0001615774-20-003172.txt : 20200310 0001615774-20-003172.hdr.sgml : 20200310 20200310060550 ACCESSION NUMBER: 0001615774-20-003172 CONFORMED SUBMISSION TYPE: 10-D PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20200229 0001347185 0001002761 FILED AS OF DATE: 20200310 DATE AS OF CHANGE: 20200310 ABS ASSET CLASS: Auto loans FILER: COMPANY DATA: COMPANY CONFORMED NAME: AmeriCredit Automobile Receivables Trust 2016-1 CENTRAL INDEX KEY: 0001663133 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: 10-D SEC ACT: 1934 Act SEC FILE NUMBER: 333-206924-01 FILM NUMBER: 20699847 BUSINESS ADDRESS: STREET 1: 2215-B RENAISSANCE DRIVE, SUITE 10 CITY: LAS VEGAS STATE: NV ZIP: 89119 BUSINESS PHONE: 702-932-4914 MAIL ADDRESS: STREET 1: 2215-B RENAISSANCE DRIVE, SUITE 10 CITY: LAS VEGAS STATE: NV ZIP: 89119 10-D 1 s123836_10d.htm FORM 10-D

 

 

 

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

February 1, 2020 to February 29, 2020

        

Commission File Number of issuing entity: 333-206924-01

CIK number of issuing entity: 0001663133

 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2016-1

(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   81-6158858
(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 March 6, 2020.

 

No assets securitized by AmeriCredit Financial Services, Inc. (the “Securitizer”) and held by AmeriCredit Automobile Receivables Trust 2016-1 were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from February 1, 2020 to February 29, 2020.

 

The Securitizer (CIK # 0001002761) filed Form ABS-15G on February 3, 2020.

 

Item 1A. – Asset-Level Information.

 

None

 

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:

 

99.1Monthly 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 2016-1

(Issuing Entity)

 

Dated: March 10, 2020

 

By: AmeriCredit Financial Services, Inc., as Servicer
 
By: /s/ Randal L. Willis  
Name:  Randal L. Willis
Title: Senior Vice President, Securitization &
Conduit Reporting

 

 

 EX-99.1 2 s123836_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

AmeriCredit Automobile Receivables Trust 2016-1

Class A-1 .75000 % Asset Backed Notes

Class A-2A 1.52 % Asset Backed Notes

Class A-2B Floating Rate Asset Backed Notes

Class A-3 1.81 % Asset Backed Notes

Class B 2.30 % Asset Backed Notes

Class C 2.89 % Asset Backed Notes

Class D 3.59 % 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 2016-1, as Issuer, AmeriCredit Financial Services, Inc., as Servicer, AFS SenSub Corp., as Seller, and The Bank of New York Mellon, as the Trust Collateral Agent, dated as of January 13, 2014. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.

 

Monthly Period Beginning: 02/01/2020
Monthly Period Ending: 02/29/2020
Prev. Distribution/Close Date: 02/10/2020
Distribution Date: 03/09/2020
Days of Interest for Period: 28
Days in Collection Period: 29
Months Seasoned: 50

 

             Original 
Purchases  Units   Start Date  Closing Date  Pool Balance 
Initial Purchase   63,019   01/14/2016  01/21/2016  $1,298,698,994 
                 
Total   63,019         $1,298,698,994 

 

I. MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:

 

{1}  Beginning of period Aggregate Principal Balance      {1}   $186,830,012 
                    
   Monthly Principal Amounts             
                    
   {2}  Collections on Receivables outstanding at end of period  {2}   8,901,336      
   {3}  Collections on Receivables paid off during period  {3}   2,342,563      
   {4}  Receivables becoming Liquidated Receivables during period  {4}   1,327,751      
   {5}  Receivables becoming Purchased Receivables during period  {5}   15,319      
   {6}  Other Receivables adjustments  {6}   1      
   {7}  Less amounts allocable to Interest  {7}   (1,700,239)     
                    
   {8}  Total Monthly Principal Amounts      {8}    10,886,731 
                    
{9}  End of period Aggregate Principal Balance      {9}   $175,943,281 
                    
{10}  Pool Factor      {10}    13.5476567%

 

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II. MONTHLY PERIOD NOTE BALANCE CALCULATION:

 

         Class A-1   Class A-2A   Class A-2B   Class A-3   Class B 
{11}  Original Note Balance  {11}  $216,000,000   $240,000,000   $160,430,000   $257,600,000   $94,150,000 
                                
{12}  Beginning of period Note Balance  {12}  $0   $0   $0   $0   $0 
                                
{13}  Noteholders' Principal Distributable Amount  {13}   0    0    0    0    0 
{14}  Noteholders' Accelerated Principal Amount  {14}   0    0    0    0    0 
{15}  Aggregate Principal Parity Amount  {15}   0    0    0    0    0 
{16}  Matured Principal Shortfall  {16}                         
                                
{17}  End of period Note Balance  {17}  $0   $0   $0   $0   $0 
                                
{18}  Note Pool Factors  {18}   0.0000000%   0.0000000%   0.0000000%   0.0000000%   0.0000000%

 

         Class C   Class D   Class E   TOTAL 
         $116,880,000   $114,940,000   $27,270,000   $1,227,270,000 
                           
{19}  Beginning of period Note Balance  {19}  $38,126,517   $114,940,000   $27,270,000   $180,336,517 
                           
{20}  Noteholders' Principal Distributable Amount  {20}   6,493,495    0    0    6,493,495 
{21}  Noteholders' Accelerated Principal Amount  {21}   0    0    0    0 
{22}  Aggregate Principal Parity Amount  {22}   4,393,236    0    0    4,393,236 
{23}  Matured Principal Shortfall  {23}                  0 
                           
{24}  End of period Note Balance  {24}  $27,239,786   $114,940,000   $27,270,000   $169,449,786 
                           
{25}  Note Pool Factors  {25}   23.3057717%   100.0000000%   100.0000000%   13.8070503%

 

III. CALCULATION OF STEP-DOWN AMOUNT:

 

{26}  Ending Pool Balance  {26}      $175,943,281     
{27}  14.75 % of Ending Aggregate Principal Balance  {27}   25,951,634           
{28}  Less Specified Reserve Balance  {28}   (25,973,980)          
{29}  Sum of {27} and {28}  {29}   0           
{30}  Required Pro Forma Note Balance {26} - {29}  {30}        175,943,281      
                      
{31}  Beginning Note Balance  {31}   180,336,517           
{32}  Total Monthly Principal Amount  {32}   (15,279,967)          
{33}  Pro-Forma Note Balance ( Assuming 100% Pay-down)  {33}        165,056,550      
                      
{34}  Excess of Required Pro-forma over Pro-forma Balance  {34}        10,886,731      
{35}  Pool Balance minus Pro-forma Note Balance not less than .50% Original Pool Balance ($6,493,495)  {35}        4,393,236      
{36}  Step-Down Amount Lesser of {34} or {35}  {36}            $4,393,236 

 

IV. CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT:

 

{37}  Total Monthly Principal Amounts  {37}  $10,886,731     
{38}  Step-down Amount  {38}   (4,393,236)     
{39}  Principal Distributable Amount  {39}       $6,493,495 

 

2

 

  

V. CALCULATION OF INTEREST DISTRIBUTABLE AMOUNT:

 

      Beginning   Interest   Interest         Calculated 
   Class  Note Balance   Carryover   Rate   Days  Days Basis  Interest 
{40}  Class A - 1  $0    0    0.7500000%  28  Actual days/360  $0 
{41}  Class A - 2A  $0    0    1.5200000%  30  30/360   0 
{42}  Class A - 2B  $0    0    0.7500000%  28  Actual days/360   0 
{43}  Class A - 3  $0    0    1.8100000%  30  30/360   0 
{44}  Class B  $0    0    2.3000000%  30  30/360   0 
{45}  Class C  $38,126,517    0    2.8900000%  30  30/360   91,822 
{46}  Class D  $114,940,000    0    3.5900000%  30  30/360   343,863 
{47}  Class E  $27,270,000    0    0.0000000%  30  30/360   0 

 

VI. RECONCILIATION OF COLLECTION ACCOUNT:

 

   Available Funds:           
  {48}  Collections on Receivables during period (net of Liquidation Proceeds and Fees)  {48}   11,202,247     
   {49}  Liquidation Proceeds collected during period  {49}   555,675      
   {50}  Purchase Amounts or amounts from Servicer deposited in Collection  Account  {50}   15,319      
   {51}  Investment Earnings - Collection Account  {51}   9,269      
   {52}  From Reserve Acct - Investment Earnings, Reserve Acct Withdrawal, Excess Specified Reserve over Note Bal  {52}   27,069      
   {53}  Collection of Supplemental Servicing - Extension Fees  {53}   41,652      
   {54}  Collection of Supplemental Servicing - Repo and Recovery Fees Advanced  {54}   79,730      
   {55}  Collection of Supplemental Servicing - Late Fees, Prepayment Penalty Fees & Force Placed Insurance  {55}   104,893      
                    
   {56}  Total Available Funds  {56}        12,035,854 
                    
   Distributions:             
   {57}  Base Servicing Fee  {57}   350,306      
   {58}  Repo and Recovery Fees - reimbursed to Servicer  {58}   79,730      
   {59}  Bank Service Charges - reimbursed to Servicer  {59}   0      
   {60}  Late Fees, Prepayment Penalty Fees & Force Placed Insurance - to Servicer  {60}   104,893      
   {61}  Trustee and Trust Collateral Agent Fees  {61}   417      
   {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}   0      
   {68}  Class A Noteholders' Principal Parity Amount or Matured Principal Shortfall  {68}   0      
   {69}  Class B Noteholders' Interest Distributable Amount  {69}   0      
   {70}  Class B Noteholders' Principal Parity Amount or Matured Principal Shortfall  {70}   0      
   {71}  Class C Noteholders' Interest Distributable Amount  {71}   91,822      
   {72}  Class C Noteholders' Principal Parity Amount or Matured Principal Shortfall  {72}   0      
   {73}  Class D Noteholders' Interest Distributable Amount  {73}   343,863      
   {74}  Class D Noteholders' Principal Parity Amount or Matured Principal Shortfall  {74}   0      
   {75}  Class E Noteholders' Interest Distributable Amount  {75}   0      
   {76}  Class E Noteholders' Principal Parity Amount or Matured Principal Shortfall  {76}   4,393,236      
   {77}  Noteholders' Principal Distributable Amount  {77}   6,493,495      
   {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}   177,884      
   {82}  Total Distributions  {82}       $12,035,854 

 

3

 

  

VlI. 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  $0   $175,943,281   $0   $11,500,300   $0 
{84}  Class B   0    175,943,281    0    11,500,300    0 
{85}  Class C   38,126,517    175,943,281    0    11,408,478    0 
{86}  Class D   153,066,517    175,943,281    0    11,064,615    0 
{87}  Class E   180,336,517    175,943,281    4,393,236    11,064,615    4,393,236 

 

VlII. CALCULATION OF ACCELERATED PRINCIPAL AMOUNT:

 

{88}  Excess Available Funds  {88}  $177,884     
{89}  Pro-Forma Note Balance (Calculated after Step-Down)  {89}   169,449,786      
{90}  Required Pro Forma Note Balance  {90}   175,943,281      
{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 

 

IX. RECONCILIATION OF RESERVE ACCOUNT:

 

             Current 
{93}  Specified Reserve Balance        $25,973,980 
                 
{94}  Beginning of period Reserve Account balance  {94}       $25,973,980 
                 
{95}  The Reserve Account Deposit, from Collection Account  {95}   0      
{96}  Investment Earnings  {96}   27,069      
{97}  Investment Earnings - transferred to Collection Account Available Funds  {97}   (27,069)     
{98}  Reserve Account Withdrawal Amount  {98}   0      
                 
{99}  End of period Reserve Account balance  {99}       $25,973,980 

 

X. CALCULATION OF TOTAL OVERCOLLATERALIZATION:

 

{100}  Aggregate Principal Balance  {100}  $175,943,281     
{101}  End of Period Note Balance  {101}   169,449,786      
{102}  Overcollateralization  {102}   6,493,495      
{103}  Overcollateralization %  {103}        3.69%

 

XI. MONTHLY PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION:

 

         Cumulative   Monthly 
{104}  Original Number of Receivables  {104}   63,019     
{105}  Beginning of period number of Receivables  {105}   0    18,921 
{106}  Number of Receivables becoming Liquidated Receivables during period  {106}   12,684    139 
{107}  Number of Receivables becoming Purchased Receivables during period  {107}   22    1 
{108}  Number of Receivables paid off during period  {108}   31,887    355 
{109}  End of period number of Receivables  {109}   18,426    18,426 

 

4

 

  

XII. STATISTICAL DATA: (CURRENT AND HISTORICAL):

 

         Original   Prev. Month   Current 
{110}  Weighted Average APR of the Receivables  {110}   12.15%   12.13%   12.14%
{111}  Weighted Average Remaining Term of the Receivables  {111}   66.00    23.37    22.53 
{112}  Weighted Average Original Term of Receivables  {112}   71.00    71.00    71.00 
{113}  Average Receivable Balance  {113}  $20,608   $9,874   $9,549 
{114}  Net Losses in Period  {114}  $0   $972,097   $772,076 
{115}  Aggregate Realized Losses  {115}  $0   $109,157,106   $109,929,182 
{116}  Aggregate Realized Loss Percentage  {116}        8.405%   8.464%
{117}  ABS Prepay Speed  {117}        1.0863    0.9862 

 

XIII. DELINQUENCY:

 

   Receivables with Scheduled Payment delinquent     Units   Dollars   Percentage 
  {118}  31-60 days  {118}   1,770   $21,442,745    11.48%
   {119}  61-90 days  {119}   405    4,843,126    2.59%
   {120}  91-120 days  {120}   121    1,283,506    0.69%
   {121}  Total  {121}   2,296   $27,569,377    14.76%

 

XIV. ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER

 

         Dollars   Percentage 
{122}  Receivables with Scheduled Payment delinquent 61 days or more  {122}  $6,126,632    3.28%
                 
{123}  Compliance (Trigger Violation is a Delinquency Rate Greater Than 7.60% )  {123}             Yes 

 

XV. EXTENSIONS

 

   {124}  Principal Balance of Receivables extended during current period  {124}  $4,401,011     
   {125}  Beginning of Period Aggregate Principal Balance  {125}   186,830,012      
   {126}  Extension Rate {124} divided by {125}  {126}        2.36%

 

By: /s/ Randal L. Willis  
Name:  Randal L. Willis  
Title: Senior Vice President, Securitization & Conduit Reporting  
Date: March 4, 2020  

 

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