TERM SHEET SUBJECT TO REVISION
EXHIBIT 99.1
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 1998-C
TERM SHEET
SUBJECT TO REVISION
Issuer.............................. AmeriCredit Automobile Receivables Trust
1998-C (the "Trust" or the "Issuer"), a
Delaware business trust to be formed
pursuant to a Trust Agreement, dated as of
August 10, 1998 (the "Trust Agreement"),
among the Seller and the Owner Trustee.
Seller.............................. AFS Funding Corp. (the "Seller"), a
special purpose financing subsidiary of
AmeriCredit.
Servicer............................ AmeriCredit Financial Services, Inc. (in
its individual capacity, "AmeriCredit"
and, as servicer, the "Servicer"), a
Delaware corporation.
Insurer............................. Financial Security Assurance Inc. (the
"Insurer"), a New York financial guaranty
insurance company.
Indenture Trustee................... Bank One, N.A. (the "Indenture Trustee").
Owner Trustee....................... Bankers Trust (Delaware) (the "Owner
Trustee").
Statistical Calculation Date........ August 3, 1998.
Initial Cutoff Date................. August 10, 1998.
Closing Date........................ August 21, 1998.
The Notes........................... The Trust will issue Class A-1 % Asset
Backed Notes (the "Class A-1 Notes") in
the aggregate original principal amount of
$120,000,000, Class A-2 Floating Rate
Asset Backed Notes (the "Class A-2 Notes")
in the aggregate original principal amount
of $190,000,000, Class A-3 Floating Rate
Asset Backed Notes (the "Class A-3 Notes")
in the aggregate original principal amount
of $107,000,000, and Class A-4 Floating
Rate Asset Backed Notes (the "Class A-4
Notes") in the aggregate original
principal amount of $158,000,000. The
Class A-1 Notes, the Class A-2 Notes, the
Class A-3 Notes and the Class A-4 Notes
(collectively, the "Notes") will be issued
pursuant to an Indenture, dated as of
August 10, 1998, among the Issuer and Bank
One, N.A., as Indenture Trustee and as
Trust Collateral Agent (the "Trust
Collateral Agent"). The Notes will be
offered for purchase in denominations of
$1,000 and integral multiples thereof in
book-entry form only. Persons acquiring
beneficial interests in the Notes will
hold their interests through DTC in the
United States or Cedel Bank, societe
anonyme ("Cedel") or the Euroclear System
("Euroclear") in Europe. The Notes will be
secured by the assets of the Trust
pursuant to the Indenture.
The Certificates.................... The Trust will issue Asset Backed
Certificates (the "Certificates") which
represent the equity ownership in the
Trust, and are subordinate in right of
payment to the Notes. The Certificates do
not have a principal balance. The
Certificates will be issued pursuant to
the Trust Agreement. The Certificates
are not being offered hereby.
Trust Property...................... Each Note will represent an obligation of
the Trust. The Trust's assets (the "Trust
Property") will include, among other
things, certain motor vehicle retail
installment sale contracts (the "Initial
Receivables"), secured by new and used
automobiles, light duty trucks and vans
(the "Initial Financed Vehicles"), certain
monies received thereunder after the
Initial Cutoff Date, an assignment of the
security interests in the Initial Financed
Vehicles securing the Initial Receivables,
the related Receivables Files, all rights
to proceeds from claims on certain
physical damage, credit life and
disability insurance policies covering the
Initial Financed Vehicles or the Obligors,
as the case may be, all rights to
liquidation proceeds with respect to the
Initial Receivables, an assignment of the
right of the Seller against Dealers under
agreements between AmeriCredit and such
Dealers, certain bank accounts, all
proceeds of the foregoing, and certain
rights under the Trust Documents. The
Trust Property also will include an
assignment of the Seller's rights against
AmeriCredit and CP Funding Corp., a Nevada
corporation which is a wholly owned
subsidiary of AmeriCredit ("CP Funding"),
under the Purchase Agreement upon the
occurrence of certain breaches of
representations and warranties. The
Initial Receivables will be purchased by
the Seller from AmeriCredit and CP Funding
pursuant to a purchase agreement (the
"Purchase Agreement") between the Seller,
CP Funding and AmeriCredit on or prior to
the date of issuance of the Notes.
Additional motor vehicle retail
installment sale contracts (the
"Subsequent Receivables") secured by new
and used automobiles, light duty trucks
and vans (the "Subsequent Financed
Vehicles") and related property are
intended to be purchased by the Trust from
the Seller from time to time on or before
October 31, 1998, from funds on deposit in
the Pre-Funding Account. The Subsequent
Receivables will be purchased by the
Seller from AmeriCredit and CP Funding
pursuant to one or more subsequent
purchase agreements (each, a "Subsequent
Purchase Agreement") between the Seller,
CP Funding and AmeriCredit. The purchase
by the Trust of the Subsequent Receivables
is subject to the satisfaction of certain
conditions. The Initial Receivables and
the Subsequent Receivables are hereinafter
referred to as the "Receivables," and the
Initial Financed Vehicles and the
Subsequent Financed Vehicles are
hereinafter referred to as the "Financed
Vehicles."
Receivables......................... The Receivables consist of motor vehicle
retail installment sale contracts
originated by Dealers and then acquired by
AmeriCredit pursuant to its Contract
Acquisition Program. The motor vehicle
retail installment sale contracts consist
primarily of contracts with individuals
with less than perfect credit due to
various factors, including, among other
things, the manner in which such
individuals have handled previous credit,
the limited extent of their prior credit
history and/or their limited financial
resources. The statistical information
presented herein is based on the Initial
Receivables as of the Statistical
Calculation Date. The Initial Receivables
have an aggregate Principal Balance of
$457,396,602.14 as of the Statistical
Calculation Date and an aggregate
Principal Balance of $499,999,693.92 as of
the Initial Cutoff Date. The additional
Receivables represent Receivables acquired
by AmeriCredit after the Statistical
Calculation Date but prior to the
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Initial Cutoff Date. In addition, as of
the Statistical Calculation Date as to
which statistical information is presented
herein, some amortization has occurred
prior to the Initial Cutoff Date. In
addition, certain Receivables included as
of the Statistical Calculation Date may
prepay in full or may be determined not to
meet the eligibility requirements and may
not been included. As a result of the
foregoing, the statistical distribution of
characteristics as of the Initial Cutoff
Date will vary somewhat from the
statistical distribution of such
characteristics as of the Statistical
Calculation Date as presented herein,
although such variance is not material.
The Initial Receivables have, as of the
Statistical Calculation Date, a weighted
average annual percentage rate ("APR") of
approximately 18.4%, a weighted average
original maturity of approximately 57
months and a weighted average remaining
maturity of approximately 57 months. Each
of the Initial Receivables also have a
remaining term of not more than 72 months
and not less than 5 months as of the
Statistical Calculation Date.
Following the Closing Date, the Trust will
be obligated to purchase from time to time
on or before the end of the Funding Period
(as defined below), subject to the
availability thereof, Subsequent
Receivables consisting of retail
automobile installment sale contracts
acquired by the Seller from AmeriCredit
and CP Funding. The aggregate Principal
Balance of the Subsequent Receivables is
anticipated by AmeriCredit to equal
approximately $75,000,000. In connection
with each purchase of Subsequent
Receivables, the Trust will be required to
pay to the Seller a cash purchase price
equal to the principal amount thereof from
the Pre-Funding Account. AmeriCredit will
designate as a cutoff date (each, a
"Subsequent Cutoff Date") a date to be
specified in the related subsequent
transfer agreement, provided, however,
that such date shall be on or before the
Subsequent Transfer Date (as defined
below). Subsequent Receivables will be
conveyed to the Seller and then reconveyed
by the Seller to the Trust on designated
dates (each, a "Subsequent Transfer Date")
occurring during the Funding Period. The
Trust may purchase the Subsequent
Receivables only from the Seller and not
from any other person, and the Seller may
purchase the Subsequent Receivables only
from AmeriCredit and CP Funding. The
Subsequent Receivables must satisfy
certain eligibility criteria.
The Policy.......................... On the Closing Date, the Insurer will
issue to the Trust Collateral Agent as
agent for the Indenture Trustee, a
financial guaranty insurance policy (the
"Policy"). Pursuant to the Policy, the
Insurer will unconditionally and
irrevocably guarantee to the Noteholders
payment of the Scheduled Payments (as
defined in the Policy) for each Insured
Distribution Date.
The "Insured Distribution Date" will be
the twelfth day of each month, or, if such
twelfth day is not a Business Day, the
next following Business Day. In the event
that, on any Distribution Date, the
Noteholders did not receive the full
amount of the Scheduled Payment then due
to them, such shortfall (together with, in
the case of an interest shortfall,
interest thereon at the related Interest
Rate) shall be due and payable and shall
be funded on the Insured Distribution Date
either from the Spread Account or from the
proceeds of a drawing under the Policy.
The Record Date applicable to an Insured
Distribution Date shall be the Record Date
applicable to the related
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Distribution Date.
Terms of the Notes.................. The principal terms of the Notes will be
as described below:
A. Distribution Dates............ For so long as AmeriCredit is the
Servicer, payments of interest and
principal on the Notes will be made on the
fifth day of each month (or, if such fifth
day is not a Business Day, on the next
following Business Day; provided, that
such day for payment shall in no event be
earlier than the third Business Day of the
month)(each, a "Distribution Date")
commencing September 8, 1998. Payments
will be made to holders of record of the
Notes (the "Noteholders") as of the close
of business on the Business Day
immediately preceding such Distribution
Date (a "Record Date"). A "Business Day"
is a day other than a Saturday, Sunday or
other day on which commercial banks
located in the states of Texas, Delaware,
Ohio or New York are authorized or
obligated to be closed. If the backup
servicer or another successor servicer
becomes the Servicer, the "Distribution
Date" will thereafter become the twelfth
day of each month, or if such twelfth day
is not a Business Day, the next following
Business Day (i.e., the "Distribution
Date" and the "Insured Distribution Date"
will thereafter be the same date). The
Insurer will only make payment of any
unpaid interest and principal on the Notes
on the Insured Distribution Date, which
will be the twelfth day of each month, or
if such twelfth day is not a Business Day,
the next following Business Day. An "Event
of Default" with respect to the Notes will
only occur if the full amount of the
required monthly payment has not been
distributed on or prior to the related
Insured Distribution Date.
B. Final Scheduled Distribution
Dates......................... For the Class A-1 Notes, the September
1999 Insured Distribution Date; for the
Class A-2 Notes, the October 2001 Insured
Distribution Date; for the Class A-3
Notes, the July 2002 Insured Distribution
Date; and for the Class A-4 Notes, the
June 2005 Insured Distribution Date.
C. Interest Rates................ The Class A-1 Notes will bear interest at
the respective fixed per annum rates set
forth on the cover page hereof. The Class
A-2 Notes will bear interest at a floating
rate equal to the London interbank offered
rates for one-month U.S. dollar deposits
("LIBOR") plus %. The Class A-3 Notes will
bear interest at a floating rate equal to
LIBOR plus %. The Class A-4 Notes will
bear interest at a floating rate equal to
LIBOR plus ______%. Each such interest
rate for a Class of Notes is referred to
as the "Interest Rate."
D. Interest...................... Interest on the Notes of each Class will
accrue at the applicable Interest Rate
from and including the most recent
Distribution Date on which interest has
been paid (or, in the case of the first
Distribution Date, from and including the
Closing Date) to, but excluding, the
following Distribution Date (each, an
"Interest Period"). In the case of the
first Distribution Date, the Interest
Period shall be eighteen days. The
interest which accrues during an Interest
Period shall accrue on the principal
amount of the Notes of each Class
outstanding as of the end of the prior
Distribution Date (or, in the case of the
first Distribution Date, as of the Closing
Date); provided, that if such principal
balance is further reduced by a payment of
principal on the Insured Distribution Date
which immediately follows such prior
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Distribution Date, then such interest
shall accrue (i) from and including such
prior Distribution Date to, but excluding,
such related Insured Distribution Date, on
the principal balance outstanding as of
the end of the prior Distribution Date
(or, in the case of the first Distribution
Date, as of the Closing Date) and (ii)
from and including such Insured
Distribution Date, to, but excluding, the
following Distribution Date, on the
principal balance outstanding as of the
end of such Insured Distribution Date.
Interest on the Notes for any Distribution
Date due but not paid on such Distribution
Date will be due on the next Insured
Distribution Date together with, to the
extent permitted by law, interest on such
amount at the applicable Interest Rate.
The amount of interest distributable on
the Notes on each Distribution Date will
equal interest accrued during the related
Interest Period, plus any shortfall amount
carried-forward. Interest on the Class A-1
Notes, the Class A-2 Notes, the Class A-3
Notes and the Class A-4 Notes will be
calculated on the basis of a 360-day year
and the actual number of days elapsed in
the applicable Interest Period.
E. Principal..................... Principal of the Notes will be payable on
each Distribution Date in an amount equal
to the Noteholders' Principal
Distributable Amount and the Noteholders'
Accelerated Principal Amount, if any, for
the calendar month (the "Monthly Period")
preceding such Distribution Date. The
Noteholders' Principal Distributable
Amount will equal the sum of (x) the
Noteholders' Percentage of the Principal
Distributable Amount and (y) any unpaid
portion of the amount described in clause
(x) with respect to a prior Distribution
Date. The "Principal Distributable Amount"
with respect to any Distribution Date will
be an amount equal to the sum of the
following amounts with respect to the
related Monthly Period, computed in
accordance with the simple interest
method: (i) collections on Receivables
(other than Liquidated and Purchased
Receivables) allocable to principal,
including full and partial principal
prepayments, (ii) the Principal Balance of
each Receivable (other than Purchased
Receivables) that became a Liquidated
Receivable during the related Monthly
Period, (iii) (A) the portion of the
Purchase Amount allocable to principal of
all Receivables that became Purchased
Receivables as of the immediately
preceding Record Date and (B) at the
option of the Insurer, the outstanding
Principal Balances of those Receivables
that were required to be repurchased by
the Seller and/or AmeriCredit during such
Monthly Period but were not so
repurchased, and (iv) the aggregate amount
of Cram Down Losses during such Monthly
Period.
Any amount of principal due on the Notes
on a Distribution Date and not paid on
such Distribution Date shall be due and
payable on the following Insured
Distribution Date.
The Noteholders' Percentage will be 100%
until the Class A-4 Notes have been paid
in full and thereafter will be zero. No
principal will be paid on a Class of Notes
until the principal of all Classes of
Notes having a lower numerical Class
designation has been paid in full. In
addition, the outstanding principal amount
of the Notes of any Class, to the extent
not previously paid, will be payable on
the respective Final Scheduled
Distribution Date for such Class (and, if
not paid in full on such date, will be
paid on the Insured Distribution Date
immediately following such Final Scheduled
Distribution Date).
F. Optional Redemption........... The Class A-4 Notes, to the extent still
outstanding, may be redeemed
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in whole, but not in part, on any
Distribution Date on which the Servicer
exercises its option to purchase the
Receivables, which, subject to certain
requirements can occur after the Pool
Balance declines to 10% or less of the
Original Pool Balance, at a redemption
price equal to the unpaid principal amount
of the Notes of such Class plus accrued
and unpaid interest thereon. The Original
Pool Balance will equal the sum of (I) the
aggregate Principal Balance of the Initial
Receivables as of the Initial Cutoff Date
plus (ii) the aggregate Principal Balances
of all Subsequent Receivables added to the
Trust as of their respective Subsequent
Cutoff Dates (the "Original Pool
Balance").
G. Mandatory Redemption.......... Each Class of Notes will be redeemed in
part on the Mandatory Redemption Date (as
defined under "Pre-Funding Account" below)
in the event that any portion of the Pre-
Funded Amount remains on deposit in the
Pre-Funding Account at the end of the
Funding Period. The aggregate principal
amount of each Class of Notes to be
redeemed will be an amount equal to such
Class's pro rata share (based on the
respective current principal amount of
each Class of Notes) of the Pre-Funded
Amount at the end of the Funding Period
(such Class's "Note Prepayment Amount");
provided, that if the aggregate remaining
amount in the Pre-Funding Account is
$100,000 or less, such amount will be
applied exclusively to reduce the
outstanding principal balance of the Class
of Notes then entitled to receive
distributions of principal.
The Notes may be accelerated and subject
to immediate payment at par upon the
occurrence of an Event of Default under
the Indenture. So long as no Insurer
Default shall have occurred and be
continuing, an Event of Default under the
Indenture will occur only upon delivery by
the Insurer to the Indenture Trustee of
notice of the occurrence of certain events
of default under the Insurance and
Indemnity Agreement, dated as of August
10, 1998 (the "Insurance Agreement"),
among the Insurer, the Trust, AmeriCredit,
AmeriCredit Corp., CP Funding and the
Seller. In the case of such an Event of
Default, the Notes will automatically be
accelerated and subject to immediate
payment at par. The Policy does not
guarantee payment of any amounts that
become due on an accelerated basis, unless
the Insurer elects, in its sole
discretion, to pay such amounts in whole
or in part.
Pre-Funding Account................. On the Closing Date, a cash amount equal
to approximately $75,000,000 (the "Initial
Pre-Funded Amount") will be deposited in
an account (the "Pre-Funding Account")
which will be established with the Trust
Collateral Agent. The "Funding Period" is
the period from the Closing Date until the
earliest of the date on which (i) the
amount on deposit in the Pre-Funding
Account is less than $100,000, (ii) a
Servicer Termination Event occurs under
the Sale and Servicing Agreement, or (iii)
October 31, 1998. The Initial Pre-Funded
Amount as reduced from time to time during
the Funding Period by the amount thereof
used to purchase Subsequent Receivables in
accordance with the Sale and Servicing
Agreement is referred to herein as the
"Pre-Funded Amount." The Seller expects
that the Pre-Funded Amount will be reduced
to less than $100,000 on or before the end
of the Funding Period. Any Pre-Funded
Amount remaining at the end of the Funding
Period will be payable to the Noteholders
on the Mandatory Redemption Date as
described herein. The
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"Mandatory Redemption Date" is the earlier
of (i) the Distribution Date in November
1998 or (ii) if the last day of the
Funding Period occurs on or prior to the
Calculation Date (as defined below)
occurring in September or October 1998,
the Distribution Date relating to such
Calculation Date. The "Calculation Date"
is the close of business on the last day
of each Monthly Period.
Capitalized Interest Account........ On the Closing Date, a cash amount shall
be deposited in an account (the
"Capitalized Interest Account") which will
be established with the Trust Collateral
Agent. The amount, if any, deposited in
the Capitalized Interest Account will be
applied on the Distribution Dates
occurring in September, October and
November 1998 to fund an amount (the
"Monthly Capitalized Interest Amount")
equal to the amount of interest accrued
for each such Distribution Date at the
weighted average Interest Rates on the
portion of the Notes having a principal
balance in excess of the Principal
Balances of the Initial Receivables (which
portion will equal the Pre-Funded Amount).
Any amounts remaining in the Capitalized
Interest Account on the Mandatory
Redemption Date and not used for such
purposes are required to be paid directly
to the Seller on such date.
Ratings............................. It is a condition to issuance that the
Class A-l Notes be rated A-1+ by Standard
& Poor's Ratings Services, a division of
The XxXxxx-Xxxx Companies, Inc. ("S&P"),
and P-1 by Xxxxx'x Investors Service,
Inc. ("Moody's" and together with S&P,
the "Rating Agencies"), and that the
Class A-2 Notes, the Class A-3 Notes and
the Class A-4 Notes be rated AAA by S&P
and Aaa by Moody's. The ratings by the
Rating Agencies of the Notes will be (i)
with respect to the Class A-1 Notes,
without regard to the Policy in the case
of S&P and substantially based on the
Policy in the case of Moody's and (ii)
with respect to all other Classes of
Notes, based on the Policy. To the
extent that such ratings are based on
the Policy, such ratings apply to
distributions due on the Insured
Distribution Dates, and not to
distributions due on the Distribution
Dates. There is no assurance that the
ratings initially assigned to the Notes
will not subsequently be lowered or
withdrawn by the Rating Agencies.
7
The composition and distribution by APR and geographic concentration of the
Initial Receivables Pool as of the Statistical Calculation Date are set forth in
the following tables:
COMPOSITION OF THE INITIAL RECEIVABLES AS OF THE STATISTICAL CALCULATION DATE
New Used Total
--------------- ---------------- ---------------
Aggregate Principal Balance(1) $99,995,118.36 $357,401,483.78 $457,396,602.14
Number of Receivables 6,446 28,658 35,104
Percent of Aggregate Principal Balance 21.86% 78.14% 100.00
Average Principal Balance $ 15,512.74 $ 12,471.26 $ 13,029.76
Range of Principal Balances ($485.54 to 29,991.56) ($347.83 to 29,969.97)
Weighted Average APR(1) 16.82% 18.84% 18.40%
Range of APRs (9.00% to 27.00%) (9.38% to 32.00%)
Weighted Average Remaining Term 59 months 56 months 57 months
Range of Remaining Terms (22 to 72 months) (5 to 72 months)
Weighted Average Original Term 60 months 57 months 57 months
Range of Original Terms (24 to 72 months) (12 to 72 months)
(1) Aggregate Principal Balance includes some portion of accrued interest. As a
result, the Weighted Average APR of the Receivables may not be equivalent to
the Contracts' aggregate yield on the Aggregate Principal Balance.
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DISTRIBUTION OF THE INITIAL RECEIVABLES BY APR AS OF THE STATISTICAL CALCULATION
DATE
Aggregate % of Aggregate Number of % of Total Number
APR Range Principal Balance(1) Principal Balance(2) Receivables of Receivables(2)
------------------ ---------------- ------------------ ----------- ----------------
9.000 to 9.999% $ 6,202,350.70 1.36% 371 1.06%
10.000 to 10.999 3,025,183.22 .66 188 .54
11.000 to 11.999 8,251,350.43 1.80 512 1.46
12.000 to 12.999 14,771,588.78 3.23 881 2.51
13.000 to 13.999 14,149,395.08 3.09 859 2.45
14.000 to 14.999 13,164,783.82 2.88 832 2.37
15.000 to 15.999 30,122,793.43 6.59 1,941 5.53
16.000 to 16.999 26,202,436.15 5.73 1,753 4.99
17.000 to 17.999 50,300,050.94 11.00 3,596 10.24
18.000 to 18.999 92,023,621.01 20.12 6,965 19.84
19.000 to 19.999 42,242,937.05 9.24 3,286 9.36
20.000 to 20.999 46,739,817.30 10.22 3,755 10.70
21.000 to 21.999 63,418,088.17 13.87 5,641 16.07
22.000 to 22.999 21,826,853.79 4.77 1,993 5.68
23.000 to 23.999 15,167,752.34 3.32 1,454 4.14
24.000 to 24.999 6,203,885.37 1.36 628 1.79
25.000 to 25.999 2,764,962.21 .60 345 .98
26.000 to 26.999 555,188.91 .12 72 .21
27.000 to 27.999 129,262.18 .03 14 .04
28.000 to 28.999 23,082.21 .01 3 .01
29.000 to 29.999 98,208.23 .02 13 .04
30.000 to 30.999 9,181.31 .00 1 .00
32.000 to 32.999 3,829.51 .00 1 .00
--------------- ------ ------ ------
TOTAL $457,396,602.14 100.00% 35,104 100.00%
=============== ====== ====== ======
(1) Aggregate Principal Balances include some portion of accrued interest.
(2) Percentages may not add to 100% because of rounding.
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DISTRIBUTION OF THE INITIAL RECEIVABLES BY GEOGRAPHIC LOCATION OF OBLIGOR AS OF
THE STATISTICAL CALCULATION DATE
Aggregate % of Aggregate Number of % of Total Number
State Principal Balance(1) Principal Balance(2) Receivables of Receivables(2)
------------------ -------------------- -------------------- ------------------ ------------------
Arizona $ 18,451,521.66 4.03% 1,440 4.10%
California 64,595,993.08 14.12 4,677 13.32
Colorado 5,573,578.19 1.22 487 1.39
Connecticut 3,860,503.12 0.84 313 0.89
Delaware 2,355,171.74 0.51 176 0.50
Florida 32,081,665.14 7.01 2,490 7.09
Georgia 18,522,149.66 4.05 1,296 3.69
Illinois 21,881,027.52 4.78 1,675 4.77
Indiana 4,909,295.57 1.07 380 1.08
Kansas 4,714,484.87 1.03 360 1.03
Kentucky 7,459,323.54 1.63 600 1.71
Louisiana 2,105,509.52 0.46 146 0.42
Maryland 9,811,647.90 2.15 696 1.98
Massachusetts 5,587,105.68 1.22 494 1.41
Michigan 14,381,567.18 3.14 1,121 3.19
Minnesota 7,236,871.19 1.58 576 1.64
Mississippi 2,401,537.20 0.53 170 0.48
Missouri 8,755,590.88 1.91 705 2.01
Nevada 8,583,695.51 1.88 645 1.84
New Jersey 16,232,001.83 3.55 1,267 3.61
New Mexico 2,633,617.84 0.58 192 0.55
New York 24,662,701.65 5.39 1,909 5.44
North Carolina 13,259,213.21 2.90 986 2.81
Ohio 19,943,825.05 4.36 1,618 4.61
Oklahoma 4,781,701.75 1.05 411 1.17
Oregon 4,022,637.32 0.88 328 0.93
Pennsylvania 20,974,890.96 4.59 1,688 4.81
South Carolina 6,790,064.85 1.49 500 1.42
Tennessee 9,201,636.88 2.01 660 1.88
Texas 43,687,622.97 9.55 3,323 9.47
Utah 2,682,728.79 0.59 214 0.61
Virginia 19,070,795.04 4.17 1,390 3.96
Washington 11,808,702.42 2.58 986 2.81
Wisconsin 4,371,834.75 0.96 355 1.01
Other(3) 10,004,387.68 2.19 830 2.36
--------------- ------ ------ ------
TOTAL $457,396,602.14 100.00% 35,104 100.00%
=============== ====== ====== ======
-----------------------------
(1) Aggregate Principal Balances include some portion of accrued interest.
(2) Percentages may not add to 100% because of rounding.
(3) States with Aggregate Principal Balances less than $1,500,000.
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PERCENT OF INITIAL NOTE PRINCIPAL BALANCE AT VARIOUS ABS PERCENTAGES(1)
Class A-1 Notes Class A-2 Notes
----------------------------------- --------------------------------------
Distribution Date 0.0% 1.0% 1.7% 2.5% 0.0% 1.0% 1.7% 2.5%
-------------------- ---- ---- ---- ---- ---- ---- ---- ----
Initial 100 100 100 100 100 100 100 100
9/5/98 93 89 86 83 100 100 100 100
10/5/98 85 76 70 64 100 100 100 100
11/5/98 75 62 53 43 100 100 100 100
12/5/98 66 49 37 23 100 100 100 100
1/5/99 56 35 20 3 100 100 100 100
2/5/99 47 21 4 0 100 100 100 90
3/5/99 37 8 0 0 100 100 92 77
4/5/99 27 0 0 0 100 96 82 65
5/5/99 17 0 0 0 100 88 72 54
6/5/99 8 0 0 0 100 80 62 42
7/5/99 0 0 0 0 99 72 54 34
8/5/99 0 0 0 0 94 67 47 25
9/5/99 0 0 0 0 91 61 41 17
10/5/99 0 0 0 0 87 56 34 9
11/5/99 0 0 0 0 83 50 27 1
12/5/99 0 0 0 0 79 45 21 0
1/5/00 0 0 0 0 75 39 14 0
2/5/00 0 0 0 0 72 34 8 0
3/5/00 0 0 0 0 68 29 2 0
4/5/00 0 0 0 0 64 23 0 0
5/5/00 0 0 0 0 60 18 0 0
6/5/00 0 0 0 0 55 13 0 0
7/5/00 0 0 0 0 51 8 0 0
8/5/00 0 0 0 0 47 3 0 0
9/5/00 0 0 0 0 43 0 0 0
10/5/00 0 0 0 0 38 0 0 0
11/5/00 0 0 0 0 34 0 0 0
12/5/00 0 0 0 0 29 0 0 0
1/5/01 0 0 0 0 24 0 0 0
2/5/01 0 0 0 0 20 0 0 0
3/5/01 0 0 0 0 15 0 0 0
4/5/01 0 0 0 0 10 0 0 0
5/5/01 0 0 0 0 5 0 0 0
6/5/01 0 0 0 0 0 0 0 0
7/5/01 0 0 0 0 0 0 0 0
8/5/01 0 0 0 0 0 0 0 0
9/5/01 0 0 0 0 0 0 0 0
10/5/01 0 0 0 0 0 0 0 0
11/5/01 0 0 0 0 0 0 0 0
12/5/01 0 0 0 0 0 0 0 0
1/5/02 0 0 0 0 0 0 0 0
2/5/02 0 0 0 0 0 0 0 0
3/5/02 0 0 0 0 0 0 0 0
4/5/02 0 0 0 0 0 0 0 0
5/5/02 0 0 0 0 0 0 0 0
6/5/02 0 0 0 0 0 0 0 0
7/5/02 0 0 0 0 0 0 0 0
8/5/02 0 0 0 0 0 0 0 0
9/5/02 0 0 0 0 0 0 0 0
10/5/02 0 0 0 0 0 0 0 0
11/5/02 0 0 0 0 0 0 0 0
12/5/02 0 0 0 0 0 0 0 0
1/5/03 0 0 0 0 0 0 0 0
2/5/03 0 0 0 0 0 0 0 0
Weighted Average Life in
Years(2) 0.46 0.32 0.26 0.22 1.91 1.27 1.00 0.80
(1) The percentages in this table have been rounded to nearest whole number.
(2) The weighted average life of a Note is determined by (i) multiplying the
amount of each principal payment on a Note by the number of years from the date
of the issuance of the Note to the related Distribution Date, (ii) adding the
results and (iii) dividing the sum by the related initial principal amount of
the Note.
11
PERCENT OF INITIAL NOTE PRINCIPAL BALANCE AT VARIOUS ABS PERCENTAGES(1)
Class A-3 Class A-4
Notes Notes
----------------------------------- -----------------------------------
Distribution Date 0.0% 1.0% 1.7% 2.5% 0.0% 1.0% 1.7% 2.5%
-------------------- ---- ---- ---- ---- ---- ---- ---- ----
Initial 100 100 100 100 100 100 100 100
9/5/98 100 100 100 100 100 100 100 100
10/5/98 100 100 100 100 100 100 100 100
11/5/98 100 100 100 100 100 100 100 100
12/5/98 100 100 100 100 100 100 100 100
1/5/99 100 100 100 100 100 100 100 100
2/5/99 100 100 100 100 100 100 100 100
3/5/99 100 100 100 100 100 100 100 100
4/5/99 100 100 100 100 100 100 100 100
5/5/99 100 100 100 100 100 100 100 100
6/5/99 100 100 100 100 100 100 100 100
7/5/99 100 100 100 100 100 100 100 100
8/5/99 100 100 100 100 100 100 100 100
9/5/99 100 100 100 100 100 100 100 100
10/5/99 100 100 100 100 100 100 100 100
11/5/99 100 100 100 100 100 100 100 100
12/5/99 100 100 100 88 100 100 100 100
1/5/00 100 100 100 74 100 100 100 100
2/5/00 100 100 100 61 100 100 100 100
3/5/00 100 100 100 47 100 100 100 100
4/5/00 100 100 92 35 100 100 100 100
5/5/00 100 100 81 22 100 100 100 100
6/5/00 100 100 70 10 100 100 100 100
7/5/00 100 100 60 0 100 100 100 99
8/5/00 100 100 49 0 100 100 100 91
9/5/00 100 95 39 0 100 100 100 83
10/5/00 100 86 29 0 100 100 100 76
11/5/00 100 77 20 0 100 100 100 69
12/5/00 100 69 10 0 100 100 100 62
1/5/01 100 60 1 0 100 100 100 55
2/5/01 100 51 0 0 100 100 95 49
3/5/01 100 42 0 0 100 100 89 43
4/5/01 100 34 0 0 100 100 83 37
5/5/01 100 25 0 0 100 100 77 0
6/5/01 100 17 0 0 100 100 72 0
7/5/01 92 8 0 0 100 100 66 0
8/5/01 82 0 0 0 100 100 61 0
9/5/01 73 0 0 0 100 95 56 0
10/5/01 64 0 0 0 100 89 51 0
11/5/01 54 0 0 0 100 84 47 0
12/5/01 45 0 0 0 100 78 42 0
1/5/02 35 0 0 0 100 73 38 0
2/5/02 25 0 0 0 100 68 34 0
3/5/02 15 0 0 0 100 63 0 0
4/5/02 4 0 0 0 100 58 0 0
5/5/02 0 0 0 0 96 53 0 0
6/5/02 0 0 0 0 89 48 0 0
7/5/02 0 0 0 0 81 43 0 0
8/5/02 0 0 0 0 74 39 0 0
9/5/02 0 0 0 0 66 34 0 0
10/5/02 0 0 0 0 59 0 0 0
11/5/02 0 0 0 0 51 0 0 0
12/5/02 0 0 0 0 43 0 0 0
1/5/03 0 0 0 0 35 0 0 0
2/5/03 0 0 0 0 0 0 0 0
Weighted Average Life in
Years(2) 3.28 2.51 2.00 1.57 4.20 3.73 3.13 2.43
(1) The percentages in this table have been rounded to nearest whole number.
(2) The weighted average life of a Note is determined by (i) multiplying the
amount of each principal payment on a Note by the number of years from the date
of the issuance of the Note to the related Distribution Date, (ii) adding the
results and (iii) dividing the sum by the related initial principal amount of
the Note.
12
DELINQUENCY AND LOAN LOSS INFORMATION
The following tables set forth information relating to AmeriCredit's
delinquency and loan loss experience for each period indicated with respect to
all Receivables it has purchased and serviced. This information includes the
experience with respect to all Receivables in AmeriCredit's portfolio of
Receivables serviced during each such period, including Receivables which do not
meet the criteria for selection as a Receivable.
DELINQUENCY EXPERIENCE
Financed Vehicles which have been repossessed but not yet liquidated and
bankrupt accounts which have not yet been charged off are both
included as delinquent accounts in the table below.
At June 30,
-----------------------------------------------------------------------------------------------------------------------------
1998 1997 1996
--------------------------------------------------------------------------------------
Number of Amount Number of Amount Number of Amount
Contracts Contracts Contracts
---------------------------------------------------------------------------------------
Portfolio at end of period(1) 213,549 $2,302,516 112,847 $1,138,255 59,913 $523,981
Period of Delinquency(2)
31-60 days(3) 12,325 126,743 7,761 73,956 3,886 31,723
61-90 days 2,929 30,248 2,164 20,213 1,215 9,959
91 days or more 5,173 47,016 3,467 31,012 1,696 13,631
Total Delinquencies(4) 20,427 $ 204,007 13,392 $ 125,181 6,797 $ 55,313
Total Delinquencies as a Percent 9.6% 8.9% 11.9% 11.0% 11.3% 10.6%
of the Port
(1) All amounts and percentages are based on the Principal Balances of the
Receivables. Principal Balances include some portion of accrued interest. All
dollar amounts are in thousands of dollars.
(2) AmeriCredit considers a loan delinquent when an Obligor fails to make a
contractual payment by the due date. The period of delinquency is based on the
number of days payments are contractually past due.
(3) Amounts shown do not include loans which are less than 31 days delinquent.
(4) Financed Vehicles which have been repossessed but not yet liquidated are
considered delinquent accounts in the table above.
CREDIT LOSS EXPERIENCE
--------------------------------------------------------------------------------------------------------------------
Fiscal Year Ended June 30,
---------------------------------------------------------
1998 1997 1996
---------------- ---------------- ----------------
Period-End Principal Outstanding(1) $2,302,516 $1,138,255 $523,981
Average Month-End Amount Outstanding During 1,649,416 792,155 357,966
the Period(1)
Net Charge-Offs(2) 88,002 43,231 19,974
Net Charge-Offs as a Percentage of Period-End 3.8% 3.8% 3.8%
Principal Outstanding
Net Charge-Offs as a Percent of Average 5.3% 5.5% 5.6%
Month-End Amount Outstanding
(1) All amounts and percentages are based on the Principal Balances of the
Receivables. Principal Balances include some portion of accrued interest. All
dollar amounts are in thousands of dollars.
(2) Net Charge-Offs equal Gross Charge-Offs minus Recoveries. Gross Charge-Offs
do not include unearned finance charges and other fees. Recoveries include
repossession proceeds received from the sale of repossessed Financed Vehicles
net of repossession expenses, refunds of unearned premiums from credit life and
credit accident and health insurance and extended service contract costs
obtained and financed in connection with the vehicle financing and recoveries
from Obligors on deficiency balances.
13
