**FORM 10-K**

 

**SECURITIES AND EXCHANGE COMMISSION**

 

**Washington,D.C. 20549**

 
| **ý**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | **ANNUAL  REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF  1934.**    |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| **For the year ended December 31,  2003.**                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| **OR**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| **o**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE  SECURITIES EXCHANGE ACT OF 1934.** |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |                                                                                            |
| **For the transition period from                                    to                                              .** |

 

**Commissionfile number: 333-73606-06**

 

**AMERICREDIT AUTOMOBILERECEIVABLES TRUST 2003-A-M**

(Exact name of Registrantas specified in its charter)

 
| **Delaware**                                                                                             |   | **82-6106872**                        |
|----------------------------------------------------------------------------------------------------------|--------|---------------------------------------|
| (State or other  jurisdiction of  incorporation or organization)                                         |   | (I.R.S. employer  identification no.) |
|                                                                                                     |   |                                  |
| **AmeriCredit  Financial Services, Inc. (as originator)  801 Cherry Street, Suite 3900  Fort Worth, TX** |   | **76102**                             |
| (Address of principal  executive offices)                                                                |   | (Zip Code)                            |

 

## Registrant’stelephone number, including area code **(817)302-7000**

##  

## SecuritiesRegistered Pursuant to Section 12 (b) of the Securities Exchange Act of1934:  **None**

##  

## SecuritiesRegistered Pursuant to Section 12 (g) of the Securities Exchange Act of1934:  **None**

##  

Indicate by check mark whether the Registrants (1) have filed allreports required to be filed by Section 13 or 15 (d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that theRegistrant was required to file such reports), and (2) have been subject tosuch filing requirements for the past 90 days.

 

Yes ý     Noo

 

Indicate by checkmark whether the registrant is an accelerated filer(as defined in Rule 12b-2 of the Act). Yes o  No ý

 

Indicate by check mark if the disclosure of delinquent filers pursuantto Item 405 of Regulation S-K is not contained herein and will not becontained, to the best of the Registrants’ knowledge, in definitive proxy orinformation statements incorporated by reference in Part III of this Form 10-Kor any amendment to this Form 10-K.   ý

 

### Theaggregate market value of the voting stock held by non-affiliates of theRegistrant:   **None**

 

 

----

 

PART  I

 

ITEM 1.          BUSINESS

 

A response to Item 1 is omitted in reliance onguidance provided in the Bay View Auto Trusts No-Action Letter (January 15,1998).

 

ITEM 2.          PROPERTIES

 

None.

 

ITEM 3.          LEGAL PROCEEDINGS

 

None.

 

ITEM 4.          SUBMISSION OFMATTERS TO A VOTE OF SECURITY HOLDERS

 

None.

 

PART  II

 

ITEM 5.                             MARKETFOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS

 

As of March 29, 2004, there was one holder of recordof the securities.  See also Item 12.Security Ownership of Certain Beneficial Owners and Management.  There was no principal market in which thesecurities traded.

 

ITEM 6.          SELECTEDFINANCIAL DATA

 

A response to Item 6 is omitted in reliance onguidance provided in the Bay View Auto Trusts No-Action Letter (January 15,1998).

 

2

----

 

ITEM 7.                             MANAGEMENT’SDISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

A response to Item 7 is omitted in reliance onguidance provided in the Bay View Auto Trusts No-Action Letter (January 15,1998).

 

ITEM 7A.                   QUANTITATIVEAND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

On April 10, 2003, AmeriCredit Automobile ReceivablesTrust 2003-A-M issued the following securities:

 
| $ | 188,000,000 |   | 1.2975%       |   | Class A-1 Notes                 |
|---|-------------|--------|---------------|--------|---------------------------------|
| $ | 186,000,000 |   | 1.67%         |   | Class A-2 A Notes               |
| $ | 186,000,000 |   | LIBOR + 0.27% |   | Floating Rate Class A-2 B Notes |
| $ | 73,500,000  |   | 2.37%         |   | Class A-3 A Notes               |
| $ | 73,500,000  |   | LIBOR + 0.37% |   | Floating Rate Class A-3 B Notes |
| $ | 146,500,000 |   | 3.10%         |   | Class A-4 A Notes               |
| $ | 146,500,000 |   | LIBOR + 0.47% |   | Floating Rate Class A-4 B Notes |

 

The Trust’s gross interest rate spread, which is thedifference between interest earned on its finance receivables and interest paidon its debt securities, is affected by changes in interest rates.  The interest rate demanded by investors onthe debt securities depends on prevailing market interest rates for comparabletransactions and the general interest rate environment.  These debt securities can bear either fixedor variable interest rates.  The Trustcan utilize derivative financial instruments, interest rate swap and capagreements, to minimize the impact of the interest rate fluctuations on thegross interest rate margin.

 

The finance receivables held by the Trust bearinterest at a fixed rate, while the debt securities bear either a fixed orfloating rate to the investors.  Thefixed rates on the debt securities are indexed to market interest rate swaplevels for transactions of similar duration or various London Interbank OfferedRates (“LIBOR”) and do not fluctuate during the term of the transaction.  The floating rates issued are indexed toLIBOR and fluctuate periodically based on movements in LIBOR. As noted in thetable above the Trust issued three classes of floating rate debt securitiesindexed to LIBOR and four classes of fixed rate debt securities.  The Trust utilizes interest rate swapagreements to convert variable rate exposures on the debt securities to a fixedrate, thereby (i) locking in the gross interest rate spread to be earned overthe life of a securitization transaction that would have been affected bychanges in interest rates or (ii) hedging the variability in future excess cashflows to be received over the life of a securitization transaction.  The Trust is contractually required toprovide protection from adverse changes in interest rates when floating ratedebt securities are issued.

 

The following table provides information about theTrust’s interest rate sensitive financial instruments by expected maturity dateas of December 31, 2003 (dollars in thousands):

 

3

----

 
| **Years  Ending December 31,**            |   | **2004** |    | **2005** |   | **2006** |   | **2007** |    | **Fair Value** |   |
|-------------------------------------------|--------|----------|---------|----------|--------|----------|--------|----------|---------|----------------|--------|
|                                      |   |     |    |     |   |     |   |     |    |           |   |
| Assets:                                   |   |     |    |     |   |     |   |     |    |           |   |
| Finance  receivables                      |   | $        | 330,346 |     | $      | 234,171  |   | $        | 155,734 |           | $      | 112,717 |   | $ | 881,814 |   |
|                                      |   |     |    |     |   |     |   |     |    |           |   |
| Liabilities:                              |   |     |    |     |   |     |   |     |    |           |   |
| Debt securities  issued                   |   |     |    |     |   |     |   |     |    |           |   |   |   |   |   |
| Principal  amounts                        |   | $        | 280,794 |     | $      | 199,045  |   | $        | 132,374 |           | $      | 95,809 |   | $ | 738,026 |   |
| Weighted average  effective interest rate |   | 2.10     | %       | 2.62     | %      | 3.00     | %      | 3.15     | %       |           |   |
|                                      |   |     |    |     |   |     |   |     |    |           |   |
| Interest rate  swaps                      |   |     |    |     |   |     |   |     |    |           |   |
| Notional amounts                          |   | $        | 297,604 |     | $      | 176,771  |   | $        | 86,690  |           | $      | 50,648 |   | $ | 1,184 |   |
| Average pay rate                          |   | 2.58     | %       | 2.98     | %      | 3.11     | %      | 3.11     | %       |           |   |
| Average receive  rate                     |   | 1.85     | %       | 3.25     | %      | 4.45     | %      | 4.85     | %       |           |   |

 

As of December 31, 2003, finance receivables areestimated to be realized in future periods using discount rates, prepayment andcredit loss assumptions based on historical experience.  Notional amounts on interest rate swapagreements are based on contractual terms. Debt securities issued principal amounts have been classified based onexpected payoff.

 

Notional amounts, which are used to calculate thecontractual payments to be exchanged under the contracts, represent averageamounts that will be outstanding for each of the years included in the table.Notional amounts do not represent amounts exchanged by parties and, thus, arenot a measure of the Trust’s exposure to loss through its use of theseagreements.  Hedging activities aremonitored to ensure that the value of the hedges, their correlation to thecontracts being hedged and the amounts being hedged continue to provideeffective protection against interest rate risk.  However, there can be no assurance that the strategies will beeffective in minimizing interest rate risk or that increases in interest rateswill not have an adverse effect on profitability.  All transactions are entered into for purposes other thantrading.

 

ITEM 8.                             FINANCIALSTATEMENTS AND SUPPLEMENTARY DATA

 

A response to Item 8 is omitted in reliance onguidance provided in the Bay View Auto Trusts No-Action Letter (January 15,1998).

 

ITEM 9.                             CHANGEIN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

None.

 

ITEM 9A.                   CONTROLSAND PROCEDURES

 

A response to Item 9A is omitted pursuant to 17 C.F.R.§§ 240.13a-14(g) and 240.13a-15(a).

 

4

----

 

PART  III

 

ITEM 10.                       DIRECTORSAND EXECUTIVE OFFICERS OF THE REGISTRANT

 

A response to Item 10 is omitted in reliance onguidance provided in the Bay View Auto Trusts No-Action Letter (January 15,1998).

 

ITEM 11.                       EXECUTIVECOMPENSATION

 

A response to Item 11 is omitted in reliance onguidance provided in the Bay View Auto Trusts No-Action Letter (January 15,1998).

 

ITEM 12.                       SECURITYOWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

 

AFS SenSub Corp. was the only holder of record whichbeneficially owns more than 5% of the Certificates.  The dollar and percentage amounts reflected in the table beloware based upon the face amount of the Certificates as of the Closing Date, anddo not reflect amortization, if any, since that date.

 
| **Name and Address of Participant**                          |   | **Amount of  Certificates  Beneficially Owned** |   | **Percentage  of Certificates  Beneficially Owned** |   |
|--------------------------------------------------------------|--------|-------------------------------------------------|--------|-----------------------------------------------------|--------|
| AFS SenSub Corp.  639 Isbell Road, Suite 390  Reno, NV 89509 |   | no face amount  (residual value)                |   | 100%                                                |   |

 

ITEM 13.                       CERTAINRELATIONSHIPS AND RELATED TRANSACTIONS

 

(a)   Transactions with Management and Others.

 

None.

 

(b)   Certain Business Relationships.

 

None.

 

(c)   Indebtedness of Management.

 

None.

 

ITEM 14.                       PRINCIPALACCOUNTANT FEES AND SERVICES

 

A response to Item 14 is omitted pursuant to theInstruction to Item 14.

 

5

----

 

PART  IV

 

ITEM 15.                       EXHIBITS,FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K

 

(a)                    Exhibits

 
| **Exhibit Number** |   | **Description**                                                                                                                          |   | **Method of  filing**  |
|--------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|
|               |   |                                                                                                                                     |   |                   |
| Exhibit 31.1       |   | Chief Financial Officer and Treasurer Certification  Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 Relating to  Reporting |   | Filed with this report |
|               |   |                                                                                                                                     |   |                   |
| Exhibit 99.1       |   | Annual Servicer Statement of Compliance                                                                                                  |   | Filed with this report |
|               |   |                                                                                                                                     |   |                   |
| Exhibit 99.2       |   | Report of Independent Auditors                                                                                                           |   | Filed with this report |

 

(b)                   Reports on Form8-K

 

The current report on Form 8-K attaching the relatedtransaction documents were filed by AmeriCredit Automobile Receivables Trust2003-A-M on April 30, 2003.

 

The current reports on Form 8-K attaching the relatedMonthly Servicer’s Report were filed by AmeriCredit Automobile ReceivablesTrust 2003-A-M on May 14, 2003 for the month ending April 30, 2003 and June 13,2003 for the month ending May 31, 2003 and July 15, 2003 for the month endingJune 30, 2003 and August 15, 2003 for the month ending July 31, 2003 andSeptember 15, 2003 for the month ending August 31, 2003 and October 15, 2003for the month ending September 30, 2003 and November 17, 2003 for the monthending October 31, 2003 and December 15, 2003 for the month ending November 30,2003 and January 15, 2004 for the month ending December 31, 2003 and February17, 2004 for the month ending January 31, 2004 and March 15, 2004 for the monthending February 29, 2004.

 

(c)                    Exhibits tothis report are listed in Item 15(a) above.

 

6

----

 

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15 (d)of the Securities Exchange Act of 1934, AmeriCredit Automobile ReceivablesTrust 2003-A-M has duly caused this report to be signed on its behalf by theundersigned, thereunto duly authorized.

 
|   | AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2003-A-M |
|--------|---------------------------------------------------|
|   |                                              |
|   | By:                                               | AMERICREDIT FINANCIAL SERVICES, INC.,  as sponsor and as servicer |
|   |                                              |   |
|   | By:                                               | /s/ Preston A. Miller |   |
|   |                                              | Name: | Preston A. Miller |
|   |                                              | Title: | Chief Financial Officer and Treasurer |
|   |                                              | Dated: | March 29, 2004 |
|        |                                                   |  |  |  |

 

 

EXHIBIT INDEX

 

AMERICREDIT AUTOMOBILERECEIVABLES TRUST 2003-A-M

 
| **Exhibit Number** |   | **Description**                                                                                                                          |   | **Method of  filing**  |
|--------------------|--------|------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------|
|               |   |                                                                                                                                     |   |                   |
| Exhibit 31.1       |   | Chief Financial Officer and Treasurer Certification  Pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002 Relating to  Reporting |   | Filed with this report |
|               |   |                                                                                                                                     |   |                   |
| Exhibit 99.1       |   | Annual Servicer Statement of Compliance                                                                                                  |   | Filed with this report |
|               |   |                                                                                                                                     |   |                   |
| Exhibit 99.2       |   | Report of Independent Auditors                                                                                                           |   | Filed with this report |

 

7

----