-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JZV+MUQlien2PxcvG0cLgUxBfCFdqw+68rczpcJ9+zUDNcCm5h1v9Hpu/z426IVD xV2sCEi1IPENgOTNyKGh+g== 0001193125-10-214915.txt : 20100923 0001193125-10-214915.hdr.sgml : 20100923 20100922194848 ACCESSION NUMBER: 0001193125-10-214915 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100922 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100923 DATE AS OF CHANGE: 20100922 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AFS SenSub Corp. CENTRAL INDEX KEY: 0001347185 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 880475154 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-140931 FILM NUMBER: 101085477 BUSINESS ADDRESS: STREET 1: 2265B RENAISSANCE DRIVE, SUITE 17 CITY: LAS VEGAS STATE: NV ZIP: 89119 BUSINESS PHONE: 702-932-4914 MAIL ADDRESS: STREET 1: 2265B RENAISSANCE DRIVE, SUITE 17 CITY: LAS VEGAS STATE: NV ZIP: 89119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AmeriCredit Automobile Receivables Trust 2010-3 CENTRAL INDEX KEY: 0001501258 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-146701-09 FILM NUMBER: 101085476 BUSINESS ADDRESS: STREET 1: 2265B RENAISSANCE DRIVE, SUITE 17 CITY: LAS VEGAS STATE: NV ZIP: 89119 BUSINESS PHONE: 702-932-4914 MAIL ADDRESS: STREET 1: 2265B RENAISSANCE DRIVE, SUITE 17 CITY: LAS VEGAS STATE: NV ZIP: 89119 8-K 1 d8k.htm FORM 8-K Form 8-K

 

 

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 (Date of earliest event reported)

September 22, 2010

 

 

AmeriCredit Automobile Receivables Trust 2010-3

(Exact name of registrant as specified in its charter)

AFS SenSub Corp.

(Exact name of depositor as specified in its charter)

AmeriCredit Financial Services, Inc.

(Exact name of sponsor as specified in its charter)

 

 

 

Delaware   333-146701-09   27-6782327
(State or Other Jurisdiction
of Incorporation)		   (Commission File
Number)		   (I.R.S. Employer
Identification No.)

c/o AmeriCredit Financial Services, Inc.

Attention: J. Michael May, Esq.

801 Cherry Street, Suite 3500

Fort Worth, Texas

   76102
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number including area code - (817) 302-7000

 

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 

Item 8.01. Other Events.

AFS SenSub Corp. (“AFS SenSub”), as depositor, and AmeriCredit Financial Services, Inc., as Sponsor (“AmeriCredit”), plan to cause AmeriCredit Automobile Receivables Trust 2010-3 (the “Trust”), a newly formed issuing entity, to issue $123,000,000 Class A-1 0.31125% Asset Backed Notes (the “Class A-1 Notes”), $281,000,000 Class A-2 0.77% Asset Backed Notes (the “Class A-2 Notes”), $194,251,000 Class A-3 1.14% Asset Backed Notes (the “Class A-3 Notes”), $71,995,000 Class B 2.04% Asset Backed Notes (the “Class B Notes”), $93,361,000 Class C 3.34% Asset Backed Notes (the “Class C Notes”), $86,393,000 Class D 4.98% Asset Backed Notes (collectively, the “Notes”) and an Asset Backed Certificate, on September 23, 2010. The Notes will be registered under the Registration Statement filed by the Registrant and AFS SenSub Corp. with the Securities and Exchange Commission under the file number 333-146701.

As of September 2, 2010 (the “Statistical Calculation Date”), the Receivables had the characteristics described in the Prospectus Supplement dated September 15, 2010 (the “Prospectus Supplement”), filed with the Commission pursuant to Rule 424(b)(5) of the Act on September 16, 2010. As of September 20, 2010 (the “Cutoff Date”), the Receivables had the characteristics set forth in Exhibit 99.1.

 

Item 9.01. Financial Statements, Pro Forma Financial Information and Exhibits.

 

(a) Not applicable

 

(b) Not applicable

 

(c) Not applicable

 

(d) Exhibits:

99.1 Statistical information for the receivables as of the Cutoff Date.

SIGNATURES

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 hereunto duly authorized.

 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2010-3
By:   AmeriCredit Financial Services, Inc., as Sponsor

By:

       /s/   J. Michael May        
Name:   J. Michael May
Title:  

Executive Vice President, Chief Legal

Officer and Secretary

Dated: September 22, 2010

 

3

EXHIBIT INDEX

 

Exhibit No.

   

Description

99.1    Statistical information for the receivables as of the Cutoff Date.

 

4

EX-99.1 2 dex991.htm STATISTICAL INFORMATION FOR THE RECEIVABLES AS OF THE CUTOFF DATE Statistical information for the receivables as of the Cutoff Date

Exhibit 99.1

Composition of Automobile Loan Contracts

as of the Cutoff Date

9/20/2010

 

     New    Used    Total

Aggregate Principal Balance (1)

    $ 337,065,268.69    $ 591,902,703.01    $ 928,967,971.70

Number of Receivables in Pool

      14,564      35,294      49,858

Percent of Pool by Principal Balance

      36.28%      63.72%      100.00%

Average Principal Balance

    $ 23,143.73    $ 16,770.63    $ 18,632.28

Range of Principal Balances

    ($ 479.55 to $77,875.77)    ($ 295.25 to $57,149.21)    ($ 295.25 to $77,875.77)

Weighted Average APR (1)

      13.90%      16.98%      15.86%

Range of APRs

      (1.00% to 24.99%)      (3.00% to 27.99%)      (1.00% to 27.99%)

Weighted Average Remaining Term

      69 months      65 months      66 months

Range of Remaining Terms

      (3 to 72 months)      (3 to 72 months)      (3 to 72 months)

Weighted Average Original Term

      72 months      67 months      69 months

Range of Original Terms

      (36 to 72 months)      (24 to 72 months)      (24 to 72 months)

 

(1) Aggregate Principal Balance includes some portion of accrued interest. As a result, the Weighted Average APR of the automobile loan contracts may not be equivalent to the aggregate yield on the Aggregate Principal Balance.

Distribution of the Automobile Loan Contracts by Score

as of the Cutoff Date

9/20/2010

 

    

AmeriCredit Score (1)

    Percent of Aggregate
Principal Balance (2)		    

Credit Bureau Score (3)

    Percent of Aggregate
Principal Balance (2)		  
   Less than 215    2.69 %      
   215-224    9.59 %    Less than 540    20.26 % 
   225-244    37.31 %    540-599    47.76 % 
   245-259    27.36 %    600-659    27.19 % 
   260 and greater    23.06 %    660 and greater    4.80 % 
                      

Weighted Average Score

    246      579   
            

 

(1) Proprietary credit score developed and utilized by AmeriCredit to support the credit approval and pricing process. The scale of the proprietary score is not comparable to a credit bureau score
(2) Percentages may not add to 100% because of rounding.
(3) A statistically based score (sometimes referred to as FICO score) generated by credit reporting agencies. AmeriCredit utilizes TransUnion, Equifax or Experian credit reports depending on the location of the obligor. Credit Bureau Scores are unavailable for some accounts and those accounts are not included in the Credit Bureau Score table above. Since these accounts are not included in the percentages above, the Aggregate Principal Balance of the accounts based on Credit Bureau Score may be less than the total pool.

Distribution of the Automobile Loan Contracts by APR

as of the Cutoff Date

9/20/2010

 

Distribution by APR

    Aggregate Principal
Balance (1)		    Percent of Aggregate
Principal Balance (2)		   Number of
Automobile Loan Contracts		    Percent of Number of
Automobile Loan Contracts  (2)

    1.000%-1.999%

    $ 51,453.83        0.01%   3        0.01%

    2.000%-2.999%

      532,402.58        0.06%   19        0.04%

    3.000%-3.999%

      2,642,374.28        0.28%   111        0.22%

    4.000%-4.999%

      3,746,327.21        0.40%   141        0.28%

    5.000%-5.999%

      7,276,776.62        0.78%   260        0.52%

    6.000%-6.999%

      3,959,544.15        0.43%   150        0.30%

    7.000%-7.999%

      13,923,548.45        1.50%   539        1.08%

    8.000%-8.999%

      12,018,238.15        1.29%   516        1.03%

    9.000%-9.999%

      20,633,437.80        2.22%   943        1.89%

10.000%-10.999%

      28,413,739.89        3.06%   1,403        2.81%

11.000%-11.999%

      42,290,797.62        4.55%   2,080        4.17%

12.000%-12.999%

      54,682,524.52        5.89%   2,772        5.56%

13.000%-13.999%

      72,217,902.73        7.77%   3,682        7.38%

14.000%-14.999%

      96,408,938.40      10.38%   4,922        9.87%

15.000%-15.999%

      96,247,679.89      10.36%   5,050      10.13%

16.000%-16.999%

      106,003,710.53      11.41%   5,604      11.24%

17.000%-17.999%

      95,402,366.87      10.27%   5,249      10.53%

18.000%-18.999%

      116,091,240.42      12.50%   6,526      13.09%

19.000%-19.999%

      52,774,334.98        5.68%   3,139        6.30%

20.000%-20.999%

      44,309,684.21        4.77%   2,731        5.48%

21.000%-21.999%

      29,311,054.15        3.16%   1,929        3.87%

22.000%-22.999%

      15,592,757.79        1.68%   1,017        2.04%

23.000%-23.999%

      9,253,129.58        1.00%   666        1.34%

24.000%-24.999%

      4,329,449.30        0.47%   336        0.67%

25.000%-25.999%

      693,411.18        0.07%   55        0.11%

26.000%-26.999%

      105,250.95        0.01%   9        0.02%

27.000%-27.999%

      55,895.62        0.01%   6        0.01%
                    

TOTAL

    $ 928,967,971.70    100.00%   49,858    100.00%
                    

 

(1) Aggregate Principal Balances include some portion of accrued interest. Indicated APRs represent APRs on Principal Balance net of such accrued interest.
(2) Percentages may not add to 100% because of rounding.

Distribution of the Automobile Loan Contracts by Geographic Location of Obligor

as of the Cutoff Date

9/20/2010

 

Geographic Location

    Aggregate Principal
Balance as of Cutoff
Date (1)		    Percent of Aggregate
Principal Balance (2)		    Number of
Receivables		    Percent of Number of
Receivables (2)

Alabama

    $ 14,458,072.56    1.56%    721    1.45%

Alaska

      1,435,199.28    0.15%    74    0.15%

Arizona

      23,565,991.41    2.54%    1,231    2.47%

Arkansas

      10,445,349.57    1.12%    553    1.11%

California

      85,584,966.46    9.21%    4,529    9.08%

Colorado

      21,483,021.00    2.31%    1,168    2.34%

Connecticut

      5,471,700.88    0.59%    296    0.59%

Delaware

      4,622,491.74    0.50%    260    0.52%

District of Columbia

      1,720,010.70    0.19%    87    0.17%

Florida

      75,051,269.90    8.08%    4,238    8.50%

Georgia

      24,413,431.21    2.63%    1,231    2.47%

Hawaii

      2,043,950.61    0.22%    111    0.22%

Idaho

      1,654,913.39    0.18%    97    0.19%

Illinois

      36,643,708.66    3.94%    1,958    3.93%

Indiana

      22,977,123.54    2.47%    1,262    2.53%

Iowa

      5,176,947.33    0.56%    303    0.61%

Kansas

      5,948,665.12    0.64%    310    0.62%

Kentucky

      13,571,912.99    1.46%    750    1.50%

Louisiana

      15,586,781.45    1.68%    775    1.55%

Maine

      2,570,106.17    0.28%    151    0.30%

Maryland

      24,504,931.84    2.64%    1,305    2.62%

Massachusetts

      13,284,664.84    1.43%    787    1.58%

Michigan

      34,352,482.71    3.70%    1,932    3.88%

Minnesota

      8,826,785.10    0.95%    525    1.05%

Mississippi

      6,239,587.76    0.67%    329    0.66%

Missouri

      20,145,022.00    2.17%    1,170    2.35%

Montana

      1,670,847.62    0.18%    87    0.17%

Nebraska

      2,991,192.73    0.32%    173    0.35%

Nevada

      5,973,838.18    0.64%    317    0.64%

New Hampshire

      3,315,142.00    0.36%    204    0.41%

New Jersey

      21,838,329.81    2.35%    1,186    2.38%

New Mexico

      8,823,846.14    0.95%    433    0.87%

New York

      35,627,122.55    3.84%    1,970    3.95%

North Carolina

      28,825,658.27    3.10%    1,550    3.11%

Ohio

      42,380,772.61    4.56%    2,474    4.96%

Oklahoma

      14,567,423.45    1.57%    774    1.55%

Oregon

      4,690,122.96    0.50%    265    0.53%

Pennsylvania

      43,868,689.35    4.72%    2,563    5.14%

Rhode Island

      1,691,206.02    0.18%    97    0.19%

South Carolina

      7,820,531.83    0.84%    428    0.86%

Tennessee

      12,617,056.83    1.36%    683    1.37%

Texas

      146,811,254.86    15.80%    7,017    14.07%

Utah

      2,710,176.71    0.29%    142    0.28%

Virginia

      20,787,322.90    2.24%    1,141    2.29%

Washington

      16,126,790.86    1.74%    860    1.72%

West Virginia

      9,285,516.45    1.00%    491    0.98%

Wisconsin

      10,255,839.51    1.10%    618    1.24%

Wyoming

      2,305,255.83    0.25%    107    0.21%

Other (3)

      2,204,946.01    0.24%    125    0.25%
                     

TOTAL

    $ 928,967,971.70    100.00%    49,858    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 $1,000,000 each.

Distribution of the Automobile Loan Contracts by Vehicle Make

as of the Cutoff Date

9/20/2010

 

Vehicle Make

    Aggregate  Principal
Balance(1)		    Percent of Aggregate
Principal Balance(2)		     Number of
Automobile Loan Contracts		    Percent of Number of
Automobile Loan  Contracts(2)		  

BMW

    $ 10,955,403.33    1.18 %    484    0.97 % 

Buick

      9,472,887.93    1.02 %    472    0.95 % 

Cadillac

      18,826,725.45    2.03 %    823    1.65 % 

Chevrolet

      217,256,797.69    23.39 %    10,795    21.65 % 

Chrysler

      34,523,536.28    3.72 %    2,195    4.40 % 

Dodge

      83,064,867.57    8.94 %    4,505    9.04 % 

Ford

      105,870,708.47    11.40 %    5,604    11.24 % 

GMC

      33,345,513.36    3.59 %    1,343    2.69 % 

Honda

      27,703,028.17    2.98 %    1,582    3.17 % 

Hyundai

      33,656,447.30    3.62 %    2,021    4.05 % 

Jeep

      34,811,635.86    3.75 %    1,867    3.74 % 

Kia

      59,011,085.60    6.35 %    3,347    6.71 % 

Mazda

      15,622,154.11    1.68 %    939    1.88 % 

Mercedes

      13,126,492.74    1.41 %    543    1.09 % 

Mitsubishi

      14,029,053.41    1.51 %    806    1.62 % 

Nissan

      69,530,482.76    7.48 %    3,772    7.57 % 

Pontiac

      17,791,655.29    1.92 %    1,350    2.71 % 

Saturn

      10,161,981.77    1.09 %    733    1.47 % 

Toyota

      49,316,548.32    5.31 %    2,845    5.71 % 

Volkswagen

      10,893,439.58    1.17 %    669    1.34 % 

Other(3)

     59,997,526.71    6.46 %    3,163    6.34 % 
                        

Total

    $ 928,967,971.70    100.00 %    49,858    100.00 % 
                        

 

(1) Aggregate Principal Balances include some portion of accrued interest.
(2) Percentages may not add to 100% because of rounding.
(3) Aggregate Principal Balance of less than 1% per vehicle make.

Distribution of the Automobile Loan Contracts by Vehicle Segment

as of the Cutoff Date

9/20/2010

 

Vehicle Segment(1)

    Aggregate  Principal
Balance(2)		    Percent of Aggregate
Principal Balance(3)		     Number of
Automobile Loan Contracts		    Percent of Total Number of
Automobile Loan  Contracts(3)		  

Full-Size Car

    $ 5,505,421.06    0.59 %    297    0.60 % 

Full-Size Van/Truck

      129,914,911.22    13.98 %    5,531    11.09 % 

Full-Size SUV

      64,883,035.64    6.98 %    2,573    5.16 % 

Mid-Size Car

      235,128,311.06    25.31 %    13,445    26.97 % 

Mid-Size SUV

      222,425,536.79    23.94 %    11,465    23.00 % 

Economy/Compact Car

      142,179,390.09    15.31 %    9,609    19.27 % 

Compact Van/Truck

      53,732,102.34    5.78 %    3,210    6.44 % 

Sports Car

      73,476,203.42    7.91 %    3,651    7.32 % 

Segment Unavailable(4)

      1,723,060.08    0.19 %    77    0.15 % 
                        

Total

    $ 928,967,971.70    100.00 %    49,858.00    100.00 % 
                        

 

(1) Categories reflect consolidated categories based on J.D. Power defined segments.
(2) Aggregate Principal Balances include some portion of accrued interest.
(3) Percentages may not add up to 100% because of rounding.
(4) Vehicle segmentation was not available for certain accounts at the time of the cutoff date for the pool.

Distribution of the Automobile Loan Contracts by Wholesale LTV

as of the Cutoff Date

9/20/2010

 

     Wholesale LTV (1) Range   Percent of Aggregate
Principal Balance  (2)(3)
   Less than 100   27.35%
   100-109   21.89%
   110-119   24.21%
   120-129   17.66%
   130-139   7.66%
   140-149   1.16%
   150 and greater   0.06%
        

Weighted Average Wholesale LTV

    109%  

 

(1) Wholesale LTV is calculated using the total amount financed, which may include taxes, title fees and ancillary products over the wholesale auction value of the financed vehicle at the time the vehicle is financed. The vehicle value at origination is determined by using NADA or Kelly Blue Book "Trade-In" prices for used vehicles or dealer invoice/dealer wholesale price for new vehicles.

 

(2) Wholesale LTV was not available or could not be calculated on certain loans and these loans are not included in the table above. Since these loans are not included in the Wholesale LTV table, the Aggregate Principal Balance may be less than the total pool.

 

(3) Percentages may not add to 100% because of rounding.
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