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

April 1, 2022 to April 30, 2022

        

Commission File Number of issuing entity: 333-228632-02

CIK number of issuing entity: 0001774379

 

AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2019-2

(Exact name of issuing entity as specified in its charter)

 

Commission File Number of depositor: 333-228632

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   83-6874533
(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 May 17, 2022.

 

No assets securitized by AmeriCredit Financial Services, Inc. (the “Securitizer”) and held by AmeriCredit Automobile Receivables Trust 2019-2 were the subject of a demand to repurchase or replace for breach of the representations and warranties during the distribution period from April 1, 2022 to April 30, 2022.

 

The Securitizer (CIK # 0001002761) filed Form ABS-15G on February 1, 2022.

 

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:

 

99.1Monthly Servicer’s Certificate

 

(b) Exhibits required by this Form and Item 601 of Regulation S-K (17 CFR 229.601).

 

102.1Asset Data File, dated as of May 23, 2022 for the reporting period April 1, 2022 to April 30, 2022 (See Exhibit 102.1 to Form ABS-EE filed by AmeriCredit Automobile Receivables Trust 2019-2 with the SEC on May 23, 2022, which is incorporated by reference herein).

 

103.1Asset Related Document, dated as of May 23, 2022 for the reporting period April 1, 2022 to April 30, 2022 (See Exhibit 103.1 to Form ABS-EE filed by AmeriCredit Automobile Receivables Trust 2019-2 with the SEC on May 23, 2022, which is incorporated by reference herein).

 

 

 

 

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 2019-2

(Issuing Entity)

 

Dated: May 25, 2022

 

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 2019-2

Class A-1 2.524250% Asset Backed Notes

Class A-2A 2.43% Asset Backed Notes

Class A-2B Floating Rate Asset Backed Notes

Class A-3 2.28% Asset Backed Notes

Class B 2.54% Asset Backed Notes

Class C 2.74% Asset Backed Notes

Class D 2.99% 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 2019-2, 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 June 12, 2019. Defined terms have the meanings assigned to them in the Sale and Servicing Agreement or in other Transaction Documents.

 

Monthly Period Beginning: 04/01/2022
Monthly Period Ending: 04/30/2022
Prev. Distribution/Close Date: 04/18/2022
Distribution Date: 05/18/2022
Days of Interest for Period: 30
Days in Collection Period: 30
Transaction Month: 35

 

             Original 
Purchases  Units   Start Date  Closing Date  Pool Balance 
Initial Purchase   42,247   05/02/2019  06/12/2019  $870,551,703 
                 
Total   42,247         $870,551,703 

 

MONTHLY PERIOD RECEIVABLES PRINCIPAL BALANCE CALCULATION:

 

{1}  Beginning of period Aggregate Principal Balance      {1}   $250,201,249 
                    
   Monthly Principal Amounts             
                 
   {2}  Collections on Receivables outstanding at end of period  {2}   5,337,411      
   {3}  Collections on Receivables paid off during period  {3}   5,569,949      
   {4}  Receivables becoming Liquidated Receivables during period  {4}   906,629      
   {5}  Receivables becoming Purchased Receivables during period  {5}   10,261      
   {6}  Other Receivables adjustments  {6}   0      
                    
   {7}  Total Monthly Principal Amounts      {7}    11,824,250 
                    
{8}  End of period Aggregate Principal Balance      {8}   $238,376,999 
                    
{9}  Pool Factor      {9}    27.3822908%

 

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}  $153,000,000   $180,920,000   $65,000,000   $182,600,000   $63,120,000 
                                
{11}  Beginning of period Note Balance  {11}  $0   $0   $0   $0   $54,857,599 
                                
{12}  Noteholders’ Principal Distributable Amount  {12}   0    0    0    0    10,080,173 
{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   $0   $44,777,426 
                                
{17}  Note Pool Factors  {17}   0.0000000%   0.0000000%   0.0000000%   0.0000000%   70.9401553%

 

         Class C   Class D   Class E   TOTAL 
         $78,350,000   $77,040,000   $20,460,000   $820,490,000 
                           
{18}  Beginning of period Note Balance  {18}  $78,350,000   $77,040,000   $20,460,000   $230,707,599 
                           
{19}  Noteholders’ Principal Distributable Amount  {19}   0    0    0    10,080,173 
{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}  $78,350,000   $77,040,000   $20,460,000   $220,627,426 
                           
{24}  Note Pool Factors  {24}   100.0000000%   100.0000000%   100.0000000%   26.8897154%

 

CALCULATION OF STEP-DOWN AMOUNT:

 

{25}  Ending Pool Balance  {25}           $238,376,999          
{26}  14.75 % of Ending Aggregate Principal Balance  {26}   35,160,607           
{27}  Less Specified Reserve Balance  {27}   (17,411,034)          
{28}  Sum of {26} and {27}  {28}   17,749,573           
{29}  Required Pro Forma Note Balance {25} - {28}  {29}        220,627,426      
                      
{30}  Beginning Note Balance  {30}   230,707,599           
{31}  Total Monthly Principal Amount  {31}   (11,824,250)          
{32}  Pro-Forma Note Balance ( Assuming 100% Pay-down)  {32}        218,883,349      
                      
{33}  Excess of Required Pro-forma over Pro-forma Balance  {33}        1,744,077      
{34}  Pool Balance minus Pro-forma Note Balance not less than .50% Original Pool Balance ($4,352,759)  {34}        1,744,077      
{35}  Step-Down Amount Lesser of {33} or {34}  {35}            $1,744,077 

 

CALCULATION OF PRINCIPAL DISTRIBUTABLE AMOUNT:

 

{36}  Total Monthly Principal Amounts  {36}  $11,824,250           
{37}  Step-down Amount  {37}   (1,744,077)     
{38}  Principal Distributable Amount  {38}       $10,080,173 

 

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    2.524250%  30  Actual days/360           0 
{40}  Class A - 2A  $0    0    2.43000%  30  30/360   0 
{41}  Class A - 2B  $0    0    0.28000%  30  Actual days/360   0 
{42}  Class A - 3  $0    0    2.28000%  30  30/360   0 
{43}  Class B  $54,857,599    0    2.54000%  30  30/360   116,116 
{44}  Class C  $78,350,000    0    2.74000%  30  30/360   178,900 
{45}  Class D  $77,040,000    0    2.99000%  30  30/360   191,958 
{46}  Class E (1)  $20,460,000    0    3.09000%  30  30/360   52,685 

 

(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 3.09%, 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}   10,907,360              
   {48}  Interest Collections on Receivables during period (net of Liquidation Proceeds and Fees)  {48}   2,651,056      
   {49}  Liquidation Proceeds collected during period (net of Fees)  {49}   724,958      
   {50}  Purchase Amounts or amounts from Servicer deposited in Collection Account  {50}   10,261      
   {51}  Investment Earnings - Collection Account  {51}   2,957      
   {52}  From Reserve Acct - Investment Earnings, Reserve Acct Withdrawal, Excess Specified Reserve over Note Bal  {52}   3,461      
   {53}  Collection of Supplemental Servicing - Extension Fees  {53}   45,158      
   {54}  Collection of Supplemental Servicing - Repo and Recovery Fees Netted from Gross Liquidation Proceeds  {54}   69,171      
   {55}  Collection of Supplemental Servicing - Late Fees, Prepayment Penalty Fees & Force Placed Insurance  {55}   70,149      
   {56}  Total Available Funds  {56}        14,484,531 

 

   Distributions:           
       {57}  Base Servicing Fee  {57}   469,127            
   {58}  Repo and Recovery Fees - reimbursed to Servicer  {58}   69,171      
   {59}  Bank Service Charges - reimbursed to Servicer  {59}   0      
   {60}  Late Fees, Prepayment Penalty Fees & Force Placed Insurance - to Servicer  {60}   70,149      
   {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}   116,116      
   {70}  Class B Noteholders’ Principal Parity Amount or Matured Principal Shortfall  {70}   0      
   {71}  Class C Noteholders’ Interest Distributable Amount  {71}   178,900      
   {72}  Class C Noteholders’ Principal Parity Amount or Matured Principal Shortfall  {72}   0      
   {73}  Class D Noteholders’ Interest Distributable Amount  {73}   191,958      
   {74}  Class D Noteholders’ Principal Parity Amount or Matured Principal Shortfall  {74}   0      
   {75}  Class E Noteholders’ Interest Distributable Amount  {75}   52,685      
   {76}  Class E Noteholders’ Principal Parity Amount or Matured Principal Shortfall  {76}   0      
   {77}  Noteholders’ Principal Distributable Amount  {77}   10,080,173      
   {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}   3,255,627      
   {82}  Total Distributions  {82}       $14,484,531 

 

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  $0   $238,376,999   $         0   $13,875,459   $         0 
{84}  Class B   54,857,599    238,376,999    0    13,759,343    0 
{85}  Class C   133,207,599    238,376,999    0    13,580,443    0 
{86}  Class D   210,247,599    238,376,999    0    13,388,485    0 
{87}  Class E   230,707,599    238,376,999    0    13,335,800    0 

 

CALCULATION OF ACCELERATED PRINCIPAL AMOUNT:

 

{88}  Excess Available Funds  {88}  $3,255,627            
{89}  Pro-Forma Note Balance (Calculated after Step-Down)  {89}   220,627,426      
{90}  Required Pro Forma Note Balance  {90}   220,627,426      
{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                   $17,411,034 
                 
{94}  Beginning of period Reserve Account balance  {94}       $17,411,034 
                 
{95}  The Reserve Account Deposit, from Collection Account  {95}   0      
{96}  Investment Earnings  {96}   3,461      
{97}  Investment Earnings - transferred to Collection Account Available Funds  {97}   (3,461)     
{98}  Reserve Account Withdrawal Amount  {98}   0      
                 
{99}  End of period Reserve Account balance  {99}       $17,411,034 

 

CALCULATION OF TOTAL OVERCOLLATERALIZATION:

 

{100}  Aggregate Principal Balance  {100}  $238,376,999           
{101}  End of Period Note Balance  {101}   220,627,426      
{102}  Overcollateralization  {102}   17,749,573      
{103}  Overcollateralization %  {103}        7.45%

 

MONTHLY PERIOD AND CUMULATIVE NUMBER OF RECEIVABLES CALCULATION:

 

         Cumulative   Monthly 
{104}  Original Number of Receivables  {104}   42,247    0 
{105}  Beginning of period number of Receivables  {105}   0    17,742 
{106}  Number of Receivables becoming Liquidated Receivables during period  {106}   4,899    54 
{107}  Number of Receivables becoming Purchased Receivables during period  {107}   60    1 
{108}  Number of Receivables paid off during period  {108}   20,071    470 
{109}  End of period number of Receivables  {109}   17,217    17,217 

 

4

 

 

STATISTICAL DATA: (CURRENT AND HISTORICAL):

 

         Original   Prev. Month   Current 
{110}  Weighted Average APR of the Receivables  {110}   12.99%   13.08%   13.10%
{111}  Weighted Average Remaining Term of the Receivables  {111}   68.00    37.34    36.45 
{112}  Weighted Average Original Term of Receivables  {112}   71.00    71.00    71.00 
{113}  Average Receivable Balance  {113}  $20,606   $14,102   $13,845 
{114}  Net Losses in Period  {114}  $0   $290,674   $181,671 
{115}  Aggregate Realized Losses  {115}  $0   $36,285,858   $36,467,529 
{116}  Aggregate Realized Loss Percentage  {116}        4.168%   4.189%
{117}  ABS Prepay Speed  {117}        1.4943    1.3074 

 

DELINQUENCY:

 

   Receivables with Scheduled Payment delinquent     Units   Dollars   Percentage 
       {118}  31-60 days  {118}   1,234   $19,884,281    7.95%
   {119}  61-90 days  {119}   237    3,555,650    1.42%
   {120}  91-120 days  {120}   61    769,628    0.31%
   {121}  Total  {121}   1,532   $24,209,559    9.68%

 

ASSET REPRESENTATIONS REVIEW DELINQUENCY TRIGGER

 

         Dollars   Percentage 
{122}  Receivables with Scheduled Payment delinquent 61 days or more  {122}  $4,325,278    1.73%
                 
{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}  $6,365,055          
   {125}  Beginning of Period Aggregate Principal Balance  {125}   250,201,249      
   {126}  Extension Rate {124} divided by {125}  {126}        2.54%

 

By: /s/ Randal L. Willis  
Name:  Randal L. Willis  
Title: Senior Vice President, Securitization & Conduit Reporting  
Date: May 13, 2022  

 

5