0001193125-14-102650.txt : 20140317 0001193125-14-102650.hdr.sgml : 20140317 20140317171634 ACCESSION NUMBER: 0001193125-14-102650 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20140313 0001347185 0001002761 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20140317 DATE AS OF CHANGE: 20140317 Auto loans 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: 14698419 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 2014-1 CENTRAL INDEX KEY: 0001602190 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-170231-15 FILM NUMBER: 14698420 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 d693607d8k.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)

March 13, 2014

AmeriCredit Automobile Receivables Trust 2014-1

(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

(State or Other Jurisdiction

of Incorporation)

 

333-170231-15

(Commission

File Number)

 

46-7311404

(I.R.S. Employer

Identification No.)

 

c/o AmeriCredit Financial Services, Inc.

Attention: Frank E. Brown III, 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. (“AmeriCredit”), as sponsor, will cause a newly formed issuing entity, AmeriCredit Automobile Receivables Trust 2014-1 (the “Issuing Entity”), to issue $97,000,000 Class A-1 0.21000% Asset Backed Notes (the “Class A-1 Notes”), $233,700,000 Class A-2 0.57% Asset Backed Notes (the “Class A-2 Notes”), $202,020,000 Class A-3 0.90% Asset Backed Notes (the “Class A-3 Notes”), $57,390,000 Class B 1.68% Asset Backed Notes (the “Class B Notes”), $71,240,000 Class C 2.15% Asset Backed Notes (the “Class C Notes”), $70,050,000 Class D 2.54% 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”), $18,600,000 Class E 3.58% Asset Backed Notes and an Asset Backed Certificate (the “Certificate”), on March 20, 2014. 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 February 20, 2014 (the “Statistical Calculation Date”), the Receivables had the characteristics described in the Prospectus Supplement dated March 11, 2014 (the “Prospectus Supplement”), and filed with the Commission pursuant to Rule 424(b)(5) of the Act on March 13, 2014. As of March 13, 2014 (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 2014-1
By:   AmeriCredit Financial Services, Inc., as Servicer
By:  

/s/ Frank E. Brown III

Name:   Frank E. Brown III
Title:   Senior Vice President, Corporate Counsel and Secretary

Dated: March 17, 2014

 

3


EXHIBIT INDEX

 

Exhibit No.

  

Description

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

 

4

EX-99.1 2 d693607dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

AmeriCredit Automobile Receivables Trust 2014-1

Final Pool as of the Cutoff Date

3/13/2014

Composition of the Auto Loan Contracts

as of the Cutoff Date

 

    New     Used     Total  

Aggregate Principal Balance (1)

    $333,632,129.91        $457,947,859.48        $791,579,989.39   

Number of Automobile Loan Contracts

    12,871        24,481        37,352   

Percent of Aggregate Principal Balance

    42.15     57.85     100.00

Average Principal Balance

    $25,921.23        $18,706.26        $21,192.44   

Range of Principal Balances

    ($401.73 to $80,327.16)        ($282.67 to $75,075.30)        ($282.67 to $80,327.16)   

Weighted Average APR (1)

    11.86     14.58     13.43

Range of APRs

    (1.75% to 24.00%)        (1.99% to 29.99%)        (1.75% to 29.99%)   

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        69        70   

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

 

          % of Aggregate          % of Aggregate  
     AmeriCredit Score (1)    Principal Balance (2)     Credit Bureau Score (3)    Principal Balance (2)  
   Less than 215      13.19     
   215-224      14.84   Less than 540      31.42
   225-244      35.70   540-599      48.86
   245-259      20.28   600-659      18.10
   260 and greater      15.99   660 and greater      1.62
  

 

  

 

 

   

 

  

 

 

 

Weighted Average Score

   238      563   

 

(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 2014-1

Final Pool as of the Cutoff Date

3/13/2014

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%

   $ 24,575.96         0.00     2         0.01

  2.000% to 2.999%

     193,083.71         0.02     6         0.02

  3.000% to 3.999%

     705,511.81         0.09     26         0.07

  4.000% to 4.999%

     919,845.25         0.12     36         0.10

  5.000% to 5.999%

     1,820,819.34         0.23     81         0.22

  6.000% to 6.999%

     15,131,832.22         1.91     565         1.51

  7.000% to 7.999%

     16,092,037.41         2.03     665         1.78

  8.000% to 8.999%

     54,513,820.72         6.89     2,060         5.52

  9.000% to 9.999%

     61,123,288.39         7.72     2,609         6.98

10.000% to 10.999%

     80,825,778.36         10.21     3,398         9.10

11.000% to 11.999%

     100,668,368.93         12.72     4,412         11.81

12.000% to 12.999%

     80,774,923.30         10.20     3,680         9.85

13.000% to 13.999%

     64,977,135.64         8.21     3,080         8.25

14.000% to 14.999%

     66,433,061.21         8.39     3,237         8.67

15.000% to 15.999%

     56,454,870.17         7.13     2,846         7.62

16.000% to 16.999%

     55,784,024.19         7.05     2,914         7.80

17.000% to 17.999%

     45,936,847.01         5.80     2,476         6.63

18.000% to 18.999%

     39,457,263.47         4.98     2,186         5.85

19.000% to 19.999%

     19,834,363.50         2.51     1,181         3.16

20.000% to 20.999%

     12,903,200.79         1.63     773         2.07

21.000% to 21.999%

     8,586,662.95         1.08     548         1.47

22.000% to 22.999%

     4,104,227.52         0.52     266         0.71

23.000% to 23.999%

     2,717,746.49         0.34     184         0.49

24.000% to 24.999%

     1,208,673.08         0.15     90         0.24

25.000% to 25.999%

     262,919.34         0.03     20         0.05

26.000% to 26.999%

     84,407.44         0.01     7         0.02

27.000% to 27.999%

     29,388.30         0.00     3         0.01

28.000% to 28.999%

     —           0.00     0         0.00

29.000% to 29.999%

     11,312.89         0.00     1         0.00
  

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL

   $ 791,579,989.39         100.00     37,352         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 2014-1

Final Pool as of the Cutoff Date

3/13/2014

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

   $ 14,614,496.68         1.85     684         1.83

Alaska

     1,868,993.77         0.24     80         0.21

Arizona

     18,570,991.10         2.35     843         2.26

Arkansas

     9,157,643.34         1.16     432         1.16

California

     63,853,756.09         8.07     3,019         8.08

Colorado

     15,697,850.95         1.98     752         2.01

Connecticut

     4,097,411.39         0.52     219         0.59

Delaware

     3,054,001.30         0.39     161         0.43

District of Columbia

     1,868,924.31         0.24     89         0.24

Florida

     58,945,353.69         7.45     2,978         7.97

Georgia

     32,580,135.33         4.12     1,474         3.95

Hawaii

     3,336,036.53         0.42     148         0.40

Idaho

     1,517,126.46         0.19     80         0.21

Illinois

     27,556,379.85         3.48     1,349         3.61

Indiana

     16,975,140.47         2.14     871         2.33

Iowa

     3,763,466.59         0.48     194         0.52

Kansas

     3,124,375.33         0.39     153         0.41

Kentucky

     10,288,784.37         1.30     530         1.42

Louisiana

     22,321,676.38         2.82     926         2.48

Maine

     2,698,489.35         0.34     150         0.40

Maryland

     19,982,029.67         2.52     910         2.44

Massachusetts

     12,932,438.87         1.63     687         1.84

Michigan

     17,956,895.76         2.27     956         2.56

Minnesota

     7,196,504.42         0.91     385         1.03

Mississippi

     12,526,832.41         1.58     549         1.47

Missouri

     14,474,003.01         1.83     745         1.99

Montana

     2,848,349.33         0.36     120         0.32

Nebraska

     1,969,399.70         0.25     107         0.29

Nevada

     7,607,512.20         0.96     338         0.90

New Hampshire

     2,917,427.94         0.37     170         0.46

New Jersey

     11,278,996.26         1.42     571         1.53

New Mexico

     13,024,519.83         1.65     556         1.49

New York

     16,450,288.16         2.08     835         2.24

North Carolina

     25,311,440.57         3.20     1,219         3.26

North Dakota

     1,996,001.94         0.25     82         0.22

Ohio

     29,210,198.76         3.69     1,555         4.16

Oklahoma

     11,582,142.29         1.46     484         1.30

Oregon

     4,940,565.31         0.62     281         0.75

Pennsylvania

     29,196,214.10         3.69     1,545         4.14

Rhode Island

     1,880,703.95         0.24     107         0.29

South Carolina

     12,684,222.49         1.60     594         1.59

South Dakota

     1,232,659.42         0.16     65         0.17

Tennessee

     16,095,041.47         2.03     767         2.05

Texas

     146,781,160.14         18.54     6,011         16.09

Utah

     4,719,228.95         0.60     214         0.57

Virginia

     15,890,568.49         2.01     750         2.01

Washington

     10,985,848.45         1.39     527         1.41

West Virginia

     8,164,851.14         1.03     371         0.99

Wisconsin

     10,477,709.65         1.32     569         1.52

Wyoming

     2,370,644.12         0.30     98         0.26

Other (3)

     1,004,557.31         0.13     52         0.14
  

 

 

    

 

 

   

 

 

    

 

 

 

TOTAL

   $ 791,579,989.39         100.00     37,352         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 2014-1

Final Pool as of the Cutoff Date

3/13/2014

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%     24.97
   100-109     23.13
   110-119     24.61
   120-129     18.08
   130-139     7.99
   140-149     1.14
   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 2014-1

Final Pool as of the Cutoff Date

3/13/2014

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

   $ 9,236,494.86         1.17     409         1.09

Buick (3)

     14,378,691.43         1.82     622         1.67

Cadillac (3)

     12,212,270.47         1.54     485         1.30

Chevrolet (3)

     238,708,773.90         30.16     10,222         27.37

Chrysler

     18,491,010.78         2.34     1,042         2.79

Dodge

     70,033,271.74         8.85     3,226         8.64

Ford

     77,330,087.10         9.77     3,752         10.04

GMC (3)

     36,899,324.54         4.66     1,279         3.42

Honda

     25,693,509.32         3.25     1,411         3.78

Hyundai

     34,724,257.20         4.39     1,907         5.11

Jeep

     25,545,251.71         3.23     1,181         3.16

Kia

     39,678,099.08         5.01     2,058         5.51

Mazda

     11,004,099.42         1.39     649         1.74

Mercedes

     10,763,869.86         1.36     421         1.13

Mitsubishi

     8,317,925.72         1.05     452         1.21

Nissan

     62,359,733.14         7.88     3,230         8.65

Toyota

     43,743,505.29         5.53     2,218         5.94

Volkswagen

     11,460,660.31         1.45     663         1.78

Other (4)

     40,999,153.52         5.18     2,125         5.69
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 791,579,989.39         100.00     37,352         100.00
  

 

 

    

 

 

   

 

 

    

 

 

 

 

(1) Aggregate Principal Balances include some portion of accrued interest.
(2) Percentages may not add to 100% because of rounding.
(3) The total Aggregate Principal Balance of all new GM vehicles is $174,561,636.80 or approximately 22% of the total pool.
(4) Aggregate Principal Balance of less than 1% of Total Aggregate Principal Balance per vehicle make.

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

   $ 3,546,597.94         0.45     165         0.44

Full-Size Van/Truck

     126,227,937.70         15.95     4,249         11.38

Full-Size SUV

     38,648,442.35         4.88     1,437         3.85

Mid-Size Car

     209,544,716.59         26.47     10,606         28.39

Mid-Size SUV

     187,841,869.41         23.73     8,717         23.34

Economy/Compact Car

     142,753,099.95         18.03     8,142         21.80

Compact Van/Truck

     27,296,966.99         3.45     1,450         3.88

Sports Car

     55,328,650.59         6.99     2,570         6.88

Segment Unavailable (4)

     391,707.87         0.05     16         0.04
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 791,579,989.39         100.00     37,352         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 2014-1

Final Pool as of the Cutoff Date

3/13/2014

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

   $ 785,437,342.30         99.22     36,842         98.63

1

     1,919,656.77         0.24     87         0.23

2+

     4,222,990.32         0.53 %     423        1.13 %
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 791,579,989.39         100.00 %     37,352        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

   $ 788,171,597.06         99.57     36,981         99.01

1

     945,702.55         0.12     67         0.18

2+

     2,462,689.78         0.31 %     304        0.81 %
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 791,579,989.39         100.00 %     37,352        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

   $ 790,720,541.36         99.89     37,234         99.68

1

     554,079.48         0.07     74         0.20

2+

     305,368.55         0.04 %     44        0.12 %
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

   $ 791,579,989.39         100.00 %     37,352        100.00 %
  

 

 

    

 

 

   

 

 

    

 

 

 

 

 

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