0001193125-13-019074.txt : 20130122 0001193125-13-019074.hdr.sgml : 20130121 20130122152354 ACCESSION NUMBER: 0001193125-13-019074 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130116 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130122 DATE AS OF CHANGE: 20130122 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: 13540174 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 2013-1 CENTRAL INDEX KEY: 0001566972 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-170231-10 FILM NUMBER: 13540175 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 d470720d8k.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)

January 16, 2013

 

 

AmeriCredit Automobile Receivables Trust 2013-1

(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    333-170231-10    46-6417653

(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 2013-1 (the “Trust”), a newly formed issuing entity, to issue $184,000,000 Class A-1 0.24000% Asset Backed Notes (the “Class A-1 Notes”), $313,600,000 Class A-2 0.49% Asset Backed Notes (the “Class A-2 Notes”), $212,690,000 Class A-3 0.61% Asset Backed Notes (the “Class A-3 Notes”), $76,520,000 Class B 1.07% Asset Backed Notes (the “Class B Notes”), $94,980,000 Class C 1.57% Asset Backed Notes (the “Class C Notes”), $93,410,000 Class D 2.09% 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”), $24,800,000 Class E 2.64% Asset Backed Notes and an Asset Backed Certificate (the “Certificate”), on January 24, 2013. 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 January 2, 2013 (the “Statistical Calculation Date”), the Receivables had the characteristics described in the Prospectus Supplement dated January 15, 2013 (the “Prospectus Supplement”), and filed with the Commission pursuant to Rule 424(b)(5) of the Act on January 17, 2013. As of January 16, 2013 (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 2013-1

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: January 22, 2013

 

3


EXHIBIT INDEX

 

Exhibit No.

  

Description

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

 

4

EX-99.1 2 d470720dex991.htm STATISTICAL INFORMATION FOR THE RECEIVABLES. Statistical information for the receivables.

Exhibit 99.1

AmeriCredit Automobile Receivables Trust 2013-1

Final Pool as of the Cutoff Date

1/16/2013

Composition of the Auto Loan Contracts

as of the Cutoff Date

 

   

New

 

Used

 

Total

Aggregate Principal Balance (1)

  $488,562,234.70   $566,857,701.52   $1,055,419,936.22

Number of Automobile Loan Contracts

  20,855   36,398   57,253

Percent of Aggregate Principal Balance

  46.29%   53.71%   100.00%

Average Principal Balance

  $23,426.62   $15,573.87   $18,434.32

Range of Principal Balances

  ($302.80 to $78,747.02)   ($251.11 to $69,289.51)   ($251.11 to $78,747.02)

Weighted Average APR (1)

  12.26%   15.68%   14.10%

Range of APRs

  (3.90% to 26.00%)   (3.90% to 29.99%)   (3.90% to 29.99%)

Weighted Average Remaining Term

  69   64   66

Range of Remaining Terms

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

Weighted Average Original Term

  72   69   71

Range of Original Terms

  (24 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 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        11.90    
    215-224        14.41     Less than 540        29.27
    225-244        34.04     540-599        47.93
    245-259        21.54     600-659        20.69
    260 and greater        18.12     660 and greater        2.12
 

 

 

   

 

 

   

 

 

   

 

 

 

Weighted Average Score

    240          566     

 

(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 2013-1

Final Pool as of the Cutoff Date

1/16/2013

Distribution of the Automobile Loan Contracts by APR

as of the Cutoff Date

 

Distribution by APR

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

1.000% to 1.999%

   $ 0.00         0.00     0         0.00

2.000% to 2.999%

     —           0.00     0         0.00

3.000% to 3.999%

     315,870.54         0.03     13         0.02

4.000% to 4.999%

     2,063,369.46         0.20     69         0.12

5.000% to 5.999%

     3,280,899.94         0.31     115         0.20

6.000% to 6.999%

     15,329,935.17         1.45     607         1.06

7.000% to 7.999%

     17,152,155.64         1.63     688         1.20

8.000% to 8.999%

     50,323,623.43         4.77     2,382         4.16

9.000% to 9.999%

     89,180,634.93         8.45     3,638         6.35

10.000% to 10.999%

     96,524,386.00         9.15     4,296         7.50

11.000% to 11.999%

     143,053,814.54         13.55     6,110         10.67

12.000% to 12.999%

     75,280,879.53         7.13     3,985         6.96

13.000% to 13.999%

     72,321,230.90         6.85     3,902         6.82

14.000% to 14.999%

     77,865,676.47         7.38     4,319         7.54

15.000% to 15.999%

     70,403,122.63         6.67     4,127         7.21

16.000% to 16.999%

     81,096,238.99         7.68     4,849         8.47

17.000% to 17.999%

     70,725,431.74         6.70     4,515         7.89

18.000% to 18.999%

     78,522,394.44         7.44     5,379         9.40

19.000% to 19.999%

     35,604,538.86         3.37     2,561         4.47

20.000% to 20.999%

     29,268,445.26         2.77     2,174         3.80

21.000% to 21.999%

     22,289,703.46         2.11     1,685         2.94

22.000% to 22.999%

     11,169,107.74         1.06     826         1.44

23.000% to 23.999%

     7,915,284.51         0.75     585         1.02

24.000% to 24.999%

     4,394,299.15         0.42     325         0.57

25.000% to 25.999%

     1,149,684.01         0.11     88         0.15

26.000% to 26.999%

     128,348.83         0.01     10         0.02

27.000% to 27.999%

     53,006.87         0.01     4         0.01

28.000% to 28.999%

     —           0.00     0         0.00

29.000% to 29.999%

     7,853.18         0.00     1         0.00
  

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL

   $ 1,055,419,936.22         100.00     57,253         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 2013-1

Final Pool as of the Cutoff Date

1/16/2013

Distribution of the Automobile Loan Contracts by Geographic Location

of Obligor as of the Cutoff Date

 

Geographic Location

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

Alabama

   $ 15,476,082.75         1.47     867         1.51

Alaska

     2,150,692.41         0.20     111         0.19

Arizona

     24,949,773.20         2.36     1,292         2.26

Arkansas

     9,820,892.87         0.93     577         1.01

California

     92,366,034.54         8.75     5,022         8.77

Colorado

     20,754,487.42         1.97     1,108         1.94

Connecticut

     6,512,030.13         0.62     389         0.68

Delaware

     4,009,771.13         0.38     233         0.41

District of Columbia

     2,352,275.71         0.22     112         0.20

Florida

     90,486,684.46         8.57     5,062         8.84

Georgia

     40,410,679.58         3.83     2,131         3.72

Hawaii

     3,708,552.28         0.35     208         0.36

Idaho

     2,101,441.57         0.20     114         0.20

Illinois

     35,831,534.77         3.40     2,049         3.58

Indiana

     26,057,724.97         2.47     1,459         2.55

Iowa

     6,026,915.69         0.57     339         0.59

Kansas

     5,431,541.25         0.51     289         0.50

Kentucky

     14,558,734.12         1.38     860         1.50

Louisiana

     27,839,200.76         2.64     1,294         2.26

Maine

     3,424,166.88         0.32     218         0.38

Maryland

     27,122,596.37         2.57     1,349         2.36

Massachusetts

     14,001,753.31         1.33     854         1.49

Michigan

     30,473,320.01         2.89     1,816         3.17

Minnesota

     10,460,887.65         0.99     582         1.02

Mississippi

     13,027,932.23         1.23     699         1.22

Missouri

     13,646,598.51         1.29     753         1.32

Montana

     3,302,669.32         0.31     154         0.27

Nebraska

     2,615,280.70         0.25     153         0.27

Nevada

     9,528,166.61         0.90     500         0.87

New Hampshire

     3,543,020.40         0.34     218         0.38

New Jersey

     18,940,781.46         1.79     1,096         1.91

New Mexico

     13,776,967.52         1.31     665         1.16

New York

     35,369,326.88         3.35     2,049         3.58

North Carolina

     36,574,552.11         3.47     2,034         3.55

North Dakota

     2,418,514.46         0.23     113         0.20

Ohio

     44,551,936.11         4.22     2,803         4.90

Oklahoma

     13,993,280.87         1.33     705         1.23

Oregon

     5,784,453.54         0.55     345         0.60

Pennsylvania

     38,648,179.88         3.66     2,392         4.18

Rhode Island

     1,811,514.33         0.17     120         0.21

South Carolina

     15,786,557.60         1.50     886         1.55

South Dakota

     1,536,958.65         0.15     85         0.15

Tennessee

     20,667,281.15         1.96     1,174         2.05

Texas

     175,377,344.05         16.62     8,232         14.38

Utah

     5,487,508.29         0.52     296         0.52

Vermont

     1,270,185.27         0.12     69         0.12

Virginia

     22,212,861.83         2.10     1,187         2.07

Washington

     11,857,547.72         1.12     677         1.18

West Virginia

     10,653,416.88         1.01     547         0.96

Wisconsin

     13,133,977.66         1.24     796         1.39

Wyoming

     3,400,193.73         0.32     145         0.25

Other  (3)

     175,154.63         0.02     25         0.04
  

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL

   $ 1,055,419,936.22         100.00     57,253         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 2013-1

Final Pool as of the Cutoff Date

1/16/2013

Distribution of the Automobile Loan Contracts by Wholesale LTV

as of the Cutoff Date

 

     Wholesale LTV (1)  Range     % of Aggregate
Principal Balance (2)(3)
 
     Less than 100     22.55
     100-109        22.13
     110-119        24.79
     120-129        19.14
     130-139        9.15
     140-149        2.01
     150 and greater        0.25
  

 

 

   

 

 

 

Weighted Average Wholesale LTV

     111  

 

(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 2013-1

Final Pool as of the Cutoff Date

1/16/2013

Distribution of the Automobile Loan Contracts by Vehicle Make

as of the Cutoff Date

 

Vehicle Make

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

BMW

   $ 11,526,059.78         1.09     520         0.91

Buick(4)

     15,938,912.94         1.51     741         1.29

Cadillac(4)

     16,424,190.62         1.56     732         1.28

Chevrolet(4)

     355,237,268.68         33.66     16,662         29.10

Chrysler

     32,283,738.98         3.06     2,141         3.74

Dodge

     93,607,386.63         8.87     5,155         9.00

Ford

     90,427,730.38         8.57     5,615         9.81

GMC(4)

     50,944,363.17         4.83     1,985         3.47

Honda

     28,582,024.93         2.71     1,818         3.18

Hyundai

     30,118,092.90         2.85     1,930         3.37

Jeep

     33,610,150.79         3.18     1,918         3.35

Kia

     54,411,488.71         5.16     3,296         5.76

Mazda

     13,315,726.39         1.26     871         1.52

Mercedes

     13,194,980.37         1.25     541         0.94

Mitsubishi

     13,165,907.91         1.25     838         1.46

Nissan

     78,062,377.23         7.40     4,456         7.78

Toyota

     47,382,049.77         4.49     2,805         4.90

Volkswagen

     12,468,201.87         1.18     766         1.34

Other (3)

     64,719,284.17         6.13     4,463         7.80
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 1,055,419,936.22         100.00     57,253         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 $278,867,489.32, or approximately 26% of the total pool.

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

   $ 5,242,104.21         0.50     306         0.53

Full-Size Van/Truck

     165,823,173.50         15.71     6,745         11.78

Full-Size SUV

     57,579,819.96         5.46     2,471         4.32

Mid-Size Car

     261,628,605.73         24.79     15,350         26.81

Mid-Size SUV

     237,438,721.56         22.50     12,552         21.92

Economy/Compact Car

     211,314,180.97         20.02     13,310         23.25

Compact Van/Truck

     42,261,511.00         4.00     2,825         4.93

Sports Car

     72,958,211.63         6.91     3,655         6.38

Segment Unavailable (4)

     1,173,607.66         0.11     39         0.07
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 1,055,419,936.22         100.00     57,253         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 2013-1

Final Pool as of the Cutoff Date

1/16/2013

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

   $ 1,001,731,880.22         94.91     49,745         86.89

1

     9,292,888.06         0.88     1,008         1.76

2+

     44,395,167.94         4.21     6,500         11.35
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 1,055,419,936.22         100.00     57,253         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

   $ 1,028,870,714.69         97.48     53,720         93.83

1

     8,227,954.35         0.78     1,140         1.99

2+

     18,321,267.18         1.74     2,393         4.18
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 1,055,419,936.22         100.00     57,253         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

   $ 1,049,542,547.34         99.44     56,472         98.64

1

     3,901,036.40         0.37     528         0.92

2+

     1,976,352.48         0.19     253         0.44
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 1,055,419,936.22         100.00     57,253         100.00
  

 

 

    

 

 

   

 

 

    

 

 

 

 

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