SECURITIZATION NOTES PAYABLE

Securitization notes payable represents debt issued by us in securitization transactions. In connection with the merger with GM, we recorded a purchase accounting premium that is being amortized to interest expense over the expected term of the notes. At March 31, 2012, unamortized purchase accounting premium of $32.7 million is included in securitization notes payable. Debt issuance costs of $17.9 million and $16.3 million, as of March 31, 2012 and December 31, 2011, respectively, which are included in other assets, are amortized to interest expense over the expected term of securitization notes payable.

Securitization notes payable as of March 31, 2012, consists of the following (dollars in thousands):



Transaction	Maturity Date ^(a)	Original Note Amount		Original Weighted Average Interest Rate		March 31, 2012
Transaction	Maturity Date ^(a)	Original Note Amount		Original Weighted Average Interest Rate		Receivables Pledged		Note Balance
2007-C-M	April 2014	$	1,500,000	5.5	%	$	162,389	$	151,880
2007-D-F	June 2014	1,000,000		5.5	%	125,633		116,451
2007-2-M (APART)^(b)	March 2016	1,000,000		5.3	%	114,373		110,916
2008-A-F	October 2014	750,000		6.0	%	149,020		120,826
2008-1	January 2015	500,000		8.7	%	129,016		8,284
2008-2	April 2015	500,000		10.5	%	138,030		17,120
2009-1	January 2016	725,000		7.5	%	270,226		194,557
2009-1 (APART)^(b)	July 2017	227,493		2.7	%	83,324		63,426
2010-1	July 2017	600,000		3.7	%	277,543		234,799
2010-A	July 2017	200,000		3.1	%	108,904		87,917
2010-2	October 2017	600,000		3.8	%	292,015		270,326
2010-B	November 2017	200,000		2.2	%	130,527		106,581
2010-3	January 2018	850,000		2.5	%	568,664		494,893
2010-4	April 2018	700,000		2.5	%	411,911		380,459
2011-1	July 2018	800,000		2.5	%	572,604		525,538
2011-2	September 2018	950,000		2.6	%	687,727		634,765
2011-3	December 2018	1,000,000		2.4	%	807,644		740,721
2011-4	January 2019	900,000		2.5	%	810,552		756,778
2011-5	March 2019	900,000		2.9	%	844,371		799,831
2012-PP1^(c)	June 2019	800,000		—		767,389		739,699
2012-1	July 2019	1,000,000		2.5	%	1,003,898		970,929
		$	15,702,493			$	8,455,760	$	7,526,696
Purchase accounting premium								32,661
Total								$	7,559,357

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(a)	Maturity date represents final legal maturity of securitization notes payable. Securitization notes payable are expected to be paid based on amortization of the finance receivables pledged to Trusts.


(b)	"APART" represents AmeriCredit Prime Automobile Receivables Trust.


(c)	"PP" represents the private sale of asset-backed securities, the pricing terms of which are confidential.

At the time of securitization of finance receivables, we are required to pledge assets equal to a specified percentage of the securitization pool to support the securitization transaction. Typically, the assets pledged consist of cash deposited to a restricted account and additional receivables delivered to the Trust, which create overcollateralization. The securitization transactions require the percentage of assets pledged to support the transaction to increase until a specified level is attained. Excess cash flows generated by the Trusts are added to the restricted cash account or used to pay down outstanding debt in the Trusts, creating overcollateralization until the targeted percentage level of assets has been reached. Once the targeted percentage level of assets is reached and maintained, excess cash flows generated by the Trusts are released to us as distributions from Trusts. Additionally, as the balance of the securitization pool declines, the amount of pledged assets needed to maintain the required percentage level is reduced. Assets in excess of the required percentage are also released to us as distributions from Trusts.

With respect to our securitization transactions covered by a financial guaranty insurance policy, agreements with the insurers provide that if portfolio performance ratios (delinquency, cumulative default or cumulative net loss) in a Trust’s pool of receivables exceed certain targets, the specified credit enhancement levels would be increased.

Agreements with our financial guaranty insurance providers contain additional specified targeted portfolio performance ratios that are higher than those described in the preceding paragraph. If, at any measurement date, the targeted portfolio performance ratios with respect to any insured Trust were to exceed these higher levels, provisions of the agreements permit our financial guaranty insurance providers to declare the occurrence of an event of default and terminate our servicing rights to the receivables transferred to that Trust. As of March 31, 2012, no such servicing right termination events have occurred with respect to any of the Trusts formed by us.