Form 10-D AmeriCredit Automobile For: Aug 31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-D
ASSET-BACKED ISSUER
DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the monthly distribution period from
August 1, 2021 to August 31, 2021
Commission File Number of issuing entity: 333-206924-11
CIK number of issuing entity: 0001754388
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2018-3
(Exact name of issuing entity as specified in its charter)
Commission File Number of depositor: 333-206924
CIK number of depositor: 0001347185
AFS SENSUB CORP.
(Exact name of depositor as specified in its charter)
CIK number of sponsor: 0001002761
AMERICREDIT FINANCIAL SERVICES, INC.
(Exact name of sponsor as specified in its charter)
Randal L. Willis (817) 302-7000
(Name and telephone number of person to contact in connection with this filing)
Delaware | 83-6393615 | |
(State or other jurisdiction of incorporation or organization of the issuing entity) |
(I.R.S. Employer Identification No.) | |
c/o AmeriCredit Financial Services, Inc. 801 Cherry Street, Suite 3500 Fort Worth, TX 76102 |
76102 | |
(Address of principal executive offices of issuing entity) |
(Zip Code) |
(817) 302-7000
(Telephone number, including area code)
N/A
(Former name, former address, if changed since last report)
Registered/reported pursuant to (check one) |
Name of exchange | |||
Title of Class |
Section 12(b) |
Section 12(g) |
Section 15(d) |
(If Section 12(b)) |
Class A-1 | ☐ | ☐ | ☒ | |
Class A-2-A | ☐ | ☐ | ☒ | |
Class A-2-B | ☐ | ☐ | ☒ | |
Class A-3 | ☐ | ☐ | ☒ | |
Class B | ☐ | ☐ | ☒ | |
Class C | ☐ | ☐ | ☒ | |
Class D | ☐ | ☐ | ☒ |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
PART I – DISTRIBUTION INFORMATION
ITEM 1 – Distribution and Pool Performance Information.
The response to Item 1 is set forth in part herein and in part in Exhibit 99.1
The record date for distributions described in Exhibit 99.1 was September 17, 2021.
No assets securitized by AmeriCredit Financial Services, Inc. (the “Securitizer”) and held by AmeriCredit Automobile Receivables Trust 2018-3 were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from August 1, 2021 to August 31, 2021.
The Securitizer (CIK # 0001002761) filed Form ABS-15G on February 1, 2021.
Item 1A. – Asset-Level Information.
The response to Item 1A is set forth in Exhibit 102.1 and Exhibit 103.1 each of which is incorporated by reference into this Form 10-D as described in Item 10.
Item 1B. – Asset Representations Reviewer and Investor Communication.
None
PART II – OTHER INFORMATION
ITEM 2 – Legal Proceedings.
None
ITEM 3 – Sales of Securities and Use of Proceeds.
None
ITEM 4 – Defaults Upon Senior Securities.
None
ITEM 5 – [Reserved]
ITEM 6 – Significant Obligors of Pool Assets.
None
ITEM 7 – Change in Sponsor Interest in the Securities.
None
ITEM 8 – Significant Enhancement Provider Information.
None
ITEM 9 – Other Information.
None
ITEM 10 – Exhibits.
(a) | Documents filed as part of this report: |
99.1 | Monthly Servicer’s Certificate |
(b) | Exhibits required by this Form and Item 601 of Regulation S-K (17 CFR 229.601). |
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 thereunto duly authorized.
AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2018-3
(Issuing Entity)
Dated: September 27, 2021
By: AmeriCredit Financial Services, Inc., as Servicer | ||
By: | /s/ Randal L. Willis | |
Name: | Randal L. Willis | |
Title: | Senior
Vice President, Securitization & Conduit Reporting |
Exhibit 99.1
AmeriCredit Automobile Receivables Trust 2018-3
Class A-1 2.70676% Asset Backed Notes
Class A-2A 3.11% Asset Backed Notes
Class A-2B Floating Rate Asset Backed Notes
Class A-3 3.38% Asset Backed Notes
Class B 3.58% Asset Backed Notes
Class C 3.74% Asset Backed Notes
Class D 4.04% Asset Backed Notes
Class E 0.00% Asset Backed Notes
Servicer’s Certificate
This Servicer’s Certificate has been prepared pursuant to Section 4.9 of the Sale and Servicing Agreement among AmeriCredit Automobile Receivables Trust 2018-3, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS SenSub Corp., as Seller, and Citibank,N.A., as the Trust Collateral Agent, dated as of October 3, 2018. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.
Monthly Period Beginning: | 08/01/2021 |
Monthly Period Ending: | 08/31/2021 |
Prev. Distribution/Close Date: | 08/18/2021 |
Distribution Date: | 09/20/2021 |
Days of Interest for Period: | 33 |
Days in Collection Period: | 31 |
Transaction Month: | 34 |
Original | ||||||||||||
Purchases | Units | Start Date | Closing Date | Pool Balance | ||||||||
Initial Purchase | 48,286 | 10/04/2018 | 11/21/2018 | $ | 1,088,999,608 | |||||||
Total | 48,286 | $ | 1,088,999,608 |
MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:
{1} | Beginning of period Aggregate Principal Balance | {1} | $ | 355,303,796 | ||||||||||
Monthly Principal Amounts | ||||||||||||||
{2} | Collections on Receivables outstanding at end of period | {2} | 7,436,960 | |||||||||||
{3} | Collections on Receivables paid off during period | {3} | 7,987,326 | |||||||||||
{4} | Receivables becoming Liquidated Receivables during period | {4} | 1,039,087 | |||||||||||
{5} | Receivables becoming Purchased Receivables during period | {5} | 22,837 | |||||||||||
{6} | Other Receivables adjustments | {6} | 0 | |||||||||||
{7} | Total Monthly Principal Amounts | {7} | 16,486,210 | |||||||||||
{8} | End of period Aggregate Principal Balance | {8} | $ | 338,817,586 | ||||||||||
{9} | Pool Factor | {9} | 31.1127372 | % |
1
MONTHLY PERIOD NOTE BALANCE CALCULATION:
Class A-1 | Class A-2A | Class A-2B | Class A-3 | Class B | ||||||||||||||||||||
{10} | Original Note Balance | {10} | $ | 161,000,000 | $ | 240,000,000 | $ | 65,000,000 | $ | 261,450,000 | $ | 78,950,000 | ||||||||||||
{11} | Beginning of period Note Balance | {11} | $ | 0 | $ | 0 | $ | 0 | $ | 25,746,478 | $ | 78,950,000 | ||||||||||||
{12} | Noteholders’ Principal Distributable Amount | {12} | 0 | 0 | 0 | 14,054,494 | 0 | |||||||||||||||||
{13} | Noteholders’ Accelerated Principal Amount | {13} | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
{14} | Aggregate Principal Parity Amount | {14} | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||
{15} | Matured Principal Shortfall | {15} | ||||||||||||||||||||||
{16} | End of period Note Balance | {16} | $ | 0 | $ | 0 | $ | 0 | $ | 11,691,984 | $ | 78,950,000 | ||||||||||||
{17} | Note Pool Factors | {17} | 0.0000000 | % | 0.0000000 | % | 0.0000000 | % | 4.4719771 | % | 100.0000000 | % |
Class C | Class D | Class E | TOTAL | |||||||||||||||||
$ | 98,010,000 | $ | 96,380,000 | $ | 25,590,000 | $ | 1,026,380,000 | |||||||||||||
{18} | Beginning of period Note Balance | {18} | $ | 98,010,000 | $ | 96,380,000 | $ | 25,590,000 | $ | 324,676,478 | ||||||||||
{19} | Noteholders’ Principal Distributable Amount | {19} | 0 | 0 | 0 | 14,054,494 | ||||||||||||||
{20} | Noteholders’ Accelerated Principal Amount | {20} | 0 | 0 | 0 | 0 | ||||||||||||||
{21} | Aggregate Principal Parity Amount | {21} | 0 | 0 | 0 | 0 | ||||||||||||||
{22} | Matured Principal Shortfall | {22} | 0 | |||||||||||||||||
{23} | End of period Note Balance | {23} | $ | 98,010,000 | $ | 96,380,000 | $ | 25,590,000 | $ | 310,621,984 | ||||||||||
{24} | Note Pool Factors | {24} | 100.0000000 | % | 100.0000000 | % | 100.0000000 | % | 30.2638383 | % |
CALCULATION OF STEP-DOWN AMOUNT:
{25} | Ending Pool Balance | {25} | $ | 338,817,586 | ||||||||||||
{26} | 14.75 % of Ending Aggregate Principal Balance | {26} | 49,975,594 | |||||||||||||
{27} | Less Specified Reserve Balance | {27} | (21,779,992 | ) | ||||||||||||
{28} | Sum of {26} and {27} | {28} | 28,195,602 | |||||||||||||
{29} | Required Pro Forma Note Balance {25} - {28} | {29} | 310,621,984 | |||||||||||||
{30} | Beginning Note Balance | {30} | 324,676,478 | |||||||||||||
{31} | Total Monthly Principal Amount | {31} | (16,486,210 | ) | ||||||||||||
{32} | Pro-Forma Note Balance ( Assuming 100% Pay-down) | {32} | 308,190,268 | |||||||||||||
{33} | Excess of Required Pro-forma over Pro-forma Balance | {33} | 2,431,716 | |||||||||||||
{34} | Pool Balance minus Pro-forma Note Balance not less than .50% Original Pool Balance ($5,444,998) | {34} | 2,431,716 | |||||||||||||
{35} | Step-Down Amount Lesser of {33} or {34} | {35} | $ | 2,431,716 |
CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT:
{36} | Total Monthly Principal Amounts | {36} | $ | 16,486,210 | ||||||||
{37} | Step-down Amount | {37} | (2,431,716 | ) | ||||||||
{38} | Principal Distributable Amount | {38} | $ | 14,054,494 |
2
CALCULATION OF INTEREST DISTRIBUTABLE AMOUNT:
Beginning | Interest | Interest | Calculated | |||||||||||||||||||
Class | Note Balance | Carryover | Rate | Days | Days Basis | Interest | ||||||||||||||||
{39} | Class A - 1 | $ | 0 | 0 | 2.706760 | % | 33 | Actual days/360 | 0 | |||||||||||||
{40} | Class A - 2A | $ | 0 | 0 | 3.11000 | % | 30 | 30/360 | 0 | |||||||||||||
{41} | Class A - 2B | $ | 0 | 0 | 0.25000 | % | 33 | Actual days/360 | 0 | |||||||||||||
{42} | Class A - 3 | $ | 25,746,478 | 0 | 3.38000 | % | 30 | 30/360 | 72,520 | |||||||||||||
{43} | Class B | $ | 78,950,000 | 0 | 3.58000 | % | 30 | 30/360 | 235,535 | |||||||||||||
{44} | Class C | $ | 98,010,000 | 0 | 3.74000 | % | 30 | 30/360 | 305,465 | |||||||||||||
{45} | Class D | $ | 96,380,000 | 0 | 4.04000 | % | 30 | 30/360 | 324,480 | |||||||||||||
{46} | Class E (1) | $ | 25,590,000 | 0 | 4.14000 | % | 30 | 30/360 | 88,286 |
(1) | Prior to the 24th distribution date, interest will accrue at 0.00%. From and after the 24th distribution date, if on the 24th distribution date target OC is met, interest will accrue at 4.14%, otherwise interest will accrue at 0.00%. |
RECONCILIATION OF COLLECTION ACCOUNT:
Available Funds: | ||||||||||||||
{47} | Principal Collections on Receivables during period (net of Liquidation Proceeds and Fees) | {47} | 15,424,286 | |||||||||||
{48} | Interest Collections on Receivables during period (net of Liquidation Proceeds and Fees) | {48} | 3,735,090 | |||||||||||
{49} | Liquidation Proceeds collected during period (net of Fees) | {49} | 741,025 | |||||||||||
{50} | Purchase Amounts or amounts from Servicer deposited in Collection Account | {50} | 22,837 | |||||||||||
{51} | Investment Earnings - Collection Account | {51} | 437 | |||||||||||
{52} | From Reserve Acct - Investment Earnings, Reserve Acct Withdrawal, Excess Specified Reserve over Note Bal | {52} | 464 | |||||||||||
{53} | Collection of Supplemental Servicing - Extension Fees | {53} | 66,822 | |||||||||||
{54} | Collection of Supplemental Servicing - Repo and Recovery Fees Netted from Gross Liquidation Proceeds | {54} | 80,413 | |||||||||||
{55} | Collection of Supplemental Servicing - Late Fees, Prepayment Penalty Fees & Force Placed Insurance | {55} | 79,132 | |||||||||||
{56} | Total Available Funds | {56} | 20,150,506 |
Distributions: | ||||||||||||||
{57} | Base Servicing Fee | {57} | 666,195 | |||||||||||
{58} | Repo and Recovery Fees - reimbursed to Servicer | {58} | 80,413 | |||||||||||
{59} | Bank Service Charges - reimbursed to Servicer | {59} | 0 | |||||||||||
{60} | Late Fees, Prepayment Penalty Fees & Force Placed Insurance - to Servicer | {60} | 79,132 | |||||||||||
{61} | Trustee and Trust Collateral Agent Fees | {61} | 425 | |||||||||||
{62} | Asset Representations Reviewer Fee | {62} | 0 | |||||||||||
{63} | Owner Trustee Fee | {63} | 208 | |||||||||||
{64} | Class A-1 Noteholders’ Interest Distributable Amount pari passu | {64} | 0 | |||||||||||
{65} | Class A-2A Noteholders’ Interest Distributable Amount pari passu | {65} | 0 | |||||||||||
{66} | Class A-2B Noteholders’ Interest Distributable Amount pari passu | {66} | 0 | |||||||||||
{67} | Class A-3 Noteholders’ Interest Distributable Amount pari passu | {67} | 72,520 | |||||||||||
{68} | Class A Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {68} | 0 | |||||||||||
{69} | Class B Noteholders’ Interest Distributable Amount | {69} | 235,535 | |||||||||||
{70} | Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {70} | 0 | |||||||||||
{71} | Class C Noteholders’ Interest Distributable Amount | {71} | 305,465 | |||||||||||
{72} | Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {72} | 0 | |||||||||||
{73} | Class D Noteholders’ Interest Distributable Amount | {73} | 324,480 | |||||||||||
{74} | Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {74} | 0 | |||||||||||
{75} | Class E Noteholders’ Interest Distributable Amount | {75} | 88,286 | |||||||||||
{76} | Class E Noteholders’ Principal Parity Amount or Matured Principal Shortfall | {76} | 0 | |||||||||||
{77} | Noteholders’ Principal Distributable Amount | {77} | 14,054,494 | |||||||||||
{78} | To the Reserve Account, the Reserve Account Deposit | {78} | 0 | |||||||||||
{79} | To the Noteholders, the Accelerated Principal Amount (as calculated below) | {79} | 0 | |||||||||||
{80} | Add’l fees (Trustee, ARR, Owner Trustee, Trust Collateral Agent, Lockbox Bank & Processor) | {80} | 0 | |||||||||||
{81} | To the Certificateholders, the aggregate amount remaining | {81} | 4,243,353 | |||||||||||
{82} | Total Distributions | {82} | $ | 20,150,506 |
3
CALCULATION OF PRINCIPAL PARITY AMOUNT:
(X) | (Y) | (I) | (II) | |||||||||||||||||||
Cumulative | Pool | Excess of | Available Funds | Lesser of | ||||||||||||||||||
Class | Note Balance | Balance | (X) - (Y) | in Waterfall | (I) or (II) | |||||||||||||||||
{83} | Class A | $ | 25,746,478 | $ | 338,817,586 | $ | 0 | $ | 19,251,613 | $ | 0 | |||||||||||
{84} | Class B | 104,696,478 | 338,817,586 | 0 | 19,016,078 | 0 | ||||||||||||||||
{85} | Class C | 202,706,478 | 338,817,586 | 0 | 18,710,613 | 0 | ||||||||||||||||
{86} | Class D | 299,086,478 | 338,817,586 | 0 | 18,386,133 | 0 | ||||||||||||||||
{87} | Class E | 324,676,478 | 338,817,586 | 0 | 18,297,847 | 0 |
CALCULATION OF ACCELERATED PRINCIPAL AMOUNT:
{88} | Excess Available Funds | {88} | $ | 4,243,353 | ||||||||
{89} | Pro-Forma Note Balance (Calculated after Step-Down) | {89} | 310,621,984 | |||||||||
{90} | Required Pro Forma Note Balance | {90} | 310,621,984 | |||||||||
{91} | Excess of Pro-Forma Balance over Required Pro-Forma Balance | {91} | 0 | |||||||||
{92} | Lesser of Excess Available Funds or Excess of Pro-Forma Note Balance | {92} | $ | 0 |
RECONCILIATION OF RESERVE ACCOUNT:
Current | ||||||||||||
{93} | Specified Reserve Balance | $ | 21,779,992 | |||||||||
{94} | Beginning of period Reserve Account balance | {94} | $ | 21,779,992 | ||||||||
{95} | The Reserve Account Deposit, from Collection Account | {95} | 0 | |||||||||
{96} | Investment Earnings | {96} | 464 | |||||||||
{97} | Investment Earnings - transferred to Collection Account Available Funds | {97} | (464 | ) | ||||||||
{98} | Reserve Account Withdrawal Amount | {98} | 0 | |||||||||
{99} | End of period Reserve Account balance | {99} | $ | 21,779,992 |
CALCULATION OF TOTAL OVERCOLLATERALIZATION:
{100} | Aggregate Principal Balance | {100} | $ | 338,817,586 | ||||||||
{101} | End of Period Note Balance | {101} | 310,621,984 | |||||||||
{102} | Overcollateralization | {102} | 28,195,602 | |||||||||
{103} | Overcollateralization % | {103} | 8.32 | % |
MONTHLY PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION:
Cumulative | Monthly | |||||||||||
{104} | Original Number of Receivables | {104} | 48,286 | 0 | ||||||||
{105} | Beginning of period number of Receivables | {105} | 0 | 24,617 | ||||||||
{106} | Number of Receivables becoming Liquidated Receivables during period | {106} | 6,147 | 81 | ||||||||
{107} | Number of Receivables becoming Purchased Receivables during period | {107} | 150 | 1 | ||||||||
{108} | Number of Receivables paid off during period | {108} | 18,089 | 635 | ||||||||
{109} | End of period number of Receivables | {109} | 23,900 | 23,900 |
4
STATISTICAL DATA: (CURRENT AND HISTORICAL):
Original | Prev. Month | Current | ||||||||||||||
{110} | Weighted Average APR of the Receivables | {110} | 13.09 | % | 13.11 | % | 13.12 | % | ||||||||
{111} | Weighted Average Remaining Term of the Receivables | {111} | 70.00 | 38.01 | 37.09 | |||||||||||
{112} | Weighted Average Original Term of Receivables | {112} | 71.00 | 71.00 | 71.00 | |||||||||||
{113} | Average Receivable Balance | {113} | $ | 22,553 | $ | 14,433 | $ | 14,176 | ||||||||
{114} | Net Losses in Period | {114} | $ | 0 | $ | 220,240 | $ | 298,062 | ||||||||
{115} | Aggregate Realized Losses | {115} | $ | 0 | $ | 52,178,295 | $ | 52,476,357 | ||||||||
{116} | Aggregate Realized Loss Percentage | {116} | 4.791 | % | 4.818 | % | ||||||||||
{117} | ABS Prepay Speed | {117} | 1.5198 | 1.3509 |
DELINQUENCY:
Receivables with Scheduled Payment delinquent | Units | Dollars | Percentage | |||||||||||||||
{118} | 31-60 days | {118} | 1,573 | $ | 25,916,362 | 7.29 | % | |||||||||||
{119} | 61-90 days | {119} | 333 | 5,042,484 | 1.42 | % | ||||||||||||
{120} | 91-120 days | {120} | 81 | 1,197,771 | 0.34 | % | ||||||||||||
{121} | Total | {121} | 1,987 | $ | 32,156,617 | 9.05 | % |
ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER
Dollars | Percentage | |||||||||||
{122} | Receivables with Scheduled Payment delinquent 61 days or more | {122} | $ | 6,240,255 | 1.76 | % | ||||||
{123} | Compliance (Trigger Violation is a Delinquency Rate Greater Than 7.20% ) | {123} | Yes |
EXTENSIONS
{124} | Principal Balance of Receivables extended during current period | {124} | $ | 9,985,840 | ||||||||||
{125} | Beginning of Period Aggregate Principal Balance | {125} | 355,303,796 | |||||||||||
{126} | Extension Rate {124} divided by {125} | {126} | 2.81 | % |
By: | /s/ Randal L. Willis | |
Name: | Randal L. Willis | |
Title: | Senior Vice President, Securitization & Conduit Reporting | |
Date: | September 15, 2021 |
5
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