0001193125-13-262150.txt : 20130618 0001193125-13-262150.hdr.sgml : 20130618 20130618104626 ACCESSION NUMBER: 0001193125-13-262150 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20130612 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20130618 DATE AS OF CHANGE: 20130618 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: 13918422 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 2013-3 CENTRAL INDEX KEY: 0001578821 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-170231-12 FILM NUMBER: 13918423 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 d554980d8k.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 12, 2013

 

 

AmeriCredit Automobile Receivables Trust 2013-3

(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   333-170231-12   46-6780701

(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 2013-3 (the “Trust”), a newly formed issuing entity, to issue $151,000,000 Class A-1 0.25000% Asset Backed Notes (the “Class A-1 Notes”), $316,700,000 Class A-2 0.68% Asset Backed Notes (the

Class A-2 Notes”), $242,500,000 Class A-3 0.92% Asset Backed Notes (the “Class A-3 Notes”), $76,600,000 Class B 1.58% Asset Backed Notes (the “Class B Notes”), $94,900,000 Class C 2.38% Asset Backed Notes (the “Class C Notes”), $93,400,000 Class D 3.00% 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”), $24,900,000 Class E 3.74% Asset Backed Notes and an Asset Backed Certificate (the “Certificate”), on June 20, 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 May 29, 2013 (the “Statistical Calculation Date”), the Receivables had the characteristics described in the Prospectus Supplement dated June 13, 2013 (the “Prospectus Supplement”), and filed with the Commission pursuant to Rule 424(b)(5) of the Act on June 17, 2013. As of June 12, 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 2013-3
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 18, 2013

 

3


EXHIBIT INDEX

 

Exhibit
No.

  

Description

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

 

4

EX-99.1 2 d554980dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

AmeriCredit Automobile Receivables Trust 2013-3

Final Pool as of the Cutoff Date

6/12/2013

Composition of the Auto Loan Contracts

as of the Cutoff Date

 

     New     Used     Total  

Aggregate Principal Balance (1)

   $ 520,654,196.20      $ 534,769,456.82      $ 1,055,423,653.02   

Number of Automobile Loan Contracts

     20,712        28,692        49,404   

Percent of Aggregate Principal Balance

     49.33     50.67     100.00

Average Principal Balance

   $ 25,137.80      $ 18,638.28      $ 21,363.12   

Range of Principal Balances

   ($ 441.65 to $71,958.12   ($ 254.22 to $77,724.16   ($ 254.22 to $77,724.16

Weighted Average APR (1)

     11.53     14.91     13.24

Range of APRs

     (1.90% to 24.99%     (3.90% to 29.00%     (1.90% to 29.00%

Weighted Average Remaining Term

     71        68        69   

Range of Remaining Terms

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

Weighted Average Original Term

     72        70        71   

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 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      12.71     
   215-224      14.23   Less than 540      31.78
   225-244      34.24   540-599      48.52
   245-259      21.26   600-659      18.36
   260 and greater      17.56   660 and greater      1.33
  

 

  

 

 

   

 

  

 

 

 

Weighted Average Score

   240      562   

 

(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 2013-3

Final Pool as of the Cutoff Date

6/12/2013

 

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%

   $ 20,266.50         0.00     1         0.00

  2.000% to   2.999%

     9,649.33         0.00     1         0.00

  3.000% to   3.999%

     315,436.19         0.03     15         0.03

  4.000% to   4.999%

     1,620,326.20         0.15     56         0.11

  5.000% to   5.999%

     5,091,194.92         0.48     182         0.37

  6.000% to   6.999%

     25,340,054.63         2.40     996         2.02

  7.000% to   7.999%

     41,893,539.95         3.97     1,470         2.98

  8.000% to   8.999%

     92,093,833.80         8.73     3,792         7.68

  9.000% to   9.999%

     106,470,669.97         10.09     4,171         8.44

10.000% to 10.999%

     91,229,950.43         8.64     3,973         8.04

11.000% to 11.999%

     128,152,574.28         12.14     5,652         11.44

12.000% to 12.999%

     80,915,771.78         7.67     3,833         7.76

13.000% to 13.999%

     73,205,381.50         6.94     3,508         7.10

14.000% to 14.999%

     74,497,871.16         7.06     3,671         7.43

15.000% to 15.999%

     65,374,430.34         6.19     3,305         6.69

16.000% to 16.999%

     74,805,094.21         7.09     3,832         7.76

17.000% to 17.999%

     58,656,936.51         5.56     3,107         6.29

18.000% to 18.999%

     59,202,844.34         5.61     3,215         6.51

19.000% to 19.999%

     29,044,690.67         2.75     1,686         3.41

20.000% to 20.999%

     20,926,518.84         1.98     1,250         2.53

21.000% to 21.999%

     13,392,287.20         1.27     828         1.68

22.000% to 22.999%

     6,474,525.71         0.61     408         0.83

23.000% to 23.999%

     3,892,044.78         0.37     256         0.52

24.000% to 24.999%

     2,154,782.27         0.20     152         0.31

25.000% to 25.999%

     526,856.70         0.05     34         0.07

26.000% to 26.999%

     72,711.87         0.01     6         0.01

27.000% to 27.999%

     25,087.36         0.00     2         0.00

28.000% to 28.999%

     10,762.44         0.00     1         0.00

29.000% to 29.999%

     7,559.14         0.00     1         0.00
  

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL

   $ 1,055,423,653.02         100.00     49,404         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 2013-3

Final Pool as of the Cutoff Date

6/12/2013

 

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

   $ 16,450,008.53         1.56     754         1.53

Alaska

     2,328,865.53         0.22     103         0.21

Arizona

     24,233,625.11         2.30     1,061         2.15

Arkansas

     10,343,326.32         0.98     459         0.93

California

     86,374,855.93         8.18     4,039         8.18

Colorado

     19,344,301.95         1.83     938         1.90

Connecticut

     6,370,854.53         0.60     322         0.65

Delaware

     4,653,388.42         0.44     228         0.46

District of Columbia

     1,956,321.22         0.19     96         0.19

Florida

     82,483,798.57         7.82     4,089         8.28

Georgia

     43,427,664.97         4.11     1,960         3.97

Hawaii

     4,141,650.23         0.39     190         0.38

Idaho

     2,823,907.99         0.27     138         0.28

Illinois

     40,929,762.60         3.88     1,968         3.98

Indiana

     25,305,591.59         2.40     1,222         2.47

Iowa

     5,580,895.89         0.53     285         0.58

Kansas

     4,912,877.79         0.47     225         0.46

Kentucky

     15,572,162.99         1.48     780         1.58

Louisiana

     29,381,172.68         2.78     1,177         2.38

Maine

     3,113,669.68         0.30     169         0.34

Maryland

     29,490,264.50         2.79     1,331         2.69

Massachusetts

     18,498,339.63         1.75     986         2.00

Michigan

     26,107,195.38         2.47     1,350         2.73

Minnesota

     9,502,175.72         0.90     494         1.00

Mississippi

     14,640,288.78         1.39     656         1.33

Missouri

     15,868,366.49         1.50     791         1.60

Montana

     3,202,078.50         0.30     134         0.27

Nebraska

     2,887,505.29         0.27     148         0.30

Nevada

     9,697,648.73         0.92     416         0.84

New Hampshire

     3,986,911.54         0.38     224         0.45

New Jersey

     18,843,042.81         1.79     952         1.93

New Mexico

     16,407,077.76         1.55     704         1.42

New York

     32,665,668.08         3.10     1,662         3.36

North Carolina

     38,903,698.81         3.69     1,854         3.75

North Dakota

     1,604,706.04         0.15     67         0.14

Ohio

     41,740,492.31         3.95     2,194         4.44

Oklahoma

     13,912,150.57         1.32     597         1.21

Oregon

     6,520,120.96         0.62     342         0.69

Pennsylvania

     39,145,742.49         3.71     2,045         4.14

Rhode Island

     2,455,132.02         0.23     137         0.28

South Carolina

     16,199,938.36         1.53     774         1.57

South Dakota

     1,669,981.10         0.16     85         0.17

Tennessee

     21,532,539.35         2.04     1,016         2.06

Texas

     173,619,560.88         16.45     7,060         14.29

Utah

     5,398,698.61         0.51     242         0.49

Vermont

     1,613,462.33         0.15     77         0.16

Virginia

     20,319,398.15         1.93     965         1.95

Washington

     12,205,559.36         1.16     588         1.19

West Virginia

     12,873,310.55         1.22     584         1.18

Wisconsin

     11,488,122.56         1.09     617         1.25

Wyoming

     2,655,185.30         0.25     107         0.22

Other (3)

     40,587.54         0.00     2         0.00
  

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL

   $ 1,055,423,653.02         100.00     49,404         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 2013-3

Final Pool as of the Cutoff Date

6/12/2013

 

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%     26.57
   100-109     23.67
   110-119     24.46
   120-129     17.25
   130-139     6.94
   140-149     1.06
   150 and greater     0.05
  

 

 

 

 

 

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 “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 2013-3

Final Pool as of the Cutoff Date

6/12/2013

 

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

   $ 13,000,096.72         1.23     555         1.12

Buick (4)

     17,680,291.81         1.68     726         1.47

Cadillac (4)

     14,491,467.13         1.37     594         1.20

Chevrolet (4)

     368,835,759.62         34.95     15,795         31.97

Chrysler

     28,844,272.78         2.73     1,534         3.11

Dodge

     84,762,016.78         8.03     4,069         8.24

Ford

     93,418,603.35         8.85     4,532         9.17

GMC (4)

     52,074,511.93         4.93     1,791         3.63

Honda

     32,022,496.21         3.03     1,711         3.46

Hyundai

     36,776,389.38         3.48     1,983         4.01

Jeep

     26,074,665.17         2.47     1,294         2.62

Kia

     48,983,018.38         4.64     2,533         5.13

Mazda

     12,468,056.65         1.18     716         1.45

Mercedes

     13,764,379.28         1.30     544         1.10

Mitsubishi

     11,272,512.40         1.07     609         1.23

Nissan

     74,951,162.16         7.10     3,835         7.76

Toyota

     58,547,212.95         5.55     2,973         6.02

Volkswagen

     13,215,289.39         1.25     743         1.50

Other (3)

     54,241,450.93         5.14     2,867         5.80
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 1,055,423,653.02         100.00     49,404         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 $311,014,216.79, or approximately 29% 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

   $ 5,142,354.84         0.49     242         0.49

Full-Size Van/Truck

     164,886,823.09         15.62     5,714         11.57

Full-Size SUV

     47,142,400.55         4.47     1,780         3.60

Mid-Size Car

     281,000,952.85         26.62     13,742         27.82

Mid-Size SUV

     228,171,607.53         21.62     10,466         21.18

Economy/Compact Car

     213,094,686.37         20.19     11,907         24.10

Compact Van/Truck

     35,855,552.08         3.40     1,874         3.79

Sports Car

     79,787,835.08         7.56     3,668         7.42

Segment Unavailable (4)

     341,440.63         0.03     11         0.02
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 1,055,423,653.02         100.00     49,404         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 2013-3

Final Pool as of the Cutoff Date

6/12/2013

 

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

   $ 1,042,534,008.90         98.78     48,079         97.32

1

     4,244,469.30         0.40     207         0.42

2+

     8,645,174.82         0.82     1,118         2.26
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 1,055,423,653.02         100.00     49,404         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

   $ 1,048,114,096.99         99.31     48,474         98.12

1

     1,139,675.69         0.11     150         0.30

2+

     6,169,880.34         0.58     780         1.58
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 1,055,423,653.02         100.00     49,404         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

   $ 1,053,307,106.70         99.80     49,121         99.43

1

     1,224,935.35         0.12     162         0.33

2+

     891,610.97         0.08     121         0.24
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 1,055,423,653.02         100.00     49,404         100.00
  

 

 

    

 

 

   

 

 

    

 

 

 

 

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