**FORM 10-K**

 

**SECURITIESAND EXCHANGE COMMISSION**

 

**Washington,D.C. 20549**

 

**ý****                                ****ANNUAL REPORT PURSUANT TO SECTION13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.**

 

**For theyear ended December 31, 2004.**

 

# **OR**

** **

**o****                                ****TRANSITION REPORT PURSUANT TOSECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.**

 

**For thetransition period from                                     to                                   .**

 

# **Commission file number:333-105878-05**

 

**AMERICREDIT AUTOMOBILERECEIVABLES TRUST 2004-1**

(Exact name of Registrant as specified in its charter)

 
| **Delaware**                                                                                             |   | **27-6019651**                        |
|----------------------------------------------------------------------------------------------------------|--------|---------------------------------------|
| (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**

 

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

 

## Securities Registered Pursuantto 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    No o

 

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 marketvalue of the voting stock held by non-affiliates of the Registrant:   **None**

 

 

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PART  I

 

ITEM1.                                                     BUSINESS

 

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

 

ITEM2.                                                     PROPERTIES

 

None.

 

ITEM3.                                                     LEGAL PROCEEDINGS

 

None.

 

ITEM4.                                                     SUBMISSION OF MATTERS TO A VOTE OFSECURITY HOLDERS

 

None.

 

PART  II

 

ITEM5.                                                     MARKET FOR REGISTRANT’S COMMON EQUITY ANDRELATED STOCKHOLDER MATTERS

 

As of January 26, 2005,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.

 

 

ITEM6.                                                     SELECTED FINANCIAL 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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ITEM7.                                                     MANAGEMENT’S DISCUSSION AND ANALYSIS OFFINANCIAL 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).

 

ITEM7A.                                           QUANTITATIVE AND QUALITATIVE DISCLOSURESABOUT MARKET RISK

 

On June 17, 2004,AmeriCredit Automobile Receivables Trust 2004-1 issued the followingsecurities:

 
| $ | 118,000,000 |   | 1.278 | % |   | Class A-1 Notes |   |
|---|-------------|--------|-------|---|--------|-----------------|--------|
| $ | 198,000,000 |   | 2.31  | % |   | Class A-2 Notes |   |
| $ | 93,990,000  |   | 3.22  | % |   | Class A-3 Notes |   |
| $ | 49,330,000  |   | 3.70  | % |   | Class B Notes   |   |
| $ | 57,840,000  |   | 4.22  | % |   | Class C Notes   |   |
| $ | 57,840,000  |   | 5.07  | % |   | Class D Notes   |   |
| $ | 40,830,000  |   | 7.00  | % |   | Class E 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 ratefluctuations on 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 indexedto market interest rate swap levels for transactions of similar duration orvarious London Interbank Offered Rates (“LIBOR”) and do not fluctuate duringthe term of the transaction.  As noted inthe table above the Trust issued seven classes of fixed rate debt securities.

 

The following tableprovides information about the Trust’s interest rate sensitive financialinstruments by expected maturity date as of December 31, 2004 (dollars inthousands):

 
| **Years Ending December 31,**             | ** ** | **2005** | ** ** | **2006** | ** ** | **2007** | ** ** | **2008** | ** ** | **Fair Value** | ** ** |
|-------------------------------------------|------------|----------|------------|----------|------------|----------|------------|----------|------------|----------------|------------|
|                                      |       |     |       |     |       |     |       |     |       |           |       |
| Assets:                                   |       |     |       |     |       |     |       |     |       |           |       |
| Finance  receivables                      |       | $        | 208,677    |     | $          | 157,289  |       | $        | 106,888    |           | $          | 96,961 |   | $ | 605,833 |   |
|                                      |       |     |       |     |       |     |       |     |       |           |       |
| Liabilities:                              |       |     |       |     |       |     |       |     |       |           |       |
| Debt securities  issued principal amounts |       | $        | 222,296    |     | $          | 111,773  |       | $        | 74,823     |           | $          | 67,871 |   | $ | 499,356 |   |
| Weighted average  effective interest rate |       | 3.78     | %          | 4.16     | %          | 4.66     | %          | 5.03     | %          |           |       |

 

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As of December 31, 2004,finance receivables are estimated to be realized in future periods using discountrates, prepayment and credit loss assumptions based on historicalexperience.  Debt securities issuedprincipal amounts have been classified based on expected payoff.

 

ITEM8.                                                     FINANCIAL STATEMENTS AND SUPPLEMENTARYDATA

 

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

 

ITEM9.                                                     CHANGE IN AND DISAGREEMENTS WITHACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 

None.

 

ITEM 9A.              CONTROLS AND PROCEDURES

 

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

 

ITEM9B.                                             OTHER INFORMATION

 

None.

 

PART  III

 

ITEM 10.                DIRECTORS AND EXECUTIVE OFFICERSOF 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.                EXECUTIVE COMPENSATION

 

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

 

ITEM12.                                               SECURITY OWNERSHIP OF CERTAIN BENEFICIALOWNERS AND MANAGEMENT

 

AFS SenSub 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.

 

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

 

ITEM 13.                CERTAIN RELATIONSHIPS ANDRELATED TRANSACTIONS

 

(a)  Transactions with Management and Others.

 

None.

 

(b) Certain Business Relationships.

 

None.

 

(c)  Indebtedness of Management.

 

None.

 

ITEM 14.                PRINCIPAL ACCOUNTANT FEES ANDSERVICES

 

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

 

PART  IV

 

ITEM15.                                               EXHIBITS, FINANCIAL STATEMENT SCHEDULESAND REPORTS ON FORM 8-K

 

(a)                    Exhibits

 
| **Exhibit Number** | ** ** | **Description**                                                                                                                                                    | ** ** | **Method of filing**   |
|--------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------------------|
|               |       |                                                                                                                                                               |       |                   |
| Exhibit 31.1       |       | Executive Vice  President, 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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(b)                   Reports on Form 8-K

 

The current report onForm 8-K attaching the related transaction documents were filed by AmeriCreditAutomobile Receivables Trust 2004-1 on June 22, 2004.

 

The current reports onForm 8-K attaching the related Monthly Servicer’s Report were filed by AmeriCreditAutomobile Receivables Trust 2004-1 on July 15, 2004 for the month ending June30, 2004 and August 16, 2004 for the month ending July 31, 2004 and September7, 2004 for the month ending August 31, 2004 and October 12, 2004 the monthending September 30, 2004 and November 10, 2004 for the month ending October31, 2004 and December 10, 2004 for the month ending November 30, 2004 andJanuary 10, 2005 for the month ending December 31, 2004.

 

(c)                    Exhibits to this report are listed inItem 15(a) above.

 

 

 

SIGNATURES

 

Pursuant to therequirements of Section 13 or 15 (d) of the Securities Exchange Act of 1934,AmeriCredit Automobile Receivables Trust 2004-1 has duly caused this report tobe signed on its behalf by the undersigned, thereunto duly authorized.

 
|   | AMERICREDIT AUTOMOBILE  RECEIVABLES TRUST 2004-1 |
|--------|--------------------------------------------------|
|   |                                             |
|   | By:                                              | AMERICREDIT FINANCIAL  SERVICES, INC., |
|   |                                             | as sponsor and as  servicer |
|   |                                             |
|   | By:                                              | /s/ Chris A. Choate |   |
|   |                                             | Name: | Chris A. Choate |
|   |                                             | Title: | Executive Vice  President, Chief Financial Officer and Treasurer |
|   |                                             | Dated: | January 26, 2005 |
|        |                                                  |  |  |  |

 

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EXHIBIT INDEX

 

AMERICREDITAUTOMOBILE RECEIVABLES TRUST 2004-1

 
| **Exhibit Number** | ** ** | **Description**                                                                                                                                                    | ** ** | **Method of filing**   |
|--------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|------------------------|
|               |       |                                                                                                                                                               |       |                   |
| Exhibit 31.1       |       | Executive Vice  President, 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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