Receivables related to any Trust may
be different because such Receivables will arise in Accounts representing only a
portion of the entire U.S. Portfolio. There can be no assurance that the aging
experience for receivables in the future will be similar to the historical
experience set forth below.
AGE DISTRIBUTION FOR THE U.S. PORTFOLIO
THREE MONTHS
ENDED
MARCH 31, 2000 YEAR ENDED DECEMBER 31
1999 1998 1997 1996
1-120.................. 75.8% 84.2% 90.2% 85.1% 82.2%
121-180................ 13.9 9.0 4.9 8.0 9.0
181-270................ 7.7 4.0 2.9 3.5 5.0
Over 270............... 2.6 2.8 2.0 3.4 3.8
MONTHLY PAYMENT RATES
The following table sets forth the highest and lowest monthly payment
rates for the U.S. Portfolio during any month in the periods shown and the
average of the monthly payment rates for all months during the periods shown.
The payment rates used are calculated as the percentage equivalent of a
fraction, the numerator of which is the aggregate of all collections of
principal during the period and the denominator of which is the aggregate ending
principal balance of receivables for the period. There can be no assurance that
the rate of principal collections for the Accounts in the Pool of Accounts in
the future will be similar to the historical experience set forth below. The
actual monthly payment rates with respect to such Accounts may be different
because, among other reasons, such Accounts will represent only a portion of the
entire U.S. Portfolio.
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MONTHLY PAYMENT RATES FOR THE U.S. PORTFOLIO
THREE MONTHS
ENDED
MARCH 31, 2000 YEAR ENDED DECEMBER 31
1999 1998 1997 1996
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Highest Month................ 48.1% 53.5% 62.9% 54.2% 56.1%
Lowest Month................. 39.7 34.2 33.5 33.3 35.0
Average for the Months in the 43.1 44.5 47.3 43.3 45.1
Period.......................
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THE POOL OF ACCOUNTS
As of the close of business on June 7, 2000, there were 1,592 Accounts
in the Pool of Accounts. As of June 7, 2000 the average principal balance of
Receivables in such Accounts was approximately $3.3 million (approximately 82%
of which were Eligible Receivables) and the weighted average spread over the
Prime Rate charged to Dealers was approximately 0.10% for the month of May 2000.
This spread over Prime Rate does not include rebates earned by dealers under
GMAC incentive programs that entitle them to a credit based on interest charges.
These credits do not affect the spread over the Prime Rate earned by the Trust.
As of June 7, 2000, the aggregate principal balance of Receivables under such
Accounts was $5,213,886,953.20 and, of such amount, $4,274,470,613.38 would
qualify as Eligible Receivables (except for the limit imposed by the Maximum
Pool Balance).
GEOGRAPHIC DISTRIBUTION
The following table provides, as of June 7, 2000, the geographic
distribution of the Accounts in the Pool of Accounts (based on the address of
the Dealer). As of June 7, 2000, no other state accounted for more than 5.0% of
the principal amount of Receivables outstanding in such Accounts.
GEOGRAPHIC DISTRIBUTION OF POOL ACCOUNTS RELATED TO THE TRUST
PERCENTAGE OF PERCENTAGE OF
TOTAL NUMBER OF TOTAL NUMBER
RECEIVABLES RECEIVABLES DEALER OF DEALER
STATE OUTSTANDING OUTSTANDING ACCOUNTS ACCOUNTS
(THOUSANDS OF
DOLLARS)
Texas $422,483 8.1% 90 5.7%
Florida 410,699 7.9 94 5.9
California 366,886 7.0 95 6.0
Michigan 311,844 6.0 70 4.4
New York 285,715 5.5 93 5.8
Pennsylvania 271,664 5.2 89 5.6
