# AMCAR-2024-1
AmeriCredit / GM Financial · subprime · 28 monthly tapes, 2024-04-30 to 2026-07-31

**Score 6** (weighted flags).

## Latest month, counted from the loan tape

| Measure | Value |
|---|---|
| Pool factor | 40.1% |
| Cumulative net loss (of original pool) | 6.01% |
| 60+ reported (balance-weighted) | 3.86% |
| 60+ extension-adjusted (6-month lookback) | 28.69% |
| Masking gap | 2483 bps |
| Extension stock (touched in trailing 6 months) | 26.51% |
| New extensions this month | 4.87% |
| Repossessed, not yet liquidated | 1.08% |
| Recoveries / charge-offs, cumulative | 44.7% |
| Loans remaining | 34,667 · balance $675.2M |
| At issuance | 73,190 loans, $1.69B, WA score 587, WA term 76, used 69% |

## Flags

- **Extension-adjusted 60+ delinquency exceeds reported by more than 200bps** (`masking_severe`)
- **Cumulative net loss above the peer median at the same seasoning** (`cnl_above_band`)
- **Reported 60+ delinquency above the peer median at the same seasoning** (`dq_above_band`)

## Reads on the desk

- DANGER: Extension masking: 60+ day delinquency reads 3.86% as reported, but 28.69% once loans returned to current by a payment extension in the trailing six months are added back. That is a 2482bps gap, on 26.5% of the pool touched by an extension. Thresholds: 75bps to flag, 200bps for danger.
- HIGH: Cumulative net loss is 6.01% at month 27, against a median of 1.48% across the 30 deals on tape at the same seasoning. Above the band by 4.53 points.
- WATCH: Cumulative recoveries stand at 44.7% of charged-off principal. Evidence: Schedule AL chargedoffPrincipalAmount and recoveredAmount summed across all 28 monthly tapes.

## The bonds on top (servicer report, 2026-07-31)

Pool $675.2M · notes $276.5M in 2 classes · overcollateralization $82.8M (12.27%) · reserve $16.8M · delinquency 3.50% vs trigger 7.20%

| Class | Balance | Hard enhancement below it | Enhancement % of pool | Cushion after stress 1 | after stress 2 |
|---|---|---|---|---|---|
| A-3 | $167.5M | $208.5M | 30.9% | +$101.4M | −$5.7M |
| B | $108.9M | $99.6M | 14.7% | −$7.5M | −$114.6M |

Stress 1 = the tape's extension-adjusted 60+ balance (28.69% of pool) charged off at this deal's own severity (55%): $107.1M. Stress 2 doubles it. Hard enhancement only (junior classes + OC + reserve); excess spread not counted. Not a rating. Not read from this issuer's layout: cnl_pct not parsed. Source: https://www.sec.gov/Archives/edgar/data/2020251/000121390026094652/ea0303186-05_ex991.htm

## How to verify

- Page: https://getbookiq.com/intel/#deal=AMCAR-2024-1
- Data: https://getbookiq.com/intel/data/abs.json (deals[].months)
- Vintage and index curves for its lender: https://getbookiq.com/intel/#curves
- Definitions: https://getbookiq.com/dictionary/#auto-dq60a
- Source: Form ABS-EE loan tapes on SEC EDGAR. Extension-adjusted delinquency is a modeling choice: the same deal shows a gap of 562 / 1,156 / 2,191 bps at 3 / 6 / 12 month lookbacks. Never quote the gap without the window.

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Rendered 2026-09-10 from the desks' own data files. Full guide: https://getbookiq.com/guide