**FORM 10-K/A**

 

**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,  2002.**                                                                                                                                                                                                                                                                                                                                                             |
|                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                             |
| **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**

#  

**AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2002-1**

(Exact name of Registrantas specified in its charter)

 

| **Delaware**                                                                                             |   | **75-2994375**                        |
|----------------------------------------------------------------------------------------------------------|--------|---------------------------------------|
| (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 of 1934:                 **None**

##  

## SecuritiesRegistered Pursuant to Section 12 (g) of the Securities Exchange Act of 1934:                 **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 to such filing requirements for the past 90days.

 

Yes ý              No o

 

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**

 

 

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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.                                                     LEGALPROCEEDINGS

 

None.

 

ITEM 4.                                                     SUBMISSIONOF MATTERS TO A VOTE OF SECURITY HOLDERS

 

None.

 

PART II

 

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

 

As of January 29, 2003, 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).

 

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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 11, 2002, AmeriCredit Automobile ReceivablesTrust 2002-1 issued the following securities:

 
| $ | 160,000,000 |   | 1.94 | % | Class A-1 Notes |   |
|---|-------------|--------|------|---|-----------------|--------|
| $ | 354,000,000 |   | 3.06 | % | Class A-2 Notes |   |
| $ | 236,000,000 |   | 4.23 | % | Class A-3 Notes |   |
| $ | 90,000,000  |   | 5.28 | % | Class B Notes   |   |
| $ | 50,000,000  |   | 5.98 | % | Class C Notes   |   |
| $ | 47,500,000  |   | 6.53 | % | Class D Notes   |   |
| $ | 52,500,000  |   | 8.40 | % | Class E 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.  As noted in the table above the Trust issuedseven classes of fixed rate debt securities.

 

The following table provides information about theTrust’s interest rate sensitive financial instruments by expected maturity dateas of December 31, 2002 (dollars in thousands):

 
| **Years  Ending December 31,**            |   | **2003** |    | **2004** |   | **2005** |   | **2006** |    | **Fair Value** |   |
|-------------------------------------------|--------|----------|---------|----------|--------|----------|--------|----------|---------|----------------|--------|
|                                      |   |     |    |     |   |     |   |     |    |           |   |
| Assets:                                   |   |     |    |     |   |     |   |     |    |           |   |
| Finance  receivables                      |   | $        | 288,370 |     | $      | 208,161  |   | $        | 151,397 |           | $      | 166,237 |   | $ | 892,047 |   |
|                                      |   |     |    |     |   |     |   |     |    |           |   |
| Liabilities:                              |   |     |    |     |   |     |   |     |    |           |   |
| Debt securities  issued                   |   |     |    |     |   |     |   |     |    |           |   |
| Principal  amounts                        |   | $        | 294,120 |     | $      | 208,379  |   | $        | 128,222 |           | $      | 124,677 |   | $ | 755,399 |   |
| Weighted average  effective interest rate |   | 4.62     | %       | 5.09     | %      | 5.69     | %      | 6.18     | %       |           |   |

 

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As of December 31, 2002, finance receivables areestimated to be realized in future periods using discount rates, prepayment andcredit loss assumptions based on historical experience.  Debt securities issued principal amountshave been classified based on expected payoff.

 

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).

 

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                                                 | %      |

 

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ITEM 13.                                               CERTAINRELATIONSHIPS AND RELATED TRANSACTIONS

 

(a)   Transactionswith Management and Others.

 

None.

 

(b)   CertainBusiness Relationships.

 

None.

 

(c)   Indebtednessof Management.

 

None.

 

ITEM 14.                                               PRINCIPALACCOUNTANT FEES AND SERVICES

 

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

 

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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 related transactiondocuments was filed by AmeriCredit Financial Services, Inc. on April 30, 2002.

 

The current reports on Form 8-K attaching the relatedMonthly Servicer’s Report were filed by AmeriCredit Automobile ReceivablesTrust 2002-1 on June 13, 2002 for the month ending May 31, 2002 and July 15,2002 for the month ending June 30, 2002 and August 12, 2002 for the monthending July 31, 2002 and September 13, 2002 for the month ending August 31,2002 and October 16, 2002 for the month ending September 30, 2002 and November14, 2002 for the month ending October 31, 2002 and December 16, 2002 for themonth ending November 30, 2002. The Monthly Servicer Report for the monthending December 31, 2002 was filed with the Annual report on Form 10-K onJanuary 29, 2003. AmeriCredit Financial Services, Inc. filed a Form 15-15D onFebruary 3, 2003 on behalf of the Issuer, thereby suspending the Issuer'songoing reporting obligations under Section 13 and Section 15(d) of theSecurities Exchange Act of 1934.

 

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

 

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SIGNATURES

 

Pursuant to therequirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934,AmeriCredit Automobile Receivables Trust 2002-1 has duly caused this report tobe signed on its behalf by the undersigned, thereunto duly authorized.

 
|   | AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2002-1 |
|--------|-------------------------------------------------|
|   |                                            |
|   | 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: | April 21, 2004 |
|        |                                                 |  |  |  |

 

EXHIBIT INDEX

 

AMERICREDIT AUTOMOBILERECEIVABLES TRUST 2002-1

 
| **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 |

 

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