0001193125-12-390960.txt : 20120913 0001193125-12-390960.hdr.sgml : 20120913 20120913161411 ACCESSION NUMBER: 0001193125-12-390960 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20120910 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120913 DATE AS OF CHANGE: 20120913 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: 121090324 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 2012-4 CENTRAL INDEX KEY: 0001557356 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-170231-08 FILM NUMBER: 121090323 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 d411485d8k.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 10, 2012

 

 

AmeriCredit Automobile Receivables Trust 2012-4

(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   333-170231-08   46-6221229

(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 2012-4 (the “Trust”), a newly formed issuing entity, to issue $191,100,000 Class A-1 0.30000% Asset Backed Notes (the “Class A-1 Notes”), $462,000,000 Class A-2 0.49% Asset Backed Notes (the “Class A-2 Notes”), $270,280,000 Class A-3 0.67% Asset Backed Notes (the “Class A-3 Notes”), $99,470,000 Class B 1.31% Asset Backed Notes (the “Class B Notes”), $123,480,000 Class C 1.93% Asset Backed Notes (the “Class C Notes”), $121,430,000 Class D 2.68% 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”), $$32,240,000 Class E 3.82% Asset Backed Notes and an Asset Backed Certificate (the “Certificate”), on September 20, 2012. 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 6, 2012 (the “Statistical Calculation Date”), the Receivables had the characteristics described in the Prospectus Supplement dated September 5, 2012 (the “Prospectus Supplement”), and filed with the Commission pursuant to Rule 424(b)(5) of the Act on September 7, 2012. As of September 10, 2012 (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 2012-4
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 13, 2012

 

3


EXHIBIT INDEX

 

Exhibit No.

  

Description

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

 

4

EX-99.1 2 d411485dex991.htm STATISTICAL INFORMATION FOR THE RECEIVABLES AS OF THE CUTOFF DATE Statistical Information for the Receivables as of the Cutoff Date

Exhibit 99.1

AmeriCredit Automobile Receivables Trust 2012-4

Final Pool as of the Cutoff Date

9/10/2012

Composition of the Auto Loan Contracts

as of the Cutoff Date

 

     New      Used      Total  

Aggregate Principal Balance (1)

   $ 675,399,427.68       $ 696,645,515.74       $ 1,372,044,943.42   

Number of Automobile Loan Contracts

     26,662         37,616         64,278   

Percent of Aggregate Principal Balance

     49.23%         50.77%         100.00%   

Average Principal Balance

   $ 25,331.91       $ 18,519.93       $ 21,345.48   

Range of Principal Balances

   ($ 299.07 to $75,213.79)       ($ 265.81 to $64,678.05)       ($ 265.81 to $75,213.79)   

Weighted Average APR (1)

     12.11%         15.69%         13.93%   

Range of APRs

     (1.90% to 25.95%)         (3.90% to 29.99%)         (1.90% to 29.99%)   

Weighted Average Remaining Term

     70         67         69   

Range of Remaining Terms

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

Weighted Average Original Term

     72         69         70   

Range of Original Terms

     (36 to 72 months)         (18 to 72 months)         (18 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 automobile loan contracts’ aggregate yield on the Aggregate Principal Balance.

Score Distribution of the Automobile Loan Contracts

as of the Cutoff Date

 

                               
    AmeriCredit Score (1)   % of Aggregate
Principal Balance (2)
    Credit Bureau Score  (3)   % of Aggregate
Principal Balance (2)
 
  Less than 215     11.68    
  215-224     13.79   Less than 540     30.08
  225-244     33.41   540-599     47.72
  245-259     22.14   600-659     20.47
  260 and greater     18.97   660 and greater     1.73
 

 

 

 

 

   

 

 

 

 

 

Weighted Average Score

  240     564  

 

(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 accounts 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 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.


AmeriCredit Automobile Receivables Trust 2012-4

Final Pool as of the Cutoff Date

9/10/2012

Distribution of the Automobile Loan Contracts by APR

as of the Cutoff Date

 

                         % of Total Number  
     Aggregate Principal      % of Aggregate     Number of Automobile      of Automobile  

Distribution by APR

   Balance (1)      Principal Balance  (2)     Loan Contracts      Loan Contracts (2)  

1.000% to 1.999%

   $ 31,221.85         0.00     1         0.00

2.000% to 2.999%

     61,571.74         0.00     3         0.00

3.000% to 3.999%

     1,414,778.45         0.10     53         0.08

4.000% to 4.999%

     3,595,170.80         0.26     121         0.19

5.000% to 5.999%

     15,034,914.67         1.10     539         0.84

6.000% to 6.999%

     23,591,190.55         1.72     871         1.36

7.000% to 7.999%

     32,658,796.84         2.38     1,189         1.85

8.000% to 8.999%

     61,910,264.01         4.51     2,726         4.24

9.000% to 9.999%

     109,287,607.43         7.97     4,274         6.65

10.000% to 10.999%

     106,448,771.26         7.76     4,377         6.81

11.000% to 11.999%

     197,362,174.76         14.38     8,173         12.72

12.000% to 12.999%

     104,637,154.82         7.63     4,917         7.65

13.000% to 13.999%

     91,456,728.39         6.67     4,368         6.80

14.000% to 14.999%

     103,297,884.39         7.53     5,018         7.81

15.000% to 15.999%

     95,117,722.28         6.93     4,633         7.21

16.000% to 16.999%

     111,292,705.57         8.11     5,537         8.61

17.000% to 17.999%

     85,662,628.02         6.24     4,444         6.91

18.000% to 18.999%

     90,700,025.91         6.61     4,798         7.46

19.000% to 19.999%

     45,050,240.34         3.28     2,544         3.96

20.000% to 20.999%

     36,240,600.38         2.64     2,112         3.29

21.000% to 21.999%

     28,007,157.02         2.04     1,701         2.65

22.000% to 22.999%

     12,881,328.30         0.94     797         1.24

23.000% to 23.999%

     9,129,239.94         0.67     591         0.92

24.000% to 24.999%

     5,577,024.81         0.41     378         0.59

25.000% to 25.999%

     1,311,753.85         0.10     91         0.14

26.000% to 26.999%

     193,402.24         0.01     14         0.02

27.000% to 27.999%

     65,614.89         0.00     5         0.01

28.000% to 28.999%

     17,698.30         0.00     2         0.00

29.000% to 29.999%

     9,571.61         0.00     1         0.00
  

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL

   $ 1,372,044,943.42         100.00     64,278         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.


AmeriCredit Automobile Receivables Trust 2012-4

Final Pool as of the Cutoff Date

9/10/2012

Distribution of the Automobile Loan Contracts by Geographic Location

of Obligor as of the Cutoff Date

 

     Aggregate            Number of      % of Total Number  
     Principal      % of Aggregate     Automobile      of Automobile  

Geographic Location

   Balance (1)      Principal Balance  (2)     Loan Contracts      Loan Contracts (2)  

Alabama

   $ 19,388,368.16         1.41     871         1.36

Alaska

     3,116,738.13         0.23     135         0.21

Arizona

     35,174,146.84         2.56     1,620         2.52

Arkansas

     15,237,050.93         1.11     714         1.11

California

     115,364,198.94         8.41     5,458         8.49

Colorado

     25,219,088.49         1.84     1,213         1.89

Connecticut

     10,604,007.94         0.77     521         0.81

Delaware

     5,300,117.12         0.39     264         0.41

District of Columbia

     2,817,081.43         0.21     127         0.20

Florida

     114,729,946.69         8.36     5,654         8.80

Georgia

     48,344,349.94         3.52     2,157         3.36

Hawaii

     4,911,204.09         0.36     221         0.34

Idaho

     2,984,007.49         0.22     155         0.24

Illinois

     47,172,778.24         3.44     2,180         3.39

Indiana

     34,782,513.62         2.54     1,694         2.64

Iowa

     7,212,323.20         0.53     372         0.58

Kansas

     7,017,770.33         0.51     342         0.53

Kentucky

     19,506,111.22         1.42     985         1.53

Louisiana

     34,497,192.23         2.51     1,387         2.16

Maine

     5,890,465.25         0.43     328         0.51

Maryland

     36,530,469.41         2.66     1,644         2.56

Massachusetts

     21,212,561.78         1.55     1,109         1.73

Michigan

     34,461,404.76         2.51     1,777         2.76

Minnesota

     11,416,521.74         0.83     580         0.90

Mississippi

     18,606,913.26         1.36     821         1.28

Missouri

     19,996,408.19         1.46     1,001         1.56

Montana

     3,233,010.45         0.24     149         0.23

Nebraska

     3,585,242.19         0.26     186         0.29

Nevada

     12,309,376.70         0.90     534         0.83

New Hampshire

     5,588,789.82         0.41     304         0.47

New Jersey

     26,595,302.71         1.94     1,337         2.08

New Mexico

     18,307,674.13         1.33     748         1.16

New York

     50,836,596.69         3.71     2,521         3.92

North Carolina

     47,369,169.61         3.45     2,281         3.55

North Dakota

     3,416,213.03         0.25     130         0.20

Ohio

     53,932,146.28         3.93     2,807         4.37

Oklahoma

     20,625,668.00         1.50     918         1.43

Oregon

     8,488,162.85         0.62     438         0.68

Pennsylvania

     56,875,675.56         4.15     2,926         4.55

Rhode Island

     2,724,540.10         0.20     150         0.23

South Carolina

     19,466,550.68         1.42     948         1.47

South Dakota

     1,948,428.87         0.14     96         0.15

Tennessee

     26,865,673.12         1.96     1,286         2.00

Texas

     220,777,932.97         16.09     9,030         14.05

Utah

     6,672,516.42         0.49     298         0.46

Vermont

     2,060,234.95         0.15     103         0.16

Virginia

     28,100,854.44         2.05     1,349         2.10

Washington

     16,066,566.82         1.17     754         1.17

West Virginia

     15,625,369.34         1.14     718         1.12

Wisconsin

     14,970,852.39         1.09     781         1.22

Wyoming

     4,034,252.41         0.29     154         0.24

Other (3)

     74,403.47         0.01     2         0.00
  

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL

   $ 1,372,044,943.42         100.00     64,278         100.00
  

 

 

    

 

 

   

 

 

    

 

 

 

 

(1) Aggregate Principal Balances include some portion of accrued interest.
(2) Percentages may not add to 100% because of rounding.
(3) States and Territories with Aggregate Principal Balances less than $1,000,000 each.


AmeriCredit Automobile Receivables Trust 2012-4

Final Pool as of the Cutoff Date

9/10/2012

Distribution of the Automobile Loan Contracts by Wholesale LTV

as of the Cutoff Date

 

         % of Aggregate  
     Wholesale LTV (1) Range   Principal Balance  (2)(3)  
   Less than 100%     24.68
   100-109     24.29
   110-119     25.14
   120-129     17.16
   130-139     7.41
   140-149     1.24
   150 and greater     0.09
  

 

 

 

 

 

Weighted Average Wholesale LTV

   110%  

 

(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 "Kelley 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 accounts and these accounts are not included in the table above. Since these accounts are not included in the Wholesale LTV table, the Aggregate Principal Balance may be less than the total pool.
(3) Percentages may not add up to 100% because of rounding.


AmeriCredit Automobile Receivables Trust 2012-4

Final Pool as of the Cutoff Date

9/10/2012

Distribution of the Automobile Loan Contracts by Vehicle Make

as of the Cutoff Date

 

     Aggregate            Number of      % of Total Number  
     Principal      % of Aggregate     Automobile      of Automobile  

Vehicle Make

   Balance (1)      Principal Balance  (2)     Loan Contracts      Loan Contracts (2)  

Buick (4)

   $ 29,760,917.99         2.17     1,186         1.85

Cadillac (4)

     17,574,056.76         1.28     730         1.14

Chevrolet (4)

     477,505,639.58         34.80     20,462         31.83

Chrysler

     37,821,989.96         2.76     2,062         3.21

Dodge

     113,480,421.49         8.27     5,436         8.46

Ford

     105,971,110.51         7.72     5,247         8.16

GMC (4)

     65,555,259.63         4.78     2,296         3.57

Honda

     39,595,406.93         2.89     2,106         3.28

Hyundai

     40,057,544.37         2.92     2,184         3.40

Jeep

     47,117,372.96         3.43     2,311         3.60

Kia

     72,058,849.79         5.25     3,669         5.71

Mazda

     17,411,031.62         1.27     984         1.53

Mercedes

     16,515,560.26         1.20     616         0.96

Mitsubishi

     16,781,085.44         1.22     888         1.38

Nissan

     97,745,683.17         7.12     4,894         7.61

Toyota

     69,173,089.38         5.04     3,514         5.47

Volkswagen

     15,029,506.32         1.10     831         1.29

Other (3)

     92,890,417.26         6.77     4,862         7.56
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 1,372,044,943.42         100.00     64,278         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% of Total Aggregate Principal Balance per vehicle make.
(4) The total Aggregate Principal Balance of all new GM vehicles is $408,660,887.24, or approximately 30% of the total pool.

Distribution of the Automobile Loan Contracts by Vehicle Segment

as of the Cutoff Date

 

     Aggregate            Number of      % of Total Number  
     Principal      % of Aggregate     Automobile      of Automobile  

Vehicle Segment (1)

   Balance (2)      Principal Balance  (3)     Loan Contracts      Loan Contracts (3)  

Full-Size Car

   $ 5,708,987.03         0.42     280         0.44

Full-Size Van/Truck

     198,598,626.44         14.47     7,177         11.17

Full-Size SUV

     71,649,662.13         5.22     2,664         4.14

Mid-Size Car

     366,655,390.93         26.72     17,703         27.54

Mid-Size SUV

     311,822,096.21         22.73     14,392         22.39

Economy/Compact Car

     248,340,746.22         18.10     14,085         21.91

Compact Van/Truck

     60,992,493.95         4.45     3,179         4.95

Sports Car

     107,429,925.03         7.83     4,758         7.40

Segment Unavailable (4)

     847,015.48         0.06     40         0.06
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 1,372,044,943.42         100.00     64,278         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 the pool was selected.


AmeriCredit Automobile Receivables Trust 2012-4

Final Pool as of the Cutoff Date

9/10/2012

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

0

   $ 1,348,150,439.24         98.26     62,275         96.88

1

     11,975,383.73         0.87     545         0.85

2+

     11,919,120.45         0.87     1,458         2.27
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 1,372,044,943.42         100.00     64,278         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

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

Contracts (2)
 

0

   $ 1,362,530,388.38         99.31     63,095         98.16

1

     1,800,649.71         0.13     201         0.31

2+

     7,713,905.33         0.56     982         1.53
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 1,372,044,943.42         100.00     64,278         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

90 Days Delinquent

   Aggregate Principal
Balance (1)
     % of Aggregate
Principal  Balance (2)
    Number of
Automobile

Loan Contracts
     % of Total Number of
Automobile Loan
Contracts (2)
 

0

   $ 1,369,094,501.13         99.78     63,909         99.43

1

     1,766,304.71         0.13     216         0.34

2+

     1,184,137.58         0.09     153         0.24
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 1,372,044,943.42         100.00     64,278         100.00
  

 

 

    

 

 

   

 

 

    

 

 

 

 

(1) Aggregate Principal Balances include some portion of accrued interest.
(2) Percentages may not add to 100% because of rounding.