0001193125-11-249040.txt : 20110915 0001193125-11-249040.hdr.sgml : 20110915 20110915123616 ACCESSION NUMBER: 0001193125-11-249040 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20110913 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20110915 DATE AS OF CHANGE: 20110915 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: 111092467 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 2011-4 CENTRAL INDEX KEY: 0001529197 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-170231-03 FILM NUMBER: 111092468 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 d232796d8k.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 13, 2011

 

 

AmeriCredit Automobile Receivables Trust 2011-4

(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   333-170231-03   45-6441596

(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 2011-4 (the “Trust”), a newly formed issuing entity, to issue $164,800,000 Class A-1 0.33907% Asset Backed Notes (the “Class A-1 Notes”), $295,000,000 Class A-2 0.92% Asset Backed Notes (the “Class A-2 Notes”), $178,078,000 Class A-3 1.17% Asset Backed Notes (the “Class A-3 Notes”), $69,231,000 Class B 2.26% Asset Backed Notes (the “Class B Notes”), $85,942,000 Class C 3.08% Asset Backed Notes (the “Class C Notes”), $84,509,000 Class D 4.08% 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 and the Class C Notes, the “Publicly Offered Notes”), and $22,440,000 Class E 6.53% Asset Backed Notes and an Asset Backed Certificate (the “Certificate”), on September 20, 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 August 23, 2011 (the “Statistical Calculation Date”), the Receivables had the characteristics described in the Prospectus Supplement dated September 8, 2011 (the “Prospectus Supplement”), and filed with the Commission pursuant to Rule 424(b)(5) of the Act on September 12, 2011. As of September 13, 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 2011-4
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 15, 2011

 

3


EXHIBIT INDEX

 

Exhibit No.

  

Description

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

 

4

EX-99.1 2 d232796dex991.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 2011-4 Final Cut

9/13/2011    *

 

     New     Used     Total  

Aggregate Principal Balance (1)

   $ 443,230,655.28      $ 511,684,327.59      $ 954,914,982.87   

Number of Receivables in Pool

     18,816        30,489        49,305   

Percent of Pool by Principal Balance

     46.42     53.58     100.00

Average Principal Balance

   $ 23,556.05      $ 16,782.59      $ 19,367.51   

Range of Principal Balances

   ($ 327.22 to $79,655.06   ($ 279.03 to $59,479.40  

Weighted Average APR (1)

     12.06     16.46     14.41

Range of APRs

     (1.70% to 26.99%     (3.25% to 29.90%  

Weighted Average Remaining Term

     68        64        66   

Range of Remaining Terms

     (3 to 72 months     (3 to 72 months  

Weighted Average Original Term

     72        69        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         8.54     
     215-224         12.50     <540         26.55
     225-244         34.17     540-599         44.61
     245-259         24.69     600-659         24.56
     260+         20.10     660+         4.28
  

 

 

    

 

 

   

 

 

    

 

 

 

Weighted Average Score

     242        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 2011-4 Final Cut

9/13/2011    *

 

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%

     515,164.06         0.05     17         0.03

    2.000%-2.999%

     2,043,527.04         0.21     64         0.13

    3.000%-3.999%

     5,245,525.67         0.55     166         0.34

    4.000%-4.999%

     12,556,815.31         1.31     403         0.82

    5.000%-5.999%

     7,047,025.72         0.74     238         0.48

    6.000%-6.999%

     28,359,300.71         2.97     1,182         2.40

    7.000%-7.999%

     20,321,269.28         2.13     880         1.78

    8.000%-8.999%

     45,516,007.10         4.77     2,156         4.37

    9.000%-9.999%

     50,456,743.70         5.28     2,489         5.05

10.000%-10.999%

     52,769,216.01         5.53     2,701         5.48

11.000%-11.999%

     85,892,027.17         8.99     3,954         8.02

12.000%-12.999%

     63,145,545.99         6.61     3,352         6.80

13.000%-13.999%

     72,041,537.45         7.54     3,764         7.63

14.000%-14.999%

     82,368,629.02         8.63     4,289         8.70

15.000%-15.999%

     69,401,787.41         7.27     3,667         7.44

16.000%-16.999%

     75,883,609.59         7.95     3,936         7.98

17.000%-17.999%

     62,198,352.01         6.51     3,368         6.83

18.000%-18.999%

     79,547,132.81         8.33     4,293         8.71

19.000%-19.999%

     34,178,159.98         3.58     1,982         4.02

20.000%-20.999%

     37,998,816.99         3.98     2,196         4.45

21.000%-21.999%

     27,545,529.73         2.88     1,677         3.40

22.000%-22.999%

     15,357,716.95         1.61     947         1.92

23.000%-23.999%

     12,648,689.76         1.32     804         1.63

24.000%-24.999%

     8,438,914.33         0.88     553         1.12

25.000%-25.999%

     2,305,526.16         0.24     153         0.31

26.000%-26.999%

     969,055.70         0.10     62         0.13

27.000%-27.999%

     82,177.29         0.01     6         0.01

28.000%-28.999%

     50,069.26         0.01     4         0.01

29.000%-29.999%

     31,110.67         0.00     2         0.00
  

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL

     954,914,982.87         100.00     49,305         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 Obligors of the Cutoff Date

AMCAR 2011-4 Final Cut

9/13/2011    *

 

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

     12,229,271.37         1.28     591         1.20

Alaska

     1,316,809.01         0.14     65         0.13

Arizona

     25,704,513.44         2.69     1,407         2.85

Arkansas

     10,861,968.87         1.14     511         1.04

California

     79,810,908.40         8.36     4,926         9.99

Colorado

     17,182,628.11         1.80     925         1.88

Connecticut

     6,015,193.94         0.63     309         0.63

Delaware

     3,893,597.80         0.41     215         0.44

District of Columbia

     1,337,548.12         0.14     68         0.14

Florida

     92,536,957.65         9.69     5,045         10.23

Georgia

     28,773,480.93         3.01     1,391         2.82

Hawaii

     3,086,986.29         0.32     150         0.30

Idaho

     2,121,374.18         0.22     111         0.23

Illinois

     37,550,578.29         3.93     1,862         3.78

Indiana

     21,587,881.23         2.26     1,099         2.23

Iowa

     6,678,440.45         0.70     353         0.72

Kansas

     4,400,920.44         0.46     238         0.48

Kentucky

     12,210,434.95         1.28     613         1.24

Louisiana

     18,034,076.66         1.89     792         1.61

Maine

     2,938,300.77         0.31     168         0.34

Maryland

     27,828,748.38         2.91     1,334         2.71

Massachusetts

     11,931,413.72         1.25     651         1.32

Michigan

     31,169,469.65         3.26     1,593         3.23

Minnesota

     10,273,105.56         1.08     533         1.08

Mississippi

     9,992,154.65         1.05     478         0.97

Missouri

     15,588,525.26         1.63     855         1.73

Montana

     1,898,975.87         0.20     92         0.19

Nebraska

     3,295,370.97         0.35     168         0.34

Nevada

     6,521,913.48         0.68     417         0.85

New Hampshire

     3,813,700.08         0.40     192         0.39

New Jersey

     23,370,999.07         2.45     1,193         2.42

New Mexico

     11,866,521.16         1.24     545         1.11

New York

     34,184,611.14         3.58     1,786         3.62

North Carolina

     30,016,435.76         3.14     1,599         3.24

North Dakota

     1,121,485.34         0.12     46         0.09

Ohio

     37,904,734.33         3.97     2,030         4.12

Oklahoma

     13,291,863.95         1.39     624         1.27

Oregon

     4,971,411.39         0.52     272         0.55

Pennsylvania

     47,358,622.29         4.96     2,535         5.14

Rhode Island

     1,289,722.66         0.14     78         0.16

South Carolina

     13,482,822.83         1.41     734         1.49

South Dakota

     1,620,828.54         0.17     87         0.18

Tennessee

     15,862,593.06         1.66     785         1.59

Texas

     144,232,958.97         15.10     6,663         13.51

Utah

     3,895,659.65         0.41     181         0.37

Vermont

     1,623,840.36         0.17     78         0.16

Virginia

     21,437,303.60         2.24     1,060         2.15

Washington

     12,680,828.53         1.33     679         1.38

West Virginia

     10,430,677.40         1.09     488         0.99

Wisconsin

     11,059,055.66         1.16     584         1.18

Wyoming

     2,617,149.60         0.27     105         0.21

Other (3)

     9,609.06         0.00     1         0.00
  

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL

   $ 954,914,982.87         100.00     49,305         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.


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

 

Number of times

ever 31 to 60 days

delinquent

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

0

   $ 910,276,033.96         95.33     44,721         90.70

1

     19,462,889.56         2.04     1,188         2.41

2+

     25,176,059.35         2.64     3,396         6.89
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 954,914,982.87         100.00     49,305         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

   $ 938,831,760.97         98.32     47,170         95.67

1

     3,641,292.56         0.38     487         0.99

2+

     12,441,929.34         1.30     1,648         3.34
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 954,914,982.87         100.00     49,305         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

   $ 949,871,178.60         99.47     48,636         98.64

1

     3,090,333.13         0.32     424         0.86

2+

     1,953,471.14         0.20     245         0.50
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 954,914,982.87         100.00     49,305         100.00
  

 

 

    

 

 

   

 

 

    

 

 

 

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

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

       

       


AMCAR 2011-4 Final Cut

Distribution of the Automobile Loan Contracts by Manufacturer 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)
 

Buick

     12,430,669.72         1.30     547         1.11

Cadillac

     19,892,310.95         2.08     810         1.64

Chevrolet

     348,257,841.25         36.47     15,760         31.96

Chrysler

     28,767,700.97         3.01     1,824         3.70

Dodge

     69,582,539.09         7.29     3,913         7.94

Ford

     75,454,009.64         7.90     4,370         8.86

GMC

     53,411,322.96         5.59     2,052         4.16

Honda

     20,574,095.99         2.15     1,274         2.58

Hyundai

     25,413,755.45         2.66     1,549         3.14

Jeep

     29,896,239.44         3.13     1,661         3.37

Kia

     52,947,981.91         5.54     2,961         6.01

Mazda

     10,371,705.00         1.09     667         1.35

Mercedes

     10,869,956.46         1.14     465         0.94

Mitsubishi

     14,575,463.46         1.53     786         1.59

Nissan

     51,353,529.15         5.38     2,962         6.01

Pontiac

     13,958,849.57         1.46     1,075         2.18

Toyota

     40,945,254.45         4.29     2,406         4.88

Volkswagen

     10,912,761.09         1.14     628         1.27

Other (3)

     65,298,996.32         6.84     3,595         7.29
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 954,914,982.87         100.00     49,305         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

     4,858,077.23         0.51     274         0.56

Full-Size Van/Truck

     153,980,999.72         16.13     6,405         12.99

Full-Size SUV

     66,324,279.30         6.95     2,759         5.60

Mid-Size Car

     269,764,857.23         28.25     14,217         28.83

Mid-Size SUV

     211,008,593.24         22.10     10,875         22.06

Economy/Compact Car

     134,334,254.32         14.07     8,539         17.32

Compact Van/Truck

     42,817,434.20         4.48     2,725         5.53

Sports Car

     71,694,751.32         7.51     3,487         7.07

Segment Unavailable (4)

     131,736.31         0.01     24         0.05
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 954,914,982.87         100.00     49,305         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)(3)  

<100

     27.08

100-109

     24.83

110-119

     24.91

120-129

     16.06

130-139

     6.16

140-149

     0.89

150+

     0.08
  

 

 

 

Total

     100.00
  

 

 

 

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.