0001193125-11-161271.txt : 20110608 0001193125-11-161271.hdr.sgml : 20110607 20110608170935 ACCESSION NUMBER: 0001193125-11-161271 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110602 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110608 DATE AS OF CHANGE: 20110608 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: 11901551 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 2011-3 CENTRAL INDEX KEY: 0001522412 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-170231-02 FILM NUMBER: 11901552 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)

June 2, 2011

 

 

AmeriCredit Automobile Receivables Trust 2011-3

(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   333-170231-02   45-6291163

(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 2011-3 (the “Trust”), a newly formed issuing entity, to issue $198,200,000 Class A-1 [    ]% Asset Backed Notes (the “Class A-1 Notes”), $332,000,000 Class A-2 [    ]% Asset Backed Notes (the “Class A-2 Notes”), $178,556,000 Class A-3 [    ]% Asset Backed Notes (the “Class A-3 Notes”), $76,923,000 Class B [    ]% Asset Backed Notes (the “Class B Notes”), $95,491,000 Class C [    ]% Asset Backed Notes (the “Class C Notes”), $93,899,000 Class D [    ]% Asset Backed Notes (the “Class D Notes”, and together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class B Notes, the Class C Notes and the Class D Notes, the “Publicly Offered Notes”), and $24,931,000 Class E [    ]% Asset Backed Notes and an Asset Backed Certificate, on June 15, 2011. The Publicly Offered 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 333-170231.

As of May 25, 2011 (the “Statistical Calculation Date”), the Receivables had the characteristics described in the Prospectus Supplement dated June 8, 2011 (the “Prospectus Supplement”), to be filed with the Commission pursuant to Rule 424(b)(5) of the Act. As of June 2, 2011 (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 2011-3
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: June 8, 2011

 

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 the Automobile Loan Contracts as of the Cutoff Date

AMCAR 2011-3 Final Cut

6/2/2011*

 

     New     Used     Total  

Aggregate Principal Balance (1)

    $ 459,368,669.48      $ 601,646,135.93      $ 1,061,014,805.41   

Number of Receivables in Pool

      21,854        43,566        65,420   

Percent of Pool by Principal Balance

      43.30%        56.70%        100.00%   

Average Principal Balance

    $ 21,019.89      $ 13,809.99      $ 16,218.51   

Range of Principal Balances

    ($ 346.29 to $74,149.23 )    ($ 250.65 to $63,248.06 )   

Weighted Average APR (1)

      12.91 %      16.70 %      15.06 % 

Range of APRs

      (1.40% to 29.99 %)      (3.60% to 29.75 %)   

Weighted Average Remaining Term

      67        61        63   

Range of Remaining Terms

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

Weighted Average Original Term

      72        68        70   

Range of Original Terms

      (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 Receivables may not be equivalent to the Contracts’ aggregate yield on the Aggregate Principal Balance.

Distribution of the Automobile Loan Contracts by Score as of the Cutoff Date

 

     AmeriCredit Score (1)      Percent of Aggregate
Principal Balance (2)		     Credit Bureau Score (3)      Percent of Aggregate
Principal Balance (2)		  
     <215         6.21 %      
     215-224         12.36 %      <540         25.91 % 
     225-244         35.26 %      540-599         44.82 % 
     245-259         25.08 %      600-659         24.96 % 
     260+         21.09 %      660+         4.31 % 
                                  

Weighted Average Score

      243        573   
                

 

(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. An AmeriCredit score may not be available for a small portion of loans originated under discontinued origination platforms and those accounts will not be included in the AmeriCredit score table above. Since these accounts are not included in the percentages above, the Aggregate Principal Balance of the accounts based on the AmeriCredit score may be less than the total pool.
(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 Experien credit reports depending on the location of the obligor. Credit Bureau Scores may not be available 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

AMCAR 2011-3 Final Cut

6/2/2011*

 

APR Range

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

1.000%-1.999%

      45,212.08         0.00 %      6         0.01 % 

2.000%-2.999%

      157,934.18         0.01 %      9         0.01 % 

3.000%-3.999%

      888,073.04         0.08 %      47         0.07 % 

4.000%-4.999%

      2,835,372.65         0.27 %      115         0.18 % 

5.000%-5.999%

      5,813,382.22         0.55 %      212         0.32 % 

6.000%-6.999%

      19,975,068.51         1.88 %      821         1.25 % 

7.000%-7.999%

      27,672,742.85         2.61 %      1,053         1.61 % 

8.000%-8.999%

      41,860,340.80         3.95 %      1,891         2.89 % 

9.000%-9.999%

      43,185,206.03         4.07 %      2,111         3.23 % 

10.000%-10.999%

      53,490,967.63         5.04 %      2,892         4.42 % 

11.000%-11.999%

      73,693,206.87         6.95 %      3,796         5.80 % 

12.000%-12.999%

      74,311,619.08         7.00 %      4,263         6.52 % 

13.000%-13.999%

      85,197,140.16         8.03 %      4,948         7.56 % 

14.000%-14.999%

      91,688,579.59         8.64 %      5,545         8.48 % 

15.000%-15.999%

      86,778,614.39         8.18 %      5,453         8.34 % 

16.000%-16.999%

      96,611,201.46         9.11 %      6,122         9.36 % 

17.000%-17.999%

      81,330,043.72         7.67 %      5,763         8.81 % 

18.000%-18.999%

      100,442,489.55         9.47 %      7,050         10.78 % 

19.000%-19.999%

      43,780,499.03         4.13 %      3,262         4.99 % 

20.000%-20.999%

      45,870,586.20         4.32 %      3,302         5.05 % 

21.000%-21.999%

      34,366,809.42         3.24 %      2,768         4.23 % 

22.000%-22.999%

      20,553,395.08         1.94 %      1,637         2.50 % 

23.000%-23.999%

      16,331,756.52         1.54 %      1,263         1.93 % 

24.000%-24.999%

      10,324,340.42         0.97 %      808         1.24 % 

25.000%-25.999%

      2,306,091.14         0.22 %      167         0.26 % 

26.000%-26.999%

      1,189,962.08         0.11 %      91         0.14 % 

27.000%-27.999%

      251,296.20         0.02 %      20         0.03 % 

28.000%-28.999%

      23,734.49         0.00 %      2         0.00 % 

29.000%-29.999%

      39,140.02         0.00 %      3         0.00 % 
                                  

TOTAL

      1,061,014,805.41         100.00 %      65,420         100.00 % 
                                  

 

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

 

* Receivable information is through close of business on date indicated.

Distribution of the Automobile Loan Contracts by Geographic Location of Obligor as of the Cutoff Date

AMCAR 2011-3 Final Cut

6/2/2011*

 

State

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

Alabama

      14,130,244.23         1.33 %      918         1.40 % 

Alaska

      1,449,297.75         0.14 %      79         0.12 % 

Arizona

      26,099,473.19         2.46 %      1,436         2.20 % 

Arkansas

      11,440,529.52         1.08 %      711         1.09 % 

California

      88,458,991.60         8.34 %      5,444         8.32 % 

Colorado

      18,456,033.50         1.74 %      1,073         1.64 % 

Connecticut

      8,071,243.43         0.76 %      543         0.83 % 

Delaware

      4,496,987.68         0.42 %      292         0.45 % 

District of Columbia

      1,482,212.44         0.14 %      92         0.14 % 

Florida

      109,667,814.89         10.34 %      6,782         10.37 % 

Georgia

      33,517,892.11         3.16 %      1,968         3.01 % 

Hawaii

      3,435,352.92         0.32 %      233         0.36 % 

Idaho

      1,775,385.18         0.17 %      126         0.19 % 

Illinois

      48,099,908.03         4.53 %      2,931         4.48 % 

Indiana

      25,582,881.73         2.41 %      1,594         2.44 % 

Iowa

      5,700,770.08         0.54 %      342         0.52 % 

Kansas

      4,713,392.89         0.44 %      299         0.46 % 

Kentucky

      13,115,214.97         1.24 %      925         1.41 % 

Louisiana

      19,214,011.51         1.81 %      1,104         1.69 % 

Maine

      3,473,567.30         0.33 %      256         0.39 % 

Maryland

      25,557,161.39         2.41 %      1,463         2.24 % 

Massachusetts

      15,812,989.13         1.49 %      1,075         1.64 % 

Michigan

      37,341,593.70         3.52 %      2,369         3.62 % 

Minnesota

      11,224,392.93         1.06 %      709         1.08 % 

Mississippi

      11,234,763.42         1.06 %      739         1.13 % 

Missouri

      19,222,568.97         1.81 %      1,247         1.91 % 

Montana

      1,987,601.91         0.19 %      103         0.16 % 

Nebraska

      3,111,694.92         0.29 %      208         0.32 % 

Nevada

      7,244,579.32         0.68 %      487         0.74 % 

New Hampshire

      3,966,851.93         0.37 %      279         0.43 % 

New Jersey

      24,124,962.75         2.27 %      1,506         2.30 % 

New Mexico

      12,404,986.25         1.17 %      654         1.00 % 

New York

      40,295,506.98         3.80 %      2,606         3.98 % 

North Carolina

      31,332,873.81         2.95 %      2,029         3.10 % 

Ohio

      41,952,474.87         3.95 %      3,089         4.72 % 

Oklahoma

      13,211,997.61         1.25 %      769         1.18 % 

Oregon

      6,672,343.97         0.63 %      431         0.66 % 

Pennsylvania

      49,827,931.88         4.70 %      3,386         5.18 % 

Rhode Island

      2,627,014.40         0.25 %      191         0.29 % 

South Carolina

      13,122,803.46         1.24 %      859         1.31 % 

South Dakota

      1,713,694.62         0.16 %      97         0.15 % 

Tennessee

      17,777,035.12         1.68 %      1,148         1.75 % 

Texas

      158,479,349.61         14.94 %      8,702         13.30 % 

Utah

      3,662,649.75         0.35 %      206         0.31 % 

Vermont

      1,411,842.33         0.13 %      86         0.13 % 

Virginia

      21,349,494.10         2.01 %      1,277         1.95 % 

Washington

      15,775,856.19         1.49 %      929         1.42 % 

West Virginia

      10,513,043.64         0.99 %      615         0.94 % 

Wisconsin

      11,649,653.23         1.10 %      800         1.22 % 

Wyoming

      2,849,842.79         0.27 %      130         0.20 % 

Other (3)

      1,174,045.48         0.11 %      83         0.13 % 
                                  

TOTAL

    $ 1,061,014,805.41         100.00 %      65,420         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.

 

* Receivable information is through close of business on date indicated.

 

CONFIDENTIAL

2011-3 Final Cut

Distribution of the Automobile Loan Contracts by Vehicle Make as of the Cutoff Date

 

Vehicle Make

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

BMW

    $ 11,819,956.43         1.11 %      546         0.83 % 

Buick

      12,176,978.76         1.15 %      721         1.10 % 

Cadillac

      22,076,735.34         2.08 %      985         1.51 % 

Chevrolet

      328,573,495.25         30.97 %      17,088         26.12 % 

Chrysler

      30,785,640.08         2.90 %      2,449         3.74 % 

Dodge

      76,045,426.16         7.17 %      5,153         7.88 % 

Ford

      98,443,188.37         9.28 %      7,103         10.86 % 

GMC

      53,629,301.12         5.05 %      2,271         3.47 % 

Honda

      28,492,299.57         2.69 %      1,895         2.90 % 

Hyundai

      33,786,351.96         3.18 %      2,419         3.70 % 

Jeep

      30,626,872.55         2.89 %      1,950         2.98 % 

Kia

      68,764,095.53         6.48 %      4,645         7.10 % 

Mazda

      13,712,176.16         1.29 %      979         1.50 % 

Mercedes

      13,726,496.12         1.29 %      618         0.94 % 

Mitsubishi

      16,135,642.64         1.52 %      1,142         1.75 % 

Nissan

      69,039,722.15         6.51 %      4,430         6.77 % 

Pontiac

      20,136,226.77         1.90 %      2,042         3.12 % 

Toyota

      47,805,662.16         4.51 %      3,117         4.76 % 

Volkswagen

      12,813,306.00         1.21 %      867         1.33 % 

Other (3)

      72,425,232.29         6.83 %      5,000         7.64 % 
                                  

Total

    $ 1,061,014,805.41         100.00 %      65,420         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 manufacturer.

Distribution of the Automobile Loan Contracts by Vehicle Segment as of the Cutoff Date

 

Vehicle Segment (1)

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

Full-Size Car

    $ 6,456,580.65         0.61 %      564         0.86 % 

Full-Size Van/Truck

      155,367,006.11         14.64 %      7,310         11.17 % 

Full-Size SUV

      69,818,124.46         6.58 %      3,135         4.79 % 

Mid-Size Car

      294,995,330.19         27.80 %      19,129         29.24 % 

Mid-Size SUV

      228,861,579.98         21.57 %      13,607         20.80 % 

Economy/Compact Car

      172,163,377.67         16.23 %      13,406         20.49 % 

Compact Van/Truck

      52,782,055.15         4.97 %      4,081         6.24 % 

Sports Car

      80,000,401.07         7.54 %      4,164         6.37 % 

Segment Unavailable (4)

      570,350.13         0.05 %      24         0.04 % 
                                  

Total

    $ 1,061,014,805.41         100.00 %      65,420         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 statistic

 

Distribution of the Automobile Loan Contracts by Wholesale LTV as of the Cutoff Date      

LTV Distribution(1)

   Pct. Of Total  (2)  
<100     28.32 % 
100-109     23.43 % 
110-119     23.00 % 
120-129     16.55 % 
130-139     7.03 % 
140-149     1.46 % 
150+     0.21 % 
       
Weighted Average LTV     109 % 

 

(1) Wholesale LTV is calculated using the total amount financed, which may include taxes, title fees and ancillary products over the value of the 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 statistical pool.
(3) Percentages may not add to 100% because of rounding.

Historical Delinquency Experience of the Automobile Loan Contracts as of the Cutoff Date

 

Number of times ever 31 to 60 days delinquent

    Aggregate Principal
Balance		      Percent of Aggregate
Principal Balance		     Number of
Automobile Loan
Contracts		      Percent of Number of
Automobile Loan
Contracts		  

0

    $ 971,554,981.98         91.57 %      52,689         80.54 % 

1

      8,954,499.76         0.84 %      1,329         2.03 % 

2+

      80,505,323.67         7.59 %      11,402         17.43 % 
                                  

Total

    $ 1,061,014,805.41         100.00 %      65,420         100.00 % 
                                  

 

(1)    Aggregate Principal Balances include some portion of accrued interest.

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

       

       

Number of times ever 61 to 90 days delinquent

                           

0

    $ 1,012,088,266.45         95.39 %      58,932         90.08 % 

1

      11,812,030.99         1.11 %      1,704         2.60 % 

2+

      37,114,507.97         3.50 %      4,784         7.31 % 
                                  

Total

    $ 1,061,014,805.41         100.00 %      65,420         100.00 % 
                                  

 

(1)    Aggregate Principal Balances include some portion of accrued interest.

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

       

       

Number of times ever greater than 91 days delinquent

                           

0

    $ 1,046,552,799.93         98.64 %      63,522         97.10 % 

1

      8,510,028.77         0.80 %      1,159         1.77 % 

2+

      5,951,976.71         0.56 %      739         1.13 % 
                                  

Total

    $ 1,061,014,805.41         100.00 %      65,420         100.00 % 
                                  

 

(1)    Aggregate Principal Balances include some portion of accrued interest.

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