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Presale: AmeriCredit Automobile Receivables Trust 2008-2 Nov 08 Product Image

Presale: AmeriCredit Automobile Receivables Trust 2008-2 Nov 08

  • ID: 1802262
  • November 2008
  • Standard & Poors

Abstract
The preliminary ratings assigned to AmeriCredit Automobile Receivables Trust 2008-2's (AMCAR 2008-2) auto receivables-backed notes series 2008-2 reflect: The credit enhancement in the form of subordination, overcollateralization, a reserve account, and excess spread (see the Credit Enhancement Summary table above); The timely interest and principal payments made under the stressed cash flow modeling scenarios, which are consistent with the assigned preliminary rating categories; The collateral characteristics of the securitized pool of subprime automobile loans; and The transaction's legal structure. AMCAR 2008-2 represents AmeriCredit Financial Services Inc.'s (AmeriCredit) second subprime senior/subordinate transaction since 2006. The transaction is structured as a true sale of the receivables from AmeriCredit, the originator, to AFS SenSub Corp. (AFS) (see chart 1). AFS will then sell...

Companies mentioned in this report are: General Motors Financial Co. Inc.,AmeriCredit Automobile Receivables Trust 2008-2

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

General Motors Financial Co. Inc.,AmeriCredit Automobile Receivables Trust 2008-2

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