**FORM 10-K/A**

 

**SECURITIES AND EXCHANGE COMMISSION**

 

**Washington,D.C. 20549**

 

**ý****                                ****ANNUALREPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF1934.**

 

**For the year ended December 31, 2002.**

 

# **OR**

 

**o****                                ****TRANSITIONREPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF1934.**

 

**For the transition periodfrom                                   to                                   .**

 

# **Commissionfile number: 333-73606**

#  

**AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2002-A**

(Exact name ofRegistrant as specified in its charter)

 

| **Delaware**                                                                                             |   | **75-6631415**                        |
|----------------------------------------------------------------------------------------------------------|--------|---------------------------------------|
| (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’s telephone number, including area code**(817) 302-7000**

##  

## Securities Registered Pursuant to Section 12 (b)of the Securities Exchange Act of 1934:   **None**

##  

## Securities Registered Pursuant to Section 12 (g)of the Securities Exchange Act of 1934:   **None**

##  

Indicate by check markwhether the Registrants (1) have filed all reports required to be filed bySection 13 or 15 (d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the Registrant wasrequired to file such reports), and  (2)have been subject to such filing requirements for the past 90 days.

 

Yes ý        Noo

 

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

 

Indicate by check mark ifthe disclosure of delinquent filers pursuant to Item 405 of Regulation S-K isnot contained herein and will not be contained, to the best of the Registrants’knowledge, in definitive proxy or information statements incorporated byreference in Part III of this Form 10-K or any amendment to this Form10-K.  ý

 

### The aggregate market value of the voting stock held bynon-affiliates of the Registrant:   **None**

###  

 

----

 

PART  I

 

ITEM 1.                                        BUSINESS

 

A response to Item 1 isomitted in reliance on guidance provided in the Bay View Auto Trusts No-ActionLetter (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 record of the securities.  See also Item 12. Security Ownership ofCertain Beneficial Owners and Management.  There was no principal market in which the securities traded.

 

ITEM 6.                                        SELECTEDFINANCIAL DATA

 

A response to Item 6 isomitted in reliance on guidance provided in the Bay View Auto Trusts No-ActionLetter (January 15, 1998).

 

2

----

 

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

 

A response to Item 7 isomitted in reliance on guidance provided in the Bay View Auto Trusts No-ActionLetter (January 15, 1998).

 

ITEM7A.                               QUANTITATIVEAND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

On February 27,2002, AmeriCredit Automobile Receivables Trust 2002-A issued the followingsecurities:

 
| $ | 250,000,000 |   |   | 1.92%         |   | Class A-1 Notes                  |   |
|---|-------------|--------|--------|---------------|--------|----------------------------------|--------|
| $ | 225,000,000 |   |   | 2.64%         |   | Class A-2 A Notes                |   |
| $ | 225,000,000 |   |   | LIBOR + 0.14% |   | Floating Rate Class A-2  B Notes |   |
| $ | 500,000,000 |   |   | LIBOR + 0.20% |   | Floating Rate Class A-3  Notes   |   |
| $ | 400,000,000 |   |   | 4.61%         |   | Class A-4 Notes                  |   |

 

The Trust’s grossinterest rate spread, which is the difference between interest earned on itsfinance receivables and interest paid on its debt securities, is affected bychanges in interest rates.  The interestrate demanded by investors on the debt securities depends on prevailing marketinterest rates for comparable transactions and the general interest rateenvironment.  These debt securities canbear either fixed or variable interest rates. The Trust can utilize derivative financial instruments, interest rateswap and cap agreements, to minimize the impact of the interest rate fluctuationson the gross interest rate margin.

 

The finance receivablesheld by the Trust bear interest at a fixed rate, while the debt securities beareither a fixed or floating rate to the investors.  The fixed rates on the debt securities are indexed to marketinterest rate swap levels for transactions of similar duration or variousLondon Interbank Offered Rates (“LIBOR”) and do not fluctuate during the termof the transaction.  The floating ratesissued are indexed to LIBOR and fluctuate periodically based on movements inLIBOR. As noted in the table above the Trust issued two classes of floatingrate debt securities indexed to LIBOR and three classes of fixed rate debtsecurities.  The Trust utilizes interestrate swap agreements to convert variable rate exposures on the debt securitiesto a fixed rate, thereby (i) locking in the gross interest rate spread to beearned over the life of a securitization transaction that would have beenaffected by changes in interest rates or (ii) hedging the variability in futureexcess cash flows to be received over the life of a securitizationtransaction.  The Trust is contractuallyrequired to provide protection from adverse changes in interest rates whenfloating rate debt securities are issued.

 

The following table providesinformation about the Trust’s interest rate sensitive financial instruments byexpected maturity date as of December 31, 2002 (dollars in thousands):

 

3

----

 
| **Years Ending December 31,**        |   | **2003** |    | **2004** |   | **2005** |   | **2006** |    | **Fair Value** |   |
|-------------------------------------------|--------|----------|---------|----------|--------|----------|--------|----------|---------|----------------|--------|
|                                      |   |     |    |     |   |     |   |     |    |           |   |
| Assets:                                   |   |     |    |     |   |     |   |     |    |           |   |
| Finance  receivables                      |   | $        | 453,540 |     | $      | 321,731  |   | $        | 233,694 |           | $      | 249,622 |   | $ | 1,377,031 |   |
|                                      |   |     |    |     |   |     |   |     |    |           |   |
| Liabilities:                              |   |     |    |     |   |     |   |     |    |           |   |
| Debt  securities issued                   |   |     |    |     |   |     |   |     |    |           |   |
| Principal  amounts                        |   | $        | 452,958 |     | $      | 292,776  |   | $        | 212,661 |           | $      | 227,156 |   | $ | 1,185,551 |   |
| Weighted  average effective interest rate |   | 2.93     | %       | 3.90     | %      | 4.59     | %      | 4.61     | %       |           |   |
|                                      |   |     |    |     |   |     |   |     |    |           |   |
| Interest  rate swaps                      |   |     |    |     |   |     |   |     |    |           |   |
| Notional  amounts                         |   | $        | 472,303 |     | $      | 168,553  |   | —   |    | —         |   | $ | 13,744 |   |
| Average  pay rate                         |   | 3.82     | %       | 3.82     | %      | —   |   | —   |    |           |   |
| Average  receive rate                     |   | 1.64     | %       | 2.50     | %      | —   |   | —   |    |           |   |

 

As of December 31,2002, finance receivables are estimated to be realized in future periods usingdiscount rates, prepayment and credit 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, whichare used to calculate the contractual payments to be exchanged under thecontracts, represent average amounts that will be outstanding for each of theyears included in the table. Notional amounts do not represent amountsexchanged by parties and, thus, are not a measure of the Trust’s exposure toloss through its use of these agreements. Hedging activities are monitored to ensure that the value of the hedges,their correlation to the contracts being hedged and the amounts being hedgedcontinue to provide effective protection against interest rate risk.  However, there can be no assurance that thestrategies will be effective in minimizing interest rate risk or that increasesin interest rates will not have an adverse effect on profitability.  All transactions are entered into forpurposes other than trading.

 

ITEM 8.                                        FINANCIALSTATEMENTS AND SUPPLEMENTARY DATA

 

A response to Item 8 isomitted in reliance on guidance provided in the Bay View Auto Trusts No-ActionLetter (January 15, 1998).

 

ITEM 9.                                        CHANGE IN ANDDISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

None.

 

ITEM 9A.                              CONTROLS AND PROCEDURES

 

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

 

4

----

 

PART  III

 

ITEM 10.                                  DIRECTORS ANDEXECUTIVE OFFICERS OF THE REGISTRANT

 

A response to Item 10 isomitted in reliance on guidance provided in the Bay View Auto Trusts No-ActionLetter (January 15, 1998).

 

ITEM 11.                                  EXECUTIVECOMPENSATION

 

A response to Item 11 isomitted in reliance on guidance provided in the Bay View Auto Trusts No-ActionLetter (January 15, 1998).

 

ITEM 12.                                  SECURITY OWNERSHIP OFCERTAIN BENEFICIAL OWNERS AND MANAGEMENT

 

AFS Funding Corp. was theonly holder of record which beneficially owns more than 5% of theCertificates.  The dollar and percentageamounts reflected in the table below are based upon the face amount of theCertificates as of the Closing Date, and do not reflect amortization, if any,since that date.

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

 

ITEM 13.                                  CERTAIN RELATIONSHIPSAND RELATED TRANSACTIONS

 

(a)          Transactions with Managementand Others.

 

None.

 

(b)         Certain BusinessRelationships.

 

None.

 

(c)          Indebtedness ofManagement.

 

None.

 

ITEM 14.                                  PRINCIPAL ACCOUNTANTFEES AND SERVICES

 

A response to Item 14 isomitted pursuant to the Instruction to Item 14.

 

5

----

 

PART  IV

 

ITEM 15.                                  EXHIBITS, FINANCIALSTATEMENT 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 onForm 8-K attaching the related transaction documents was filed by AmeriCreditFinancial Services, Inc. on March 14, 2002.

 

The current reports onForm 8-K attaching the related Monthly Servicer’s Report were filed byAmeriCredit Automobile Receivables Trust 2002-A on April 16, 2002 for themonth ending March 31, 2002 and May 15, 2002 for the month endingApril 30, 2002 and June 13, 2002 for the month ending May 31, 2002and July 15, 2002 for the month ending June 30, 2002 andAugust 12, 2002 for the month ending July 31, 2002 andSeptember 13, 2002 for the month ending August 31, 2002 andOctober 16, 2002 for the month ending September 30, 2002 andNovember 14, 2002 for the month ending October 31, 2002 andDecember 16, 2002 for the month 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 FinancialServices, Inc. filed a Form 15-15D on January 30, 2003 on behalf of the Issuer,thereby suspending the Issuer's ongoing reporting obligations under Section 13and Section 15(d) of the Securities Exchange Act of 1934.

 

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

 

6

----

 

SIGNATURES

 

Pursuant to therequirements of Section 13 or 15 (d) of the Securities Exchange Act of1934, AmeriCredit Automobile Receivables Trust 2002-A has duly caused thisreport to be signed on its behalf by the undersigned, thereunto dulyauthorized.

 
|   | AMERICREDIT AUTOMOBILE RECEIVABLES TRUST 2002-A |
|--------|-------------------------------------------------|
|   |                                            |
|   | 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

 

AMERICREDITAUTOMOBILE RECEIVABLES TRUST 2002-A

 

 
| **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

----