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GM Financial Announces $1.3 Billion Senior Subordinate Asset-Backed Securitization

September 11, 2012

FORT WORTH, Texas — General Motors Financial Company (GM Financial) announced the pricing of a $1.3 billion offering of automobile receivables-backed securities through lead managers Deutsche Bank Securities, RBS and Wells Fargo Securities. Co-managers are Citigroup, Credit Suisse, Morgan Stanley, and RBC Capital Markets.
 
GM Financial uses net proceeds from securitization transactions for long-term financing of its receivables. The securities will be issued via an owner trust, AmeriCredit Automobile Receivables Trust 2012-4, in seven classes of notes:
Note Class
     
Amount
     
Average Life
     
Price
     
Interest Rate
A-1
     
$
191,100,000
     
0.18 years
     
100
.00000
     
0
.30000%
A-2
       
462,000,000
     
0.99 years
     
99
.99656
     
0
.49%
A-3
       
270,280,000
     
2.26 years
     
99
.98423
     
0
.67%
B
       
99,470,000
     
3.04 years
     
99
.98102
     
1
.31%
C
       
123,480,000
     
3.59 years
     
99
.98550
     
1
.93%
D
       
121,430,000
     
4.04 years
     
99
.96607
     
2
.68%
E
       
32,240,000
     
4.05 years
     
99
.98364
     
3
.82%
       
$
1,300,000,000
                       
                                   
The weighted average coupon on the notes to be paid by GM Financial is 1.5 percent. The note classes are rated by Fitch and Standard & Poor’s. The ratings by note class will be at least:
Note Class
     
Fitch
     
S&P
A-1
     
F1+ (sf)
     
A-1+ (sf)
A-2
     
AAA (sf)
     
AAA (sf)
A-3
     
AAA (sf)
     
AAA (sf)
B
     
AA (sf)
     
AA (sf)
C
     
A (sf)
     
A (sf)
D
     
BBB (sf)
     
BBB (sf)
E
     
BB (sf)
     
BB (sf)
                 
The 2012-4 transaction will have initial credit enhancement of 7.25 percent, consisting of a 2 percent cash deposit and 5.25 percent overcollateralization. Total required enhancement will build to 14.25 percent of the then-outstanding receivable pool balance, which includes the initial 2 percent cash deposit.

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