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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
DATE OF REPORT (Date of earliest event reported): September 22, 2005
AMERICAN GENERAL FINANCE CORPORATION
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Indiana 1-6155 35-0416090
(STATE OR OTHER (COMMISSION FILE IRS EMPLOYER
JURISDICTION OF NUMBER) IDENTIFICATION
INCORPORATION) NUMBER)
601 N.W. Second Street, Evansville, IN 47708
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)
Registrant's telephone number, including area code: (812) 424-8031
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17
CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Section 8 - Other Events
Item 8.01. Other Events.
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American General Finance Corporation will be referred to as "AGFC" or
collectively with its subsidiaries, whether directly or indirectly owned, as the
"Company" or "we".
We anticipate that we will experience additional finance receivable charge-offs
due to the impact of Hurricane Katrina. The Company operates approximately 20
branch offices in New Orleans and other affected areas. The timeframe for the
reconstruction of the devastated areas and the re-establishment of local
populations and livelihoods cannot be predicted at this time. In addition, we
have centrally serviced finance receivables with customers from these areas that
we anticipate will also be impacted.
Based upon our preliminary estimates, the Company will record an increase to the
allowance for finance receivable losses through the provision for finance
receivable losses in September 2005 due to the anticipated additional finance
receivable charge-offs. This allowance adjustment will decrease net income by
approximately $35 million, after-tax. These preliminary estimates involve the
exercise of considerable judgment and reflect a combination of ground-up
evaluations and industry loss estimates. Due to the unprecedented nature of this
event, including legal and regulatory uncertainty, an inability to access
portions of the affected areas, the complexity of factors contributing to the
losses and the preliminary nature of the information used to prepare these
estimates, there can be no assurance that our ultimate costs associated with
this event will not exceed these estimates.
This Current Report on Form 8-K contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. In addition to
the factors mentioned in this Form 8-K, please refer to the AGFC Quarterly
Report on Form 10-Q for the quarter ended June 30, 2005, the AGFC Annual Report
on Form 10-K for the year ended December 31, 2004 and AGFC's past and future
filings and reports filed with the Securities and Exchange Commission for a
description of the business environment in which AGFC operates and the important
factors, many of which are outside of our control, which could cause the
Company's actual results and financial condition to differ, possibly materially,
from those indicated in forward-looking statements. We are under no obligation
(and expressly disclaim any obligation) to update or alter any forward-looking
statement, whether written or oral, that we may make from time to time, whether
as a result of new information, future events or otherwise.
SIGNATURE
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this Report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMERICAN GENERAL FINANCE CORPORATION
Date: September 22, 2005 By: /s/ Donald R. Breivogel, Jr.
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Name: Donald R. Breivogel, Jr.
Title: Senior Vice President and
Chief Financial Officer